Debt Settlement questions

A lot of people do debt settlements....most do it themselves and save the costs that attorney firms charge. However by definition, a settlement is a lump sum payment. No creditor will give you a settlement based on long term payments.

4 years? You really risk being sued taking that long.,

And yeah...it will severly tank you score., You cant negotiate for the negative to be all written off after that many years.

Yes, debt settlement do help you to lower your pay off amount by 40% to 60%. It helps consumers to pay off their debts within 2-4 years. But debt settlement hurts credit score big time. It can lower your credit score by as much as 125 points. You can always get help from a law firm to settle your debts. But it is better to settle your debts on your own. This way you can save the fees charged by the settlement companies.

Hi dlea9650,

If you are already behind in your payments, then your score has already taken a hit. So, debt settlement won't affect much of your score.

Some of my CCs agreed to as little as 20% to settle, some won't even talk about anything less than 50%. . . I'll try to wait them out. . . The 20% amount settled $8000 for about $1600.

Jeffer - Thats great!!! How did you get the settlement down to 20 percent? Could you give me a pony to go by? Did you do it yourself of did yo have help through an agency/attorney? Any help would be appreciated, especially if I can get it down to 20 percent. Did you pay in one lump sum, or did they agree to terms over a time period?

Any suggestions, recommendation, examples, etc. would be greatly appreciated by all