Info on a debt settlement company - Credit Solutions

Before deciding to choose the debt settlement program, you have to understand its consequences first that will be left on your credit report. This program is treated as a negative scar mark often looked down by the future lenders. They will understand that you were unable to pay back your previous creditors and thus agreed for a 'settled' amount. It's up to them if they wish to lend you new credit. Besides, scores are also lowered down as they come under the R9 ratings.

My personal opinion is to view other options if you have any. You can try consolidation because this is much better than the previous one. In this program, the scores rise higher and the accounts are reported as 'paid' in the credit report. The future lenders will also appreciate taking your responsibility in paying back the account.

Use settlement only if you are unable to make the amounts set in the consolidation program. The settlement program is often opted when you have no other options but to file bankruptcy. Think about your credit file in the long run before making such serious decisions.

thanks, any ideas for consolidation companies??? How do consolidation companies work?? if i go with a settlement company is my credit scarred for forever??

Settlement is viewed negatively by the lenders in comparison with consolidation. And, the negatives stay in the file for seven years. So, your credit might be affected during this period.

After you registered here, you have been referred to the consolidation company in your area. He will be calling you for a free counseling. Discuss your accounts with him and know the repayment plans. If it suits to your needs, you can give your consent to go ahead with the program and sign the contract.

is this a debt consolidation company?? i think i'm confused....i thought this was just a public forum?

This is a public forum and we have our community assisting people in their debt related problems. You have your options open in choosing the consolidation/settlement company. People who have taken the services of the companies have posted their experiences in the ranking chart. You can get some help in choosing the perfect company.

We all are here to become debt free. I hope that the ranking chart will help you in your decision making.

thanks!

If you are looking for a debt settlement company, I would highly recommend Superior Debt Services.

I enrolled in a settlement agency and they are really nice and I checked their BBB ratings and it was good. I have been active since 10/2005. All 6 of my 8 cards seem to be cooperating with the agency however Sears they say is an aggressive company and they don't take to kindly to settlement companies. I am counting the months until I am debt free.

Linda,
What company are u using? If you don't mind me asking, how much debt did you have and what did they settle for??? They are telling me 40%. Is it hurting your credit or did they discuss that with you?

You said 6 of your 8 - what are you or they doing about the two???

I called Freedom debt relief and they referred me to a more experienced sister company to them, which is Century Negotiations...25,000.00 in credit card debt divided by 8 cards. The two cards that are not cooperating is Sears and they just turned them over to the third party collection agency (which are hateful people) I have not had any settle yet, because I have not been in program but 8 months...hopefully soon I will have first settlement.

They told me that my credit score would drop some while in program but would rebuild quickly upon completion. See, I get to keep one card at hand with a limit of 500.00 only on it. Plus making payments on home, card, vehicle looks good....and accts will show paid or settled on my credit report. Hope this helps.

Consolidation really would be preferable to settlement. Even though both will help you and protect you from the collectors. Just be careful who your sign up with. Provanta does nothing but keep you in a rut, I've tried dealing with them before when I collected, and this battle ax who represented the debtor really wouldn't do jack for him. Town and Country is the real winner.

Since I have invested 8 months with my company, I will continue to stay with them...BBB says they only have 5 complaints in a years time...that is not to bad. Have you heard anything bad about CNI?

I'm not familiar with CNI. My experience with Provanta came from trying to reach a settlement with them only to hit a stupid brick wall, with these stupid people only painting their client into a corner. I also dealt with The Debt Solution, who will hang in there for you until you can come up with the desired settlement amount of the original creditor. Don't even touch Miracle Management Group with a ten-mile pole, there is a whole other thread on those charlatans. My knowledge of T&C comes from everyone in the forum who uses them and loves them.

I wish I knew someone that uses CNI.

I based my opinion on them after talking to the nice gentleman with Freedom debt relief.....I called him 10 times a day and he never once got annoyed with me. I did my research with BBB and I thought 5 complaints that were settled were pretty good. I bet there are thousands of scam companies huh?

Ooooh yeah! Check out the already 105 page thread on Miracle Management Group and you'll see for yourself just how bad it gets!

I am just glad I am not enrolled in Miracle management.

Good! If you haven't enrolled in anything yet, there are threads in the Pub and Consolidation about T&C. Everybody loves them.

I am enrolled in CNI....I think I will stay with them, just because I call them 10 times a week and they always calm me down. TODAY, however I wanted someone elses opinion outside of their company....ya know what I mean?

Know what you mean alright! I had debt issues of my own once upon a time.