Debt Consolidation vs Debt Settlement
Date: Wed, 02/15/2006 - 06:21
I was looking into a consolidation program with DelRay CC, approx. $682/month paid off in 4 years. While doing some investigating on the DelRay company, I found this forum. When I filled out the counseling on this site, I was told to call Superior Debt. Superior Debt counselor is trying to get me to do the debt settlement program. Approx around $400/month paid off in 3 years. Still not sure what to think of the settlement program, or the consolidation program.
Does anyone know anything about the Del Ray CC? Or the Superior Debt program for that matter? Looking for past experiences. I am a little tentative do to Ameridebt screwing me over 6 or 7 years ago. Looking for a company I can trust!
Well after further investigating it appears that Del Ray and Sup
Well after further investigating it appears that Del Ray and Superior debt relief may be too risky for me, and I am just not very comfortable with them.
I am now looking into debtsynergy, are they a legit company?
Why is it so hard to find a company that is willing to help me, and is not out to scam the consumer?
As you are trying to improve your credit, opt for a consolidatio
As you are trying to improve your credit, opt for a consolidation program instead of a settlement program. If you choose a debt settlement program, your accounts will be showing the status 'settled' in your credit report. This will hurt your credit because the lenders will feel that you had some financial problems in the past and were not able to pay the balance owed. As a result, you negotiated with them for a reduced amount. Hence, you might have some problems in getting new credit in the future.
If you opt for a consolidation program, the consultant will inform your lenders that you have enrolled in this program. The lenders will reduce the interest rates after the consultant has negotiated with them. Your monthly payments will also be much lower than the minimums set with your creditors. Among the other benefits, you will also have some flexible repayment facilities if you face any financial difficulties.
You won't be scammed by any company if you have the proper paperwork of your agreement contract. Receive your monthly statements of the payments made to your creditors from the consolidation company. Your creditors will also be sending you the statement showing your money applied towards the debt and the balance owed.
This website has forwarded me to DebtWave credit counseling and with their help, I am able to see my debt shrinking.
If you can make your payments and are not in a dire situation, t
If you can make your payments and are not in a dire situation, then consolidation is probably the way to go. See if your bank will give you a loan that will pay off the credit cards and then you will only have one payment that you can pay extra on each month to get it paid back early. Then cut up the cards and cancel them.
your credit score will have zero impact - actually it may make your score go up because you are paying down the revolving credit and you have not settled the debt - you will have paid it all back in full.