I'm just about ready to get into a settlement program

Alarms are going off!! Are these accounts already in default? or are you keeping them current?? You post sounds like your current and just trying to get out from under your debt load. IF they are current, do not include them in a settlement program. you settlement program is telling you not to pay any bills for 4 months, so those account will report 120 days past dues, which will report as such, and possibly even be reported as a charge off. Think twice before proceeding with this one. Yeah sure you will get rid of the debt, bu the the risk or all your accounts being charged off. You would probably be better advised to consult a consolidation company, or find a settlement program that will settle accounts with less delinquency. If you are current by struggling with these accounts, then consolidation will probably be a better option. pleas think twice about this settlement program.

Exactly what I was thinking Clay, they are in fact NOT in default at this time, and I am trying to get out of the debt load. I do not want to jepordize our credit rating by charge offs. The settlement company assured me that they will "repair" the credit at the end of my program...but I just don't trust them. This is the plan, I have 15,000. to pay off 24,000. in CC debt. What I am looking to do is find a company that will consolidate the 9,000. I will have left to pay off. The settlement sounded like a good idea because it would have lowered my debt by 10k. However, the cost of the program (3,600.) and the "mark" on our credit almost seems not worth it.

I don't know why my response was posted as "guest"! I forgot to ask, who do i go to for consolidation? I did in fact register here, but only one settlement company contacted me. Thx!

As you are shopping for a company to take care of your debt accounts, you can try a free quote offered by this website also. You need to register at the sign up and a consultant working in your area will get back to you for a free counseling.

Discuss your debt accounts with him and he will negotiate with your creditors for a lower payment. Most of the financial charges, late fees can be waived off in the program. Your total amount of debt is the factor that will decide if you are suitable for a debt settlement program or a consolidation program. Each of these programs has their own benefits.

debt settlement4 program will reduce the total amount of debt by 40% to 60%. You might need to default in your payments for the negotiations to show its effect. But if you choose a debt consolidation plan, you will be offered lower monthly payments to pay off your accounts. The creditors will be willing to work out payment plans with your consolidation company.

Both of these programs are reported in your credit file. The future lenders will understand that you have taken professional help. They will be interested in offering you new credit based on your previous payment history. So, you should ensure that the accounts must get paid off.

Run, Run fast. There is no legal way to "repair" your credit except over time to pay what you have left on time. check out http://www.ftc.gov/bcp/conline/pubs/credit/bbcr.htm There is alot of good info in this article, and they talk about "repairing" credit if you scroll down a ways.

The consolidation program that called you would be a good place to start. I would encourage you to keep posting in the forums and find out what consolidation companies others have used and their experiences. Even with consolidation companies you have to be careful who you go through to be sure you aren't goign to be taken for a ride. There are a few companies people have used that have had quite a few happy people post here. Good luck, and congratulation on being smart and check in out what you gut told you may be a bad situation before it was too late.