Trying to pay Collectors holding 3-4 years old debt

Hi Joe

Welcome to the forums.

First of all, thanks for appreciating the advice in the forums and getting yourself registered here. :D Most of the people in this community are going through unique problems and they share their experiences here. It is because of this sharing of ideas; we are able to approach to our problems in the correct direction.

I read in your post that you are looking for a debt settlement program. Do you know that settlement program has larger negative impact on your credit report for the next seven years? Although the consultant working in the settlement program work in the most efficient way and try to safeguard your credit ratings, but I suggest that consolidation program will be much decent program to improve your file.

Please read the following article to know these two avenues and let me know what you have finally decided:

http://forums.debtcc.com/forums/comparison.html

I might be able to suggest you more on this topic.

Regards
Roxette

Thanks for the quick response. I definitely would like the consolodation approach rather than settlement. My question is if i chose consolodation, will the person who negotiates my debts with the collection agencies get the same type of "repayment deals" as i have been offered or will i have to pay the original amount they are asking for. The only reason i ask this is because a few of agencies i have called see the age of the debt and actually offer me a decent deal..

The consultant will discuss your financial situation and then have a study on the nature of your past debts. Considering the fact that these consultants have a very good working relation with most of the creditors and collection agencies, you are likely to get a large reduction in the total amount. This will mostly eliminate the financial charges, late fees that have been added on it over the past years.

The CA also appreciates your involvement in this program and appreciates your responsibility in clearing off the past debt. Thus, they offer the easiest repayment plans in coordination with your consultant. You will be offered the amount that will be much easier for you to pay each month.

You will be getting monthly statements in the consolidation program showing the distribution your money. Thus, you will be able to know the latest standing of each account and the tenure to continue this program.

Lastly, after you feel convinced with the negotiation of your consultant, you can give the consent to get your program started. Before that, you are free to use this counseling. :)

Is there anything that I can help you with?

Regards
Roxette

are there any fees involved in using these programs? thanks

My consultant charged a very nominal fee in this program. It's worth spending it when so much of debt related problems get solved.