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Debt settlement or consolidation - What are the major differences between the two?

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what is the difference between debt consolidation and debt settlement? with settlement the credit report is ruined ...is this true?

Thanks
Carl




how will debt consolidation show up on my credit reports/history and for how long

Sub: #31 posted on Fri, 01/08/2010 - 11:12

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that depends on which program you are looking at

Sub: #32 posted on Sat, 01/09/2010 - 14:45

love_my_things love_my_things

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hi nelly i am frm india.i dont find any debt consolidation company in india.can u help me.i owe debt for indian rupees 2 lakhs.

Sub: #33 posted on Wed, 01/27/2010 - 21:27

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Hi,
I am a retired teacher (25years) I receive a pention each month of 2000 dollars and I rent a room in my house for 500 dollars a month. I was also self employed as an artist painting murals and signs as well as printing up ads for local business or groups in the area. But I am about to under go back surgery in the next week as I was injured in a car accident which has left me unable to do the work I was doing to suppliment my income. The surgery I am having done on my back is suppose to get me back to work and take away the constant pain. I do not have health insurance. I am unable to keep up with my bills because I am waiting on a settlement to pay for my huge medical expenses, which I have had to pay out of pocket for a lot of these expenses. I have depleted my savings and lived off my credit cards much more than I ever intended. If I can not work something out soon I will consider going bankrupt. Of course, I'd rather not do this. I own my home. I have about $20,000.00 in credit card debt that I need to get out from under. These card are not too far behind on payments I have kept up on them until the last month. I don't see me being able to pay them for at least six weeks. I will need that time to recover from surgery. Do you do debt Settlement? Are you a member of TASC?
What are your fees?

Sub: #34 posted on Wed, 02/03/2010 - 06:55

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Quote:
Originally Posted by Anonymous
I would like to know also. I have $20,000 on one cc and will not be able to afford min payments. What is best option?
take out a second mortgage and consoolidate your credit card debt into one debt, and never ever use the "cc" word again exept when you are selling cc's for a part time job in which you are getting paid to use credit card sells as a second income in paying off the accumulated debts. You can use the cc word again when warning church members and people who respect you about the dangers of ccs, and the consequences of ccs.

Sub: #35 posted on Wed, 02/03/2010 - 11:39

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Never touch a cc again!
Never vicitmize yourself with a cc again!
Never say that you will never have another cc...just vomit every time it crosses your mind.

Sub: #36 posted on Wed, 02/03/2010 - 11:43

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Anthony, you're a pseudo-expert just trying to sell your field and services. First of all, your math is wrong. Using your example, $10,000 debt at 15% interest and payments of $350 every month means that debt is done in 28 months, with interest paid of $1,715. Real pros know how to use a financial calculator. Secondly, NO debt settlement company can guarantee a settlement nor can they prevent a client from being sued. You're making assumptions about scenarios that are based on goals, not fact. You CANNOT guarantee that a client will be "debt-free in 23 months" because you don't know what lender will settle for what, or if they will in fact settle at all. You and I both know you've had clients who were sued after they signed up with you. I can tell you for a fact that every banker will look at a CCC in a better light than a 120 day plus late, which is what will be posted if a debtor goes with a DS. You talk about clients being arrogant but the truth is they're rightfully worried about their financial well-being. Arrogance in this case comes from those who dismiss the concerns of people who are desperate and searching for real help.

Sub: #37 posted on Wed, 02/03/2010 - 15:08

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Could you please explain what type of fee is involved when you use a Debt Relief agency?

Sub: #38 posted on Sat, 02/13/2010 - 16:22

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I am just starting this process and would like to know what steps that I have to take in order to start clearing out my debt? I want to buy a house. At this point, I can barely rent an apartment!

Sub: #39 posted on Mon, 02/15/2010 - 18:03

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i just had a person call me with 60k of debt claiming consolidation will take care of the debt at 500 a month for 10 years. this is very crazy to me, for the next 10 years of some ones life they will be paying 500 a month. and that doesnt included fees.
with debt settlement they will save you not only money off the original balance but it will be a fraction of the time, more like 2-4 years depending if you come up with extra funds or not for awesome settlements.
People need to find an HONEST AFFORDABLE place to help with debt.
i dont believe all people are qualified for debt settlement but most are, to avoid BK! especially the fact that BK will still make you pay your debts eventually, whats the point ?
debt consolidation has a 90% failure rate because usually the outcome is for the companies.

Sub: #40 posted on Mon, 02/15/2010 - 23:41

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