Currently my husband and I are looking into debt settlement companies. Credit Solutions is the company name. Does anyone know much about this company? With any debt settlement company it seems you stop paying creditors, and save an determined amount of money a month. Once you have at least 40% of one of the debts, a settlement will be negotiated. In the mean time, the creditors will be reporting non-payment to the credit bureaus. Obviously this will hurt your credit, but how long does that stay on your credit report? Once all of our debt is settled and "Paid as Agreed" will we be able to finance a new home? I'm worried about long term effect to our, currently good, credit. If anyone can help answer any of these questions, I'd be very greatful.
Thank you in advance!!!
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.