Settling Debt Yourself is the ONLY way to go
Date: Mon, 08/24/2009 - 08:07
If you owe $100,000, and they (the Debt Settlement Companies) settle for $40,000 saving you $60,000 (which you still have to pay Income on to Uncle Sam), they then charge 15% of the $60,000 upfront which is $9000. This is an example of one of the BIGGEST debt settlement companies on the web. They get their money up front, and once they are paid, they then start negotiating settlement. You have NO CONTROL over what they are doing (if they are doing anything), AND the banks HATE DEALING with them. A years into it, the creditors are angry with you, you have chargeoffs on your account, which will stick around for 7 years on your credit card.
I suggest settling within the 6 month mark, and you should be able to get as low as 20 cents on the dollar.
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I totally agree with you! I almost got a settlement company but
I totally agree with you! I almost got a settlement company but after thinking about it I realized I'll be wasting money that could be used for a payment, and there are no garantees, so far, I've been doing it myself and getting great results!
and I as well.... I settled $260k and that would have been a hug
and I as well.... I settled $260k and that would have been a huge fee. My average was 27% doing it 100% on my own. I did not even tell my best friend. He would understand but I am just a little embarrassed.
what should I say when I call chase to try to settled my 18k deb
what should I say when I call chase to try to settled my 18k debt? Is there a right or wrong way to approach them about settling my account. I like to get an offer of between 20-30% if possible. Any advice?
First of all, be at least 120 days late. Then offer 30% and may
First of all, be at least 120 days late. Then offer 30% and maybe they will go for it. 20% I doubt, though occasionally it does work.