Seeking debt settlement - have questions?

TD.....I recently settled the majority of my debt. As I have stated in previous threads, I generally did not start receiving calls until I was about 60 days late....they intensified at around 90 days. They did not contact any of my relatives or friends, but perhaps someone else here can speak to that.
My personal opionion is that whatever way that you can preserve some of your credit or "get the most bang for your buck" is the way to go. Just realize that most of the larger CC companies will close your account even if you pay them off and then they discover your not paying others. It's a strong possibility.
I personally settled my husband's debt and paid off mine in full. Because I did not understand that I could do this....I did not pay mine off until they were late 120 days....I did not find this board until I was well into my 3-4th month on most of my cards.....
I don't think you should feel foolish asking your questions...it is the only way we can help you. I posted and got some wonderful replies that helped me decide my course. Settling in my opinion and from what I have researced is better than BK....I think to pay off what you can ...think about settling the others, but also explore Hardship programs with your biggest creditors....they do have plans ...so explore them all and prioritize....
good luck to you and keep asking...someone here will be able to help you or give some advice..this is mine.....debtor in CA

Tell us how much you owe and to whom. This would help us. I'm not sure how much of a credit benefit you would get from paying off some in full and settling others. I'm also not sure how much you even care about your credit rating. I personally couldn't care less and settled all of them. I don't plan on getting any new loans or cc anytime soon so it didn't really matter to me and my score should bounce back in a couple of years anyway.

If you are looking to pay them all off, then you could investiage their hardship programs and see if it reduces your payments to make it more comfortable and pay off sooner. for me it didn't reduce the payments enough to make a difference so I chose settlement.

You may encounter some difficulties if you try to settle the accounts yourself. Creditors and Debt collectors tend to treat negotiations with the actual consumer differently. You may find that the settlements they offer you are much higher than the settlements that could be reached with an experienced debt settlement company.

Feel free to contact me with any questions at [EMAIL="bshannon@rapiddebtsettlement.com"]bshannon@rapiddebtsettlement.com[/EMAIL]

So NOT true. Read these forums and you will see.
Citi won't even negotiate with a debt settlement company.
You can do it yourself and save the money.

You can settle them yourself and as the previous post states - a lot of creditors are shying away from working with these companies. Also because the debt settlement company wants their money first, it takes a lot longer to settle the debt then if you did it yourself. Plus I do not believe that these companies get a lower % than do it yourselfers.

I do believe there is a segment of the population that is incapable of settling their own debts. They scare easily and believe what the rep tells them. Those people may be better off using a company, but you have to be so careful on who you use. This forum is filled with stories about rip offs.

I am new to this site and just posted a thread about my experience with a debt settlement company. I just completed a program with Elite Financial and they saved me over 70% of my debts AND they settled a Citi account for me. They saved me almost $37,000 over the last 2 years. I'd definitely recommend them to anyone that needs help. here is their website - [URL="http://www.efs-debtfree.com/"]www.efs-debtfree.com[/URL]

Many consumer fail to fully understand what debt settlement is all about. Creditors will not settle accounts if they're not receiving settlement amount in full ( lump sum ) . No payment arrangement.

Typically, 90 -120 day is superior time to settle your debt. However, you should have lump sum cash to pay the debt.

Are you able to borrow cash from family or friends ?

List your creditors ? I will be able to tell you how much who will take what.

Also, stay away from organization that offer attracting marketing and up front fees.

No guarantee by any settlement organization that you would not be sued by creditors.

Please list your credit card along with amount of debt and the name of creditors.

You can do this yourself or pay organization ( 15% of what is saved ) . If your willing to pay, than by all means let me assist you. I will negotiate all of your debt with certain condition.

But, like I said you can do this yourself and save some money. Use this forum, ask questions.

Only aspect I lack is beautiful web site with some marketing on their.

I owe the following unsecured debt. Please let me know what you know about these companies. I am less than 30 days behind on all of them. I think that I don't mind paying some of them as agreed. I am very concerned about the HSBC Beneficial account. I have paid the minimum pmt on time every month since I opened it almost 2 years ago and I now owe more now than I borrowed. I would love to settle this and get it paid off.

Capital One $1,000 (pmt 30/mo)
Capital One $800 (pmt 30/mo)
Capital One $3,000 (pmt 85/mo)
Dell Financial $3,000 (pmt 75/mo)
Wells Fargo Financial Bank $7,000 (pmt 260/mo)
HSBC/Best Buy $3,000 (pmt 50/mo)
Citi $4,000 (pmt 140/mo)
HSBC Beneficial (Unsecured Line of Credit) $10,000 (pmt 265/mo)

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