Skip to main content
index page

Debt settlement vs debt management - Guide to choose the right option

Submitted by jmagee8871 on Fri, 01/16/2009 - 11:32
Posts: 29
Credits:
[Donate]

I am starting on the journey of owning up to my debts and getting a plan going to get them paid back. I have contacted a debt management company in an effort to pay everyone back.
I am currently 4-6 months behind on all the credit cards.

My question is whether I should go with debt settlement on my own. If I am this far behind on my cards is it going to hurt credit score to do debt settlement anymore than I already have by not paying for so long?

Any thoughts/ideas would be greatly appreciated.


Quote:

Originally Posted by Anonymous
Debt Settlement Comanpies are a COMPLETE RIP OFF!!! they charge high fees to simply save your money in an escorow account until they finally save up enough to approach your creditors and ask for a settlement. In the mean time your accounts go behind and the creditors could sue. No arrangment is made by the debt settlement company that can stop that, they can do nothing until they have saved up enough funds. And guess what, if you are willing to allow your account to go to collections and take on the risk you could be sued, you could save those funds yourself and just as easily call the creditors to ask for settlements. The poster above coud have put the money away himself instead of giving it to the debt settlement company and saved on all the fees. The credit card company would have offered him the same settlement. I do not understand why people are using these companies.


Does the settlement company act on your behalf and settle with what ever rate they feel is the best they can get or do they have to get approval from you first?


Submitted by tygger on Mon, 03/01/2010 - 11:41

tygger

( Posts: 42 | Credits: )


How do I determine if Debt management is better or debt settlement


Submitted by on Tue, 03/23/2010 - 20:30

( Posts: 202330 | Credits: )


Forum Participants,

What everyone needs to understand about LEGITIMATE debt management programs is that there are NO VARIATIONS between the minimum payment requirements and interest reductions between companies. In other words one "LEGITIMATE" debt management company can't get you a different interest rate and minimum payment than another one whether for profit or non profit. I have owned and operated Accelerated Debt Consolidation, Inc. in Boca Raton, Florida for the last 9 years and I will explain here how proposals are processed. We will use Chase and Capital One for examples here. Both Chase and Capital One require 2% of the balance in the debt management program, Chase offers 6% interest and Capital One offers 7.4% interest. Companies like Chase and Cap One receive THOUSANDS of debt management proposals every day from debt management agencies across the country and there is no way they could individually "negotiate" each minimum payment or interest reduction. Proposals and payments are submitted electronically through Mastercard RPPS which is an electronic system for processing debt management proposals and payments. Each week agencies like ours and other "Legitimate" agencies receive what are called "Biller Directories" from Mastercard RPPS. These Biller Directories contain the participating creditors "Biller I.D.'s" for both payments and proposals. So it is quite simple, if a consumer owed Chase an exact $10,000 and Capital One an exact $10,000 both creditors would require $200 per month or 2% of the balance through the program and Capital One would give the consumer 7.4% and Chase would give them 6% it's that simple and it would not matter what agency the proposal was coming from or whether they were non profit or not. The agancy submitting the proposal has to be an approved source with the various major creditors and some like Chase, Citibank and Bank of America assign us code numbers. Remember AMERIDEBT ? they were one of the biggest SCAMS in the debt management industry and they were NON PROFIT so NON PROFIT is meaningless. If a proposal was submitted to Chase or Capital One on a balance of an even $10,000 for $199 it would be rejected on the electronic return file the next day and it would say "increased payment required $200" it's that simple because the proposed payment was $1 short of the creditors requirement. If the proposal for a $10000 account was being submitted to Target Visa for example it would have to for $250 because they require 2.5% of the balance and they offer 0%. Now on the subject of Settlement see our CAUTION page at
because you NEVER have to pay a settlement company to destroy your credit, you can do that for yourself for free. You can also review our BBB Report at

There is so much erroneous information out there even on national news shows that it is just incredible so be careful and check with the BBB before making a decision involving how to handle your debt problems or just call us at because our record speaks for itself.

Jim Young

(Link Removed by Shazzers as solicitations are against TOS rules)
Link removed. Please read TERMS OF SERVICE for a more detailed description regarding advertising. Shazzers


Submitted by on Thu, 05/06/2010 - 11:19

( Posts: 202330 | Credits: )


I used debtfreeleague.com and they helped me a lot. No kidding. I had 19K in debt and paid at the end of 29 months or so, around 8k-9K
I was receiving collection calls but suddenly stopped. SOmething i liked is that they reached their first settlement on the 6th month. I am telling you this, because my father in law was with another company, i think debt free america or something like that, and they said that they will reach their first settlement after they have collected all their fees. well that is my experience. good luck.


Submitted by on Thu, 09/24/2009 - 16:08

( Posts: 202330 | Credits: )


Hi I am a prospective medical school student who needs a 675 credit score to keep my loans. I am in over my head in debt about 24k mostly due to preparation for medical school. I am currently unemployed and have not missed a payment when I was working. But with no job I know it is a matter of time before I am late. So, I would haveto do debt settlement but I do not know who to start with.

Does anyone know of a good company in AL that will not demolish my credit score.

Thanks,
Anxious


Submitted by on Thu, 10/01/2009 - 00:03

( Posts: 202330 | Credits: )


Hello Anxious, it doesn't have as much to do with the company as it does with the concept of debt settlement itself. There is no way to settle your debt and keep a 675 credit score during the process. If you had a job and the monthly cash flow to repay the debt I would suggest looking into a DMP but it doesn't sound like that will work for you. However you cannot settle your debt and not take a hit to your credit.


Submitted by Damon on Thu, 10/01/2009 - 00:17

Damon

( Posts: 80 | Credits: )


I currently am working with a Debt Settlement Company- my brother and I and it seems like they are taking my money out of my account to help settle his first. I keep paying a monthly fee to them and nothing is done on my behalf. Why am I paying a monthly fee if they are not working on my accounts yet?
I have an appt with a very reputable Credit Counseling Company approved by BBB at end of month. I think this is the way to go for my brother and I.


Submitted by on Tue, 11/17/2009 - 16:41

( Posts: 202330 | Credits: )


right after the 10th month of being in a debt settlement program i was about to cancel with them. I have to say that i was kind of dissapointed or if i was ripped off. Suddenly a call and bam the first settlement, i could not believe it because was a 67% savings, i thought they were kidding, they sent me the settlement letter and i called the creditor myself to confirm, it was true. Then after 4 months, i was feeliing dissapointed again, and two settlemens (small accounts but two settlements though) they were around 52% give or take. Yes my fico was not that good thanks to the collections, but at the end of my 7 accounts i did not have any debt. That is what i needed, not keep my fico. I was with debt free league. a good company, well I think so.


Submitted by on Tue, 11/24/2009 - 10:02

( Posts: 202330 | Credits: )


Quote:

Originally Posted by southernapostolic
If you choose debt management, make sure that the company is a non profit 501c3 agency. They are the ones that can work with the creditors best. I looked at one a year ago that offered to raise all of my payments and interest rates for me, and said that was the best they could do.


That is not necessarily true actually. One of the largest debt management companies is a for profit and has interest rates as low as 0%, . It depends upon the relationship they have with the company from what I have observed.


Submitted by debtmanagementguys on Mon, 11/30/2009 - 23:41

debtmanagementguys

( Posts: 28 | Credits: )


Quote:

Originally Posted by Anonymous
I currently am working with a Debt Settlement Company- my brother and I and it seems like they are taking my money out of my account to help settle his first. I keep paying a monthly fee to them and nothing is done on my behalf. Why am I paying a monthly fee if they are not working on my accounts yet?
I have an appt with a very reputable Credit Counseling Company approved by BBB at end of month. I think this is the way to go for my brother and I.



Marie, didn't you sign a contract and get a copy of it so it is spelled out what they are doing for you?

Debt settlement is the process of setting aside money in an account, that you don't touch, but can if you must since its your money, and let it grow while you either do it yourself or let attorneys contact the creditors with settlement offers. I have seen settlements for anywhere from 25% of the original balance to 80%. Its all about give and take, but it takes time. Many attorneys find the most success between 4-9 months. Its not great for your credit score but if you already have late payments, you have hurt the 35% of your credit score that is calculated by good payment history. However, if you have a ton of debt, 30% of your credit score is measured by your debt to income, so the benefit of debt settlement is that its cheaper and you settle your debt in 3 to 5 years on average.

I encourage you to find that contract. Honestly though, if you can afford to make the payments to your creditors, assuming they are not in collections, you should look at a dmp plan. Some creditors are 0%, others 6 - 9 % on average.

You have to keep a copy of contracts. Those are really important. I hope you found some answers.


Submitted by debtmanagementguys on Mon, 11/30/2009 - 23:48

debtmanagementguys

( Posts: 28 | Credits: )


@topic, people, it all depends on your current 'financial situation'. Both has there own Pros and Cons. For DMP, by the end of your program, you will be debt free but probably paid more than 120% your current balance but still have your credit scores intact. Whereas, for DS, by the end of your program, you will be debt free but would've paid as much as 80% max of your current balance but with damage on your credit scores. The question is, what is your priority? Debt free in a couple of months with more extra cash? or stale credit scores with debts to extend for years to come?


Submitted by on Mon, 05/24/2010 - 07:27

( Posts: 202330 | Credits: )


Quote:

Originally Posted by jmagee8871
I am starting on the journey of owning up to my debts and getting a plan going to get them paid back. I have contacted a debt management company in an effort to pay everyone back.
I am currently 4-6 months behind on all the credit cards.

My question is whether I should go with debt settlement on my own. If I am this far behind on my cards is it going to hurt credit score to do debt settlement anymore than I already have by not paying for so long?

Any thoughts/ideas would be greatly appreciated.


Settling debt probably won't hurt your credit score but those late payments will probably stay on your credit report for 7 years. You may even owe the IRS money on forgiven debt.


Submitted by Greg Bartlett on Tue, 07/13/2010 - 11:55

Greg Bartlett

( Posts: 6 | Credits: )


You'll recieve more marks on your credit (charged-off, collections, settled, etc), but at this point my concern would be ridding yourself of your debt completely. Credit can be repaired. As far as settling check out both options of settling on your own and contacting a companies.


Submitted by on Fri, 01/16/2009 - 14:49

( Posts: 202330 | Credits: )


There are many debt solutions available in the market. Which one you'll choose depends upon your current financial situation.
You may go through the following page for a comparative study on different debt solutions available to you: -
Debt Solutions - 3 steps and 5 ways to do it

Let me give you a overview: -
Debt Management Program involves a credit counseling session, budgeting, consolidation of multiple debts and debt negotiation by your debt management company to lower your apr and wavering late payment penalties. dmp has positive effects on your credit score.

Debt Settlement - It can reduce your debt by 40 to 60%. But will adversely affect your credit score significantly.

If I were you then I would have tried for Do it yourself Debt consolidation, Settlement and Debt Management


Submitted by phoenix on Sat, 01/17/2009 - 03:18

phoenix

( Posts: 1445 | Credits: )


I have gone through a debt management program and they have been great! Money Management International. I have been in the program almost 2 years and should be out of debt shortly. My credit score has gone down, but not to the point it is unrecoverable. There was one month that I was having a hard time coming up with the money, and they told me I have done real well and to contact my creditors. Contacted my creditors and they were very responsive -- as long as I remained in the program and tried to make up the payment within the next few months. They make you responsible for keeping in touch with your creditors, which I feel makes people more responsible. They also keep in touch with the creditors. I have a friend who chose Palmer, a debt negotiator. They charge $65.00 a month as a monthly service fee, then a certain % which is collected up front before they even contact your creditors, then 33 1/3 % of what they save you, then you have to add what amounts the creditors write off as income when you file your taxes. They also do not keep in touch with your creditors. Most of his creditors had already charged off his accounts before he discovered what a SCAM. They also tell you not to talk to your creditors. Probably because your creditors will tell you the have been reported to bbb so many times, they can paper their walls. Good Luck with what ever you decide.


Submitted by on Sun, 07/26/2009 - 20:17

( Posts: 202330 | Credits: )


Hello, I am currently enrolled with Debt Free Associates, CA. They will soon be trying to take my 3rd payment. I freaked out tonight because every dollar I have put in they have deducted as Customer fees as of today's statement. I have a large amount debt and now have given them $2163.82. I am approx 2 months late on multiple cards with large balances. I am overwhelmed with all of the info on this forum. I have this awful feeling I am being scammed. My thought tonight is to cancel with DFA and take the $982 per month and sock it away to settle one account at a time. Does this make sense? I really appreciate your help. Thank you!


Submitted by on Mon, 07/19/2010 - 19:10

( Posts: 202330 | Credits: )


Quote:

Originally Posted by jmagee8871
I am starting on the journey of owning up to my debts and getting a plan going to get them paid back. I have contacted a debt management company in an effort to pay everyone back.
I am currently 4-6 months behind on all the credit cards.
My question is whether I should go with debt settlement on my own. If I am this far behind on my cards is it going to hurt credit score to do debt settlement anymore than I already have by not paying for so long?
Any thoughts/ideas would be greatly appreciated.


If you are already 4 months behind, your score is already hurt. The question you should ask yourself, how long do you want to stay in debt. Debt settlement is a shorter process and allows your credit to be hurt for a short time. You can rebuild your score after your debt are paid.


Submitted by on Thu, 08/19/2010 - 15:33

( Posts: 202330 | Credits: )


Quote:

Originally Posted by Greg Bartlett
Settling debt probably won't hurt your credit score but those late payments will probably stay on your credit report for 7 years. You may even owe the IRS money on forgiven debt.


The rule is, you may have to pay tax on any forgiven amount greater than $600 dollars. However , there is a IRS form 982 that you can get to explain why you were in a program which may exempt you from having to pay back the forgiven amount


Submitted by on Thu, 08/19/2010 - 15:40

( Posts: 202330 | Credits: )


I owe line of credit 68K and I was out of country for 8 months, last four months I have not paid a dime because all the money I left in my account was gone already towards payment. Now I am out of Job and no money coming in. How can I deal with this situation? What if I don't pay them at all what will be the worst case scenerio we are talking about?


Submitted by on Wed, 11/03/2010 - 02:57

( Posts: 202330 | Credits: )


"That is not necessarily true actually. One of the largest debt management companies is a for profit and has interest rates as low as 0%, . It depends upon the relationship they have with the company from what I have observed".

Different creditors offer different rates. Target and Advanta offer 0% where Chase offers 6% and HSBC offers 9%. In a debt management program you don't end up with one interest rate for all of your accounts. Each creditor offers a rate that is predetermined and they change from time to time. For example, last year Capital One offered 15.9% and now they have dropped to 7.4%. I would know because I have been doing this for 12 years and THERE IS NO DEBT MANAGEMENT COMPANY IN EXISTENCE THAT CAN GET YOU ZERO PERCENT ON MULTIPLE ACCOUNTS and that is just the way it is. If you only had a Target account and an Advanta account which both offer 0% then you would be at 0% for your whole debt load but if you had Advanta, Target and Chase you would have 2 accounts at 0% which would be the Target and Advanta and the Chase would be at 6% at 6% PERIOD ! THOSE ARE THE FACTS !


Submitted by on Thu, 05/06/2010 - 13:40

( Posts: 202330 | Credits: )


I posted this answer earlier and for some reason it has not shown up. It is quite simple and I have been doing this as an OWNER and APPROVED debt management source for 12 years. Quite Simply, THERE IS NO DEBT MANAGEMENT COMPANY IN THE WORLD THAT CAN GET YOU 0% on ALL ACCOUNTS, each creditor has different terms. All minimum payment requirements and interest rate reductions are PREDETERMINED and NON NEGOTIABLE - AND THEY DO NOT VARY BETWEEN DEBT MANAGEMENT AGENCIES. And please DO NOT confuse DEBT MANAGEMENT with DEBT SETTLEMENT which is nothing but a COMPLETE SCAM. Debt Management clients PAY ACCOUNTS IN FULL and the rates that are offered are predetermined and NON NEGOTIABLE. We will ONCE AGAIN give examples here. There are 2 creditors that grant 0% interest in the DMP, they are Target and Advanta. So with this in mind we will create a scenario where a hypothetical debt management client has $10,000 on Advanta, $10,000 on Target, $10,000 on Chase and $10,000 on Capital One. Advanta requires 2.5% of the balance or $250 per month and grants 0% interest, Target requires 2.5% of the balance on $10,000 or $250 per month and grants 0% interest, Capital One requires 2% of the balance or $200 per month on $10,000 and grants 7.4% and Chase requires 2% of the balance or $200 per month on $10,000 and grants 6% interest. THAT'S THE WAY IT IS PERIOD ! and it would not matter which agency, which by the way had to be APPROVED with these creditors that submitted the proposals. Before these "Debt Settlement" SCAMS started popping up all over the country all we had to deal with was bad debt management companies that just didn't get the job done. Well, now we have SETTLEMENT SCAMS everywhere and the CONFUSION for the public is now even more complicated. The bottom line is this and I will use Advanta that offers 0% and Chase that 0ffers 6% as an example. If a hypothetical client enrolled in a debt management program with $10,000 on Advanta and $10,000 on Chase the required payment on Chase for $10,000 would be $200 and they would be granted a debt management interest rate of 6 % and if they included the Advanta account for $10,000 it would require $250 per month and they would be granted 0%. We could take 100 of these HYPOTHETICAL clients with all of the same balances and interest rates WITH THE SAME CREDITORS and have PROPOSALS submitted on their behalf by 100 SEPARATE agencies for each one SEPARATELY and the minimum payment requirements and interest rate reductions would ALL BE THE SAME PERIOD ! And it has ALWAYS been that way. The name of my company is

OUR RECORD SPEAKS FOR ITSELF, if what I was saying was not TRUE I would have a MYRIAD of complaints against my company. I HAVE ZERO !! When you explore "Debt Settlement" offers look up their BBB Ratings and you will often find "F" ratings. Just remember, "if it sounds too goo to be true it probably is".

Once again as I explained in an earlier response today, THERE ARE NO NEGOTIATIONS IN "LEGITIMATE" DEBT MANAGEMENT PROGRAMS. All requirements in relation to minimum payments and interest reductions are PREDETERMINED and updated to "US LEGITIMATE" agencies regularly and do not vary between agencies, In other words and I will use Chase as an example again, if you owe Chase an even $10,000 they require 2% of the balance or $200 per month and they will give you 6% interest PLAIN AND SIMPLE. So the person that responded to an earlier post of mine stating that "some "For Profits" get 0%" doesn't know what the HELL he or she is talking about. For a list of what creditors offer in LEGITIMATE debt management programs refer to my web site at


GO BACK TO MY PREVIOUS POST ABOUT MASTERCARD RPPS AND HOW IT IS ALL DONE ELECTRONICALLY NOW AND THEN CALL US WITH YOUR QUESTIONS

I can provide DOCUMENTED PROOF from creditors such as Chase that I am an approved source with them and I can will verify that what I have been writing here is TRUTH. Bank of America, HSBC, Discover and Citibank would be happy to verify what I am saying here is true too. So if any of you "experts" out there want to dispute what I am saying, feel free to contact me at because I can document and VERIFY EVERYTHING I have said here,

Jim Young

(Link Removed by Shazzers as solicitations are against TOS rules)
Link removed. Please read TERMS OF SERVICE for a more detailed description regarding advertising. Shazzers


Submitted by on Thu, 05/06/2010 - 17:24

( Posts: 202330 | Credits: )


Debt Settlement Comanpies are a COMPLETE RIP OFF!!! they charge high fees to simply save your money in an escorow account until they finally save up enough to approach your creditors and ask for a settlement. In the mean time your accounts go behind and the creditors could sue. No arrangment is made by the debt settlement company that can stop that, they can do nothing until they have saved up enough funds. And guess what, if you are willing to allow your account to go to collections and take on the risk you could be sued, you could save those funds yourself and just as easily call the creditors to ask for settlements. The poster above coud have put the money away himself instead of giving it to the debt settlement company and saved on all the fees. The credit card company would have offered him the same settlement. I do not understand why people are using these companies.


Submitted by on Tue, 12/15/2009 - 12:53

( Posts: 202330 | Credits: )


When determining which route to go the first thing you should think about is what is realistic to your budget and your situation. Reputable debt settlement companies AND debt management companies will first walk you through a budget of your income vs. expenses... it is general rule of thumb that if you are struggling with little to no disposable income financial disaster can be looming with or without help. The best course of action is one that will see you back on your feet with the least amount of repercussions.

There are 2 major differences between debt settlement companies and debt management companies. One works on behalf of consumers first, the latter on behalf of creditors/banks first. BOTH programs provide consumer welfare and benefit. Over the years the majority of negativity associated with settlement has stemmed directly from debt management companies, who encourage consumers to file BK if they can't afford CCCS/DMP payments instead of suggesting the option of settlement.

(It makes sense that their agents are trained to say so, too. DMPs or CCCS companies were established to keep bank profits high; and DMP/CCCS companies receive kickbacks or bonuses for consumers they enroll. It is also important to note that the BK Reform Act of 2005 was written by the banks to give them further protection in BK court regarding unsecured consumer debts.)
That leads to the second biggest difference between settlement companies and DMP companies ??? settlement companies are for profit and thus have to disclose fees. Since many DMPs have been under the guise of ???non-profit??? they do not have to provide the same disclosure. Several DMP companies require donation or maintenance fees and consumers generally pay back an average of 126% of their debt in a DMP. Banks want to make money and they want to make as much as possible. Business is, after all, about profit. Settlement companies on average will charge a fee of 14%-17%. This cost should cover staff expenses and marketing expenses.
Debt settlement is legal and viable. You just have to do your research. Any option that sounds too good to be true is NOT going to help a present or future situation. There are good and bad apples in both industries. First determine what is realistic to you and make sure you take the TIME to research and be comfortable with your decision.
Most importantly, there is no magic cure to get rid of your debt. It is YOUR debt and it did not accumulate overnight. Our economy has changed. The market has changed. Keep in mind that nothing is permanent and you have the ability to recover from financial mistakes, self inflicted or not, and the best way to see you through doing so is making educated decisions based on what is realistic to your needs and situation.


Submitted by on Mon, 01/04/2010 - 16:33

( Posts: 202330 | Credits: )


i owe about $4000 apiece on 3 credit cards.i got that way after my son went to the hospital with no insurance. i can pay the min. due or a bit more each month but with apr rates at 29.24% im not getting very far. im trying to get everything payed off, like it as before the hospital visit. can i get free help to get my apr down or settle with the companies, or will i have to pay someone to talk with the credit card companies?


Submitted by on Tue, 01/05/2010 - 10:22

( Posts: 202330 | Credits: )


I'm looking to clean up my credit. Rec'd a ltr from RJM Acquistions offering settlements on three accts. They are small amts ranging from 78.00-168.00 all from book clubs. It's close to 6 yrs old. They are even offering payment arrangements/settlements. Should I just pay them off either in full or settle? Will this help my credit scores? I also have another collection agency, Jefferson Captital Card Services, LLC. offering me a credit card in order to transfer a debt w Chase Bank (1,500.00) that was bought off by Midland Credit Management, Inc. Once I make the $375.00 first payment within 12 mos. of starting the program an Emblem Mastercard will be issued and a reduction of $225.00 will be given. Ofcourse, I would continue paying off the balance and the program balance will have 0% APR for the lifetime of that balance. I'm not sure if this is legitimate and if I should entertain it? My credit score is currently in a range of 570-610 and I still can't get any credit. What do you suggest?


Submitted by on Wed, 01/20/2010 - 12:11

( Posts: 202330 | Credits: )


I'm looking to clean up my credit. Rec'd a ltr from RJM Acquistions offering settlements on three accts. They are small amts ranging from 78.00-168.00 all from book clubs. It's close to 6 yrs old. They are even offering payment arrangements/settlements. Should I just pay them off either in full or settle? Will this help my credit scores? I also have another collection agency, Jefferson Captital Card Services, LLC. offering me a credit card in order to transfer a debt w Chase Bank (1,500.00) that was bought off by Midland Credit Management, Inc. Once I make the $375.00 first payment within 12 mos. of starting the program an Emblem Mastercard will be issued and a reduction of $225.00 will be given. Ofcourse, I would continue paying off the balance and the program balance will have 0% APR for the lifetime of that balance. I'm not sure if this is legitimate and if I should entertain it? My credit score is currently in a range of 570-610 and I still can't get any credit. What do you suggest?


Submitted by on Tue, 01/26/2010 - 07:43

( Posts: 202330 | Credits: )


Is careone credit a good company to use their debt settlement program


Submitted by on Fri, 01/29/2010 - 15:53

( Posts: 202330 | Credits: )


Hi DrsWife,

Since the amounts you owe are small, it???s a good idea to pay them off. You can pay them off in full or you can try and settle the debt for less than owed, if you want to. If you pay them off, it will have a positive effect on your credit. However, before paying them off, talk to them regarding how they???re going to report this to the credit bureaus.

Even though Jefferson Captital Card Services, LLC collection agency is offering you a credit card to transfer the debt, you should be careful before accepting any such offer. You may end up being in a larger debt after taking another credit card. So, get yourself acquainted with all the terms and conditions before accepting such offer from a collection agency.

Hi do,

CareOne credit services provide debt management solutions to consumers and have a BBB rating of A+. However, they are not associated with Care 1 Credit, who offer loans and have certain complaints filed against them. However, before you enroll in a debt management program with a company, check their credentials and customer feedback, talk to someone who has used their service, and check the other necessary information.


Submitted by Good Nelly on Fri, 02/26/2010 - 23:42

Good Nelly

( Posts: 2846 | Credits: )