logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

What should i do next?

Date: Wed, 07/18/2007 - 15:36

Submitted by anonymous
on Wed, 07/18/2007 - 15:36

Posts: 202330 Credits: [Donate]

Total Replies: 2


I graduated from undergrad with 5 credit cards. all of them were up to date but the minimum payments were annoying. i made calls about debt management and was told my "best" option was to do debt negotiation. i entered into the agreement with the company in January of 2007. they instructed me to stop paying my bills and send them payments every month about $600. They said i would be clean in 12 months. Their fee was about 17% of my debt at the time. Roughly around 1,700 paid with my first few payments. I started getting calls and they said ignore them. Fine. Then around memorial day i went with my sister to buy her car. i was interested in trading mine in. my credit score came back as 493!! they said i would take a small hit on my credit score but more than a 150 pt drop. now im looking to repair the situtation ASAP. The total debt is gone up by almost 3G from late fres / over limit fees. What are my options to repair this? I want to by a condo in March!!


Credit scores are affected after enrolling in a debt settlement plan. Right now, since the accounts are in default, the creditors are reporting your accounts to the bureaus as it stands now. Ask your settlement company about the negotiation status. They should be able to get most of the fees waived off and arrange a pay off that you can afford. Settlement program will stay on your file for seven years. It won????????t look very bad because you had no other option but to hire a settlement company to get your debts paid off. Some creditors might not be interested to offer you lower interest rates because your previous accounts were not paid in full. You will have to negotiate with your future lenders and get fair deals.


lrhall41

Submitted by terra0103 on Wed, 07/18/2007 - 15:59

( Posts: | Credits: )