Signed up for Debt Settlement...getting cold feet

Click the link below to read what other members say about them.
http://www.debtconsolidationcare.com/resources/search-result.php?cx=002940997111014779860%3Ae4jfo9dtire&cof=FORID%3A11&ie=UTF-8&q=Superior+Debt&submit=Search#1554

I am speaking from experience when I say no your credit will not be in the crapper for 7 years... Even a BK doesn't do that! People go into these programs because they are faced with hardships. Basically, if you are faced with a mountain of debt that you cannot pay back on the credit card companies terms the last thing you should be stressing about is your credit. When we went through a debt settlemnt program we had been making min payments for over 6 months, because of that alone our credit score was declining at a rapid pace.. who knew that would take place.. Upon entering the program 4 years ago we had 88k worth of unsecured credit card debt... our car was 7 years old and I knew the day was coming up that we would need financing for another.. and that day did... I was in my 18th month with the settlement company, yes I couldnt just walk into the dealership like in the old days with my 803 fico score and no down payment. We talked to a couple of different car dealers and they told us the worst thing that can happen is we pay an interest rate of someone who had filed a BK. I called our Customer Care agent and she told us that we can skip a payment and use that as the down payment and the company would write us up a participation letter to show to the finance company. We did just that.. and the financing went off without a problem. We got to get our new car... at a fair interest rate of 7% the dealer told us that they did in house financing and they understood what the process was. The calls came from the collection companies were bad at first, then they subsided.. Our Once we completed the program we went into a credit recovery company who challanged the late pays trade lines.. there were enteries on the report that stated COLLECTIONS... the credit recovery sent them letters in which they never responded too and that history was changed to Paid.. and some still say paid for a lessor amount than owed. But I have not had a problem obtaining any new credit... don't get me wrong.. I have not applied for 1 single credit card since graduating from the settlement company, we receive offers from the same companies that we settled with and we had a son go into college and we needed to get him financed. We received that financing. We have also co-signed for his car loan. Remember settlement is an alternative to a BK.... if you can do it on your own get out of their program. If not, Superior is a company of higher standards that has been around for a while and has changed the lives of many people on this forum. i am a very very happy previous client.

Well, many things would depend how you perform during the program. If you can perform well during the settlement period, stay current on your other accounts and don't get into further jams, you may see your scores improve after the settlements are done.

Regarding the damages it'd do to your score, my idea is that your score isn't great even now, right? All the negative entries would stay on the report for seven years, whether you settle them or they remain as charged-offs. However, your report would look much better without a judgement on it, which would be the eventual outcome if you don't pay the debts off.

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Switching to credit counseling will not be better for your credit. Contrary to what most people believe, Credit counseling is almost as negative of an affect on your crdeit as bankruptcy. I have been in the mortgage and banking industry for 15 years and I speak from experience. Underwriters view credit counseling as third party intervention which indicates the person does not mange their own finances well. They are very reluctant to make loans to people who are in credit counseling.

Debt settlement also affects your credit, but your credit will improve once your debts are settled. It is also usually a much faster process then credit counseling, which can drag on for many years.

So, if I were you, I would make sure you select a debt company who has attorneys who oversee your case and are certified members of USOBA. Once you decide who you are going to use, I would not second guess yourself. The best thing you can do is concentrate on finishing school and put your efforts into positive steps to make your future what you want it to be. You have the power to do this and if you focus on the negative you will only get more negative...the power of attraction.

Switching to credit counseling will not be better for your credit. Contrary to what most people believe, Credit counseling is almost as negative of an affect on your crdeit as bankruptcy. I have been in the mortgage and banking industry for 15 years and I speak from experience. Underwriters view credit counseling as third party intervention which indicates the person does not mange their own finances well. They are very reluctant to make loans to people who are in credit counseling.

Debt settlement also affects your credit, but your credit will improve once your debts are settled. It is also usually a much faster process then credit counseling, which can drag on for many years.

So, if I were you, I would make sure you select a debt company who has attorneys who oversee your case and are certified members of USOBA. Once you decide who you are going to use, I would not second guess yourself. The best thing you can do is concentrate on finishing school and put your efforts into positive steps to make your future what you want it to be. You have the power to do this and if you focus on the negative you will only get more negative...the power of attraction.

I can speak from experience that credit counseling is not the magic bulet that they want you to think it is. I went through this about ten years ago. Even after I paid it off,and 17 months early, I was still getting rejections because of credit counseling. They told me that would not show up on my credit report, but it did.