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Debtconsolidationcare.com - the USA consumer forum

debt settlement

Date: Mon, 03/29/2010 - 14:51

Submitted by anonymous
on Mon, 03/29/2010 - 14:51

Posts: 202330 Credits: [Donate]

Total Replies: 5


I have been in contact with WhiteStar Financial regarding debt settlement. Everything sounds great except that I've been advised to stop paying on all credit cards that I'm putting into the plan effective immediately. I have negotiated a monthly rate, though the first 3 months payments are going directly to WhiteStar Financial & it won't be until after that, that the money I pay monthly will work toward my debts. What are my chances of being sued in the meantime, since I'm stopping all payments? I'm worried but I don't know enough about the companies out there to make a different decision. I definitely can't afford, or obtain, a debt consolidation loan so I feel this is my only option. I absolutely do not want to file bankruptcy, but I don't know if this is the right company/choice for me. Please advise.


See, every settlement company would ask you to stop paying to your creditors when you're enrolling in their settlement program. Most of the creditors won't discuss settlement when you're current. If Whitestar Financial does its job and starts negotiating with the creditors immediately after your enrollment, you might not get sued since the creditors would also be interested in getting paid.

However, it worries me a little bit since you'd only be paying the fees to the settlement company for the first three months. Its not a good idea to join a company that would charge you upfront fees.

I'd suggest you to research about the company more before joining. You can search and read the old posts about them in this site. Also you may check out the company ranking chart to get an authentic settlement firm in your area.


lrhall41

Submitted by SC on Mon, 03/29/2010 - 22:56

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KLB, you can settle your credit cards yourself and use the fees you would pay to White Star toward your settlement. Read the posts on here regarding settling yourself and go to the DIY stiky. You would, of course, have to stop paying. As an alternative, when you become late you might be able to negotiation 0% interest and monthly payments. And what guarantee do you have that the company will be in business 6 months from now? and your money would be gone.


lrhall41

Submitted by aubrey on Wed, 03/31/2010 - 06:56

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keep in mind that the bbb has been also pretty shady when it comes to the ratings. many companies have been proven to be scammers an got a ratings. an other companies that are good got bad ones. an its been proven that those who pay to the bbb are getting better ratings. it sucks but bbb in my eyes have proven to be a money makin scammers themselves. so please be very careful


lrhall41

Submitted by love_my_things on Thu, 04/01/2010 - 06:57

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The most effective company is DS Financial they only charge a small retainer and will buy you some time to settle all of your debt. Some creditors will go away and they will determine who yo should pay. If I was you I will reach out to them they saved me tens of thousands of dollars. Give them a call 866-833-6398.


lrhall41

Submitted by on Thu, 04/01/2010 - 08:51

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