Just wanted to say thank you to everyone on this forum. I wouldn't have been able to settle my credit cards if it weren't for this place. For all of you guys who are debating whether to use a settlement company or to do it yourself, I would say do it yourself! As long as you pick up the phone calls when the cc companies call and you're courteous to them, they're courteous to you as well.
Just to let you guys know, I successfully settled 4 credit cards recently as follows:
Chase - 36% of balance at 110 days past due
Citi - 40% of balance at 125 days past due
HSBC - 36% of balance at 110 days past due
B of A - 30% of balance at 90 days past due
I know you can settle for lower balances from reading throughout the forum, but I didn't want to deal with the collection agencies.
Again, you guys could save so much money by doing this yourself. I've always talked to the credit card companies on the phone, never via letters. Also, it helps to talk to them towards the last 10 days of the month.
I hope this helps you guys as much as the other posts helped me before.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.