Hello, does anyone know of a good debt settlement company? Thx!
My father has been a realtor allll my life and when it comes to buying a house any outstanding credit goes againist you. You are best to work out payment arrangements with the companies and pay off the debt, then work on getting a house. I am with you on all of it. Down to the loving partner. My fiance’ knew what bills came with me and still wants me. Must be love. I am just getting ready to start back to work and plan on just putting money in an envelope for each debt until I have enough to pay it in full. Foruntely my mother took over my credit cards and I will have to pay her back as well, but she would rather me pay these other guys off first and then pay her off. When i get half of each bill saved up I plan on calling the companies directly, not the collectors. I am going to let them know I have this much and this much only and can send it out today if they will take it and close out the account. We shall see what happens.
I am brand new to this great blog and am looking for information on debt settlement companies. My husband and I have close to $40,000 on our credit cards most at 30% or more interest. We can no longer make the minimum payments. I have talked with CCCS but even their program is too expensive for us. I have been triing to get the money together to get CCCS started for 2 months and I can see now that it just isn’t going to happen.
I have been talking now with debt settlement companies. Has anyone had success with this? I do have one in mind I don’t know if I am allowed to post the name or not. I am a bit leary as they take all their fees out first so it would be almost a year before a decent amount of money would be in my account to settle with. Then over 2 years before the last credit card would be paid.
I don’t think we would qualify for chap 7 and from what I understand chap 13 would be payments for 5 years so i would like to avoid that.
I have done a quick search on this site about settling them myself. Have many had luck with this? It seems I have heard many(not here) say they have had no luck trying to settle themselves. I am already 2 -3 months behind and don’t want to waste time trying to do it myself if its not going to work.
Sorry this has gotten longer than I had planned! I appreciate any advice or ideas! Thanks!
I don’t think it’s a good idea either. I have a bunch of debt (we’re not drowning or anything) and we just got the keys to our first home yesterday. We went with a mortgage broker who was able to get us the financing. Of course our mortgage rate isn’t as low as at a bank, but in 3 years we’ll be able to refinance with a regular bank and get our payments lower.
The other issue is that I don’t believe stuff really leave your credit profile. When we were getting hte house they brought up stuff from 1999. And with computers, you never really know what stays on there and what is off. Who knows. They maybe just note your old old stuff in a different column.
Until they invent a time machine with which I can go back and make ‘the other choice’ concerning some decisions I made earlier in life, I think we’re sort of stuck.
Charge-offs and unpaid bills stay on your credit report for 7 years. Bankruptcies are there for 10. Check your credit reports regularly for bad information – it happens frequently. WE have a bunch that shows charge off – then paid after charge off – we have sent them proof of everything being paid and it really doesn’t seem fair that they show it that way since they were paid.
Items remain on your credit report for 10 years and “count” for 7 years. Which is amazing to me because if you messed up at 20 it will haunt you until you’re 30 or longer. If a bad credit rating will help keep you from borrowing again, that’s not altogether a bad thing. 🙂
Do it your self, and it looks bad if you are trying to get other credit, as if you were not responsible enough to pay your bills in a timely fashion, while it does take longer but t is worth it in the long run.
I am considering debt settlement, i have about $28,000 in credit card debt. I am not behind on payments and I can afford the payments. I want to buy a home and i know this type of debt does not look good on my report. I don’t know if i should go through with this, they say they can reduce my debt by $12,000 but i’m not comfortable with stopping my current payments to these creditors. if anyone has hired this type of company i would really appreciate any advise thanx.
Don’t do it! I would look into other avenues.
I had about the same amount of debt after being laid off from a well paying job and finding I couldn’t find a similar income. The Debt Settment Company (DSC) will tell you that things will be fine. They gloss over the fact that you won’t answer the phone anymore and will become afraid of the mail as eventually you’ll have collectors suing you.
Basically what happens is that you stop paying your bills. The DSC *wants* your account to go to the collectors as it’s easier to settle with them. in the meantime, you will save your money and let them know when you are ready to pay off each card. All you see is the money you’re saving. You’re not thinking about that while you pay off the first couple of cards the first year that you won’t be paying off the “last couple of cards” for quite some time.
My credit is shot. I am *unable to get certain jobs* because of this. These days some employers check your credit history. I got married in April. My wife knew all about my debt and married me anyway. (God I love that woman!) We have experienced a lot of difficulty and awkwardness because of my now ruined credit. I carry this weight on my shoulders everyday because I can’t do things with and for her until I get this monster I’ve created behind me.
So again, think long and hard about this and then don’t do it anyway!