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Question: Is debt settlement a good option or is it just a ripoff?

(Posted by: karie0731 on 2008-10-03 13:43:42)

I see commercials all the time about debt settlement but is it just a scam? Has anyone ever used this type of program and if so, what were your results? Thanks!

Posted by: Tina T on 2008-10-03, 13:51:14

I looked into it and the only one you should consider using is Consumer Credit Counseling; they do not make tons of money off of you for their service. Most of the ones you see on tv are scams; they will charge you high prices to consolidate your debts plus a monthly fee and then there's no guarantee they will actually pay your bills for you. Here is the website you need to start with in order NOT to be scammed: nfcc.org/ Good Luck!!

Posted by: Kaska on 2008-10-03, 14:51:06

It isn't a scam. It is actually something you can do yourself. Bills that are in collections sometimes the collection agency will send an "offer letter " They usually deduct about 10% - 30% off the total bill if you pay the entire amount immediately. Best to get it all in writing as they will call with an offer like this and only credit your account. They will then continue harassing you for the balance. So if it isn't in writing the answer is no.

Posted by: bluebell on 2008-10-03, 15:18:26

I'm all for debt settlement as long as I am in charge. Anything these companies can do, I can too. It takes a bit of patience and research, but their fees represent a repayment I could make to bring down the debt balance, and I can't afford to be throwing away money unnecessarily. I didn't have several loans to consolidate, but I had one mortgage with a high rate of interest and 12 years to go. I sourced a better rate elsewhere, cleared the existing balance with a new loan and made payments weekly instead of monthly. This meant the balance came down faster. I was able to pay it off completely in 5 years, saving 7 years' worth of headaches. I did it. You can too. Keep your eyes open for opportunities - they are out there.

Posted by: kit on 2008-10-03, 15:41:35

Currently, I am using this sort of program, but a debt management is much better. It depends if you know someone who uses this program and they are non-profit. If you got into debt, I am sure there is a way out, but not by the quickest method yet. Some claim to get you out of debt in less time (which isn't true). So, I would stay away from those. My debt management program website is listed below. I like them the best because I check out my progress online. I do hope that you reconsider. This program is saving me tons of interest. I do like them and there are helping me.

Posted by: Thats_me on 2008-10-04, 18:08:35

Me and my wife used a Debt settlement company for our $18000 Credit card debts and this company did a great Job. The only thing you need to take care of is, that you will have to be patience for at least 6 months and let the money collected in the savings account they open for you. Later its all cool and this company was able to settle all my cards. Its worth talking to them for you i guess!