Debt Settlement Homepage

Question: Does debt settlement really work as advertised, i have a lot of debt.?

(Posted by: WOLFB on 2008-11-06 08:44:22)

Posted by: IBWTC4U on 2008-11-06, 09:00:03

Absolutely. From my personal experience I have searched and found tons of third party debt settlement programs that were willing to take all my money upfront. I couldn't see paying the amounts they wanted so I looked into how I could do it myself. I was losing hope when I came across ADS Financial. This program literally saved me....both money and mentally. It guided me through the entire settlement process from start to finish and even gave me sample letters, conversations, debt negotiation tactics etc...When I found out how easy it is I'm so glad I didn't go with a third party. Man would that have been a waste of my money. The other great thing is that it isn't expensive. Even if you already involved with allowing someone to handle your settlements, this will let you know exactly what they’re doing behind the scenes. I highly recommend this program. It worked for me.

Posted by: Dana R on 2008-11-06, 08:54:35

You need to go with a company that won't hurt your credit like Consumer Credit Counseling. Yes it does work. My mom is doing it and has less than one year left before she pays everything off. They work with your creditors and get them to accept less money or a lower payment until everything is paid off. I highly recommend this company. I don't know where you live but they have them all over. Go to cccsoc.org and maybe they can direct you to one in your area. Good luck!

Posted by: 7S282 on 2008-11-06, 08:56:33

Only if you want to have your credit score completely hosed, they work by forcing you to be at least 90 days past due on all credit cards etc and then attempt to settle your debt for less than what you owe. However when it comes tax time you will have to report the difference between what you owed and settled for as income. From what I am aware of also when you use them you will have to come up with a lump sum at the time of settlement but I could be wrong about that. I would use a company like Incharge to help you with your debt problems I used them and they were very good to deal with.

Posted by: bdancer222 on 2008-11-06, 09:42:59

Most debt settlement companies are scams. They take your monthly payments, keep their healthy percentage, and let all your accounts go 90 days past due. Then offer lowball settlements under the threat that you will file bankrutpcy. Not only does this trash your credit, but most credit card companies refuse to play and will immediately sue you. The settlement company won't help with the lawsuit either. Check into credit counseling. Find a NFCC member near your: nfcc.org/ . These are legit, non-profit companies that offer debt management programs for a nominal fee. They don't negotiate settlement. They negotiate lower interest and payments so you can pay off your debt. While in the program, it is noted on your credit report. However, upon completion, the notation is removed and you will have a good payment history and decent credit.

Posted by: Net Advisor on 2008-11-07, 07:45:01

You may be able to reduce you debt payments but your credit will still look like you filed for bankruptcy, and it will still be hard to get credit in the future. I would discuss you situation with an attorney for legal advice.