debt settlement

[BearsAndTurtlesRtheBest]

Are debt settlements worth it? What are the ups and downs of doing buisness with these peoples? I owe alot and want to get rid of it faster but cant get a debt consolidation loan because I owe too much and dont look responsible enough to handle any type of loans when the reality is that all this debt it due to emergencies, and debt settlement seems to be my only hope. Could anyone tell how debt settlement affects my credit? Thanks!

[beb86]

NOOOO!!!! Debt settlements are good because your legally allowed to settle for less than owed...thats it...the are a huge EYESORE on your CR if you have the money you could always try a PFD but I wouldnt take a settlement I learned my lesson and it caused me to burn bridges.. just my 0.02

[beb86]

mods can you move this to "Rebuilding Your Credit" fourm

[j_casteel]

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@BearsAndTurtlesRtheBest wrote:

Are debt settlements worth it? What are the ups and downs of doing buisness with these peoples? I owe alot and want to get rid of it faster but cant get a debt consolidation loan because I owe too much and dont look responsible enough to handle any type of loans when the reality is that all this debt it due to emergencies, and debt settlement seems to be my only hope. Could anyone tell how debt settlement affects my credit? Thanks!

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spend lots of time researching everything you want to do on this site. There is nothing a debt settlement company can do that you can't do yourself. Just get educated on the steps you need to take to settle or pay off your debt without paying a company thousands of dollars that could be put towards your debt. 

[BearsAndTurtlesRtheBest]

Exactly! That's what I need to do take responsiblity for my debt instead of letting others do so. Thanks for the advice. I shall keeping paying my debt and not worry about others handling my buisness

[BearsAndTurtlesRtheBest]

@beb86 Yes I have decided not to do a debt settlemnt and just keeo paying my debt. Thanks fo the heads up appreciate it

[Creditaddict]

If you want to list the bank, the card the limit, the balance, the rate of interest you could probably get some other info.

Some "some easier then others" will do hardship programs to reduce interest and fix payments for at least 12 months to allow more of your money to go towards principle or to lower payments to be able to stay current... "IF" you can be dedicated to it many programs really will only take you if you need lower payments and lower interest... but you can always pay more... so if pay $400 now and you get into a 12 month program that has you paying $200, send the extra $200 each month you will really see that balance go down.

some banks will only do the programs if they close the account out.. i have seen many banks that yes the account is closed... but many will continue to report open for you until you reach $0 so you don't hurt your util and stuff while in program which is a really nice gesture from the bank!

[BearsAndTurtlesRtheBest]

@Creditaddict thnks for this info but I have choosen to just pay my debt and give MORE than he minmum payment I took a look and my debt is not alot compared to others which made me realize that I can do it on my own and no rely on other companys. But thanks for your information!

[Creditaddict]

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@BearsAndTurtlesRtheBest wrote:

@Creditaddict thnks for this info but I have choosen to just pay my debt and give MORE than he minmum payment I took a look and my debt is not alot compared to others which made me realize that I can do it on my own and no rely on other companys. But thanks for your information!

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This is not using a company... This is you go to your bank and saying I want to pay you off you help me... now if you have a 10% rate probably not much help! if you are 23% and up... they better work with you if you are talking about Chase, BofA, etc. not your Gap Card... that's going to be 26%!!

[kwazziee]

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@j_casteel wrote:

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@BearsAndTurtlesRtheBest wrote:

Are debt settlements worth it? What are the ups and downs of doing buisness with these peoples? I owe alot and want to get rid of it faster but cant get a debt consolidation loan because I owe too much and dont look responsible enough to handle any type of loans when the reality is that all this debt it due to emergencies, and debt settlement seems to be my only hope. Could anyone tell how debt settlement affects my credit? Thanks!

---

spend lots of time researching everything you want to do on this site. There is nothing a debt settlement company can do that you can't do yourself. Just get educated on the steps you need to take to settle or pay off your debt without paying a company thousands of dollars that could be put towards your debt. 

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+1. I went through this for many years of irresponsible credit management. Go visit Frugal Land and ask question on this forum as there are many knowledgable people with great answer. I agree with there is nothing they can do that you can't so don't waste your money on them. Good luck with everything.