Negotiate a Debt Settlement

debt settlement??

have you or anyone near you did debt settled before?? there's lot of agencies and don't know how it works..and it really worked. please give me some information. and please don't leave answer person who works in this field. thank you.

Public Comments

1. debt settlement hurts your credit worse than a bankruptcy!
2. No company can clear up your bad credit report. You can look in the phone company for non profit agencies that will help you with your credit report. The first thing to do is get all 3 credit reports, write a letter to the credit report companies stating why you were delinquent and ask that they attach it to your credit report. The next step is to start paying off any bad debt. DO NOT PAY SOMEONE THAT SAYS THEY CAN ERASE YOUR BAD DEBT!It took me about two years to clean up my credit report and it still doesn't look great but was able to buy house. The letter helped more than anything else.
3. I tried one of the most popular debt settlement places out there. They were on MSNBC and they are on the internet. I will say I learned alot about my rights from them but I was not in the position to save the money I needed to pay things off fast so I ended up in worse shape and now have to file bankruptcy. I did settle two accounts through them (barely) and had to file on two remaining accounts because I could not save up the money and legal action was brought against me. I did learn a lot of my rights but I would avoid them honestly. Go see a lawyer who specializes in BOTH bankruptcy and debt settlement and let them help you. They can do things legally and all that. Plus, you are charged 15% of what your enrolled debt is so that is still a huge fee you are paying to the debt settlement place. I called two credit counseling businesses that told me to file and I did not want to I thought I could do it so this settlement place was my last choice and it did not work. SO please avoid them.
4. what you have to do is get a copy of your credit report from all three credit bureaus. Then select all the outstanding bills you have and call the creditors and tell them you want to settle with them. For example if the credit report says you owe abc credit card company $5000.00 the settlement would usually be half or $2500.00 this is called settleing your debt. You can do it yourself or get a lawyer but it's easier and less time consuming to do it yourself. Just make shure if you are willing to settle with them you must have that money ready to give to the creditors.
5. I have done it before and it's easy. Simply sit down and call all of the creditors that you want to settle with and see what they will do. Most will settle for approx. 50% of what you owe them. Just be sure that you have the money to pay them and get the agreement in writing before paying them a cent. You can also ask that part of the settlement be that they report to the bureaus as "Paid in full". rather than "Settled for less than full amount". They might and they might not. It never hurts to ask. And do not worry, settleing your debts is not near as bad as bankruptcy. I know I have done both. The person who made that statement simply doe's not know what they are talking about.
6. Debt settlement has some drawbacks also. You can go for a loan rather and i think it will help you in a better way. You can make some search on yahoo or google to find some company . TO know more you can visit http://geteasyloans.blogspot.com and http://creditcardbiz.blogspot.com
7. I have a company that assist in repairing credit..email: cyprianassociates@yahoo.com