Negotiate a Debt Settlement
Debt settlement program starting tomorrow...what should I expect?
To make a long story short, I have managed to bury myself with almost $70,000 in credit card debt I did not want to file bankruptcy. I have been able to pay around $1,500 a month towards credit cards consistently which usually cover a little more than the minimum payment. I was doing the math and even with getting interest lower this is going to take me anywhere around 8-10 years. So I decided to join a debt settlement program that allows me to pay $1075 a month for 36 months and it will get me out of debt by settlement. I have never been late on anything before but this month I have been advised by the company I decided to work with to stop paying the creditors. Does anyone know if the debt settlement companies send pfd's or are they just trying to settle and get their share? What are somethings that I should expect to happen to my credit in the next 3-5 years? Does anyone have any success stories about settling their debt? I am just trying to sleep good at night with this decision.TY
Public Comments
- years of eating ramen noodles
- I work in a credit department for a big bank. If you settle your accounts, your credit will basically be ruined. That is basically showing that you didn't pay everything you owed and it shows as major collections on your credit report for 7 years. I would suggest a Debt Management Program. You can pay off everything you owe by them working with your creditors to lower your APR and lower your monthly payment into one payment, the program then, sends the payments to all the creditors you owe. This way you pay off all your debt you owe. When you are off the Debt Management program it is removed from your credit report. If you are so far into debt and your income cannot support the Debt Management program, last resort would be to Settle your accounts.
- based upon your status,I believe you should find something useful here.http://debt-consolidation.featured-resources.info/bill-consolidation-debt-loan-uk.html
- Hi, I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News.Check it out here: http://creditsolution.ez-mart.biz
