Does anyone know about credit card Debt Settlement?
Top 3 Ways to Settle Credit Card Debt FAST:
1. Debt Shield
2. CareOneCredit
3. DIY Debt Elimination
Is it a good idea to go with a debt settlement company? I know it will affect my credit score for the time being, but it will be affected either way because I can't make the payments. I have $15,000 total. $9000 with my GM card, $3000 with US Bank, and $2000 with Regions. I just want to make sure that debt settlement is the way to go. There's no way I can afford to pay the $15,000. I also had a good realationship with my GM card we were always paying on time or paying in full with our tax money. But this past winter I had a baby and was on maternity leave for longer than required for reasons and my husband was laid off for 4 months so we had no income but some money in savings which didn't last long. Please can someone help me?
I work for an international debt collection agency in Italy ( I'm American by the way) and I think the best advice I could give you regarding a settlement would be to first ask yourself if it is possible to take a small loan. If you can do this and make an offer of settlement for the debt that the company is attempting to recover, your credit standing should remain healthy. After you have ask about a loan, make the settlement company an offer based on the amount that you were able to obtain. If this is not an option make small payments until you can increase your payments when you go back to work. Anything is better than nothing.
Credit Card companies will usally accept a settlement offer for 60 % of the amount owed…. but I think 50% could be good for you and then you should request that the collection company send you a release statement which says that your debt was resolved through settlement and the balance is not due and they will not attempt to collect on the debt ( or balance) any further.
Hope this helps.
January 14th, 2009 at 10:25 am
I work for an international debt collection agency in Italy ( I'm American by the way) and I think the best advice I could give you regarding a settlement would be to first ask yourself if it is possible to take a small loan. If you can do this and make an offer of settlement for the debt that the company is attempting to recover, your credit standing should remain healthy. After you have ask about a loan, make the settlement company an offer based on the amount that you were able to obtain. If this is not an option make small payments until you can increase your payments when you go back to work. Anything is better than nothing.
Credit Card companies will usally accept a settlement offer for 60 % of the amount owed…. but I think 50% could be good for you and then you should request that the collection company send you a release statement which says that your debt was resolved through settlement and the balance is not due and they will not attempt to collect on the debt ( or balance) any further.
Hope this helps.
References :
Myself - job
January 14th, 2009 at 10:53 am
To settle a debt, you need to be drastically behind on your card….If you are current, you can't just call up and say: "hey, can I have a settlement of 50%."
Debt settlement firms will deliberately allow your accounts to default to put them into a position to negotiate settlements. This will ruin your credit….You'll also start getting "nice" phone calls from debt collectors. Your creditors are under no obligation to accept settlements from you or any firm that you may hire….They might respond by attempting to get a judgment against you.
Other options: Consumer Credit Counseling Services can negotiate lower (or no) interest rates…but they do NOT negotiate settlements. If you are really in a bind, there is always Chapter 7 bankruptcy…just remember that once you file…you won't be able to file again for another eight years…So two years down the road, if you are in worse financial shape after the BK filing, you'll be in trouble.
References :
January 14th, 2009 at 11:39 am
my friend used this and i'm in the process of trying it. it's not FREE but very helpful. $25 isn't a lot when trying to get rid of thousands. just take the time to read it. after you pay the $25 (don't worry, it's secure) you become a member of this group. it shows you all the forms, how to fill them out, and where to send them.
http://www.howtogetridof.com
like i said, i'm in the process so i can't say, "yeah, it worked!", but, it looks promising.
References :
January 14th, 2009 at 12:19 pm
Well … even tho you might get your amount reduced, you might have to face some strict terms. Even though 15k is alot of money…if you do decide to go with a company..if you default with them…you could end up having to pay more on your amount
Here are a few options you can check out…
Credit Card Debt Consolidation Options
http://www.easy-creditcard.com/credit-card-articles/credit-card-debt-consolidation-options/
or if you need some help in figuring out how to pay off your debt you might want to read this
How to Pay off Credit Card Debt
http://www.easy-creditcard.com/credit-card-articles/how-to-pay-off-credit-card-debt/
References :
http://www.easy-creditcard.com
January 14th, 2009 at 12:25 pm
Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate. Icame across this company on NBC News Special Edition.Check it out here:
http://click.linksynergy.decenturl.com/credit-solutions-credit-consolidatio
References :
January 19th, 2009 at 8:06 am
Debt settlement companies are doing a great job for the people in over-debt. It may adversely affect your credit rating for a short period. Anyway your score should also go up in the long run because most debt management programs teach you fiscal tips that will help you develop healthy money management habits. The important thing is that we should take utmost care in selecting the credit card debt settlement company. In my case it was freedomdebtrelief.com, who helped me to choose the best debt settlement option.