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Has anyone used a debt settleing company?Has anyone used a debt settleing company?
mindless said: "Has any one here used a debt settlement comapny before? If yes tell me how it went please I am looking in to useing one. It sounds like a good plan but I am not sure yet. Please let me know what and if you have used one. I need to get out of debt some how. This seems like a good one since I have been pullling out my hair with all this debt."
JoshJohnson said: "My buddy did it and it hurt his credit score. They did settle down many of his debts, but they can't reduce all of them."
mindless said: "I am really not thinking about it after reading on them. So not to sure what to due know. I quess I will just wait and see."
paraintraining said: "The best thing for you to do is find out what you owe and settle with them yourself. Most companies will accept 10%-20% less. Ex: if you owe 1400.00 you can ask them to settle for 1260 or 1120. You may even be able to settle for just paying 1000. Most companies just want the debt paid and are willing to settle for reasonable amounts."
kevin said: "Debt settlement companies are horrible. First of all, your credit score is severely affected by them and if you do decide to get a loan, your chances have been minimized. One way for homeowner's to settle debt is through the use of their mortgage companies. Mortgage companies have a leverage over collection agencies as well as creditors in settling debt. Most of the time, collection agencies will settle for less than half when working with a mortgage representative. The reason for this is, they are ensured getting paid through the mortgageg companies."