Credit Debt Cures

Debt Help Please.?

Right now I am paying a company $170 a month to pay off my creditors. I still have about 2 years left. Has anyone had experience in settling credit card debt themselves? I have read the book DEBT CURES and it informed me that VA has a 3 year period and after that creditors cant collect. That will still mess with my credit but then I just need to start regaining credit right? It will show on my credit report those accounts were never paid but thats it right? I need help out of this situation. Thanks.

Public Comments

1. Wow ... sounds like a mess. Also - did you check to make sure this company is legitimate? That sounds like alot of money per month. Did you sign a contract? If you did, they may try and come after youif you stop paying. But the other answer is yes- you can work with the credit card companies directly, yourself. You just can't deal with the first person you call - they will say no, can't help you. You need to speak with the collections department. Tell them you can't pay. Then work out another plan (lower payments or interest) until you can pay - or offer to pay of 50% of the debt now to settle the account.
2. Pull your credit report yourself. Negative credit can stay on there for SEVEN YEARS! go to the government website listed below and you can read what you need to do from the feds to get a FREE copy of your report. From there you can deal directly with the source since they will ultimately be the ones to report the debt being paid. I used experian and they had an 'ask the experts' section where they deal specifically with the question you asked
3. Debt settlement involves many facets - including personal financial discipline and budgeting (to save for the settlements), negotiations and leverage with the creditors, dealing with the potential for collection calls and maybe even fighting off a lawsuit. Generally, its best if an experienced firm is handling your situation... but if you want to go it alone it is a very tough fight but it can be done. Generally, I would make sure that any firm you choose is a member of the Better Business Bureau and get a sense for the quality of the organization (www.bbb.org ). If you want to go it alone, the first goal will be to budget. Start by creating a personal budget for yourself. If you would like, there are free resources available online. You can use this one: http://www.bills.com/guide/, it has some excellent tips on how to manage your money and how to get out of the cycle of debt and into a virtuous cycle of wealth. Once you start saving up money, you will need to explore the settlement portion. Debt settlement, also called debt negotiation, is a form of online debt consolidation that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years. It is important to keep in mind, however, that during the life of your debt settlement program, you are NOT paying your creditors. This means that a debt settlement solution of online debt consolidation will negatively impact your credit rating. Your credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding Chapter 7 Bankruptcy. The trade-off here is a negative credit rating versus saving money. Also, most credit card companies will not settle with debtors until the account is around six months delinquent. This means that you must stop paying your creditors each month in order for the settlement company to obtain a settlement. No credit card company will allow a cardholder to keep an account open after not paying for six months. Nor will a card company allow a user to continue to use an account after agreeing to accept a settlement amount to pay off the balance of the account. So be sure to close your accounts. Be aware that an account showing as “settled as agreed” will likely have a negative impact on your credit score. However, you must keep in mind that a “settled as agreed” account will have less of a negative influence on your credit score than an unpaid account with an outstanding balance. Therefore, if you do not have enough cash to pay off your delinquent accounts in full, it will still benefit you to settle with your creditors. These are a few of the considerations. If you would like more information, please visit the debt relief boot-camp available at: http://www.bills.com/debthelparticle2.
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