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debt relief

Has any one used a debt relief program? If so which one and was it successful? Would you do it all over again if you knew the outcome?

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crazy4u49033

Asked by crazy4u49033 at 7:55 PM on Sep. 28, 2009 in Money & Work

Level 15 (2,179 Credits)
Answers (4)
  • Don't use one, they screwed up my credit worse than me paying my bills late. They never made a payment on time and they charged a lot of money. You are better off negotiating with the creditors on your own.
    tyfry7496

    Answer by tyfry7496 at 9:51 PM on Sep. 28, 2009

  • The Dept of Justice has put together a database of credit counseling/debt consolidation orgs with the DOJ stamp of approval-
    http://www.usdoj.gov/ust/eo/bapcpa/ccde/

    rkoloms

    Answer by rkoloms at 6:23 AM on Sep. 29, 2009

  • If you sign up with a credit counseling and debt repayment org, be careful, be very, very careful. A lot of them are total scam artists that have popped up in the last few years. Then ther are the orgs that pose as legit but have a less than savory reputation. IE: They get a non-profit status because they offer "credit education and counseling" which amount to little more than "You realize you have quite a bit of debt. You know you shouldn't do that." It has gotten so bad that the FTC is launching an investigation.

    Also, be careful of the fees charged. There may be an initial intake/counseling fee that should not be any more than 40-50.00 and a transaction fee for each online payment transfer to each creditor around 5-6.00.
    rkoloms

    Answer by rkoloms at 6:24 AM on Sep. 29, 2009

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    alexiediaz

    Answer by alexiediaz at 2:54 PM on Aug. 6, 2010

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