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Which debt management company should I use to get out of debt?

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Anonymous

Asked by Anonymous at 8:41 PM on Mar. 1, 2011 in Money & Work

Answers (7)
  • Do it yourself. You can barter with them just as well on your own. They cost a ton of money as well. We were ripped off for $2000 and our credit still sucks.
    Musicmom80

    Answer by Musicmom80 at 8:52 PM on Mar. 1, 2011

  • It depends on the type of debt you have and how much of it you have. I work for a debt collector and know a bit about how they operate. Email me if you want more advice hon.
    Write your debtors. If they are constantly bothering you your letter should consist "Cease and Desist ALL communication incuding but not limited to your job, home, relatives, and written correspondance." If you're unsure about the debt or you think the balance is off write asking for VOD (verification of debt) If you can offer a settlement 40% of the total you owe is a fair offer. It doesn't mean they will accept it, but it is worth a shot. DO NOT however use a template off the internet. Write your own letter. You are taken more seriously. This is something you can do on your own. If you have a lot of debt (in the 100,000s or more, consult a debt consolidator. Debt Solutions, Care One and Persels and Associates are good to work with.
    ABusyBee

    Answer by ABusyBee at 8:56 PM on Mar. 1, 2011

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

    rkoloms

    Answer by rkoloms at 9:05 PM on Mar. 1, 2011

  • not all companies will accept help from debt consolidation places. When I worked for Lutheran Hosp. they only accepted consumer credit counseling located in our city. Out of town companies were a no go. Be sure the people you owe will be ok with the new collection process and amount.
    Tracee F.

    Answer by Tracee F. at 9:42 PM on Mar. 1, 2011

  • Not a debt management company- but we used Dave Ramsey. It wasn't settling on debts, or consolidating or anything like that- but we managed to pay off all our debts in a little less than two years. You can check him out at DaveRamsey.com or check out the Dave Ramsey Fans group on CM.

    Good luck!
    Erica_Smerica

    Answer by Erica_Smerica at 9:43 PM on Mar. 1, 2011

  • NONE!!!! Having debt companies like this on your credit is worse than anything else. I used a debt company and they kept making my payments late. My credit card company finally called me and worked out a payment plan between us. So did the other companies I had to work with. I wasted a lot of money to those debt companies and they did nothing. I settled for less and never recieved anything that had to be claimed on my taxes.
    tyfry7496

    Answer by tyfry7496 at 9:51 PM on Mar. 1, 2011

  • Yourself - no need to give anyone else more of your money.
    tasches

    Answer by tasches at 2:50 PM on Mar. 2, 2011

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