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Anyone have experience with hiring a debt settlement company

We are considering this option. We have ALOT of credit card debt, but we are always able to make our payments and have a good credit score. Here's the problem....we'll NEVER get out of debt, so we've thought about hiring a debt settlement firm that we've researched. I just don't want to destroy our good credit, but we would also be out of debt in 2.5 years vs like never. Just curious is anyone had any experience with this. Is it worth it? How badly did it affect your credit score? Thanks

Answer Question
 
Anonymous

Asked by Anonymous at 5:39 PM on Dec. 17, 2008 in Money & Work

Answers (7)
  • I have some info on this. Send me a private message and we can talk about it.
    feesharose

    Answer by feesharose at 5:45 PM on Dec. 17, 2008

  • I also have info on this and it is not a sales pitch. Send me a private message and we can talk.
    Free2bmom

    Answer by Free2bmom at 5:48 PM on Dec. 17, 2008

  • PM why I smell fish........you can clear it up on your own I did just look up how to negotiate lower interest rates etc etc I did and brought up my score 60 something points

    Anonymous

    Answer by Anonymous at 6:51 PM on Dec. 17, 2008

  • Most things debt settlement companies do you can do on your own. You can offer to settle your balance, you can negotiate lower rates, get fees waved.. you just have to put in the elbow grease. Keep in mind too... some companies will NOT work with third party debt companies. They are not obligated to. Its entirely the company's prerogative.
    Serafyna

    Answer by Serafyna at 7:20 PM on Dec. 17, 2008

  • I paid off most of our debts.. and what I did was simple. Stop using the credit cards - cut them up if needed. Don't add to the problem. Pick the lowest balance and pay as much as possible. Take on extra hours at work, consider getting a side job (pizza delivery?).. Start shopping smarter - grocery bills are a great opportunity to save money and thats more money to put towards your debt. (There are tons of Moms that work magic and feed a family of 5 off of 75 or less dollars a week!)

    Lets say you pay $300 a month on that one and the minimum balance on your other cards. Pay that until its paid off. Then roll that 300 + the minimum you were paying to the next card. Keep repeating. Eventually when you get to your "highest" balance you may be paying 500 a month to it. Keep it going! I paid off about 10k very quickly.
    Serafyna

    Answer by Serafyna at 7:21 PM on Dec. 17, 2008

  • DON"T HIRE A DEBT SETTLEMENT CO. get the book debt cures by kevin trudeau--believe me, it saved me a lot of money -- yes on credit cards. IT WORKS
    Anonymous

    Answer by Anonymous at 8:14 PM on Dec. 17, 2008

  • DO NOT USE A DEBT SETTLEMENT COMPANY....THEY ARE A RIP OFF....TOOK US FOR 3500 AND NEVER HELPED!!!!
    Anonymous

    Answer by Anonymous at 6:47 PM on Dec. 18, 2008

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