Debt Settlement

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Whenever Debt Settlement is the Just Out

How many times have you seen something you really wanted but did not have the money for You imagine it is okay you will pay for it with your credit card and then take care of paying it off through your monthly obligations to that credit card organization. Many people have done this without a problem and also been happy to spend a little interest to make the purchase they want to. Sadly many others do this too often and get to a point in which they cannot pay off their growing credit card debts. When this occurs they must find one method or another to satisfy their responsibilities without finding by themselves in a position of having to be able to wind up bankrupt. They will need to organize a method of debt settlement to pay back the money they owe.

The creditor, the individual or business that the money is owed to, will usually expect you’ll make some type of arrangement to take the pressure away from and allow for the pay back of the debt. The easiest method to explain this process would be to say that it is the contract to allow for the reorganization and repayment of the excellent debt. Credit card companies will do this, and will even bring the debt lower somewhat, to ensure that the particular debtor does not go under, and so is able to repay a substantial portion of what they owe even if it will take a longer period. These arrangements can be produced directly between the borrower and creditor or perhaps through a debt management company.

One reason that so many people go to debt management businesses to reorganize debts they have accrued is that they tend to be really emotional about their circumstance and so do not always negotiate the best deal for themselves. The businesses who do that for a living know how far they could go, where the credit card businesses will bend and ways to make the payment of debts easier on their clients. Although they carry out charge a fee for their solutions the savings they could pass onto consumers who are trying to get a good debt settlement with their collectors will benefit them sufficiently to make this price well worth it.

Comments: 26

  1. Rebekah February 9, 2013 at 12:22 pm Reply

    I’ve been researching debt settlement programs and they sound like a good option. Has anyone been able to negotiate with CC companies on their own to avoid the several thousand dollar fees?

  2. Patria April 20, 2013 at 1:02 pm Reply

    I recently heard on radio about a debt free program. They officially negotiate on your behalf with the credit card companies. What may be the Cons? Is it safe to rely on Debt Settlement Program to free from one’s credit card debts? How may it affect one’s credit score?

  3. Weldon April 27, 2013 at 1:08 am Reply

    Can anyone tell me if I can terminate a contract with a debt settlement company and not have legal issues with the company.

  4. Sharolyn May 14, 2013 at 4:53 pm Reply

    As everyone must have noticed, there are now hundreds–if not thousands–of debt settlement companies out to make even more money on people that are almost in a state of bankruptcy. They all seem to “claim” that they can reduce your debts by 50% or more without damaging your credit score. So if it’s that easy, does anyone know how to go about doing it yourself without paying someone?

  5. Dong August 4, 2013 at 5:43 am Reply

    I have some credit card debt and I don’t know what credit card company to consider, either a “CCCS” or Debt Settlement company. Is there a better alternitive to either?

  6. Patricia September 21, 2013 at 1:43 pm Reply

    I have some serious debt issues and need some help. I talked to a debt settlement company, but I can’t find any specific information about them. Does anyone know about American Financial Services or Axiom Financial Solutions? And does debt settlement really screw up your credit as badly as some would have you believe? It seems to me if you have unsecured debt you can’t pay that would damage your credit just as badly. Help! I need info from somebody who knows about these things.

  7. Bennie September 23, 2013 at 11:37 pm Reply

    I am a senior in college, I have no job now as I am finishing school. I start work in June, and I actually have good credit, over 700, and 5k in credit card debt. I’ve paid my bill in full always in the past until my last killer spring break. Debt settlement sounds cool to cut the debt in half which I would pay off with a lump sum, or should I just stomach it for another month where I can pay it all off entirely in full. Thanks.

  8. Annice September 26, 2013 at 3:05 am Reply

    I’m not sure if this is even possible but can someone make a debt settlement offer if there account isnt in default? I’ve recently had an opportunity to work some over time and save some money and I have a few accounts that I would like to close out and pay off. I’ve heard of some people making offers with credit card companies to settle their debt and close their accounts but their accounts have always been in default where mine are not. If its possible how would I go about doing it.

  9. Lekisha November 3, 2013 at 12:50 pm Reply

    I owe a substanstial amount on credit cards 30K which I can no longer make payment. There is this debt settlement company that says they will settle my account for %45 there fees included? It will be in a 3 year payment plan. Is this all some sort of a scam? Has anyone had experience with these types of companies?

  10. Danilo November 26, 2013 at 8:39 pm Reply

    I’m so worried about getting screwed by an incompetent company. Also, I checked with Debtmerica and they’re trying to charge me a 15% fee to do the debt negotiation. I’ve checked with a few other places too and somebody recommended going with an attorney-based debt settlement company to get better results. Any help would be appreciated.

  11. Norman December 18, 2013 at 10:18 pm Reply

    Does anyone have personal experience with a debt settlement company and was it successful?

  12. Phung December 23, 2013 at 3:42 am Reply

    I am in $70,000 in credit card debt and I have a student loan as well and I know it will take me forever to pay off all my debt so I’m wondering which is the smart way, filing bankruptcy or debt settlement? I really want to get my life back again and have a fresh start. Thanks so much.

  13. Loni January 4, 2014 at 6:22 am Reply

    I am looking for a debt settlement back end to help me get into the debt settlement business, so suggestions would be appreciated.

  14. Alva January 28, 2014 at 1:22 pm Reply

    I am going to go through a debt settlement with my significant other as an alternative to bankruptcy. We’re both young, and planning on advancing in our careers. Would a debt settlement work against our odds of landing the perfect job, even if we are the most qualified??

  15. Stacey January 30, 2014 at 5:58 pm Reply

    I must listen to at least 20 to 30 ads everyday on the radio about “secrets that the credit card companies don’t want you to know”. I don’t have any debt, but can someone please fill me in?

  16. Benedict February 2, 2014 at 12:00 am Reply

    If anyone has enrolled… did it affect your credit score and how long did it take to restore it?
    I have debt of about 20K and feel like it’s never ending and grabbing a hold of me. With plans for baby and wedding I’ve been really stressing out so I’ve looked into debt settlement programs and wondering what others experiences have been enrolling in these programs. I have been told mostly positive things by the debt settlement counselor but as I ask more questions and read more on it, I’m a little concerned. I didn’t realize that my accounts have to be delinquent and default for them to go in and settle my account. When I asked about that the representative said they will wait until it even goes to collections to go and negotiate. When I asked about how this will adversely affect my credit they said after it is all settled letters will be sent out to take the negative comments off my credit report such as delinquency, etc. Is this true? Also, they want 15% of the settlement and i’m wondering…….if they want to negotiate after my debt is sent to a collections agency, wouldn’t it be better for me to do it on my own rather than paying someone to do it? I thought they would negotiate NOW but didn’t realize it’s not until LATER. Has anyone used this kind of debt settlement program? Was it positive/negative? Was it worth the risk? Did anyone experience lawsuits? I am current with all my credit cards but I just feel like the payments never end on top of the interest. Any advice would help. Thank you.

  17. Vaughn February 2, 2014 at 10:08 am Reply

    Is anyone familiar with The Debt Answer? If so, please give me some feedback with your thoughts. I have about 13 K in debt, pretty young, and knowingly going into this with the understanding that my credit score is going to be pretty trashed for the Next two years. I feel over whelmed and as if there is nothing else I can do. I have applied for multiple loans/ credit card balance transfers (which just got me into more trouble) and they will not approve me for a loan to consolidate. I feel like this is my last resort. So, basically knowing that I am going into this to get out of debt faster and trash my credit score. Do you know what this will do to my credit score let’s say in 10/20 years? I am 22, am please do not ask how I accumulated so much debt. I know this is going to be harmful for the next few years. I do not want this to haunt me for the rest of my life.
    Thank you for all of these great answers! Now if the company has a law office/attorneys working for them does that lower your chances of being sued?
    I feel like my wheels are just spinning and nothing is changing….over and over and over.
    I need to take a step so when I do want to Buy a home or make a big purchase this stuff will not still be following me around. Thank you!
    Should I keep one credit card open too?
    What should I tell these credit card companies that are calling me due to a delinquent debt? I obviously wouldn’t tell them that I am looking into a debt settlement program….right? ?

  18. Irving February 21, 2014 at 5:31 am Reply

    my husband and I need to de a debt settlement and I’m scared that if i get a job it will mess everything up. will it factor in and make the creditors think that now we can pay them more or in full and not want to settle? and if it does affect it do you know if after we settle with them then i wait a little while and get a job can they then change their agreement with us and make us pay them more? please help!! also i need legitimate debt settlement companies who pay the creditors on time every month. anyone got any from personal experiences?

  19. Reita February 21, 2014 at 9:01 am Reply

    I had two cards with first premier to charge off. I would like to know if it is possible to do a debt settlement or try to reopen
    these accounts. Have anyone had any experiences with first premier? Can you deal with them at this level? I know it would be good to reopen because of the age of the cards and the impact it would have on my fico score. I would like to know if this was possible? Anyone been through this before with FirstPremeir?

    Any advice appreciated.


  20. Laurence February 22, 2014 at 1:45 am Reply

    I have a balance of $7300 on my Discover card. I want to pay it off. I have been late before on since they want $521 a month. When I called today and asked for a pay off amount to see if they will lower it. The customer service woman said they do not do debt settlements.
    My questions is, I am sure I am going about this the wrong way any advice and has anyone settle a debt with Discover for a lower amount.

  21. Etta February 22, 2014 at 2:07 am Reply

    i need help with my CC debt. how is Debt Settlement work? is it good? “Americandebtcontrol” how is this company, is it trustworthy? Appreciated for answer. Thanks

  22. Clotilde February 22, 2014 at 2:07 am Reply

    I have heard horror stories and success stories I was just wondering what other peoples views were on the program.
    also its the type of company that will help me settle my debt for roughly half of what i owe and should take about 2 yrs

  23. Antwan February 22, 2014 at 7:27 am Reply

    i am $10000 in debt with 3 credit cards and 6 months behind on payments i lost my job 7 months ago and just recently got a new one at a shoe store and cant afford to catch up with my payments……and they have been sent to recovery agencys can someone please help.

  24. Porsche February 22, 2014 at 7:28 am Reply

    I want to know the process that are involved in debt settlement

  25. Wilson March 7, 2014 at 11:13 pm Reply

    I just need some advice if anyone has dealt with this. I have been on the phone with this AWFUL law firm who is sending some kind of investigator to try to deliver papers to me, on a debt I wanted to go ahead and resolve today. Here’s the scoop:

    I get the call from this investigator who is insisting I give her my address TODAY to deliver these claim papers. I told her I wasn’t aware of this was even about, and she said “Well I was under the assumption you knew what this was for but here’s the number to the collection agency/lawfirm.” I call them – realize that yes, it is a debt I incurred – and I wanted to try to settle the issue and I verbally agreed that we can set up a payment plan, but first asked to have this repayment plan in writing before I just hand over my bank information.

    They stated “they dont do that, but will go over the payment plan with me on the phone, have a recorded phone call with me before I make the last payment stating that the last payment will fufill the debt, and that I will receive a letter in the mail.” I told them I needed this in writing BEFORE handing out my information. Is this normal practice for an agency/lawfirm to ask me to pay this but not give me written documentation of the payment plan? It seems really shady, because I don’t want to give out my info and them just charge me whenever they feel like it for whatever reason.

    This invesitgator is also calling my brother because I lived with him 2 yrs ago. Is there something he can do to get them to stop calling him? He’s all stressed out too, thinking they can come after him, and I feel so bad that they are harassing him when he has nothing to do with this. I would love some advice – before you flame though, just know it’s something I want to pay but I’m not going to just hand out my info without having this agreement in writing

  26. Hipolito March 27, 2014 at 12:12 am Reply

    I have researched the pros and cons of debt settlement and now need help finding a good, reputable company to work with. Any help would be most appreciated. Thank you!

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