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I’m working with Debt Settlement USA and they say they can help lower and consolidate my bills to just one payment to them each month. I don’t know how to check them out to see if they are a legitimate company.

4 Thoughts on Has anyone had any experience with a debt settlement company?
  1. Reply
    simplipretti
    July 18, 2011 at 12:39 pm

    They will probably charge you a fee when everything they do you can do yourself. If you call and talk to the loan officers and tell them you are trying to work something out, they will probably offer you a settlement or take whatever payment plan is most convenient for you.

  2. Reply
    Michael K
    July 18, 2011 at 1:16 pm

    I work in the lending industry and I have heard a lot of bad things about these types of companies…..My lending company will not do any type of loan for a person who is involved in any type of credit couseling (if that is the type of company you are refering to).

    I would make a list of all your bills starting with the largest and ending with the smallest……make minimum payments on all of your bills and put any extra money you have left over towards the smallest bill at the very bottom of your list. When the smallest bill is paid off do the same thing with the next bill from the bottom. I know a lot of people who have helped themselfs get out of debt using this method. It is called the “snowball approach” GOOD LUCK

  3. Reply
    poojally
    July 18, 2011 at 1:55 pm

    It all comes down to what you want to accomplish personally. The previous answerer said it well, you can do most of the stuff yourself by contacting and negotiating with the creditors, but you’ll probably have to make more than one payment per month where as those folks will consolidate all of it for you.

    Keep in mind that if these agencies do what they are supposed to do they will probably close down most of your accounts and negotiate for lower payments and lower interest rates, which could negatively affect your credit score even further. If they take a hit their probably gonna want you to take a hit as well.

    Also your local city or state offices should have free educational credit counseling as well. I would check into that also…..GL let me know if you need more info.

    (By the way how’d you rack up so many points? 🙂 )

  4. Reply
    jititi j
    July 18, 2011 at 2:42 pm

    I hope these info would help you consolidate your loans:

    Ways to Consolidate Debt
    http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html

    Strategies to Reduce Debt Quickly
    http://www.complete-debt-info.com/category/Strategies-to-Reduce-Debt-Quickly.html

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