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I had been laid off three times in 18 months and ended up working part time for a while and finally settling for a job making considerably less money. Now I cant afford my credit card bills and need to get some help but dont want to go bankrupt. Do these companies really do the job they say they do?

2 Thoughts on Has anyone used Superior Debt Relife to get out of credit card bills?
  1. Reply
    Slimick
    November 21, 2012 at 5:42 pm

    What you need to know about debt settlement firms:

    Your credit card companies are not going to offer you settlements like 50%, for example, if you are current (not behind) on your payments. If credit card companies offered settlements to people who are current on their payments, then everyone would be calling them up and asking for 50% settlements. Basically, the only way you can get into a position to negotiate settlements is to deliberately let your accounts go into default. This is exactly what debt settlement firms do….They take a monthly amount from you and use that to build a “settlement” account, which will go towards paying the “settlement” at a certain date. Your creditors will deliberately not be paid. They will not be happy about this.

    If you are current on your accounts, this process will ruin your credit rating as your accounts will all go into default. Your creditors are under no obligation whatsoever to accept settlements from any debt settlement firm you hire. Their response might be to serve you papers and take you to court.

    Debt settlements “can” be a viable alternative to filing for BK….you just need to be aware that if you currently have good credit…the debt settlement firms will deliberately let all your accounts charge-off/default to put them into a position to negotiate settlements. It can be a stressful and unpredictable process….As your accounts all go into default…you will get increasingly aggressive collection calls from debt collectors. It is “typical” that creditors offer settlements for defaulted credit card debt….They often do this in lieu of loosing everything if you file for BK…..

    HOWEVER, you can never predict how any one creditor will respond to defaulted debt. They might decide to take you to court and get a judgment against you. Debt settlement firms have no power whatsoever to stop creditors from taking this action and they have no power to force creditors to accept settlements.

    ****If you have already defaulted on your cards….make your own settlement offers…you can do this on your own and it puts you in control. If you do…get all settlement terms IN WRITING PRIOR to paying them.

    If you are NOT in default on your credit cards, the debt settlement process will ruin your credit and there’s no guarantee that your creditors will accept settlements. It can be an unpredictable and risky process.
    ———————
    Another option:

    Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS) in your area. They can negotiate much lower payments and interest rates. They DO NOT negotiate settlements.

    They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to “enrolled in debt management.” This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program….so don’t use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you’re enrolled in the CCCS debt management program…. Otherwise, it can be a very good way to deal with your debt.

  2. Reply
    RYAN P
    November 21, 2012 at 6:40 pm

    My suggestion is trying to obsord as much information as you can before making up your mind,here http://www.DebtFreetips.info/debt-free.htm is a good one.

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