5 Thoughts on Is a debt settlement agency of any help? Should I cancel with them?
  1. Reply
    pokerangel
    August 21, 2011 at 10:24 pm

    It depends on the company. It is very true that some debt settlement companies have been found to be fraudulent. It is very important for you to do as much research as possible about the company you are using.

    Would you mind sharing the company you are using?

    *EDIT- I have not heard of anything either way with that company but considering it is a web based company I would be leery of them. If I were in your situation I would want to use a local company that has a good standing with my local BBB. You can look for companies in your area that deal with debt settlement and then call your BBB and check them out. It should also give you some comfort that they are local and they have an actual store front for you to visit if you have questions or issues. If you do your research and get a reputable company it can be a very good alternative to filing bankruptcy and get you back on your feet with a strong credit rating!

    Best Of Luck!

  2. Reply
    Sigma
    August 21, 2011 at 11:03 pm

    Debt settlement companies are SCUM. Most of them charge you a fee to reorganize your debt and do minimal things to actually help pay it off. They do this because it is really pretty easy to get yourself working your way out. They do not want you to know this because they want a chunck of your money. Please pick up a book called the Total Money Makeover by Dave Ramsey. This shows you how to work your debt and get it paid off. It has really helped my wife and I. We just paid off our second car last week and the credit cards are really coming down. But, you have to be strong. Time to stay out of restaurants, bars, movies vacations etc. If you can do this and really get mad at yourself and your debt, you can win Big. It will change your life.

  3. Reply
    Pojo
    August 22, 2011 at 12:02 am

    Sigma is correct, however, I do not like many of Dave Ramseys ways of getting out of debt either and on somethings he is down right wrong.

  4. Reply
    funnybone
    August 22, 2011 at 12:46 am

    No, actually their just people who take your money for something you can take some time out and do yourself. Most of them are no one can improve your credit or score but you. By paying your bills on time and developing a good credit history. My suggestion order all three of you credit reports from the three main credit reporting agency. Make sure all information is correct and accurate. you may be able to get all three for free at freeannualcreditreport.com. I also suggest you purchase your score. you can contact anyone you owe and make your own settlements some company may settle up to 50% I would go with the do it yourself

  5. Reply
    bdancer222
    August 22, 2011 at 1:26 am

    If this company is promising to settle your current credit card debt for less than full balance, RUN. The typical method is to allow all your accounts to go 90 days past due, then offer lowball settlement offers. Most credit card companies refuse to play and will immediately sue you. The settlement company won’t be around to help you with the court case.

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