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My boyfriend is in an estimated 7 to 10 thousand dollar credit card debt, he has not paid his creditors in over a year. He is trying to get back on his feet, i need to know what is the best debt solution and why. please help.
Thank you

2 Thoughts on What is the best Debt Solution website and why?
  1. Reply
    May 27, 2013 at 9:51 am

    – You don’t need to hire any debt solution firm to pay back or settle debts when you have already completely defaulted on your credit cards.

    When a credit card is charged-off as bad debt, you need to understand that the damage to your credit is already done and there is no undoing it. The charge-off notation will stay on your credit report for 7 years from your date of default. Paying the debt back in full after a charge-off will not repair/fix your credit. Per the Fair Credit Reporting Act, a charge-off, whether unpaid, settled or paid in full, remains on a consumer’s credit reports for up to seven years…so don’t make the mistake of simply cutting a check to whatever collection agency has the debt for the charge-off and assume that your credit rating will be magically restored.

    Renewing contact with debt collectors out of the blue for old debt can stir up more trouble than it’s worth. Your effort to could be met with threatening, abusive collection calls…threats of lawsuits…and once they find out that you are willing to pay they will probably add on all sorts of fees and they’ll come after you for two or even three times the original amount of debt. Even worse, they might decide to take you to court to try to get a judgement against you for the debt…leading to possible wage garnishment of 25% of your wages. All of this debt is within the statute of limitations, which means that they could take you to court and win….Because of this, I would advise to sit tight…don’t stir up trouble for yourself.. The charge-off fall off your credit report naturally in 7 years. The risk of triggering a lawsuit against yourself is not worth a tiny increase in your credit score. The main damage of the charge-off to your credit should be over in 2-3 years.
    If you’re going to pay off old-charged-off debt anyway, then you might as well negotiate the lowest, rock bottom settlement you can possibly get, being that the negative charge-off notation is going to stay for 7 years on your credit report, regardless of whether the charge-off is paid or unpaid. …Offer 25% and go from there. Again, you don’t need to hire any “debt solution” firm when you’ve already completely defaulted….you can settle by yourself. Get all terms of any settlement IN WRITING BEFORE you pay.

  2. Reply
    Driving Instructor
    May 27, 2013 at 10:17 am

    I’d say these are the best:
    why? they are an Experian company!

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