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I am looking into a debt consolidation or debt settlement program. Has anyone ever used Credit Solutions? I have read some negative stuff about them on the net but also some good. I am leaning toward believing the not so good stuff. Can someone help me out?

3 Thoughts on Would like to hear from people who have used Credit Solutions.?
  1. Reply
    CatDad
    August 26, 2011 at 3:36 am

    Debt consolidation is a risky process, regardless of which firm you may use. When you sign up with a debt consolidation firm, the program involves deliberately ceasing payments to all your creditors to force your accounts into default to attempt settlements for less. You pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator’s fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating. You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.

    Many people who sign up with “debt consolidation” firms incorrectly assume that they have the power to force your creditors to accept settlements…they don’t. Your creditors have the right to refuse settlements and take you to court. If you’re going to do debt settlement anyway regardless of the risk, then you can do this own your own. You don’t have to pay anyone to wreck your credit rating to attempt settlements…you can do this yourself for free by ceasing payments to your creditors and forcing your accounts into default. Save the money to build an account to offer settlements…If the process works, you can settle for less…if it fails…you’ll see your creditors in court.

    A better option may be to enter a debt management plan through a non profit credit counseling firm like CCCS. They can negotiate reduced payments and interest but NOT settlements. Contact your local Red Cross or use this site for a referral: http://www.nfcc.org

  2. Reply
    David
    August 26, 2011 at 4:22 am

    See these instead http://www.esuperfind.com/lowermybills.phpp?id=hra0tt16koo9 the affiliated site is an Experian company BBB approved so very safe.
    They might or they might not have you on. It depends on many factors and where you are located.
    They are way easier to deal with than Credit Solutions.

  3. Reply
    Ramon
    August 26, 2011 at 5:16 am

    They are totally useless, rubbish and a waste of time. The worse decision I have ever made.

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