dr. ruth asked:
How well did it work for you and what where the longer term consiquences on your credit report?
How well did it work for you and what where the longer term consiquences on your credit report?
Has anyone used one of those “Debt Elimination” programs?
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Don’t do it! It trashes your credit as bad as a Ch 13 bankruptcy & you may still end up getting sued. Now that it is harder to file Ch 7, creditors have very little incentive to take the low-ball settlements these companies try to get for you. Besides, the majority of these companies are scams. The Justice Dept & the FTC are shutting them down left & right.
If you want to know how to get out of debt fully, simply & honorably, go get a copy of the book below. It is the plan DH & I follow. It has been such a blessing in our lives. We now live on a budget, are paying off tons of debt accumulated in college & from a failed business. We never borrow money & we always have CASH on hand for unexpected expenses.
dont accuse me of bad advice yet cuz i havent used them, but they are basically financial planning (centered on consolidation (to lock in on lower interest rates, sqeezing a portion of ur paycheck for debt repayment, and perhaps some reinvestment of spare funds)
i would imagine paying off loans (esp. under acceleration) should improve ur credit rating, as oppose to having so many outstanding debts
research to find a reputable financial advisor
I have placed below for you. There is a free debt management program software that allows you to put in your income and debts. The program then returns to you the order and amounts you need to pay back the debt with a time frame. I use it all the time and my friends have told me they have seen something similar being sold by debt management companies. It should work for you.
I’m not sure if you’re talking about debt consolidation or if your talking about debt elimination. Where a company goes in and basically argues with a company on why you shouldn’t have to pay a certain debt or why you don’t owe the debt. If that is what your talking about yes it does work. I’ve had it done and have also done it myself after seeing how a company went about doing it. It also effects your credit report but in a positive way.