Debt Negotiation Advice

how is the debt settlement work from credit solutions agency i will hire ?

Public Comments

1. Basically they consolidate your debt by paying it off for you at a negotiated rate (slightly cheaper than what you are paying). They then charge you one monthly payment for their "loan".
2. your credit will still be bad and they only reduce the bill about 10 percent. but when you try to buy a house, car, and other shit you will be f#ucked with interest
3. NOT TRUE!!! I just got done with a Credit management company. Smart Credit Management Group. They don't give you a loan to pay off your credit cards, instead you give all of the CC information and they call your creditors on your behalf. Negotiate lower APR's and monthly payments. Once your cc company has accepted this offer you send one monthly payment to your credit management company and they send payments to all of your creditors. Studly is correct. You will have to pay a small monthly fee for their services. We paid $48.00 per month. Which I think is a small price to pay to get your sanity back. Going from over $1000.00 per month in debt to just a hair over $700.00 was a welcomed relief. Also, if your currently behind in your payments on a regular basis, this wont be any different then that. The only thing that it did to my credit report is on each of my creditors it showed that I was working with a debt management company. In which you have to look at your situation and kind of pick your poison as they say.
4. DO NOT DO IT! IT LOOKS LIKE A CHAPTER 13 TO OTHER CREDITORS!
5. Here is a link to important information from the FTC about dealing with debt. http://www.ftc.gov/bcp/conline/pubs/credit/kneedeep.htm
6. watch out for the hidden charges...!
7. Paul's description is accurate, but lacks a bunch of important stuff. They will charge you a very high fee for this service. It WILL negatively effect your credit rating. All of the things they offer, you can easily do yourself. The trick is negotiating with collection agents and credit card companies to work with you. Many times if you ask a credit card company to lower your rate, they will do it. Try to do the work yourself before committing to a credit repair company. By the way, there are a lot of crooks out there. Read the link below from the Federal Trade Commission about these companies.