Debt Negotiation Advice
Has anyone ever used debt settlement?
I am currently using CCCS of MD and DE, and I pay 750/mo for the next 44 months. I am a student and would like to move back out on my own to pursue school in another state. I do not own a home so those home equity loans do not work for me. I am interested in settlement because I can pay about twice the minimum and be done in half the time (18 months) I just worry about how my credit report will look, and if apartment complexes will rent an apartment to me. I am current on my car, cell phone and the one credit card I am keeping out of my CCCS program.
Public Comments
- My mother did debt settlement and her payment is about 250.00-260.00 on several thousand dollars. On her credit report it shows that she pays as agreed but it also shows she is using a debt settlement. The other thing is that you can call the companies and settle direct but if you do not pay the full amount it will show paid but that you settled for a less amount. Hope that this helps.
- yes my dad did
- Generally, only unsecured debts, like those accrued with credit cards , can be negotiated for settlement. This is because of the fact that there is no security attached with unsecured debts. Hence, the lender can't repossess anything. On the other hand secured debts, like home loans, mortgages, car loans etc. have a collateral attached to them and can be repossessed by the lender if a default on debt occurs. So, there is no debt settlement or negotiation with secured debts. Many third party companies offer debt settlement and negotiation services. These companies contact both the lender and the borrower and negotiate on the behalf of borrower to get the repayment amount and terms reduced. These services don't come cheap. Some good debt settlement companies can get the debt reduced by 50% or more, but charge around 10-20% of the debt amount as their fees. Get all information about debt settlement at: http://www.credit-card-gallery.com/credit_card_debt_settlement.html
