Debt Negotiation Advice

Has anyone gone through a debt settlement or debt counselling program. Can you lease a car while in it?

Are you happy you did it? Any suggested companies? I am currently leasing an Audi and it runs up in a year and i am afraid i won't be able to lease another car if i am in either of the programs. i have never missed a payment and as of now i am current on all my bills, but i lost my high paying job and took a lower salary so i have debt built up and i need help. suggestions anyone? Thanks.

Public Comments

1. Stay far away from debt settlement companies. They will trash your credit. I went through one a couple of years ago and it ruined my credit. Please talk to your creditors and see what they can do for you.
2. Any debt settlement company will hurt your credit, but any reliable company will disclose this up front. There is always a consequence for doing anything other than paying your bills. If there wasn't we would all rack up debt and go through these companies. Debt settlement companies are only good for people in certain situations. You must be falling behind or behind on your monthly payments. You will always be able to get a loan for a car with bad credit; you will just pay a very high interest rate. Once you make 12 on time payments, you can refinance down to a lower rate. When looking for a good debt settlement company, ask if they are members of the better business bureau, Dunn and Bradstreet credit rating, how many clients in their program and years in business. To start, you may want to look into http//:freedomdebtrelief.com or http//:www.debmerica.com
3. I am currently in a Debt Management Program with CareOne Credit... Yes I an happy I did it because my debt was just piling up one on top of the other and this was a resolution for ME and my situation....I would suggest CareOne Credit because they are great and are non-profit so there are no fees from beginning to end!!! And yes you can still lease while in the program...I financed a car while in one and haven't had any problems because of it..I would suggest you do your research on whatever company you choose because there are a lot of scammers companies that will just take your money and not deliver the promise... FYI A lot of people feel that a DMP will ruin your credit ~ this is not true (I'm not sure about a settlement company) ~ your credit score will not be effected (go down) because you're in a program it will go up as your accounts are paid down and eventually paid off ~ also the notations on your credit report that say you're in a program should be removed by the creditor once you're completed~ if not it can be disputed...
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