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msabla1
LIF Zygote
Member since 6/09 23 total posts
Name:
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Debt Consolidation?
Has anyone ever tried working with those companies where they promise you pay less than what you owe? No bankruptcy, no credit reports???
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Posted 8/20/09 4:54 PM  |
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bklyngirl
COULD THIS BE MY YEAR??
Member since 6/05 15758 total posts
Name:
Gail
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Re: Debt Consolidation?
u don't need to file for bankruptcy. it doesn't ruin your credit at all. you make one payment to them and then they pay the cards. i did it and it was great
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| Posted 8/21/09 8:38 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Debt Consolidation?
I have a friend that does this- FM me and I will get you his info
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| Posted 8/24/09 2:37 PM |
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rbsbabies
LIF Adolescent
Member since 12/08 544 total posts
Name:
Melissa
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Re: Debt Consolidation?
Posted by bklyngirl
u don't need to file for bankruptcy. it doesn't ruin your credit at all. you make one payment to them and then they pay the cards. i did it and it was great
True, it's settlement companies that have a negative impact on your credit.
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| Posted 9/25/09 8:28 PM |
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bklyngirl
COULD THIS BE MY YEAR??
Member since 6/05 15758 total posts
Name:
Gail
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Re: Debt Consolidation?
Posted by rbsbabies
Posted by bklyngirl
u don't need to file for bankruptcy. it doesn't ruin your credit at all. you make one payment to them and then they pay the cards. i did it and it was great
True, it's settlement companies that have a negative impact on your credit.
not true. my credit wasn't ruined form it
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| Posted 9/25/09 10:20 PM |
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rbsbabies
LIF Adolescent
Member since 12/08 544 total posts
Name:
Melissa
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Re: Debt Consolidation?
Really? It shouldn't have. They do note it on your c/r but as long as your paying the debt your creditiors are usually understanding because you are paying off the full debt vs. a settlement where your only paying 50% or so of the debt.
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| Posted 9/28/09 1:29 PM |
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CorT530
LIF Zygote
Member since 9/09 17 total posts
Name:
Corinne
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Re: Debt Consolidation?
I did this about 3 years ago and it was the worst decision i ever made. It destroyed my credit. Not all credit card companies will work with the consolidation companies. Some hire their own lawyers and when that happens they won't settle on an amount for you to pay back. I had two major credit cards that i had to pay in full b/c they hired laywers and would not work w/ the consolidation company I was dealing with. Many other ppl have had good experiences w/ these things but mine was terrible. Make sure you read all the fine print and get everything in writing and get copies of all the letters you get from the credit card companies saying you've settled the account. If you want FM me and I'll tell you who i used so you know not to go through them.
Good Luck
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| Posted 9/28/09 2:18 PM |
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ns1011
I'm wide awake
Member since 4/09 2697 total posts
Name:
Nic
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Re: Debt Consolidation?
I did this as well years ago and while it did help me clear my debt - it does go on your credit record as a red flag. It takes 5 years once you are out of the program to clear. I don't recommend this unless it is the ONLY option. FM me if you have any questions.
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| Posted 9/28/09 8:47 PM |
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