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Free Debt Help Q&A

Why Can’t Debt Settlement Companies Tell You Exactly How Long Their Program Will Last?

Debt settlement is a negotiation process and until an Read the Entire Post >


While making my monthly payments to the debt settlement, will my balances still be open on my credit cards that are part of the settlement, and thus have interests and fees accruing on them still?

Yes, you will still be accumulating interest and late fees on your cards during Read the Entire Post >


My question is: what is the difference between companies that say they can provide no legal help if you are sued by the creditors, those that say they can tell you what you need to do if this happens, and those that guarantee (because they are a “legal firm”)you will be protected from legal action by their legal expertise in these matters? I really appreciate a response. Also, which organizations, i.e. TASC, etc. are really a valid gage for knowing if a company is legit? THANK YOU!!

Lawsuits are relatively rare but they certainly can and do happen. A reputable Read the Entire Post >


Hey:Scott. Nationwide assets.also known as Global solutions.

I am sorry Read the Entire Post >


I have 20k in cc debt. I have never missed a payment and have a relatively good credit score. However, my student loans which I can no longer defer need to be paid starting in three months. I can’t afford to pay both so I’m trying to find a solution before then to relieve my debt. I signed up for a debt settlement program for my credit cards a week ago but now I’m having second thoughts after reading your Q&A’s about the severe effect on my credit score. I was looking for the fastest way to get out of the cc debt so I can only worry about my student loans. Not sure what I should do. Suggestions?

Unfortunately, I do not have a good answer for you. If you have both types of Read the Entire Post >


I owed about $2000 on a credit card I had back in college now they are coming back and they want for me to pay them $6000 or that they are pressing a lawsuit against me. I don’t have much money because I have a premature baby that is sick and needs medical attention, but I do want to settle this account that has been bothering me because it just adds to my stress is there something I can do. My overall debt that is in collection is about 10,000 not including my student loans which are in forebearance and my car which I pay on a monthly basis. I want to look at consolidating companies, but from reading several reports it seems that you need to have a lot of debt in order for it to be worth it. What should I do? Is there a way to stop a lawsuit from happening? Where should I start? sorry for the long questions :-) but I am desperate for answers.

It sounds like you have several types of debts which can pose a problem. The student Read the Entire Post >


I have a good credit but my income has decreased. My credit cards rate are excellent 3.99 % and 6.99% but the balance are high (50K). Can I protect my credit score and drastically reduce my debt payments, or since the rates are very good banks can’t go lower? Will a debt management program or credit counseling agency help me to reduce my payment . It is a way to get the rates I’m paying lowered?

It sounds like your interest rates are already exceptionally low so a Read the Entire Post >


When entering a debt settlement program, and start paying the debt settlement company and stop paying creditors, will they start harrasing you, or do you consult first with the creditors so they know what is going on?

As you mention, the process of debt settlement entails a suspension of payments Read the Entire Post >


My husband and I have $120 in credit card debit due to the building of our home and because the market is the way it is we cannot refinance. Would speaking with a debt settlement company be a good idea. We are using all our savings to pay the minimum on all the bills and our savings account is just about depleated.

It sounds like your options are getting lean so I suggest you Read the Entire Post >


all the debt I have is due to the business shut down but some are business cards and some are personal. Do I have to pay the business card debt and how can I reduce the payment on my cards?

The way to reduce your payment balances is through a Read the Entire Post >


I was recently forced to retire due to my job being outsourced. I contacted Washington Mutual to find out if they would be willing to close my accounts with them and defer payment and interest until 2/1/09 at which time I would be able to pay off the cards in full. They told me they did not work with consumers regarding this and gave me a number for a counseling service. This is not what I asked for. Do you know why Washington Mutual would rather have their card holders claim bankruptcy and default on their balances than work with you?

Banks have loaned way too much money to too many people in the past and now Read the Entire Post >


Enlisted a debt solutions company and have been sending almost $400.00 every month for 7 months thru direct debit. Company will not return my phone calls or answer mail. What should I do?

If you cannot get someone at your debt solutions company to respond to you, that is inexcusable Read the Entire Post >


I have $25k in cc debt that a got from a divorce. A debt settlement co. made the offer of paying it off in 18 at $750/mo. I can pay about $1,500/mo or more. My credit score right now is 710. How much will it get hurt if I sign up for this program?

It depends on the type of debt relief program you use. Debt settlement will Read the Entire Post >


after paying your debt settlement can your credit be built up again?

Sure it can…It just takes time and budgeting discipline. The speed with Read the Entire Post >


Hi, I have approx 30k in credit card debt between my wife and I and am looking to see (cont)…

…if we can compile all of our debt into 1 debt settlement program rather than Read the Entire Post >


I accepted an offer from a credit card company to settle my debt with them for about 50% of what I owed. I thought that would be the end of it, but then I received a form for “debt forgiveness” which was also sent to the IRS, and because of which I had to claim an additional 10K as income which I did not have, never would have. I am having to pay taxes on money I never had! So how am I in better shape using a credit negotiation company if I end up with a large amount of debt “forgiven” which I then cannot even afford to pay taxes on?

Your are correct in that when you use a Read the Entire Post >


i recieve ssi and am no longer working. I am 25 years old and my FICO score is high never late not once. i have great credit report. i can not dig my way out and dont want a blemish on my credit report. That being said would my creditors be more willing to see it is not a pattern ive tried so hard?

Your credit score is determined by a computer that takes many variables into account before Read the Entire Post >


I recently lost an investment property to foreclosure. My credit is has taken a huge hit through the process while I kept my substantial CC balances current. So at this point, is it safe to say that going delinquent as part of a debt settlement process , really doesn’t matter. The credit score damage is already done ??

Yes, it sounds like your credit score has suffered significant damage through the Read the Entire Post >


Is debt management as bad if not worse than bankruptcy? When I ask what the difference is they say you don’t have to go through the debt counseling as you would the bankruptcy. Either way it still damages your credit.

There are 3 debt relief solutions you may be considering and Read the Entire Post >


I’m 20, I have a student loan and some credit cards that I need to pay off. I want to use a service that basically gives me a loan and pays everything off so I just have one payment to pay to a company …can you help me?

I’m sorry but I do not know of such a service unless you can get a bank loan which Read the Entire Post >


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