sfdj66 asked:


she owes 25K on credit cards and unsecured loans. 1 option is Debt management, a higher payment over more time but less credit damage. Another is a settlement, less $ paid off sooner but seriously dinged credit. She still may move once in her life, meaning a lease or purchase. Suggestions?

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To Financial Freedom asked:


Seeing a friend fall deep in debt in no time, I like to help him, get an idea of what his options are – Bankruptcy or Settlement.

He made huge debt (over 50 thousand) to 4 major credit cards while in New Jersey.

Since Feb 2006, he has no job, no nothing … literally nothing, stopped paying, moved out of state, no contact with creditors or response to court orders. (A lot happened with other cards). Now,

Card-1:
With Original Creditor
Principal 10K.
With penalties 15K

Card-2
Been sold 3 times and with an outside recovery company.
Principal 19K.
With penalties 27K.

QUESTIONS:

We understand Bankruptcy may be best option… its apparent it’s quite easy in his case. BUT please advice on the below.

1) In this scenario, how much these agencies would agree for one time payment?

2) How should we proceed OR should we hire an attorney to do this work for us?

3) Are there any better options such as consolidating?

4) Plz recommend attorneys, consolidators, any thing.

Big Thanks.

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SearchDude asked:


They’re saying they can settle for around 50% or less. But the web address URL ( http://www.americandebtsettlementgroup.com ) doesn’t work, however they are listed in the BBB under this law office: http://data.phoenix.bbb.org/commonreport.html?bid=97015677

Anyone ever tried American Debt Settlement Group? Or any other debt settlement or debt consolidation companies?

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amusic.mana asked:


I am paying off my cards which are over 5 yrs old, and they’re giving me settlement amnts to pay them off. Most of the balance is late fees, my credit is slowly going up. Am I going to have problems in the future getting credit if they ve seen that even though I paid all my debt, I chose to make a stlmnt amount to close it? Anyone in similar boat?

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Smiley asked:


Does it matter the amount – settled ?

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SearchDude asked:


They’re saying they can settle for around 50% or less. But the web address URL ( http://www.americandebtsettlementgroup.com ) doesn’t work, however they are listed in the BBB under this law office: http://data.phoenix.bbb.org/commonreport.html?bid=97015677

Anyone ever tried American Debt Settlement Group? Or any other debt settlement or debt consolidation companies?

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England Chick asked:


I am young and went a little over on my credit cards. I have about four credit cards and it equals up to about $4000.00 they are already in collections and are closed. Due to me being out of work and having some other personal problems I wasn’t able to pay anything for several months. I was lucky and was able to save a little over a thousand dollars from working two jobs. I want to call them to try and settle one company already sent me a letter saying I could settle for about a hundred and I owed six hundred. How should I go about settling with the other credit card companies?

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pendy49 asked:


I was able to negoiate and close CCs and set up other credit cards on low 2-3% interest rate 5 year plan…The bank will not negotiate my other $20K…has anyone ever refused to pay off a credit card & settle with the bank

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DF asked:


Is the credit settlement companies the way to go? or is settling with the actual company?

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England Chick asked:


I am young and went a little over on my credit cards. I have about four credit cards and it equals up to about $4000.00 they are already in collections and are closed. Due to me being out of work and having some other personal problems I wasn’t able to pay anything for several months. I was lucky and was able to save a little over a thousand dollars from working two jobs. I want to call them to try and settle one company already sent me a letter saying I could settle for about a hundred and I owed six hundred. How should I go about settling with the other credit card companies?

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