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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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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nextvideogamedesigner asked:


There was a commercial on TV about a certain debt settlement agency.
One of the main differences about this company is that it has a cash back program. I think that you receive cash everytime you pay a bill on time (or something like that.)
I tried to get the phone number, but I didn’t get the full number in time.
Does anyone know the phone number or have any information about the comapny?
Thanks.

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asked:


Hello. I have a credit card that is past due and over limit.. the amount i owe on it is about 1000$, i got a letter in the mail for a settlement offer where i would pay 448$ in 3 months and then my acct would close with a balance of 0$. I was wondering if this would be a good idea to take this settlement offer or if it would be better to just try and get it paid off? Thanks alot.
it would be turned into the credit bureau as a debt settlement

credit card debt settlement