Financial Information
Debt elimination companies?
Question : Debt elimination companies?
Maybe I didnt ask for the the correct information – it is a debt elimination company I saw posted as a response to an inquirey of debt elimination/credit card consolidating? It had a short video to watch as well that was broadcast on a tv news program. Please help…
credit debt elimination
Best answer:
Answer by Evan B
Be extremely careful of so called debt elimination companies. They typically charge lots of fees and your first payments may go towards those fees and not your debt. They attempt to settle your debt for you but typically only after many months or even years during which the creditors receive nothing. The creditors may obtain judgements and garnish wages during the process as well as other legal options that may be available to them. Get counseling through a NFCC affiliated agency to discuss further.
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#2 written by Jennifer 1 year ago
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://shurl.net/5oX -
#3 written by surfspik 1 year ago
I agree with previous answers – you do have to be careful when it comes to debt management/elimination companies. First off ensure that the company concerned is a member of the international association of professional debt arbitrators.
Secondly most of these companies offer a free initial consultation without obligation, I would take advantage of this and ask lots of questions at initial consultation i.e.
What are the fees involved?
How long will it take to repay total debt?
How will this service affect my credit profile?In addition find out if you have to include all unsecured debts into the plan, if this is the case you will no longer have a credit card to use for emergencies, gas, hotels, car rental, plane tickets etc. It’s best to use a company that will allow you to keep one credit card as life can be difficult without one nowadays.
Finally after your initial consultation dont be bullied or coerced into signing up there and then, take your time, research the company concerned online and if you feel the service would fit your needs then call them back – they will still be happy to accept your business!
Check out the company provided in the source below and their free consultation offer and see what you think
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#4 written by Cherry Joe 1 year ago
I agreed with Evan B to be careful with these company.
There are some articles on how How to Get Out of Debt , How to Stop Debt Collector, Free Credit Card Debt, if you are interest to get further information, you can take a look at http://debt-solution-reduction-relief.blogspot.com
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#5 written by Dr. Gigi 1 year ago
Use trustworthy companies like Newleaf . Here is an good article about debt consolidation :http://nextcreditera.com/index.php
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Always get complete details on what the debt elimination company will do for you, and what do they get out of it. They are not going to do it for free in most cases. Their job mainly is to negotiate rates with your creditors to lower your monthly bills are even work on consolidating those bills into a one monthly payment. If the debt elimination company you are working with is more concerned with making you spend money on them, then move on to the next one. Their goal should be to help you first.