Debt Settlement

Yes I am behind about 5 or 6 months or more

That is good, (well for you to begin a program). I wasn’t but maybe 1 or 2 months behind. So I had to wait awhile before they would start paying on my bills. IF I had of known that, I would of been saving that money, so I would of had a nest egg for emergencies. As it is now, We have NO savings…. so if my washer were to go out tomorrow, I’d be in trouble. I would recommend this to anyone, and then DO NOT create any more debt. I will pay cash from now on. Putting items on credit cards only adds to the cost of the item.

So far, I have suffered no ill effects of doing this, other than crappy credit, which my company will repair for me at the end of the program, at no cost to me. Having to pay 25% of the savings after it has doubled, in most cases, it just the price I have to pay of having had to live off my cards from having such crappy luck all these years.

Can you explain the myths?/facts? that working with such companies can damage your credt score instead of being a +effort to get out of debt.

ANY time you do not pay a bill or make a LATE payment it is reported to a credit reporting bureaus. Some places report to the THREE major ones (Equifax, Experian, and Trans Union). Some only report to one or two. I heard that there is a FOURTH one, but I do not know the name. YES, at first it has a NEGATIVE effect on your credit. The one I am with enrolls you in a credit repair clinic immediately upon completion of paying off the debts.

I used to worry about that…. but I no longer do, because CREDIT is what got me in this mess in the first place. Once I am out of the hole that I dug for myself, I will use a debit card, and use it sparingly. Anyone that has ever had a credit report pulled on them will notice that everytime you pay for something that was bought where you had to make monthly payments will be on there, even small ones that you may have forgotten about. My neighbor even had some magazine subscriptions on hers that she had forgotten about. If you are not too terribly far behind, and have made timely payments in the past, the creditor will work with you and won’t report the payment as being late, but only IF you call.

I have don’t want to discourage you, but each program has its pros and cons. But eventually the debts come off your credit, after so many years. I can’t say the same about student loans, and debts along that nature…. from what I have heard, you have to pay those back. I found mine by typing in debt negotation companies and debt settlement companies. I knew I didn’t need debt counseling, cause I was way beyond the counseling stage… much like someone who has been a severe abuser of alcohol for years is beyond AA meetings, and needs to be in a treatment center. All I can advise you to do is RESEARCH! Once you find a program you feel comfortable with, keep your nose to the grindstone, and do not take on any more unsecure debt!

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