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r j asked in Business & FinanceCredit · 1 decade ago

I am considering a using US debt resolve?

to help me lower my credit card balances and get out of debt...does anyone know anything about them?

2 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    Don't do it.

    You can do this yourself.

    Go to your library or bookstore and get a book on debt repair/ debt negotiation.

    It will teach you step by step how to negotiate, get lower rates, or settle.

    These companies will ruin your credit and you can end up in court anyway.

    Google the name of the company followed by the words scam, rip-off, or complaints.

    It will open your eyes as to what they really do.

    /

  • CatDad
    Lv 7
    1 decade ago

    Stay away from any "debt consolidation" company that promises to cut your debt and payments in half through debt settlement....This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator....this entire fee goes towards building a settlement account and to the consolidator's fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances...You can never predict how your creditors will respond to the deliberate defaulting of your accounts...they might settle at 50%...or they might serve you a summons, take you to court...and if they win, you could be looking at wage garnishment.

    Many people who sign up with “debt consolidation” firms incorrectly assume that they have the power to force your creditors to accept settlements...they don’t. Your creditors have the right to refuse settlements and take you to court.

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