Know about debt free????

iVillage Member
Registered: 04-23-2003
Know about debt free????
Tue, 06-24-2003 - 9:05pm
Hello everyone.

Are any of you familiar with a credit consolidation type company called DebtFree? ( They say they can get creditors lower monthly payments & pay off debt very, very fast.

The name Tower Financial is also on the site. I wanna make sure it's not a scam. Also don't think I want this to go on my credit report.

Need this info very quickly.

Thanks so much.

Cruise and Group Specialist


Avatar for zaboz
iVillage Member
Registered: 03-26-2003
Wed, 06-25-2003 - 8:18am
I don't know if this is the same company...
iVillage Member
Registered: 03-26-2003
Thu, 06-26-2003 - 6:39pm
When you work with a debt consolidation company, you have no control over whether this information goes onto your credit report. That decision is up to the individual lenders (credit cards companies) that you owe money to. No debt consolidation company can promise you that this information won't show up on your credit report.

There are two types of debt consolidators: for-profit and non-profit. I would prefer to use a non-profit one. CCCS operates non-profit debt consolidation agencies around the country. They have a website you can visit.

While debt consolidators say they can get interest rates lowered, they can't promise that this will happen. This is up to individual lenders. Some may be willing to reduce interest rates on the amount owed, and some may not.

Before you consider this step, have you contacted the companies you owe, and tried to get the interest rates lowered yourself?

iVillage Member
Registered: 03-31-2003
Thu, 06-26-2003 - 9:01pm
Hi! I have a friend who works for DebtFree and the way he explained it to me was that they created a "holding pen" to put your money while they negotiated with your lenders for you to pay a portion of your debts. I wasn't too impressed with it and I was afraid what would happen to my credit rating, (getting better and I didn't want to mess with it). Just my opinion - check it out and do a search here and on the bankruptcy board for DebtFree and see what others have found.

Good Luck