Debt Settlement

iVillage Member
Registered: 10-26-2005
Debt Settlement
3
Fri, 03-06-2009 - 11:39am
Has anybody done debt settlement and had it work?
iVillage Member
Registered: 08-04-2008
Fri, 03-06-2009 - 3:37pm

It depends what you mean by "Debt Settlement," and my biggest word of advice is BE CAREFUL.


Debt settlement companies seem to come in two varieties:


1. those who are pretty reputable, they are usually non-profit (but that does not mean they don't get large salaries at the top)




iVillage Member
Registered: 10-01-2008
Fri, 03-06-2009 - 3:55pm

I'll share what I was told by my bankruptcy attorney.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 10-28-2008
Mon, 03-09-2009 - 2:15pm

I had a similar situation and I first tried debt settlement. It didn't work for me since a few credit cards dug their heels in, didn't negotiate, too me to court and froze my bank accounts. I am sure for some people it works and I was able to negotiate some cards to as low as 30 cents on the dollar. I am now in my second year of a 5 year Chapter 13 bankruptcy and wish I had started it earlier. I still got to keep my house and cars. I tell my whole story at my website.

Good Luck