debt settlement programs
- Thread starter divagirl
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lisellesmith
Cathlete
hi. after i graduated from college in 1999 i turned to a company called auritron solutions. paid off all my college debt in 3 years. it was a good option for me since i couldn't find a job that paid me well enough to pay off al my education debt. go figure, . . i just spent 5 years in college and i was left with job offers that couldn't pay. i reccommend them but don't know if they've changed their name. i didn't want to get over my head in debt and i'm glad i did it because my credit score is still really high. just go through a well researched company. good luck
I don't have any personal experience with this, but I know that using this type of service does negatively impact your credit score, and they don't advertise that fact when they advertise the service. I would use one of these services only as an absolute last resort if there is no way you can get your high-interest debt under control otherwise.
Good luck. I hope it works out for you.
Marie
Good luck. I hope it works out for you.
Marie
There is a new (about a year old) peer to peer lending site on the internet: Prosper.com. It may meet your needs.
http://www.prosper.com/public/groups/group_home.aspx?group_short_name=prosperityavenue
http://www.prosper.com/public/groups/group_home.aspx?group_short_name=prosperityavenue
>I don't have any personal experience with this, but I know
>that using this type of service does negatively impact your
>credit score, and they don't advertise that fact when they
>advertise the service. I would use one of these services only
>as an absolute last resort if there is no way you can get your
>high-interest debt under control otherwise.
>
>Good luck. I hope it works out for you.
>
>Marie
I agree with Marie.
>that using this type of service does negatively impact your
>credit score, and they don't advertise that fact when they
>advertise the service. I would use one of these services only
>as an absolute last resort if there is no way you can get your
>high-interest debt under control otherwise.
>
>Good luck. I hope it works out for you.
>
>Marie
I agree with Marie.
lisellesmith
Cathlete
i don't doubt that it does affect your credit score but last i checked, . . i'm trying to buy a home my credit score was 780, . .i think thats good? i'm sure that if you do decide to do it then as long as you make good on your payments it shouldn't affect your score that bad. i wouldn't doubt my credit score should be higher. so i agree as a last resort.
lisellesmith
Cathlete
oh thanks. i'm am completely clueless when it comes to buying a home and credit score and stuff. our loan officer did all the credit checks and we just signed a lease for rental of a new townhome and both persons told us our credit score. honestly we can't even afford one here in california. ;(
MCunningham
Cathlete
My sister got into credit debt way over her head ($23,000) and her monthly minimum payments were over $1200, which is more than she is making. So she went with a state-based company that is helping her get rid of her debt in 3 years.
I know a lot of people say to only use a debt management program (DMP) if you absolutely have no other recourse, but in this case, my sister had no job prospects that would help her get this stuff paid off within a reasonable amount of time. Her payments went from $1200 a month to $580 a month, and surprisingly, all of her creditors sent her letters congratulating her for deciding to join a DMP.
The only thing is:
1. Make sure the company is respectable, and that they aren't charging you alot per month in "administrative fees". Most have you pay something like $5-$10 per debt account or something, which is fairly reasonable. Also, make sure the max amount of your money each month is going to your creditors, not to the debt management company. You can do a google search on these types of companies. If they're trying to sell you stuff or making you pay fees upfront, avoid them.
2. You CANNOT open any other unsecured debt (really, any debt at all) account while you're in a DMP, or your creditors will back out of the plan and revert to their old interest rates for you. It is super important that you be really responsible once you're in a DMP, or you'll get into a lot more trouble.
Good luck! It may not be the best thing ever, but credit companies definitely look more favorably on your being in a DMP than they do your being delinquent on bills or declaring bankrupcy!
I know a lot of people say to only use a debt management program (DMP) if you absolutely have no other recourse, but in this case, my sister had no job prospects that would help her get this stuff paid off within a reasonable amount of time. Her payments went from $1200 a month to $580 a month, and surprisingly, all of her creditors sent her letters congratulating her for deciding to join a DMP.
The only thing is:
1. Make sure the company is respectable, and that they aren't charging you alot per month in "administrative fees". Most have you pay something like $5-$10 per debt account or something, which is fairly reasonable. Also, make sure the max amount of your money each month is going to your creditors, not to the debt management company. You can do a google search on these types of companies. If they're trying to sell you stuff or making you pay fees upfront, avoid them.
2. You CANNOT open any other unsecured debt (really, any debt at all) account while you're in a DMP, or your creditors will back out of the plan and revert to their old interest rates for you. It is super important that you be really responsible once you're in a DMP, or you'll get into a lot more trouble.
Good luck! It may not be the best thing ever, but credit companies definitely look more favorably on your being in a DMP than they do your being delinquent on bills or declaring bankrupcy!
