Card Credit Debt Settlement

I am in Ohio and do not want to file chapter 13. Looking to make settlement to credit cards. I am looking for reputation companies that do credit card settlement. What do these companies charge. 50,000 in credit card debt at 23% apr.
Do not want to go to consumer counseling, we can get a loan from family for 25,000 to pay off total. Can not afford to pay anymore. We need to help our son who has some medical issues.

Mom;

Sorry to hear about our situation.

Based on what you have revealed, it sounds as though you are a candidate for debt settlement. The fact that you have access to money right now in order to settle your debts is a positive thing and will certainly speed up the process.

Here is one tip that I offer to my readers at my website with regards to choosing a debt settlement company. Make sure you deal with a large company that negotiates on behalf of many people with the same credit card companies.

Why you ask?

Instead of negotiating with your credit card card company(s) to reduce just your $50,000, they will "pool" your debt with other people's debt and negotiate a much larger balance, sometimes well over $1 million. This gives them a greater amount of clout and will/should ultimately reduce the amount that you will have to pay your creditors to settle our debt.

A downside of debt settlement is that it will have a very negative affect on your credit. Keep that in mind.

Here is the company that I recommend for debt settlement ( http://www.curadebt.com/a/1602/ ) and I verified that they will work with you in Ohio.

Best of luck Mom.

If you would like further information on debt settlement and/or your other options please visit my debt information site, http://www.debt-elimination-guide.com

2008-06-14 11:14:01 by WM

www.howtodebtsettlement.com How To Settle Credit Card Debt Yourself www.howtodebtsettlement.com

I am a senior in college, I have no job now as I am finishing school. I start work in June, and I actually have good credit, over 700, and 5k in credit card debt. I've paid my bill in full always in the past until my last killer spring break. Debt settlement sounds cool to cut the debt in half which I would pay off with a lump sum, or should I just stomach it for another month where I can pay it all off entirely in full. Thanks.

You have not provided enough information but, if I understand correctly, your credit cards have not yet become delinquent, otherwise your credit score would not have been over 700.

If you have paid at least the minimum payment on EACH of your credit cards for every statement, you are in good shape, as far as your credit history goes. Your credit score could be slightly damaged by your higher debt-to-credit ratio, but that is a minor concern, because it will be corrected as soon as you either pay off some of the balance due or increase your credit line. Or open another credit card. And with a score above 700 you will have no problem opening a credit card with a 0% balance transfer interest rate to transfer some, or all, of the balance on your current credit card. That should take care of the problem until you start getting paid. You will need to be careful though, as all banks charge a balance transfer fee of 3% of the total amount. Some banks, however, like Citibank and Bank of America offer credit cards with 0% balance transfer rate and $0 balance transfer fee on some of their credit cards. I would recommend browsing through their credit card offers.

What will seriously damage your credit history for a long time is missing a credit card payment. It will stay there for 7 years, even after you settle with your creditor.

2008-05-05 12:32:58 by stan450z

Price: $12.95 $12.95

I owe a substanstial amount on credit cards 30K which I can no longer make payment. There is this debt settlement company that says they will settle my account for %45 there fees included? It will be in a 3 year payment plan. Is this all some sort of a scam? Has anyone had experience with these types of companies?

It is better to seek help from any reputed debt settlement company. Only such companies can handle it properly as experience in this field really matters when it comes to settlement or negotiation. I took help of freedom debt relief to settle my debts. I have joined their debt settlement program one year back and almost debt free now.

Call their toll free number to know more about their program.

2009-11-10 05:29:54 by shatila79

Price: $19.99

My husband and I recently purchased a house. Right before our purchase we found out about a delinquent credit card. To make a long story short, it was a credit card that was in my husband's name that he was to use when he was in college that his mom was supposed to be paying for. My husband had no idea that there was a delinquency until we were notified by our lender. The account has been closed since 2002. It states on his credit report that the "account closed at consumers request, charged off account, bad debt; placed for collections; skip." We do not want to bother his Mom about this. After no communication with Discover, for 5 years, we have now received a letter from Northstar Location Services, a collection agency (not from Discover), for a settlement amount which is 40% of the debt. What should we do, contact Discover, deal with the collection agency, or something else? I realize everything needs to be in writing beforehand, but can anyone advise me on this at all?
I will check out your other posts, Studly, thanks...as far as my concern with it, it is mainly because of the recent contact with the collection agency now after so many years. We were still able to get the loan for our house, so I am not really concerned about that part of it. Since it "technically" wasn't our debt, but my mother in law's, the bank didn't really care. Actually the amount was pretty significant, $3000 with an offered settlement of $1200, which is why I'm extremely surprised that we were not contacted before about this. I believe the statute of limitation on credit cards is 3 years in our state. I know they can still take us to court over it but its probably unlikely since the statute of limitations has run out. I just don't want to settle on an amount and still have it show up on our credit history for another 7 years. I think this just may be a last ditch effort by the collection agency to get some money and I just want to make sure we make the right decision.

If it was a charge off that means the company tried to collect and wasn't able to so they wrote it off. This is just probably one last attempt to collect. I'd contact Discover and see if they sent this to the collection agency. 5 years is really too long for them to wait to send it to collections. That just sounds fishy to me. Like a private agency trying to collect, on a creditors charge offs.

2007-06-05 14:46:11 by Randa

I owe a large amount on my credit card and have not made a payment in sometime. I now have a lump sum of money and wanted to see if the cc company would negotiate on the amount owed. Much of that amount is late fees. Can anyone help me?

Hi,
I used "Credit Solutions" to settle my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://tinyurl.com/2gbdzu

2007-09-19 09:36:54 by cici