Posted on November 6, 2007 at 2:30 pm Just my two cents, but there is nothing that the debt settlement companies can do for you that you can't do for yourself. Before you sign up to pay someone to negotiate your debts for you, try calling your creditors and doing it yourself. You can also call them and negotiate a lower interest rate than you are currently getting. If they don't agree? Tell them your only other option is filing bankruptcy. It's amazing what they'll do if faced with the alternative of getting some money or none.

Posted on November 6, 2007 at 2:30 pm [QUOTE=usualdamvp;405]yeah some people may not have the time or the skill set to take on their own bills.[/QUOTE] If you have the time to make the bills you owe it to yourself to make the time to correct them. Signing up for a debt settlement service can add another bill on to the pile you already can't pay.

Posted on November 6, 2007 at 2:30 pm You need a third party to negotiate for your debt payment to avoid getting bullied. You have to get the best deal possible given the debt quandary you are in. While it may incur additional cost on your part, this could be offset by a good debt payment scheme between you and your lender.

Posted on November 6, 2007 at 2:30 pm [QUOTE=squirrel;1201]You need a third party to negotiate for your debt payment to avoid getting bullied. You have to get the best deal possible given the debt quandary you are in. While it may incur additional cost on your part, this could be offset by a good debt payment scheme between you and your lender.[/QUOTE] That's exactly what the debt settlement companies want you to believe. They are shady and many are in bed with the credit card companies. If you let yourself get bullied then you deserve what you get IMO. It is your life and your debt, so why trust it to anyone but yourself?

Posted on December 1, 2007 at 8:55 am The laws are in place to help the debtor. Anyone who doesn't at least become familiar with them before attempting their own debt settlement will likely not get a good settlement. If you can remember that you have all the power and not the collector, your outcome will be favorable. For example, always get everything in writing. The only thing you agree to over the phone is to receive a letter from the collector outlining the terms of the settlement. My son was contacted by a collector who made all kinds of promises and subtle threats. So he memorialized the conversation and sent the collector the letter. He was never bothered by this company again. Once you put it on paper, it becomes evidence. Memorialization is a trick people should use. It is really powerful. Evidence is important as it establishes the facts of the case. If you are smart, you will establish the facts as favorably as possible for you.

Posted on December 5, 2007 at 5:08 pm I agree I would look at working with a credit counseling company. I had the same problem with 17k in credit card debt and used this website (which really helped me suprisingly). I went to www.endthisdebt.com and filled out their form for credit card debt. I got a free consultation and 2 companies then gave me advice and told me what it would entail. I should be out of credit card debt now in 6 months. However, I am sure there are many companies you can work with out there.

Posted on December 6, 2007 at 11:18 am That is so true.. Taking actions for your self is the most important skills to be developed in order to be succesful. How would you expect to earn big and get out of debt if you can't even get out on financial troubles.

Posted on May 17, 2009 at 8:04 am i'm all for saving money and do-it-yourself tactics. thanks for the memorialization tip! i've been doing some research and so far think it's very possible to negotiate directly with the creditors. i'm summarizing my notes here http://how-to-negotiate-debt.com/

Posted on May 18, 2009 at 11:12 pm If you go with a good settlement company, then you'll save more money than if you do it yourself, even with their fees.  Not only do they have relationships with collection agencies, but they also deal with so many accounts they know what's the lowest possible settlement for a given creditor.  When you can save more money and not have to deal with it, then using a settlement company makes sense.  The tricky part is figuring out what company to use because they all seem so similar.  The best bet is to check out the BBB record.   

Posted on November 16, 2009 at 5:32 pm I am able to help anyone in the United States struggling with their credit card debt. Rapid Debt Settlement will settle your debt for 55% of what you owe and literally cut your payments in half. Email Bill Shannon for a free consultation billshannon@financier.com or call me at my office. The number can be found at www.rapiddebtsettlement.com