How do I find an honest debt settlement company to work with?

If you have had success working with an honest, reliable, authentic debt settlement please let me know

How do I find an honest debt settlement company to work with?
Debt settlement companies work with you to declare bankruptcy. That part is not in the commercial, you don't find it out until you are already "working" with them.





My advice is to go see your banker. Not the teller, a bank officer.
Reply:I dont know of any. Try and settle your debt directly with your creditors.
Reply:You might want to talk to your local credit union.





Now Credit Union does have a position that people should not walk away from debts they owe to their friends and neighbors, but they are aware of every reasonable credit settlement company in your area, and they will give you an honest answer.
Reply:hahahahahahahahahaha good luck
Reply:Most of you don't have a clue what you're talking about.


Debt Settlement is not like a bankruptcy at all.


And the comment about "it's a good way to get sued"


sounds like this guy works for a collection agency.


that’s why you DON’T send "cease and desist letters" because then they have to file a summons to collect on the debt. That's why you go to a company that uses attorney's to preform the settlement


It is always going to be much lees than paying your debt in full at high interest rates. Most people never take this into consideration. You have 20k debt yes but if you pay the min payment every month you will end up paying back approx.40k on the debt. So El Dude er o that said "after it's all said and done you don’t save anything" is just wrong. Even if it takes 16k to settle and cover fee's and waa waa you have to pay some taxes on the debt the following year cry for me please genius...PAY the entire amount that you owe with unfair interest / penalties /fee's applied for years leaving yourself straped for cash living week to week and pay the creditors your 40k for a 20k debt...
Reply:Hi,


I used " Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News special edition.Check it out here:


http://creditsolution.ez-mart.biz
Reply:Going with a debt settlement company is a good way to destroy your credit and get sued. Not to mention, you don't save a whole lot of money. Here is an example...Let's say you have $20,000 in debt, most debt settlement companies charge you a commission of 15% of your total debt. So you start off with $3000. Let's say they settle all of your debts for 50%=$10,000. Your total is at $13,000 now, but it isn't over. If your debt results in over $600 being fogiven, the banks will file a 1099-C with the IRS, so Uncle Sam will get you the following year when you pay your taxes. Let's say you are in a 25% tax bracket, $10,000 was forgiven=$2500 you will have to pay in additional income taxes. Now, you've paid $10,000 to settle + $3,000 commission + $2,500 because of the $10,000 being considered taxable income. This brings you to $15,500 and your credit is destroyed for 7 years. You saved $4,500, but you will pay higher interest rates for the next 7 years because you went with a debt settlement company. So, when it's all said and done, it will hurt you more than help you. This is all based on the fact that you don't immediately get sued. Citi, GE Money, Bank of America, and HSBC will not work with these companies. I work for one of them, and I know we immediately send your account for legal action once we receive the limited power of attorney and cease %26amp; desist.
Reply:If you hire a credit couseling company to negotiate on your behalf it will show up exactly the same on your credit report as filing Chapter 13 bankruptcy. Even if you call each creditor yourself and negotiate a partial write off it will show up with a notation "creditor settled for reduced amount" or something similar. Don't use any of them.

lilac