Debt Elimination Companies
Does anyone have any opinions about the 'debt elimination' companies out there? And has anyone used or heard of anyone who used one? What was the results? I am afraid of getting burned, but am at my wits end.
Does no one have an opinion on this?
I used one about 2 years ago. Paid the $500 and let them go to work. A few months later, I see a TV show saying that the company I paid the money to was a scam. Even more strange, I pull a copy of my credit report from all 3 bureaus and most of the deragotory information from my report was gone. I was stumped but very happy. I settled with a couple of collectors for the remaining accounts on my report and cleaned the rest right up. It's hard to say, there are a lot of scams out there and after my experience, its really hard to have a lean either way. There are ways to improve your report on your own, but it will take some work. If you ask me, its well worth it. Bought 2 investment properties after I got cleaned up. Good luck!
After the item is settled, does this disappear from your credit records OR does it show as charged off? Do you know how delinquent your accounts have to be before they will entertain a settlement?
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On 2004-03-22 14:00, cmyke wrote:
I used one about 2 years ago. Paid the $500 and let them go to work. A few months later, I see a TV show saying that the company I paid the money to was a scam. Even more strange, I pull a copy of my credit report from all 3 bureaus and most of the deragotory information from my report was gone. I was stumped but very happy. I settled with a couple of collectors for the remaining accounts on my report and cleaned the rest right up. It's hard to say, there are a lot of scams out there and after my experience, its really hard to have a lean either way. There are ways to improve your report on your own, but it will take some work. If you ask me, its well worth it. Bought 2 investment properties after I got cleaned up. Good luck!
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On 2004-03-22 15:57, db103098 wrote:
After the item is settled, does this disappear from your credit records OR does it show as charged off? Do you know how delinquent your accounts have to be before they will entertain a settlement?
Your questions indicate you need to do a LOT of reading. Start here:
http://www.creditinfocenter.com/debt/settle_debts.shtml
also www.creditboards.com
Some of these credit repair companies are a scam. I've been working with a credit repair company for over 1 year and they are reliable. I always send my clients to them if they need to get aproved for a loan. They don't do miracles, but they do clean up what is not correct and fight some collections and old derogatory accounts.
Hope this helps! :-D
Thanks, so much. I just printed out that entire credit infocenter parts 1-3 to read tonight. I will review it.
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On 2004-03-22 16:59, flacorps wrote:
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On 2004-03-22 15:57, db103098 wrote:
After the item is settled, does this disappear from your credit records OR does it show as charged off? Do you know how delinquent your accounts have to be before they will entertain a settlement?
Your questions indicate you need to do a LOT of reading. Start here:
http://www.creditinfocenter.com/debt/settle_debts.shtml
also http://www.creditboards.com
Beware: for most lenders consumer credit counseling is the same as a BK. Some lenders will allow you to pull out it before funding a loan, others want to see you out of it for 2-4 years.
One of the few advantages of being out here in LaLa land other then viewing some rather spectacular woman that have been injected so heavily with plastic that if they trip and fall they bounce. This is in the handling of Credit Impaired Clients. A nice word for Dead Beats.
There is an Agent in town who has earned the name of Mr. Freddy Motor Mouth, he is like an old fashioned town crier.
You go into LeDome for lunch, thats the joint on Sunset that has listed the names of Bottled Water on the Menu starting about $5 a bottle. Service is great, food, well, edible. Stay away from the Trout, it bites. Look around and you will see a slightly non descript balding middle aged man with a long nose and squinty eyes, thats Freddy.
Call him over. Explain your problem. You killed your mother for the insurance and the company refuses to pay? You have about a dozen unpaid outstanding accounts which have been refered to collection. Your credit cards are all overdue and you are in flight from the second level of assigned credit collectors.
He is your man. He has so many entities in his collection of cards that he has a problem in the morning shaving the right face. But he can solve your problem.
As an assigned agent semi legal in practice he will represent you to the three agencies and stir out all the stuff that can be removed. He will attempt to short pay the balances with the proviso that they give you a clean sheet. How he does this I do not know. But he does it. He may have you start a BK and dismiss one day prior to lst creditors meeting and in that period of time effect
settlements. He may have you start an out of state corporation fronted by an attorney from that state and conduct all business thru that new corporation as you are past rescue. I do not know if he fakes up cards and old birth certificates, but from the masses of names he creates for those in the theatrical trade moving up from Maggie Smith to Clarecia du Smatta I supose this modern day Luft Mench does everything for everybody. He is the leading hider of properties prior to divorces. If you have plagerized a script as well known as The Lords Prayer, he will affect a presentation that keeps the suits from recognizing this oldy but goody newly typed with name and place changes.
I have never used him, but when I need a point of reference or knowledge of some scammy game played by the towns high rollers. I ask and he has never failed me yet.
So I know it can be done. I am sure in every large city there are others of a similar nature. Modern Societies have a need for a resident Luft Menche
Cheers Lucius
Can you advise what company you are using and referring? If you want to pm me, that is fine. Thanks so much.
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On 2004-03-22 17:06, al883 wrote:
Some of these credit repair companies are a scam. I've been working with a credit repair company for over 1 year and they are reliable. I always send my clients to them if they need to get aproved for a loan. They don't do miracles, but they do clean up what is not correct and fight some collections and old derogatory accounts.
Hope this helps! :-D
I used one to eliminate credit card debt 1 yr ago. 38k in CC debt is history. I am now in the process of getting the dings removed off the credit. But, there are faster methods - such as taking the banks to arbitration. I liked the program so well, I now market it. See Zero Out****Must Reach Freshman Investor status before posting URL's***[ Edited by unltdsoul on Date 04/12/2004 ]
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On 2004-03-21 03:49, db103098 wrote:
Does anyone have any opinions about the 'debt elimination' companies out there? And has anyone used or heard of anyone who used one? What was the results? I am afraid of getting burned, but am at my wits end.
You have to be careful. Make sure you are not consolidating debt there is a big difference between consolidation and debt elimination. Stay away from companies who arbitrate, banks are now counter-suing(even though they can never win) and issuing 1099c for written off debt.
Check out this site:
www.debtonator.newleafassociates.com