Does anything negative happen to your credit report when you use a debt settlement company or any type?
March 8, 2009 by Information About Bankruptcy
Filed under Debt Settlement
Can you answer jmartinsgal’s question about Bankruptcy?:
Any information on debt settlement companys and alike is greatly appreciated!
Alternatives To Bankruptcy
Any information on debt settlement companys and alike is greatly appreciated!
Alternatives To Bankruptcy
Bankruptcy Feedback: no.
Bankruptcy Feedback: No, …but…keep in mind that your credit report and credit score have ALREADY been dinged by the bad debt that sent you into debt consolidation.
Bankruptcy Feedback:
Bankruptcy Feedback: They destroy your credit. Here’s how they work…They take a fee from you, tell you they will settle all of your debts for a percentage of the balance owed and you will be debt free in a few years. Well, as you are accumulating funds with these companies, your debts go unpaid. Therefore the accounts are showing as delinquent and eventually charged off on your credit report. These stay for approximately 7 years. I know that 4 major/global banks won’t deal with them, Citi, GE Money, HSBC, and Bank of America. In fact, I know that a couple of them will immediately sue you if they receive the typical cease and desist along with a limited power of attorney from a debt settlement company. So…That is an immediate charge off, and the potential of a judgement showing up.