Re: Debt Settlement company or do it myself?

Posted by Drew (24.59.27.46) on February 06, 2004 at 20:05:04:

In Reply to: Debt Settlement company or do it myself? posted by calquesting on February 06, 2004 at 18:06:22:

I would think paying a consumer lawyer to negotiate your payment plans would be even cheaper. Debt management companies will charge you a fee up front which can be almost the cost of an attorneys consultation fee and more and in addition they will charge you monthly fees as well to do your negotiating and to handle your payments for you.

Your attorney will do the negotiations, set up the payment plans and be ready to deal with the creditors and so forth. When you go to a debt management company, it will appear on your credit report that you are in debt negotiations.

Your lawyer will be able to negotiate the payments but he might also be able to get a better deal so your credit ratings don't go in the dump. He will set up the arrangement. You will have to make the payments yourself. In addition, if something goes wrong, you will have a lawyer who is familiar to be able to handle anything that might come up.

My opinion is skip debt management companies all together. They don't help your credit any and they are more expensive often than a lawyer would be.

That is my opinion.

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