Re: Debt Elimination or Termination
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Posted by CMR
(24.24.204.226) on February 09, 2004 at 12:33:34:
In Reply to: Debt Elimination or Termination posted by Nychuck100 on February 09, 2004 at 00:26:33:
I have been through the debt elimination process and in all the cases except MBNA it worked (and even they are not off the hook yet). I did it myself using materials and a CD and form letters. Others have just done nothing and had the same results, so maybe these letters that are sent out are no more effective than just ignoring the collectors; but I don't think so. I will say that in one case where I had an arbitration award against them and sent it to a collector (Midland Credit Management) they sent me a letter apologizing for their mistake and said they would also have it removed from the credit bureaus. This would have NEVER happened if I had just ignored them, so in that sense it was helpful. I know of several people who have been able to eliminate credit card debt, but in every case, the credit score is hurt (who cares, though, since for most people their credit is already ruined by the time it gets this far anyway). Anyway, that's just my experience. CMR
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