Debt Reduction

[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]

Posted by andy on May 20, 2001 at 16:24:58:

I am thinking of using a debt reduction service to deal with my almost 20K worth of credit card debt. I was wondering if anyone else hase used a similar system. The company is suggesting that I could reduce my credit card debt by 30-70%. I am to pay into an escerow account on a by monthly basis over a two year period. They claim to be able to settle my debts with my credit card companies with the funds I accrue in the account. I know this will negatively affect my credit, but I am wondering if the credit card companies will really wait untill I have built up enough money in the account. Won't they try to sue me? One of the credit cards has over 5K of charges. Are there ways of delaying the credit card companies from suing?

Follow Ups:

Post a Followup

Name:
E-Mail:

Subject:

Comments:
: I am thinking of using a debt reduction service to deal with my almost 20K worth of credit card debt. I was wondering if anyone else hase used a similar system. The company is suggesting that I could reduce my credit card debt by 30-70%. I am to pay into an escerow account on a by monthly basis over a two year period. They claim to be able to settle my debts with my credit card companies with the funds I accrue in the account. I know this will negatively affect my credit, but I am wondering if the credit card companies will really wait untill I have built up enough money in the account. Won't they try to sue me? One of the credit cards has over 5K of charges. Are there ways of delaying the credit card companies from suing?

[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]

Top Of Page