Re: debt counseling

Posted by EDDY (66.91.144.122) on July 27, 2004 at 22:33:33:

In Reply to: debt counseling posted by wondering on July 27, 2004 at 21:16:04:

I paid for one and they did try to settle my credit card debt but the 50%-30% figure is misleading. Their calculation of the discount includes the running interest. So if today you owe $10K and they settle 6 months from now and at that time you owe $12K, they use the $12K figure when telling you they got it for 50% so only need to pay $6K.

W&A and some other ca will not deal with these counselors so the counselors may "teach" you how to call the ca yourself to cut a deal.

If you can get over the stress of talking to the ca and cc yourself, you can work out the same or similar deal and save yourself some money.

I think in the end after paying the counseling company fee I think it really worked out to saving less than 20%.

The company was good for stopping the ca and cc from calling and contacting me and the person that worked with me was very supportive to reduce my stress.

If if had to do it over, I would do it myself with help from people on this site.

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