Hi I am new here but this looks like a good place to build up my scores. My question is how will my debt settlements show up on my credit reports. Will it say paid as agreed? Thanks Ray
Welcome to the board. We are gonna need much more information!! Settlements for full balance or less than full balance? Are the settlements with OC's or CA's? Did you get it in writing?
Thanks for the quick response jlynn. The company says its about 60 cents on the dollar so its less than full balance. Isn't that like a charge off? All of the accounts are with ocs and I will get everything in writing. There pitch is they can have you debt free in 2.5 years compared to cccs which will take 4 years, but is it worth it if you CR is full of charge offs. Thanks Ray
You are with a debt settlement company? I've heard some not so nice things about these types of businesses. Hope others will chime in...
Right now I am with cccs but this company called me and I guess the are looking for business. I just don't want to do more damage than has already been done. Thats why I'm asking you guys.
Have you pulled your credit reports recently? That would be my first step. I don't know if any of your accounts you were paying on were already charged off when you went into CCCS, but, if I remember correctly, that is what debt settlement companies do. They tell you to stop paying and wait for an account to go into charge off - then negotiate settlements. Bad thing IMHO. They can make your life hell.
I thought cccs paid off the entire balance they just negotiated for a lower interest rate? and you pay them and the pay off the ca.
Thats right. CCCS negotiates lower interest rates and payments, and you pay off the whole balance over time. The company that called you (and if I remember correctly!!!!) will have you stop paying your cc's and allow them to go into chargeoff so that you can negotiate low payoff amounts.
I guess the are looking for business. I Ray G ================ Outfits like this are looking to give consumers the business. Avoid them like the plague! You're all ready headed down the wrong path with CCC's don't make the same mistake twice by going with this outfit next. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Settlements LOL Ray - LB, and many others disagree with my thinking on this It will start a big debate.
Re: Re: Settlements Well I plan on paying everything off sooner than that with the proceeds for a real estate deal and income tax. so after that I will be on the road to recovery. My score now 458
Ray, while you are waiting for the money, you should really read up here. There are ways to go about settling accounts. If done wrong, you may shoot yourself in the foot (as LB hinted). Paid chargeoffs will not improve your score!
