I have 45,000 in credit card debt with 5 lenders. I also have a Direct Loan from school at 125,000 and growing. I joined the debt solution for the consumer debt, nobody wants the student debt. Now MBNA is offering me a chance to consolidate my debts instead of having them charged-off. If I stay with the debt solution, I should get out of debt in 2 - 3 years vs 4-8 with the consolidation. I don't know how I'll be affected down the road using either. The Debt Solution does include a debt repair after the debts are settled, but should I even settle? Don't know what to do? I can't afford to even keep up with the interest on my student loan. Any help will be greatly appreciated. bigtimedebt
Well, it looks to me like you may be a medical student. Just guessing, of course. I'd go with the one that offers the debt repair when it's all over.
Your right about being a in medicine, got in at the wrong time and was in the wrong place starting out. My concern is being taken to court and having to come up with lawyer and court fees. Also the rep from MBNA informed me that I was an idiot to have my debts charged-off when I could go to consolidation. Basically he said why pay them at all if I charge them off because then they become the property of other businesses. That's why I 'm so confused and frustrated right now, only have 1 month left before my charge-offs begin and the phone calls increase daily. Has anyone had any experiences working with The Debt Solution?
My concern is being taken to court and having to come up with lawyer and court fees. Well, strange as it may seem to you, that might just be one of the best things that could happpen to you so long as you are not talking about student loans. Start talking about student loans, and you don't even want to think about defaulting. Also the rep from MBNA informed me that I was an idiot to have my debts charged-off when I could go to consolidation. In your situation and going strictly by your last post, I would tend to agree with the man. Otherwise, I might very well tell you he is the idiot, not you. Basically he said why pay them at all if I charge them off because then they become the property of other businesses. He is exactly right here too. That's why I 'm so confused and frustrated right now, only have 1 month left before my charge-offs begin and the phone calls increase daily. Believe me, I know all about those phone calls. Been there, done that. They can be kinda fun sometimes if you have your phone connected to a good tape recorder. The easiest answer is to simply tell them that they are going to have to start calling you by U.S. Mail because you are not going to discuss anything at all over the phone. Get tough about it. Just tell them once, ask them if they understand and then hang up on them. Has anyone had any experiences working with The Debt Solution? No, I have not. I just have to judge from what you have already said about them and the debt repair afterwords sounds awfully good, because you are sure going to need it. I teach others how to repair their own debts, but in your case, you are getting it all in the same package, so I'd go for that and see what happens. You might want to check them out on the BBB website to see what the BBB might have to say about them and you might just call up your state Attorney General's office and the one where their home office is and see what you can find out about them.
