Debt Settlement

Razor_44 · #1 Mar 8, 2007, 08:37 AM

GS Services, on behalf of CitiCard, is offering me a settlement of $9000 for a $13,000 debt. I would have to pay $7000 up front and then $2000 over the next two months. I am thinking about doing it. My other option is to go into a Credit Counseling Service, which would make me pay $331 over the next 58 months. So I would be saving $10,000 if I take the settlement. Any help here would be great.

Lowtax4eva · Mar 8, 2007, 08:53 AM

If you can afford the settlement why not take it? If you have the $9000 in the bank there really should be no question but to the ammount you would save, but i assume since your posting you dont have $7000 in the bank right now... correct?

Miranda · Mar 8, 2007, 09:17 AM

If you can, go for the settlement. The creditors do not have to participate in the program the credit counseling company is offering if they do not want to. When I tried to do credit counseling, I was immediatley sued by a credit card co, because they did not want to participate.

Razor_44 · Mar 8, 2007, 10:03 AM

Yea we have the money. We would just switch some things around and our taxes are coming back soon. So it shouldn't be that bad. Just wanted some feedback. Thanks a lot.



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