View Full Version : Debt Settlement
Razor_44
Mar 8, 2007, 10:37 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, 10:53 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 amount you would save, but I assume since your posting you don't have $7000 in the bank right now... correct?
Miranda
Mar 8, 2007, 11:17 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 immediately sued by a credit card co, because they did not want to participate.
ScottGem
Mar 8, 2007, 11:45 AM
Make sure that you get it in writing and that it spells aout what they will report to credit bureaus. But I would go for the settlement.
Razor_44
Mar 8, 2007, 12:03 PM
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.