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    jpracer37's Avatar
    jpracer37 Posts: 5, Reputation: 1
    New Member
     
    #1

    Dec 15, 2005, 10:40 PM
    Debt settlement
    Has anyone had any luck with a settlement company for debt? I'm going through the company, Superior debt relief. Of course, I thought I did my research but everything sounds the same when comes to these companies. I checked the BBB in the area that this co. is in and no complaints in 36months and they are registered in the BBB, and are a registered BBB co. online also. And, I also checked with Arbitrain.com and this company sends its employees through this to be certified arbitraitors. Everything seemed to be in place and I hope it is I just want to know if anyone has used them or any debt settlement company and has had good luck with them. I just need to be reassured about this so any info would be GREATLY appreciated. Thanks.
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
    Uber Member
     
    #2

    Dec 16, 2005, 04:00 AM
    I was in the credit business for 10 years and can say this: We did not like the tactics of those types of companies.

    I think going to the creditors personally - with documentation as to what you can do and what you can't - is as effective or more.
    talaniman's Avatar
    talaniman Posts: 54,323, Reputation: 10855
    Expert
     
    #3

    Dec 16, 2005, 12:58 PM
    Whether you cut a deal yourself or go through a company you will be bound by the condition you agree to.in other words any breach of contract on your part will result negatively on your part.If you cannot keep your part of the bargain for any reason (other than your death)they can call in the original note plus interest and penalties at their descretion.:cool:
    slippydippydo's Avatar
    slippydippydo Posts: 38, Reputation: 1
    Junior Member
     
    #4

    Dec 18, 2005, 07:26 PM
    Not only will you be bound by the terms of the agreement as the last poster said, but you will still be at the mercy of the creditors. Most people don't realize the debt settlement companies can't force all of your creditors to participate.

    If one creditor decides not to participate and seeks a judgment, you can be in real trouble. If one creditor doesn't participate and then garnishes you, you're done. You won't have payments to make to the program and all of the payments you made will be, in essence, flushed down the toilet.

    Check http://www.bankruptcyhelponline.org/...-legal-action/, an interesting article that exposes these facts in more detail.
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
     
    #5

    Dec 19, 2005, 11:41 AM
    Consumer Credit Counseling Service
    I am not familiar with Superior Debt Relief. They may be good or not. If they have flashy TV ads and the like, you will probably be unhappy with their service. One group that I am familiar with is Consumer Credit Counseling Service. Their link is www.cccsinc.org . I believe them to be a legitimate non profit. Credit letters from them are recognized by mortgage lenders to show that a prospective borrower is back on track. I think that they do charge for their service, but probably much less than the sleezy outfits.

    Good luck

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