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Is debt settlement good?
Hello,
I'm new here. Just have some questions about debt settlement. A debt magement company told me it is bad to do debt settlement because it reflects bad on your credit report and you'll end up paying taxes on it. Is this true? I have debt of up to 7,500 all secure debts mostly due to car repo. It has been difficult for us to get a car and we don't have one now. Can I use a co-signer for an auto loan? I live in CA . Also if settlement is bad, why do people do it Thanks |
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My brother got burned on settlement
Be careful with debt settlement. My brother used a debt settlement company a few years ago and he got burned. The problem with many of these companies is that they encourage you to not make payments (thus hurting your credit) and then they will negotiate a stellement to pay a portion of what is really owed. The bad part is that your credit shows a charge off for the portion not paid which can also trigger tax charges since the charge off was seen as free money to you.
I am in a similar boat right now. Upside down on debt. I could not qualify for a car, but the bank sent me to inchargeorg.org for credit counseling advice. I was able to use a co signor for my car, so you have to check with the dealer on how that works since I worked with them to get a used car. I am talking to a counselor and got some free information from inchargeorg. org. You may want to check that out. I also found a few other sites that may help you determien what is best for you. I still need to figure my situation out so let me know if any of this helps you. The other sites are mybankruptcycounseling.com and savingdimes.com Good luck and please watch out for debt settlement. |
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