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    Razor_44's Avatar
    Razor_44 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Mar 8, 2007, 10:37 AM
    Debt Settlement
    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's Avatar
    Lowtax4eva Posts: 2,467, Reputation: 190
    Ultra Member
    		  
    #2

    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's Avatar
    Miranda Posts: 54, Reputation: 5
    Junior Member
    		  
    #3

    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's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    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's Avatar
    Razor_44 Posts: 4, Reputation: 1
    New Member
    		  
    #5

    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.
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