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Debt settlement or consolidation - What are the major differences between the two?

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what is the difference between debt consolidation and debt settlement? with settlement the credit report is ruined ...is this true?

Thanks
Carl




i will lend u some $ (sevenonefour) fivefiveseven-sixeighttwotwo

Sub: #1 posted on Sun, 09/05/2010 - 01:18

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Marky NYC - Chpt 7 will be reported for 10 yrs. Along with millions of others facing tough debt situations. IF you qualify for a chpt 7, have more than $20k in unsecured debts, have no assets and no real income or possibility of getting out of debt within the next year or so (no more than 24 months) then filing would make sense. You do potentially give up your right to discharge future debts for the next 8 years, so that should also be taken into consideration. You also have to look at how many creditors you owe, their current balances, how the debts were incurred, what you want to accomplish in the near future...but the short answer is yes, i would chose the bk over anything else based upon what you are asking

Sub: #2 posted on Tue, 08/24/2010 - 22:56

nole nole

(Posts: 58 | Credits: 9.41)

Do you recommend for someone that has more than $20,000 in debt and can't make the mininum payment, who doesn't own a house, to use Chapter 7 Bankruptcy instead? Seems to me that dissolving the debt, and starting from scratch is safer. It may be on your credit report for about 12 years, but it's safer than having accumulated interest, harassing phone calls and migraines.

Just a thought.

Sub: #3 posted on Tue, 08/24/2010 - 22:37

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Quote:
Originally Posted byAnonymous
I have close to $100,000 of debt through credit cards, hospital bills, and car notes. I am drowning in bills that can't be paid. What can I do?


what's your e-mail?
I can send you information to help you get out of debt ASAP

Sub: #4 posted on Sat, 07/10/2010 - 01:05

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jerome, i actually checked out AFDs website and talked with them a couple weeks back. im in the program now and everything is going smoothly. i'd recommend affinity debt solutions also

Sub: #5 posted on Fri, 07/09/2010 - 21:20

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i had a real good experience on about 12000 in credit card debt....got it settled for 8000. i made monthly payments for 30 months and turned out fine....they take their fee after a settlement is reached (sign of a legit company).

Sub: #6 posted on Fri, 07/09/2010 - 21:15

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Quote:
Originally Posted byAnonymous
If I only have one credit card and a balance of 12,000.00 but
I can't afford the monthly payments and I don't want to
not pay the bill what is the best solution for me?

opt for low intrest loan at bank..home equity

Sub: #7 posted on Fri, 05/28/2010 - 08:39

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If the creditors really offered 0% rates to people all the time, there would be credit counseling programs!

Credit counseling gives you a fixed rate to pay off the balance in 4 years or less. It doesn't wreak havoc on your credit which is why credit counseling programs offer it. Banks only offer low rates for 6 months or less then they jack the rates back up. I encourage everyone to call their bank and if you dont get what you want, then ask for help.

Sub: #8 posted on Sat, 04/10/2010 - 22:42

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This is true to a point. However, if you can't afford monthly payments you probably will not qualify for a loan anyway. Your debt to income ratio is viewed as well as your FICO score. Also, credit can be repaired. The fact of the matter is not everyone, but a lot of people are in debt to there eyes and paying a high interest on a minimum payment. Payment history makes up only 35% of your FICO score.

Sub: #9 posted on Thu, 03/18/2010 - 00:49

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This is true to a point. However, if you can't afford monthly payments you probably will not qualify for a loan anyway. Your debt to income ratio is viewed as well as your FICO score. Also, credit can be repaired. The fact of the matter is not everyone, but a lot of people are in debt to there eyes and paying a high interest on a minimum payment. Payment history makes up only 35% of your FICO score.
Link removed. Please read TERMS OF SERVICE for a more detailed description regarding advertising. Shazzers

Sub: #10 posted on Wed, 03/17/2010 - 23:10

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