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Ready to wave the white flag and do debt settlement

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Well, after years of stupid moves (basically just buying crap I couldn't afford on credit cards), I really think it's time to enter debt settlement with a serious quickness. I will end up doing it, just because it seems to be the only way out, but I have two concerns. First, for every one positive thing I hear about debt settlement, there seem to be 3 or 4 nay sayers that pop up and have negative comments to make about it. Secondly, I am a bit skeptical about the debt settlement company's ability to keep the credit card companies at bay. They say not to worry, but it will still be left up to the credit card companies of whether or not to press criminal charges. I bounced some ideas off of a couple of individuals recently about the possibility of entering debt settlement. They were not too helpful. The first was someone who, outside of a car payment, has never really owed on anything. Has never even applied for a credit card and has always had everything they ever wanted. So, I get the feeling that they really don't understand given that they "don't believe in credit cards" and therefore have never been faced with the problem that I am currently faced with. Then, I got a second opinion, so to speak, from someone who actually has had credit card debt, and they gave me a real smart answer to the effect of "here's a can't miss way to pay off your debt and never look back". "When you get a paycheck, put money towards your debt". "Repeat that step each time you receive a paycheck". That was followed with a giggle and a "oh my, we have another slacker looking for the old get out of jail free card, ha ha". So, that didn't work either. So, any advice on entering debt settlement from anyone who has actually owned a credit card at one point or another would be greatly appreciated. Seriously, I can appreciate someone's anti credit card belief, but if you're one of those types, please don't reply.

You have two options to get rid of your debt. Neither program is better than the other. They are good options depending on what your situation is .

Sub: #1 posted on Mon, 07/07/2008 - 21:00

mobile0311 mobile0311
(Posts: 1817 | Credits: 104.57)

I don't understand that why BBB and TASC logo is not shown on new beginning's website. I'm trying to use this one located in SF downtown, "Solve Debts"

Name: Solve Debts
Phone: (415) 442-4333
Fax: (757) 299-5818
Address: 564 Market Street
Suite 500
San Francisco, CA 94104
Original Business Start Date: July 2001
Principal: Mr. Andy Creager, Director
Customer Contact: Mr. Andy Creager, Director - (415) 442-4333
Email Address:
Employees: 82
TOB Classification: debt negotiation Companies
BBB Accreditation: This organization is a BBB Accredited business.

Sub: #2 posted on Wed, 07/09/2008 - 12:09


Regardless of which company you use, do some rigorous research on that company. Start with the BBB and see if they have a satisfactory record, hit Google and and see consumer complaints...etc. Also, if you go thru CCCS, remember that they operate like a franchise and you have good ones and bad ones. Again, do your research. Good Luck!

Sub: #3 posted on Wed, 07/09/2008 - 16:47

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

I just successful did my own debt settlement in 7 months. I negotiated with all my creditors and have finally been able to settle $133,000 in credit card debt and I now only owe $6,000.

If you plan right, think it through and work with your creditors;you can do it.

Sub: #4 posted on Wed, 07/09/2008 - 17:39

lostindebtat50 lostindebtat50

(Posts: 82 | Credits: 20.54)

New Beginnings is a member of USOBA , not TASC . They are also members of the BBB. Here is the link to the BBB report on them .

Sub: #5 posted on Wed, 07/09/2008 - 20:28

mobile0311 mobile0311
(Posts: 1817 | Credits: 104.57)

To LOSTINDEBTAT50...that is amazing!! I have about 90k in cc debt right now. I need to settle these accounts. I went to the link in your sig line but couldn't tell which blog was yours. Did you post about what you did step by step etc? I would love to read it or to see if you would share your letters etc. There are sooo many options to use and knowing for certain that the ones I use had been successful in the past wopuld go a long wat to giving me the confidence I need to go forward.

Sub: #6 posted on Wed, 07/09/2008 - 20:45


The easiest way to find her page is to click the All Blogs link near the top of the page the signature link takes you too. Then sort then alphabetically and then scroll down to Lost in Debt, should be number 77.

I too have decided to do debt settlement myself and I am a little over the 60 day mark on all my accounts being deliquent. I think for anyone planning to do debt settlement on their own the biggest challenge will be saving enough to settle all your debts. I believe she will agree with me when I say that ideally your goal should be to some how come up with 50% of what you owe within 6 to 8 months or before the account is charged off. From what I have read anytime you can settle with the original creditor and not have to deal with collection agencies or junk buyers you will be a whole lot better of.

Sub: #7 posted on Thu, 07/10/2008 - 23:18

tysun.dostie tysun.dostie

(Posts: 12 | Credits: 2.34)

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