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Forum -> Household Management -> Finances
Things to consider before settling big credit card debt?



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amother


 

Post Wed, Dec 17 2014, 8:57 am
Is it advisable to use a debt settlement company? What else should be expected? Anybody go through this?
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passaicmom




 
 
    
 

Post Fri, Dec 19 2014, 7:16 am
I do not have experiance with this but I have heard you have to pay taxes, I think this article might help. http://www.nolo.com/legal-ency......html
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amother


 

Post Fri, Dec 19 2014, 12:18 pm
I had a $30,000-$35,000 debt that we needed to deal with.
I wanted to preserve my credit very badly, so that was priority for me.

We used Greenpath, they have an office in downtown Brooklyn and other places, I don't know current info on them.
Before we used them, we did a lot of research, there are many scammers out there too.

The way Greenpath works is they call all CC companies and negotiate a lower or no interest rate guaranteed if you pay on time. Technically, you can call yourself, but they are good at it and they keep all debt consolidated.

I was paying a few hundred dollars in minimum payments and interest, they gave me a lump payment of about $800 that had to be pulled from bank monthly and paid it all off in about 3 1/2-4 years. They said it make take 5 years. It never would have happened without their help for me. My credit picked up as all my payments were being paid on time, in the money they took, there was a $50 monthly fee.

They were straight and honest and exactly like they told me, I made sure by hook or crook that the money for payments was there monthly.

I have no recent experience with them, don't know if they exist still.
The last month, we overpaid as its automatic withdrawal and our amount owed was less, we immediately got a check back from them. We still received monthly CC statements showing our balance, interest etc.

The CC were all closed in the end, I wanted to have one for when needed, so they left one open.

This business is full of scammers, be wary.
On another note, I was scammed big time by a smooth talker for a different debt, ended up costing $1000's more and ended up tied up in court as a result, my credit shot for a few years. That company folded fast, I didn't do research well, and jumped as we were desperate and they sounded really good, made promises it would be quick and easy. Unfortunately, a frum company, My husband knew the guy from shul etc.

Greenpath is not a jewish company as far as I know.
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