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-> Household Management
-> Finances
amother
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 Wed, Jun 26 2024, 3:08 pm
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These ads keep popping up on my Instagram feed that you can do debt relief without filing bankruptcy or ruining your credit. We have about 40k in debt and I wish this was true! Are these ads legit?
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amother
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Wed, Jun 26 2024, 3:10 pm
Maybe it’s a settlement? Where they take a fee
Kosher money has a great podcast that just came out on this topic of credit card debt
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amother
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Wed, Jun 26 2024, 3:44 pm
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Many of them are settlements. You pay them a fee, and they settle with the cc company that you should pay only a percentage of what you owe them. They take another small percentage. So instead of being 40k in debt, you’ll end up spending 12k (just throwing a number, they can give you likely scenarios, but won’t know until they actually settle with the cc company)
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amother
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Wed, Jun 26 2024, 3:44 pm
| amother Royalblue wrote: | | Many of them are settlements. You pay them a fee, and they settle with the cc company that you should pay only a percentage of what you owe them. They take another small percentage. So instead of being 40k in debt, you’ll end up spending 12k (just throwing a number, they can give you likely scenarios, but won’t know until they actually settle with the cc company) |
Pretty sure the percentage is higher. Like 50% of what is owed.
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amother
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Wed, Jun 26 2024, 3:45 pm
| amother Turquoise wrote: | | Pretty sure the percentage is higher. Like 50% of what is owed. |
I’ve been quoted different things by different groups. It does end up higher since you need to pay them another percentage
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amother
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Wed, Jun 26 2024, 4:10 pm
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They claim there's some debt relief program. I thought it's a government program. Also, does it effect your credit?
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