debt settlement is not a bad deal, if you know a debt is yours, and you have taken the steps to obtain and review billing information to insure that all charges are correct. A few important things to think about first as you consider this option. [list=1]

Check to see if the debt is outside of the statute of limitations - because you might find that in the end you don't have to pay. And if you choose to pay, this will surely increase your negotiating power with the creditor or collection agency.

I would not be able to pay off the debt in just 3 years as most consolidation agencies prefer. Is there any way to pay off debt more slowly? I own 40k and own a home but have been denied home equity loans due to bad credit. Since I have to pay a mortgage, I can't pay $1,000 a month to pay off my debt as well. I was hoping to stretch out the payments a bit more. Any advice?

Hi. I've talked to two or more [URL="http://www.debtconsolidationcare.com/companies/"]debt consolidation companies[/URL] and they all said that the credit cards that they paid off for you must be closed down (you don't own those cards anymore although you are paying the monthly payment to the debt consolidation company). Is this true for all debt consolidation companies? I talked to SallieMae (from MBNA) and their Goldoption Line of Credit program and they said you dont need to close down those accounts.

Credit reports contain errors on a regular basis. So, before applying for new credit or beginning your credit repair journey make sure that all of the information contained in your credit report is yours. Reasons for such mixes include: [list=1]

Common name. For example, a father and son who live at the same address, or who don't add “Sr.” or “Jr.” when completing credit applications.

Loan officers make clerical mistakes. For example, spelling names wrong, transposing social security numbers when pulling the credit report, or even entering incorrect addresses.

File Police Report: [list=a]

It is very important to establish time of discovery and action.

Submit relevant copies of documents relating to the case.

Itemize all creditors affected and properly identify them by their name, your account number and amount involved.

Obtain copies of the police report. At the very least get the file number.

Be persistent. Local authorities may tell you they can't take a report. If that is the case then try going to the county or state police.

Obtain Credit Reports. You absolutely need to obtain your credit reports from the three major credit-reporting agencies (Experian, Equifax, and TransUnion). With the reports direct from each bureau you will have access to a file number and a phone number needed for accessing customer service. You will see the addresses for each creditor on the credit report.

I know I should be doing something and I would like to, however I don't know where to begin. The details of my situation follows. Any direction would help. I owe approximately $20,000 on my credit card. I have only one card. I have excellent credit, my rate is at 8.99%. My salary last year was about $15,000. I am not eligable for gov't assistance or unemployment. I have no assets and my family can not help me.

We are planning to have an event calendar and the work is in progress. We are hopeful to launch it in next 2 to 3 days. Thanks Vikas

Basically i found out that some debt consolidation companies only cover unsecured debt(your credit cards, utility bills, etc- NOT your auto loans). Is it that way for every debt consolidation companies? Isnt there some place where they pay for your auto loans as well?

Hi all, How are you? Just want to get a very informal feedback (the pub way :) ) from all the members and guest about the forums. We are supporting the community to grow and trying to come up with new plans. Just let me know if you have some plans where our community can contribute and enjoy. Anything and everything is welcome as a suggestion. I like the pub forum :D the most and what about you? (Which forum sections do you like the most?). Vikas