Do you know what debt settlement does? In this video, I explain what debt settlement is, how it works, and the pros and cons to debt settlement. What do you think of these programs? Tell me below!
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? OTHER DFM VIDEOS YOU MIGHT ENJOY
Easy Quick Debt Consolidation Explanation: https://youtu.be/qLZyt312uGU
What to do FIRST When You’re in DEBT | #1 Thing You Need to Do NOW: https://youtu.be/8utHR_SSVh0
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I settle for less and it still shows on my credit that I still owned them, they only reported what I settle for
You give really good advice, I am not a Millennial but this very articulate and straight forward.
What about the debt settlement companies that add their fee to your monthly rate? They say their fee is built into your monthly fee. They haven't settled your creditors yet? And they won't even try to negotiate until after you have quit paying your creditors and make your payments into a special account. So they are indirectly collecting money from you while you build up your account so they can negotiate. What's the deal there?
Is that allowed by the FTC?
I have a cuestión befor start any , if I do by myself how this thing can work cus my acreditor is my bank ?? for example…. I have more than one Acount w/ the bank I have my checking and my direct deposits???? Please
It was very helpful, thanks
I used to be a bankruptcy attorney and I also used to do a lot of work for clients of Freedom Debt Relief. I would never recommend Freedom or any other debt settlement company. Bankruptcy is usually cheaper that debt settle companies and less damaging to your credit. If bankruptcy is not for you, debt settlement companies don't to anything you can't do on your own for free.
Hi i just settled my credit card debt after 7 yeats of owing money i asked for the settlement because I wanted to close the chapter of it, will this still affect me moving forward?
I went through NDR settlement company and couldn’t be happier! Had about 12,000 in debt rolled into the program and yes initially my credit took a hard hit but 8 months later my debt is paid off and right after my scores went up 60 points and 82 points with another! As long as you make 8 months on time payments they qualify you for a loan for the remaining balance of your debt so it can be paid off quicker than 2 to 3 years! So long story short it took 8 months to complete debt settlement program and now I have a new line of credit which is loan to pay of remaining that I would have been paying anyway! Win!
Good info. Like most things, there's a HUGE range of results and representation you'll see when hiring a company. I worked in the industry for a good amount of time and we did it right – an actual attorney running the program. But I'd say that 95% of the companies out there are either crooks or just really crappy at what they do. Debt settlement is powerful when done right, for the right person and in the right situation. For some people, you need to file BK and that's the best option. For others, debt settlement isn't worth it because of the impact to their credit score. However, for a large number of people who don't want to stay on the minimum payment hamster wheel, nor do they want to file BK, settlement may be the responsible option. But also be careful about DIY. What if you tell someone to do it themselves and they get sued? All of a sudden, that advice isn't so great. Of course, everyone says they like to do things DIY and not spend money, but when it comes to important things, you probably want the RIGHT pro or company. (I pay someone to do my taxes, manager my 401k, fix my car, etc., although those are all things I could TRY to do myself. Furthermore, a debt settlement and negotiation coming from an attorney's office (who can also file bankruptcy, and there-in is the real leverage) will have far more impact than from a consumer. So, the hard part is finding a good settlement company and a honest salesperson. There are some out there, but hint: they AREN'T the big companies doing the most marketing! I wish I was still in the business, but I could give people some questions to ask any debt settlement company to make sure they are legit.
Some companies will check your credit score before hiring you nowadays. Another strong reason to keep a good one. Also, any company charging a deposit for utilities will look at your credit score too, to determine the deposit you pay.
Hi! Another freelance comment/question. I would love to discuss honestly just a bunch of stuff about freelance work as I am currently trying to slide into the game. I am the first person in my family to look to a different way of working, and it can be quite difficult to navigate without any guidance.
That was a very well done explanation. I always got a predatory feeling from them so I'd never looked into it.
Student Loans: can’t declare bankruptcy, can’t do debt settlement.
It’s ironic that the type of debt that is supposed to be for the investment of the country’s future is the hardest to get out of..