I worked with a debt settlement company. They were pricey but it worked out well. I dont think if I would do it again if I had to and would save the money by doing it for myself.

Just to throw it out there I personally had a pretty good experience with a debt settlement company not that long ago. My only complaint is that yes it was pricey by the time it was all said and done (approx 25% of the amount they saved me). That being said it was worth it to me to have a barrier between myself and the bill collector so I never had to worry about being harrassed.

With that in mind, if it was a large amount, the costs might not make sense and truthfully now that I know whats involved if I ever found myself in the position again (lets hope never!) I would do it myself. You generally have more rights then you first think if you deal with it.

Basically, they arent all bad, but its definetly shark infested waters if you go in unprepared...just do your homework and be ready for the costs involved.

Very well put. Its not they decided one day it was wrong to be a bill collector; they realized they can more money on the other side.In my opinion you can get a better deal with a collection agecny if you know how to negoitate then through a debt settlement company.

Very well put. Debt settlement outfits are ex-collection agents collecting for themselves hoping to get a bigger piece of the pie (or I should say carcass). Easier pickings too because the clients come to them whereas when they were collection agents, they ran. Now it's like catching fish in a barrel for them.

By the way "growelpro", not everyone on the forum is a PR spammer although, goodness knows, they are lots roosting here.

We discussed debt settlement but i settled all my debts myself with the knowledge i had from previous years.I always like to ask debt settlement questions just to see their response.In my opinion the only difference between a collection agecny and a debt settlement company is one is more polite then the other.

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by average_joe » Fri Jul 30, 2010 06:48:16 AM

Ottawa Chap,

I never received any help from richard c to settle my debts.If you read my previous post; debt settlement was brought to my attention in the 90's from a gentlemen that does bankruptcies for a living.

So, Joe… Further to your comment above, surely there must be some reasonable explanation then for all this off-forum communication between the two of you? By the topics, it would appear that you two were discussing debt settlements. Care to explain?

http://blog.totaldebtfreedom.ca/2010/08/is-diy-debt-settlement-easy/

Agreed...
Debt settlement is for those individuals who are in trouble financially and need a bankruptcy alternative. It's good to have a service provider who knows the ropes on how to reduce your debts and work with the creditors...

Ultimately, if somebodies in a situation where they need a debt settlement company, they're probably under alot of stress and don't need the learning curve, or the headaches associated with doing the actual work related to debt settlement.

One of the many good things about debt settlment companys is that when a individual is in finantial trouble it often is because something else has happened, like Divorce, disability, death, job loss, ect... The individual in this instance will probably be overwhelmed mentaly and emotionally by there other circumstances, added to that they have to deal with the stress of there financial problems. There minds will already be so overtaxed by the circumstances that to learn how to deal with there debt negotiations. They will also have to do this at the same time as negotiating the other crices in there life. Like helping there children through the divorce. The stress of dealing with there debts on top of there other issues will have a negative affect for most people on there ability to be a good parent, spouce, job applicant. They may chose to pay someone to do it for them because they can not afford the stress involved. Don't forget that the debt collection industry has many tricks, and how is the average person to know these things without experience.

I am going to post up some terms of usage on this site....
I don't like the tone of this thread...

We're here to help people understand their money and get the low down on the industry... I'm not excited at all about the derogatory comments that are written below....

Please... keep this discussion forum respectful and helpful... that's what we're here for

Ladyincredit,

Here is an email i received recently.

Often we can remove collections that have been placed on your credit report. Many of the items reported on a persons credit an not in compliance with the provincial collections Act. In many cases the information is stated wrong or simply false data. Other times the collector simply does not have the back up to verify the accuracy of the account and we will ask them to remove the items and comply with the Act.

We charge a flat rate of $499 plus GST and that includes 12 months of Identity Theft insurance ($25,000.) with no deductable. Also you get 12 months of credit analysis and our score booster clinic. Essentially, we will work on your file for up to 1 year even if the item gets deleted in 1 month; this way we can help boost your score for you too.

We are able to break down your payment if you need help with that as well. Let me know how soon you would like me to put your file into the credit lab. Removal of collections can take anywhere from weeks to 3 months on average so the sooner for us to get started the better for you.

Best regards,

Sheldon H Wolf

President

Canada Credit Fix Inc.

102 - 10820 - Twenty Fourth Street SE

Calgary, Alberta.

T2Z 4C9

Bus. 403.279.3646

Fax. 403.301.5380

www.canadacreditfix.com