Has anyone used Credit Source to get out of Debt? Does it pay to do something like that?
Monday, September 7th, 2009 at
10:07 pm
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Tagged with: Credit Debt • Credit Source
Filed under: How To
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Not a good idea, if you need to do something like that it will be better is you just stop making payments and save that money, after 3 months call the banks and try to make an arrangement yourself, never take their first offer negotiate until the end of the six months period before they have to charge off the account and make your last offer by the middle of the fifth month they will have to choose between taking your payments or taking the tax credit they’ll get after the charge off and try to collect latter.
They will choose whatever they think will produce more money, keep that in mind when you make your last offer.
Using part of the little money you have for settlement to pay a third party… I don’t think is a good idea.
In any case your credit will take a big hit, you won’t be able to get a new loan for a long time