CreditSolutions.com

Try CCCS instead. It's Consumer Credit Counseling Services. My sister worked for them years ago when she was in graduate school, and she now has an MBA and a Ph.D. in business, so she knows her stuff. She highly recommends them. They are sponsored by some of the big credit card companies (or they were when my sister worked there in the early 90s, I don't know about nowadays), because it's in those companies' best interest to get some of the debt paid off and let people get themselves in better spending patterns than it is for the companies to have to just write off the debts as people declare bankruptcy. They can negotiate payment schedules for you. You still have to work hard at paying off the debt, but at least you have a plan how to get there.

M.,

Honestly....I would not do it! My husband and I recently do this. We used (I3 Solutions) they are located in McKinney and that is correct you are to stop paying on your credit cards/debts. These companies go back and forth with the debtors to "argue" your debt. While they are waiting for a response from them your credit score goes up. You will receive letters from the 3 major credit bureaus confirming it has gone up. Unfortunately, they do not tell you your new score is temporary and will only last 3-5 months we had to find this out from our realtor! Then when the debtors reply back to them and confirm you do owe them so much, your credit score goes back down. We payed a good amount of money for this service and were suppose to receive our letters from the credit bureaus in 30 to 90 days. It has been well over 90 days now and when we try to get an explanation from them about what is going on we get the run around. We are trying to buy a new house and that is the ONLY reason why we used one of these companies. I hope this helps!

Hi, we looked into this at the beginning of the year and instead went with CAreone to consolidate our debt into one payment. They negotiate with creditors to bring the interest payment down. So far I'm happy with our decision. We also looked into debt settlement and just didn't feel like that would be our best option.

Also, at the same time we started going to a cash envelop system and I have to say that it is amazing. I feel like for the first time we are doing something right. I had always been against a budget of any kind thinking that it would be burdensome but it is the exact opposite. It is so freeing to have cash and know how much I can spend or not. I'm seeing the power of saving for something, which I never understood before.

If you are not familiar with the envelop system it works like this: after every paycheck, withdraw a certain amount of cash and put a decided allotment into envelops for various expenses. We started with 6 envelops since we were new at this: grocery, gifts, medical, gas for DH, and spending for both. After a couple months we added more categories and in September (when income goes up) we already have ideas for more. I am pretty sure this is from Dave Ramsey but you could probably google it to find out more.

Hope this helps and take care,
M.

Don't do it. I just read on cnn or wfaa that the attorney general in KS or MO just filed some criminal inquiry thing against them. The link is http://www.dallasnews.com/sharedcontent/dws/bus/stories/D...

:)

I have a few friends that actually used to work there....I would not suggest using them (or any debt settlement company)! You pretty much pay for things you yourself could do! I have heard several raves about the Dave Ramsey financial diet! Hope this has helped!

Do not do it!!!! They will just ruin your credit. Check out Dave Ramsey's website. http://www.daveramsey.com

He is also on The fox business channel every night at 7pm and 11pm and on AM 570 from 1-4pm every day. Check it out! But whatever you do, don't do any debt settlement companies. Not a good idea.

You will get through this! I'll be praying for you!!! :)

M., to echo what others have said, do NOT do this! Every major news station over the last few months has had a multitude of financial experts on, all who have warned against these type companies. These experts all recommended that you first try to negotiate with your creditors which works best when you are up-to-date with your payments. However, I would give that a shot no matter what your payment history. If you can't negotiate your payments down and are or about to get into real trouble then the non-profit agency CCCS (don't remember the whole name) is the only place you should go for help. From what I understand, they are usually successful in getting your payments and/or your interest rates reduced or both. I believe you pay them and they pay your creditors whatever has been negotiated. These tough financial times have hit almost everyone I know in some way or another so you are in a very big boat. I wish you the very best in getting this worked out.

DON'T DO IT. My husband use to work for them. If you want to settle then stop paying and in a couple months you can settle yourself. DOn't pay someone else to do something you can do yourself

I don't know anything about credit solution companies except they are making money on what you can do yourself.

Fortunately, we do not have issues with credit but I do know that they work much like the companies that send you notices that say your home appraisel is too high and they will fight it for you (FOR A FEE).

Just like with home appraisels....all the info is available and you can do it yourself.

Like I said, we've not dealt with credit issues but we are very much numbers people and good negotiators. I would think a credit card company would prefer to work with you directly and cut you a deal. This cuts out the middleman and extra costs. I know in our business, if someone is honest and direct with us...they get a lot more credibility.

Good luck.

I looked into that company and went with Setlan Financial instead. They just seemed more honest. You have to stop payments, but it's easier to buold your credit back when you are debt free.