Debt settlement is going to negatively affect your credit. That being said, whether it’s really going to get worse – and by how much – will depend on what your credit rating looks like today. [...]
In a debt settlement program, creditors are not paid until a settlement is reached, and there are some risks associated with that. The primary risk is that being in a debt settlement program does [...]
In my experience, once an individual completes a debt settlement program and is debt-free, it generally takes about 18 months or so for the person’s credit to bounce back to the level it was at [...]
A debt settlement notation will remain on your credit report for seven years from the date of the settlement. However, as a practical matter, once all your debts are settled and you’re debt-free, [...]
When you settle a debt, it will appear on your credit report as “paid as agreed” or “settled,” both of which are negative notations. It will come off your credit report seven years from the date [...]
Is it better to accumulate debt settlement funds on my own or to have the debt settlement firm keep them in a trust account (escrow) for me?
If you’re going to go through the debt settlement process, you’ll have to decide whether to accumulate the funds on your own or give them to your attorney to keep in his trust account. I think [...]