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  1. #1
    Join Date
    Mar 2006
    Posts
    3

    financial assistance

    Just wondering if anyone knows anything about these services that offer assistance to pay your credit card debt. Supposedly, you pay them every month for a set time. They in turn contact your cc debtors and negotiate a payoff of your accounts. Anyone know anything about these services. Are they legitimate?

  2. #2
    Join Date
    Aug 2005
    Posts
    811

    Re: financial assistance

    personal experience :Yes they are helpful.

    but I advise to see if you can just get a personal loan first to loewr your debt first.


    My situation, I coudlnt' even qualify for a loan, so I decided to try one of the services out. And its working out, better than I expected. they negotiated with BoA to lower my interest rate from 19% a month to 9% a month and my sears went from 29% to 18%. I started this back in November, and will be "done" in just only 6 months from now.

    The company Im going through is American Financial Solutions aka Care One Credit:
    http://www.careonecredit.com/

    Now, remember, I am forewarning you that this is a "last ditch" type effort to lower your debit. During the time if you are participating in this program, you will not be able to:
    apply for a loan for any reason
    apply for a credit cards
    and it can "negatively" affect your credit history during the time you're in the progrma and may up to 1 year affect your credit score (it will show up on your credit report that you went into a debt consolidation program). It could last longer; or not; depending on whom you are applying for credit with, once you're done with the program.

    My credit is already shot to hell so I figured that I would try this out; it isn't going to harm me even more than I've done on my own; and this is my last ditch effort to try and get out of debt, SO I CAN work on my credit score.

  3. #3
    Join Date
    Mar 2006
    Posts
    3

    Re: financial assistance

    Thanks for the advice. We are in just about the same situation. We didn't know if it was some sort of a scam. What if someone doesn't go along with this? That's the only question I forgot to ask.

  4. #4
    Join Date
    Sep 2004
    Location
    Reality
    Posts
    947

    Re: financial assistance

    Easy answer: Avoid debt.
    Hard answer: These things do work but will scar your credit just like a bankruptcy.

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