Comments on: Debt Management: Debt Settlement a SCAM?

By: baddebtconsolidation

baddebtconsolidation — Mon, 18 Jan 2010 18:02:43 +0000

Have yo made use of a debt consolidation service? If so how do you find out about it? Did it work for you?

By: baddebtconsolidation

baddebtconsolidation — Mon, 18 Jan 2010 17:30:59 +0000

Interesting point you made, but have you gone through a similar experience and was it more successful than what Suze says here?

By: VF5

VF5 — Mon, 18 Jan 2010 17:00:17 +0000

Suze Orman is correct; just that the title of this video is misleading.

By: VF5

VF5 — Mon, 18 Jan 2010 16:04:40 +0000

I work for a non profit consumer credit counseling, so I know about consolidating and settling debt

By: VF5

VF5 — Mon, 18 Jan 2010 15:37:13 +0000

You are correct. And just to add, if one really needs to settle as their only option, it is better to contact the creditor and ask for settlement themselves. No need to work with any settlement company because it won’t do anything good.

By: mufaruk

mufaruk — Mon, 18 Jan 2010 15:19:44 +0000

I will never advise a lay person to watch this video and be misled, she is talking in a particular context; first she should clarify what she is talking about; any good presentation starts with definition of terms and scope of presentation.

By: TonyTellsItStraight

TonyTellsItStraight — Mon, 18 Jan 2010 15:11:05 +0000

A large majority of ‘facts’ in this video are incorrect or misleading. All of them direct you basically to pay the banks as much as possible.
Facts:
1. Banks would rather negotiate with you then a professional company because a professional WILL get them to settle for less(20-50%)
2. CCCS will freeze your credit anyway, if not ‘damage’ it, and again, banks make more money when you pay in full via CCCS then settlement.
3. Suze here is on the take from FICO. Knew it when I listened, found ver

By: nodietsnopills

nodietsnopills — Mon, 18 Jan 2010 15:06:51 +0000

Suze is 98% wrong!!!! She is the paid spokesperson for FICO. Ive been in finance for over 20 years; ANYONE enrolled in CCCS will have damaged credit. Each account enrolled is reported with an intervention statement. Dont believe me, go to a CCCS website and check the FAQs. They state they dont report, but the creditors do For goodness sake CCCS is paid by the credit card companies. They are a non profit so check their books. Its a glorified collection agency.

By: nodietsnopills

nodietsnopills — Mon, 18 Jan 2010 14:53:21 +0000

The only things dear ole Suzy said that was correct. Any company that charges an upfront fee and a monthly fee like the one in the video probably is not the best idea. And yes in settlement you can have a tax liability. Thats the 2% accuracy. But in another video she says that if your insolvent/hardship. The IRS will not force you to pay taxes.

By: nodietsnopills

nodietsnopills — Mon, 18 Jan 2010 14:50:31 +0000

Finally, folks, ALL debt management programs hurt your credit. The banks lowering your credit limit hurts your credit; the banks closing your accounts and raising your rates hurts your credit too. So do you want to save money or stay in the rat race? Do your homework and do what is best for you