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I recently spoke with a representative from this company who has explained they can lower my credit card debt through a hardship program. It is quite an attractive thought which is why I am leery of it. He said the company is approved by FTC and BBB.
If anyone can help me understand this company and how legitimate they are, I would be very grateful.
Last edited by NYgal1542; 02-25-2016 at 02:41 PM..
Reason: Added text.
I recently spoke with a representative from this company who has explained they can lower my credit card debt through a hardship program. It is quite an attractive thought which is why I am leery of it. He said the company is approved by FTC and BBB.
If anyone can help me understand this company and how legitimate they are, I would be very grateful.
I've never used a freedom debt program but I've heard that these programs take advantage of people. You've made the first step (acknowledging the problem) make up your mind to do it on your own. You'll feel a great sense of accompaniments once successful especially on your own. There is a good book about snowballing debt and if you stick with it, it works (that's what I did) and you don't need to pay someone $1k to do it. Can anyone help me with the name or a link to the book? It's slipping my mind right now.
There's alot of good reviews out there on them.. But.. Remember.. It don't take much of a greased palm to get someone to write something good..
That is to assume they are already in trouble and I'm not sure what the company can do. If they can grease palms then it's going to cost her plus some. If there is a good reason they can write a letter (themselves) that explains the situation and they it can be put on your credit report.
It was along time ago for me (before Ramsey), I didn't know about him I did the snowball pay down and also kept tabs on my credit score as another marker for my progress. I made it a game and while I entertained myself (and learned) by researching handling money. I read rich dad poor dad and cash flow quadrant. There were other books and internet reading, even did a study on how the rich view money differently than the poor and the middle class..
Determination worked. The peace of mind is worth it, you feel better about your life with more control over your money, and when you pay down debt you have more money to SAVE and invest.
Paying down bad debt was the best thing I ever did!
There's alot of good reviews out there on them.. But.. Remember.. It don't take much of a greased palm to get someone to write something good..
That review from Consumer Reports says you should run, not walk, away from these folks, NYgal2NC. I know you already looked into the non-profit consumer credit counseling organizations and decided they were too costly. I think this outfit would be far worse.
I agree with petch751 that you should do it yourself. Write up a hardship letter that explains why you feel you should be considered for a hardship. Then, add a heading/greeting and first paragraph specific to the creditor so that each letter is personalized. You can find the addresses for their consumer relations/customer service department on their websites, and maybe even a contact person. That will only cost you some time, some paper and envelopes, and some stamps.
I would personally stress that you've been a good customer and that you're trying to pay your obligations and that you don't want to declare bankruptcy but that you're a senior with a fixed and limited income.
I'm personally not a Dave Ramsey fan because he advocates paying off the smallest bills first. I prefer to pay off the highest interest first, but I think you should do what works best for you. If you would feel better getting rid of Bill A in 3 months and then using that money to tackle B, C and D, then go for it.
That review from Consumer Reports says you should run, not walk, away from these folks, NYgal2NC. I know you already looked into the non-profit consumer credit counseling organizations and decided they were too costly. I think this outfit would be far worse.
I agree with petch751 that you should do it yourself. Write up a hardship letter that explains why you feel you should be considered for a hardship. Then, add a heading/greeting and first paragraph specific to the creditor so that each letter is personalized. You can find the addresses for their consumer relations/customer service department on their websites, and maybe even a contact person. That will only cost you some time, some paper and envelopes, and some stamps.
I would personally stress that you've been a good customer and that you're trying to pay your obligations and that you don't want to declare bankruptcy but that you're a senior with a fixed and limited income.
I'm personally not a Dave Ramsey fan because he advocates paying off the smallest bills first. I prefer to pay off the highest interest first, but I think you should do what works best for you. If you would feel better getting rid of Bill A in 3 months and then using that money to tackle B, C and D, then go for it.
I understand both schools of thought (smallest bill or highest interest rate). and tugged with it myself but think for many people the smallest may be best. This is not an easy road and paying off the small debts give a sense of accomplishment and hopefully encourage them to keep going. Then again, you pay more with higher interest rates.
See the tug of war lol, I lean smallest... Who ever does it has to decide.
Thank you!! I appreciate your taking the time to find these sites. I will delve into them and do what they recommend. I have only been able to pay minimum payment on all of them; would take a long time to get debt free at that rate!!
Thank you!! I appreciate your taking the time to find these sites. I will delve into them and do what they recommend. I have only been able to pay minimum payment on all of them; would take a long time to get debt free at that rate!!
You're welcome. I've been where you are, there is money to be found, extra to one bill, then you're rolling. Good luck, again, it's worth it. I always encourage it because I know what a positive difference (big difference) it made in my life.
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Who ever does it has to decide.
