Credit repair services, can i do what they do?
those companies on the radio that state they will negotiate with your creditors to reduce your debt up to 60%, what is it that they negotiate, can i call them up myself and negotiate? how does that work, because currently I am trying to pay off everything, and i want to let my banks know that so that maybe they can try and meet me half ways by lowering my interest rate, because they want there money and I would think they would do whatever to get it? PLEASE ADVISE!
Public Comments
- Some credit counselors can do this. Beware, if the creditor accepts this, it may save you some cash in the short run, but have long term consequences. Even if it's paid off, your credit report will show "not paid as originally agreed" or some similar notation. It will also mark you as participating in a "hardship plan". Not only future creditors look at reports. Employers, landlords and insurance companies look at them to see if you are dependable.
- Yes! If you have credit cards and have been paying at least the minimum on time for the last six months just call the customer service number on the back of your card and say "I have been a customer for (however long) and in the last six months I have paid at least the minimum payment on time and I would like my interest rate reduced to 9.9%." They should say ok let me look up your account and than reduce it for you right than and there. If they dont ask to speak to a supervisor and if the supervisor tells you no (they shouldnt though) tell them you will be taking your business else where. I have done this with my credit cards and it worked no problem. The only thing is that department store credit cards will not reduce their interest rates only the major credit card companies like capital one, chase, and those like that.
- There are a lot of services that offer debt negotiation, but its important to go with a trusted company. Ask how much they charge and be fully aware of the costs. You can try to negotiate yourself but you need to be informed. I know a company called Debt Fix and they have heaps of free info on their website about dealing with credit providers and debt collectors - check them out www.debtfix.com.au
- www.creditinfocenter.com buddhibbs.com Federal Trade Commission
- Of course you can do. You can even do more and it will cost you less. Take a look at this series of articles: http://www.usaindebt.com/2007/10/02/getting-out-of-the-debt-hole-part-one/
* Some answers may have been provided by Yahoo! Answers.