Information on "Debt Elimination Program"

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

Margaret

Joined: 13 Nov 2009
Margaret's page
Posts: 78

-146 Magic Points

Subject: Information on "Debt Elimination Program"

Mon Nov 16, 2009 4:15 pm

I found a site that states if you give them $3000.00, your statement payment + $43.00 they will make the paymt on your account with their check stating they are the new owners of this account and if cashed the bill is paid in full and that the credit card company now has a contract. Once the check is cashed you are free from it and they take it over??? Could this be true??? The name of the company is: Integrity Debt Relief Group. Have you heard of them??

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Mon Nov 16, 2009 4:36 pm

I have never heard of something like this. I would really approach this with caution. How do you know they will not settle the debt for less and have it mess up your report. You know how original creditors and collectors are always listed on your credit report? Well even if you sell your debt YOU are the original borrower and I would think whatever they do with the debt would be reflected on your report. Why not just call and try to take care of the debt yourself. Ask if the lender would consider a debt settlement. It woudl be a lot safer.

debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 594

99 Magic Points

Tue Nov 17, 2009 12:11 am

Hi Margaret,

Usually when things seem to good to be true they usually aren't. So if it was me I would be scared to trust them.

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Tue Nov 17, 2009 2:17 pm

I would not advise anyone to go this route. You are correct most are too good to be true. The safest loans are always the ones through your local bank. I believe these people just purchase the debt but when they use the money to settle your debt the adverse marks will appear on the persons credit record. Just thin about it. It would be pretty bad for credit card companies if someone purchased someone elses debt and then said to the company "here is $500. Too bad about the other $3000". They would not just let something like this go. It would at least appear on your report for you would be the original owner.

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.