do ypu think debt free companys really clear you debt for you?

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hi i just wanted to know do you think that debt free companies really clear your debt for you???what do you think????please let me know about your thoughts about this???

6 Comments
  1. Reply
    Common Sense
    July 21, 2011 at 2:55 am

    No, they’re usually scams.

  2. Reply
    Wayne Z
    July 21, 2011 at 3:04 am

    Of course not.

    There are are two ways to clear your debt: Paying it off or bankruptcy.

    Debt settlement is just an option other than bankruptcy when you end up way over your head. Either way, your credit is trashed.

  3. Reply
    Dixie Darlin'
    July 21, 2011 at 3:06 am

    No, they usually are not legitimate or charge you really high excessive fees.

  4. Reply
    Lil_Dog
    July 21, 2011 at 3:20 am

    most of them want your money up front, and they don’t do what you think they are going to do for you

    most of them are scams and are being investigated by a lot of state’s attorneys general

  5. Reply
    Ryan M
    July 21, 2011 at 3:24 am

    They are mostly scams. Even if one DOES work, they MUST destroy your credit for 7 years to even begin to work with the creditors.

  6. Reply
    Sgt Big Red
    July 21, 2011 at 4:08 am

    No, most of them are nothing more then scams. They can clear you of debt simply by having you file for bankruptcy. It does reduce your debt but it also ruins your credit rating for a period of time (depending upon which bankruptcy you can use).

    Many will simply stop payments and wait for your creditors to take collection action, then they will offer a reduced payment (this also hurts your credit rating).

    The Federal Trade Commission says it has never seen a legitimate credit repair company. The FTC has crafted a series of rules they must obey.
    Credit repair companies are not allowed to take money up front before they do any work. They’re not supposed to make false claims about their services. They must tell you that you have three days to cancel and then honor that waiting period. And they have to give you a written contract that includes the price, the precise services they are offering you, the length of time it will take to get results, any guarantees and the company’s official name and business address.

    Here are some signs that any company could be a scam.
    1. They advertise directly to consumers on the radio, the Internet and on telephone poles!
    2. They claim they can quickly fix your credit situation, no matter how atrocious it really is. These grandiose claims are one of the signs to watch out for.
    3. If a company asks you to pay for credit repair services up front, that’s a bad omen, indeed, because it’s illegal.
    4. Credit repair companies often discourage you from contacting the credit bureaus directly.
    5. If somebody suggests that you apply for an employer identification number and use that instead of your Social Security number when you apply for credit, that’s a telltale sign of fraud.
    6. Credit repair scammers may advise you to dispute all the information in your credit report, even entries you know are true.

    Hope this helps answer your question.

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