I have been trying to figure out what to do with this debt. I have contacted a lot of different places. I just need to know if this sounds good or am I being snowed. Should I go about this differently?
Here is an email that I received… Can someone tell me their opinions??
Creditors are Chase.
This quote is based on $17.500 in total debt. If all of your accounts were only at 18% and you were making minimum payments, it will take you approximately 22 years and you will pay at least $37,233.00 in interest and fees on top of the 17K that you owe already! Those figures assume timely payments; if you fall behind it gets much worse.
With our “Consolidation” program we will negotiate with your creditors to get your interest rates reduced; in some cases eliminated altogether. This will help get you out of debt in a short amount of time. This program will not have a negative effect on your credit because you are paying your debts back in full.
Go to http://www.myfico.com/CreditEducation/WhatsNotInYourScore.aspx. Click on “learn” and then on “what is not included” in credit score. Look for “credit counseling” which is (plan A) consolidation. Link will answer any questions concerning consolidation program and your credit scores.
Your monthly payment will be $399.00 and you will be totally debt free in 62 months or less. This represents the lowest amount that will be acceptable by each of your creditors to participate in a Debt Consolidation program. If you have additional funds available you can pay more and get out of debt even faster. Is $399.00 a payment that will be affordable for you on a monthly basis?
We do have an alternative program that will get you a lower payment called a “Debt Settlement”. Let me explain the difference. In the Consolidation program, we take all of your unsecured debts and lump them into one payment. We negotiate with your creditors to get your interest rates reduced so that you can get out of debt in short period of time. If that is not affordable, you do have the option of “settling” the debts. That’s where we negotiate your overall balances, not your interest rates. We can usually reduce your total balance down to approximately 60% of the original amount.
Go get $1000 loan online from WeGot1000. During this time frame, your credit will not be optimal as you will not be paying the debts back in full. This is more or less an alternative to bankruptcy. You will continue to receive collection calls and letters. Your accounts will be settled one at a time while the others continue to fall behind. Once each account is paid off you will receive a statement back indicating that your account has been paid as agreed or that a settlement has been made. When you have paid off the last account your credit will begin to get back to where it needs to be. We would recommend paying extra whenever you have the funds available.
This program will lower your monthly payment down to $350.00 and that would lower your time frame down to 35 months. Is that a payment that would be more affordable for you?
There are allot of details about each program that we can discuss before you make a decision but I wanted to give you some numbers to think about today.