Debt settlement was something I had not wanted to do, but I got myself in over my head. At one point I was actually taking out cash advances to pay other credit card bills. Until I could not borrow any more. We I happened to receive a post card from one of the debt repair companies, Americor, and gave them a call. I was so hesitant because there is a lot of fees involved in the process, but I was out of options. Well I signed up and they paid off about $15000 in debt for me. The process is scary because you have to be so far behind before they can make deals with the card companies, but within a couple of months, the calls stopped.
I signed up with Americor in 2017, and had all of the cards settled within about three months. They offered a loan program if you paid on time for 15 months, so that is what I pushed for. Now all of the debt is paid. My credit score went from 700 down to about 500 before the loan, but it is now is is around 660. It has been about two years, and it is finally looking up. I have a payment of $200 a month for about 4 years, but I am paying more and will have it paid in full by the beginning of 2021.
I would possibly check into other companies if possible. I am not completely happy with how Americor does their payments. It used to be I could send an email to add extra to my payment, but now I have to call and wait on hold for a while. This is so frustrating, because if I have the money I want to pay this debt down as soon as possible.
I do still have debt, and have been working hard at paying everything off. I will have my vehicle paid off by the beginning of the year, about a year and a half early, and I am paying down a $15000 credit card that I did not want to put into the program.
I do not recommend doing debt consolidation, but there are times when we hit a wall that we cannot climb. The biggest step to avoid this would be make a plan of action before it gets to the point of no return.
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