Debt relief –oops!
I recently got in a debt relief program with five lakes and my credit score has dropped tremendously. I had over 20,000 in credit card debt and two loans. Paying back multiple payments on all of these were beginning to get overwhelming. It seems to be working for me although I have to wait for a settlement which could take months while my money is in a holding account. I feel stress free however I don’t know if this was the right thing to do. I just started the program 2 months ago. Should I stick with the program or do you recommend another solution?
Terry Says
You’ve done it now — ruined your credit because they told you to stop paying and set aside money so they could negotiate. I’ve warned against this for years! I have no advice now.
But for others reading this, please call 800-388-2227, which will put you in touch with the nearest local agency of the National Foundation for CreditCounseling. This non-profit will help you pay down your debt without totally ruining your credit.
