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Debt Relief – Insolvency – Bankruptcy Information » Debt Relief » Has anyone had a good or bad experience with debt relief companies like credit relief today?

Has anyone had a good or bad experience with debt relief companies like credit relief today?

Credit Relief Today offering negotiated down debt relief resulting in what they say is at least 50% of your debt being erased. They said there is a 10% fee of original balance and your fico could drop significantly. They went on to say that if you owe more than 30% of your balances, that your fico will begin to drop anyway. Anybody have any educated experience with a relief program like this?


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4 Responses to "Has anyone had a good or bad experience with debt relief companies like credit relief today?"

  1. redwolf470 says:
    The problem with most debt relief companies is that there are up front fees and back end fees. As you are aware, they charge 10% up front. The problem is that they usually have no arrangements in place with your creditors, so they rely on you defaulting on your credit cards. They tell you not to pay your creditors anything, ignore the calls and letters. What typically happens is that the creditor usually charges the account off after 6 months, and either puts you through collections themselves or they sell the account to a debt buyer for pennies on the dollar. Then the debt buyer puts the account in collections.

    When you settle an account, if you save more than $600, the creditor send you a 1099-c for unearned income. You end up paying taxes on the money you saved.

    You also end up paying them another 10% of the money saved as a fee.

    Also, your credit score drops a minimum 45 points for each settlement.

    It’s a three way loss.

    1 – You end up paying someone a lot of money.
    2 – Your credit score takes a major hit/hits.
    3 – You have to pay the government.

  2. David S says: and my stepfather went through debt if have already defaulted on your credit cards,youre score is already going will continue fropping every score was 720 before defaulting.i defaulted on 2 credit cards in order to end a financial score dropped to 550 in a matter of 4-6 mos.i dont know what youre fianancial situation is,but if you have a lot of debt,find a good debt settlement company that can settle the stepfather had to go through debt settlement because of a mixup and his creditors raised his interest rates to 30%.he owes $ situation was different i owed about $10k to my creditors.i tried going through two diiferent wanted to charge a fortune.the other was just taking out fees.after i started getting phone calls,i finally decided to settle the debt myself. i got everything in writing from the creditors,and i settled the debt at 40%.another thing they might not have told you is that what ever amount you save counts as taxable income for the year that you settle.i would not worry too much about your score.once the debt is settled,it should read $0 balance and say settled.once that happens,your score will go back up.There are a lot of people that are doing this right now,so dont feel that youre the only one.youre not alone.this could get you out of financial trouble much quicker than trying to pay back the creditors,and it could save you a fortune.good luck.
  3. stanleygallor says:
    Hi Scott B,

    A good way to find out could also be by checking out the Better Business Bureau for any complaints against Credit Relief Today The BBB has rated this company as an A and there seems to be no complaints registered with the bureau in the last 36 months. You may still want to ask friends or other individuals who have worked with this company.

  4. Max says:
    Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service –

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