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I started a debt settlement program 3/27/20 thinking I was going to better my credit card debt situation but I was completely wrong. After a year into the program and realizing it was a mistake, I'm trying to see what you guys would do in my situation.

Prior to enrolling, I had racked up around $15k in credit card debt between 5 creditors and felt like I was drowning. I was able to make minimum payments on time every month but it felt like I was throwing my money away and that the card balances would just never drop. I signed up for a debt settlement program, one where they essentially let your accounts go delinquent while you make payments into an escrow account that the company uses when they reach a "settlement" with your creditor. This has cost me a ton in extra fees and a major drop/damage to my credit score. Granted, I am the one to blame for not doing my research prior to getting into this.

The program as of today has reached settlements on 3/5 accounts (1 paid off/closed and 2 being paid off with structured monthly payments from the escrow account). The other 2 have higher balances and a settlement has still not been reached. I checked on annualcreditreport.com and saw that 4/5 of the cards were charged off and unable to be removed until February/March 2027.

I realize a lot of the damage is already done and probably can only be fixed with time, but is there anything I can do as damage control to possibly better my situation? I see people mentioning different things such as contacting creditors or collection agencies directly, or sending pay for delete letters.

I appreciate any insight you guys have so thank you in advance. Let me know if there is any other information you guys may need.



Submitted February 25, 2021 at 11:13PM by chris_for_you https://ift.tt/3knZquR

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