Has anyone ever used a debt reduction service?

@cafay1 (257)
United States
February 27, 2007 6:29am CST
I see the ads all the time. I even called on once and was told that because my debt wasn't enough they couldn't help me. Has anyone found this service benifical?
1 person likes this
7 responses
@ESKARENA1 (18299)
1 Mar 07
lol my friend ive had exactly the same experience as you. My debt wasnt big enough so they couldnt help it struck me as odd at the time i felt desperate but then i turned it around myself blessed be
1 person likes this
@cafay1 (257)
• United States
1 Mar 07
That is awsome. Good for you. I am trying but it isn't something that you can take care of over night. It can be so demeaning. I had to quit my job and we lost my income due to illness and it has been 3 years and we have not recouperated yet. Good luck to you.
1 person likes this
@ESKARENA1 (18299)
2 Mar 07
yes i was ill for a year and we lost a lot of money but things are starting to turn round now
@SheraPop (84)
27 Feb 07
Sorry i didn't either... when I called they told me I wasn't in enough debt.. I owed 4,000 on my car and was living off of £57.00 per week and the pay out was £205.00 per calender month.. It wopuldn't have bneen so bad but I bought the car, two weeks later it blew the head gasket because it was faulty and when i went back to the garage they had gone bust, so I eneded up paying 11 grand for a duff car!! They seem to take a ballpark figure of about 5 grand before you are eligible for help, but I think they should assess your income related to the amount you owe. What really annoys me is all the adverts on tv and in papers by companies practically begging you to borrow their money.. no wonder so many of us are in debt!! Hope you get something sorted x
1 person likes this
@cafay1 (257)
• United States
27 Feb 07
That is what I was told also. Thanks for your reply. Sorry to hear about your car. Hope things are better for you now.
27 Feb 07
Comme si Comme Ca... car's paid off but got married to an idiot... im just unlucky i guess ha!!
1 person likes this
@hoghoney (3749)
• United States
28 Feb 07
I tried a place one time that said they help you get your bills paid and get you out of debt but I had to give them my pay check every week and then they took my money and paid some to everyone that I owed but my most inportant bill were getting behind and I had no money for anything because I had to give it all to them so I stopped going to the place. I dont think they are as good as they say.
1 person likes this
@cafay1 (257)
• United States
1 Mar 07
Wow, I don't think I would like anyone having that much control over me. I have heard that some people have a problem with some of those companise. I hope things are better for you now.
@villageanne (8554)
• United States
28 Feb 07
Yes, we are currently in a program. It has pros and cons. We were told that we would be debt free in five years. It has been over 5 years and we are better off but it is not paid off yet. The program did get the interest rate down alot. They sometimes pay our payment late and so there is a fee for late payment. We pay them out of our checking account 21 days before it is due and they still pay it late. It is automaticly taken out of our account. We were 10,000 in debt. We still owe about 4,000. We ahve not used a credit card for over 15 years and we were just not getting anywhere by ourselves.
1 person likes this
@cafay1 (257)
• United States
1 Mar 07
I am in almost the same boat. I am thinking of checking into a company or two to find out more. Good luck.
@winky73 (1396)
• United States
27 Feb 07
I used one of these services a few years ago.It really helped me as far as getting interest rates and late fees reduced.All I had to do was make one monthly payment to them and they took care of the rest.Plus they helped me figure out a budget where I was able to track all my spendings.This was a nonprofit organization.....I'm not so sure about some of the ones you see on TV.I just looked in the local phone book. If I remember correctly there was no minimum on how much debt you had to have for them to help you. It's always good to check places out first before you trust them completely.....a lot of people will try to take advantage of your missfurtune.
@cafay1 (257)
• United States
1 Mar 07
Truer words were never spoken. It is amazing how many companies out there will do this. I think you made a good point about the non profit org. Thank you.
@ElicBxn (60895)
• United States
27 Feb 07
I tried an early version of this back in the 1980's, I think it was. Made things worse for me.
1 person likes this
@cafay1 (257)
• United States
27 Feb 07
Wow, sorry to hear that. That is what I was afraid of just when you are down and out and need the help some comes along and wants to take advantage of it.
• Canada
19 Apr 07
I haven't used a debt reduction service, but some people I know that have have said that it made them worse financially.