GHS Solutions: DO IT YOURSELF!!! Creditors will work with you, but may NOT work with debt settlement companies DelRay Beach Florida
After conversations with GHS Solutions and Halo Debt Solutions this week, I am concerned enough to write this. In June 2008, prior to hitting financial bottom (but I saw it coming due to medical bills and reduced income), I started working with Debt Free America. Debt Free America does not negotiate to reduce balances, only interest, and at that, only 4 of my 8 creditors would work with them; 3 offered payment plans even better than Debt Free America could get, and 1 declined to help at all. Because all were NOT under Debt Free America's plan so I still had other payments to make directly, I have continued to decline financially.
(Note that Bank of America is fantastic to work with. While balances were not reduced, interest was dropped to 3%. Dealing directly with them has been a pleasure --and, no, I don't work there.)
However, I'm short $1900/month due to our changing economy -- I'm in real estate -- and because I generally work two jobs, which I have not been able to do because of treatment for cancer. (I DID work 60 hours/week during all treatment, but I was not able to keep up with my normal 70-80 hour week so my income is way down.)
In any case, the point is to be careful with the debt consolidation offers. Your creditors may NOT cooperate with the debt consolidators, it will ruin your credit (although that's a non-issue at this point), and you will still be in dire straits if all debts are not reduced and you don't have enough money to cover the debt consolidation plan AND those of your creditors who will not work with them.
Reps at debt consolidation companies definitely sound like commission-only sales reps to me -- they wanted to be sure I "qualified" for their services. Right! The eMails and phone calls started within minutes of filling out brief online questionnaires. So be careful. Examine all options. Many financial counsellors and attorneys will give a one hour free consultation. Ask trusted, knowledgable friends to refer someone. There are too many hungry people out there now and you need to protect your hard work and what money you have remaining.
Good luck to everyone reading this . . . you wouldn't be here if you didn't need it.
DALSF
Sausalito, California
U.S.A.