![]() Thank you so much to anyone who has insight. Is this an awful idea that these people are just trying to sell me on? Can anyone explain if this is normal? I already own a home and have a newer car with a lien, so I don't need to make any major purchases requiring credit.ĭoes this sounds like a normal path to take or am I screwing myself here? It seems like it may be a better option than slowly paying down ~$30k in cc debt that continues to acrue high interest. So, I will save money and no longer get buried in interest with the side effect of my credit being impacted. It sounds like my credits will be closed, losing those lines of credit forever and my credit report will have some sort of negative impact due to the accounts being on hold or something until that settled debt is paid off. What I am lost on is how this works since it isn't a loan. They apparently attempt to settle the debt to ~$15k and then I end up paying fees so I pay the ~$23.7k mentioned earlier. They also said I have to build money in the account for 3-6 months before they make the deal with the creditors, but my accounts will be on hold immediately and I won't be making CC payments during this. What I don't understand is, they are working with Beyond Finance where I open some account and this is where I deposit the $495 each month and apparently then this money gets sent to the creditors (the two credit cards I have debt with). This all sounds good to me since I am paying like $700 in interest currently on two credit cards. They also said I can pay ahead and close it out early. So I am saving thousands and have a manageable payment. Turns out, they can't give me a loan through other lenders, but they are trying to sell me on some sort of debt restructuring program that is over my head.īasically they are promising $495 for 48 months which turns out to be ~$23,700. I get lots of junk mail about debt consolidation about this now. So I screwed up and have ~$30k in CC debt. Please feel free to continue educating me on ways to fix this though. I haven’t signed/submitted yet since it seemed weird. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.Įdit: I won’t to through with it. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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