It sounded like the answer to a prayer but Sandra wants to know if the offer is legit.
She says, "A company called saying they can reduce our debt. Due to illness and unable to work we have $46,000 in debt and they say they can get it reduced to $15,000."
There's a better place to turn; Consumer Credit Counseling Services of Oklahoma . There are many sound-alike sites so be certain you go to www.cccsofok.org.
While there are companies that handle debt settlement CCCS offers low fees, a lot of guidance and no overblown promises.
When considering debt settlement never hand over money upfront.
Be aware settlement companies cannot always convince the credit card companies to settle.
Debt settlement companies cannot collect a fee from you until your debt is settled or reduced.
Understand all the terms and conditions and get any promises in writing. You are giving them money that could ultimately go toward your debt, so you should be satisfied with the services.
Before you agree to anything, make sure you know:
How long before a settlement offer is made to each creditor.
How much you need to save before they will make a settlement offer to each creditor.
Possible consequences, should the settlement company ask you to stop making payments to your creditors.
Consider your options:
Debt settlement companies are not your only way out. Talk to your creditors, or contact a nonprofit, like Consumer Credit Counseling Services. In the Tulsa area you can reach them by phone at 918-744-5611. Outside the Tulsa Metro Area you can call 1-800-324-5611.