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I Was Looking at The Debt Answer Instead of Impact Debt Relief for Debt Settlement. – Oscar

“Steve,

I have unsecured debt of about $20,500.00 and have been looking at debt relief via a debt settlement company. I’ve been doing some online research on a few companies and I’d like to get your opinion on the company The Debt Answer. I read your review on Impact Relief and it just keeps getting worse for this option.

Is this the absolute last option? I’ve been through bankruptcy before and I don’t want to go through that again, especially with the new laws that have been implemented to make it harder. I lost my job and was unemployed for a couple months. We lived off my retirement money and my wife’s salary, but I found a job in California and had to move from Arizona. This meant my wife had to give up her job and now she’s unemployed.

I am trying to reduce our unsecured debt and sell one of our vehicles so we can have some breathing room. I have a school loan, rent, our twins monthly tuition payment, two vehicle payments, and utilities. I need to do something with our unsecured debt because those payments are about $700.00/mnth.

Please help!!

Best regards,

Oscar”

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The Answer

Dear Oscar,

I did a recent review that included The Debt Answer. You said you already read my other review on Impact Debt Relief.

I understand you’ve been through bankruptcy before and want to avoid it but you need to know bankruptcy is the ONLY consumer debt solution that will stop collection calls, block or kill lawsuits and eliminate your debt is a reasonable fashion that is binding on your creditors. If that’s the kind of solution you are looking for, your options are limited.

You might want to read my article The Truth About The Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy and read how effective debt settlement really is.

If you want a second opinion about debt settlement and if it is right for you in your situation, contact Damon Day and talk it over with him. My opinion is in your current situation bankruptcy gives you more protection and a resolution for less money that a debt settlement approach would cost.

Big Hug!

I Was Looking at The Debt Answer Instead of Impact Debt Relief for Debt Settlement.   Oscar
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • http://[email protected] Oscar

    Steve,

    Do you think a consolidation loan would be the right choice? I don’t want to run away from our debt, but at our current interest rates and monthly payments we’ll never pay them off. The only problem would be getting a lender that is willing to help and getting lower interest rates.

    How would this affect a co-signer?

    Thanks,
    Oscar

    • http://GetOutOfDebt.org Steve Rhode

      Oscar,

      You can take a look at LendingClub.com for an unsecured lender that really does fund consolidation loans at reasonable rates.

      Whatever you do, deal with this on your own and don’t drag a cosigner into your loan. If you have a loan that already has a cosigner then the consolidation loan would help them by paying off your debt so they won’t have to if you default.

      Steve

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