Will debt settlement ruin my chances at getting a new job?

I am going to go through a debt settlement with my significant other as an alternative to bankruptcy. We're both young, and planning on advancing in our careers. Would a debt settlement work against our odds of landing the perfect job, even if we are the most qualified??

Will debt settlement ruin my chances at getting a new job?
Possibly, but less so than a bankruptcy would. Many companies now check credit records. Various HR studies have shown that on average, people that maintain their credit the best also tend to be the best employees (for various reasons- they have less drama at home, they are more organized, they can manage resources better, or whatever). So if it negatively impacts your credit, it may keep you from getting a job, at least until it washes off your record in about 7 years time. But like I said, I'd far rather have debt settlement on there than a bankruptcy.
Reply:Hi,


I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:


http://starturl.com/tyjxb
Reply:Government and reputable higher paying jobs require credit checks, and a settlement is going to severely hurt your score. If you're young, and plan on ever buying a house or getting a car, you may want to do everything you can to prevent bankruptcy/settling. Get a second or third job if you have to in order to pay your debts. You'll regret it later if you don't.





Also, some employers consider credit scores to determine the "most qualified", as it shows dependability and whether you can be trusted.
Reply:Debt settlement companies are really controversial. I would go into credit counseling, or at least contact National Foundation for credit counseling nfcc.org debt settlement very controversial will tell you to stop paying your debts, and all your accounts will go bad, they generally want you to put all of your accounts in their program.


Many states have outlawed them, most recently state of New York. There are but a few that nfcc.org will reccomend, if they ask for any up front fees "Fist is enrollment fee $399, and next three payments go toward your set up fees," usually a percentage of your debt, around $300 each, will tell you that you have the right to arbitration. Look at your original agreement from credit card companies yes, you have right to arbitration, under the Federal Arbitration Act, and a retired Federal judge, or attorney of 10 years experience. Also they are doing something you can do yourself, don't need them to do it for you. The government is all over these companies, many go out of business. Savy collection agencies let your "debt settlement savings account" build up (by the way there is usually a monthly fee they charge to "debit" your cecking account to put money in your debt settlement account$39-50 bucs , or, so) then boom sue, and lien your debt settlement account. If you get sued, they will not return your calls, relying on your not understanding the program, and contacting the attny eventually - then they will tell you , you violated the program, by communicating w/the creditor, or representative, and tell you cancellation fees. Think about it you live in lets say Colorado, how can a debt settlement company in Maryland lets say protect you from suit.





Settlements are easy, do it yourself, just get the letter from whomever owns the debt if already charged off, before remitting that 35% to 50% is being accepted as pmt in full, and remit, once they send that letter, and specify in how many payments. Then if on the bank level still they will report the settlement, but collection agencies rarely do, you'll have to get letter from them acct settled, and submit yourself to cr bureaus. Settle high, at 4month to 5month delinquencey period, w/the agreement of a deletion in writing again, and creditor will delete any record of acct at all.





Also w/debt settle they will tell you settle for 60% of what you owe, but is that really true if you throw in the upfront fees, and the part they don't tell you..........if they do settle, they get 1/3 of settlement amt. Case in point- debt frozen at $10,000 - 400 enrollment fee- 3 300 dollar "set up fees" = $1,300- lets say they settle your 10 grand debt for 6 thou- 6 thou layout to settle plus their 1/3 = 2,000 // 6 +2 =8grand + setup and and enrollment we are up to 9,300 and the monthly administrative fees.......ruining your credit in the meantime, and taking a chance of getting sued.........you know why the states are starting to close them down.......and completly unregulated business. Go to the consumer sites fraudwatchers, ripoff report......man do your home work, these companies have ruined peoples lives......very few only if take any fee after settlement and no upfront fees, will be recommended by nfcc.org - Note also settlements are subject to 1099 -i.e. taxes- depends on bracket you are in. Sometimes they will tell you, sometimes not,,,,,,, Be careful , you are treading in dangerous waters. Like I said, some of these companies have ruined peoples lives literally, they take advantage of the elderly, the ill, and the uneducated.

Genealogy