Archive for January, 2010
Can you trust a law firm that says they can settle you debt? I know debt settlement companies are not too good sounding, but what if it is a lawyer?
Yes, it is too good to be true. Whether it is with a law firm or not, you will be wasting your money with a debt settlement company. I speak from personal experience and ended up paying more then if I attempted to settle the debt myself with the collection agency. If your debt is held by a collection agency, it is much easier and cheaper to deal with them directly to settle your debt. I have attached a link to a very good article about debt settlement companies.
I get the feeling from talking with Take Charge America (a nonprofit debt management/credit counseling company) that my creditors will be more willing to work with them than they are with me. What I am asking from my creditors is realistic (waiving of some fees, lower interest rates, etc.) however they are not willing to cooperate. According to Take Charge America, they will be able to consolidate my payments into one and submit proposals to my credit card companies and lower my rates and get me out of debt in just over three years. Is this the case? Are credit card companies more willing to work with a debt management Plan program than they are with me? if so, why is that the case?
no dont do credit counseling. The problem with credit counseling is that it’ll take you 5 to 7 years to complete since it can only reduce a minor portion of your interest rates. According to Consumer Reports, the credit counseling dropout rate is 79%! Unfortunately, many of these people end up doing bankruptcy. The dropout rate is so high because credit counseling gives people monthly payments as the same minimums they were struggling with and since it only reduces interest, it barely reduces your debt. Another problem with credit counseling os that it appears negatively on your credit report telling other creditors you were unfit to mage your debt and had to hire a credit counselor.
i personally used debt settlement they lower your monthly payments and cut your debt by about 60%. they work on lowering your principal balance. best choise so far.. here is the company i used.
www.debtfreeleague.com
i have been with a debt management company for 18 months and they have failed to do as advertised, can i request a full reimbursment of my money paid???
any help would be greatly appreciated thanks
Probably not.
Many of those debt management companies are borderline scams. The fees they charge are ridiculous and it takes forever to climb out of debt.
manage your debt consolidation:
http://www.ehow.com/how_5335396_manage-debt-consolidation.html
getting debt consolidation assistance:
http://www.ehow.com/how_5335394_debt-consolidation-assistance.html
Hi, i am looking for the cheapest and best debt management company, do you have any details please?
Kerstin,
There’s a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
http://www.ehow.com/how_2326032_avoid-escalating-debt.html
How to Stop Escalating Debt
It includes information on companies (both non-profit and for-profit) that can help you with debt consolidation and reduction.
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-internet.html
How to make money on the internet, scam-free
Lastly, here’s an interesting alternative to conventional lending…getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):
http://www.ehow.com/how_2310995_student-loan-through-virgin-money.html
Social Loans from Virgin Money
Hope these help.
I am looking for a good company to help us negotiate the rates on our cards that we used to start our business. And to hear from personal experience if this is a good way to go.
I’ve recommended the resource listed below to a number of folks, and they’ve all been pleased with the results. Just make sure that the company you go with is non-profit and doesn’t charge you a fee. If they ask for a fee, go elsewhere fast.
I have $7,000 in debt and I have heard about debt consolidation. Does this negatively affect your credit rating? Do you get to choose how much you pay monthly or is there a set amount they make you pay? I live in Canada, if that matters.
I went online to look up your question, and here’s what I found….I hope that it helps you out….Best of luck to you!!
Sometimes i get letters from credit card debt angencies saying i owe the same balance that i had for 6 years, but sometimes shows more balance with intrestest but only one letter said this, the rest all had same balances which were 6 years ago when i was in debt of £2,000, but one letter said £6,000, i have not replied or ever gotten back to the debt credit card collectors, agencies etc, so whats going on, does default mean no intrest charges?
How many times are you going to ask this one this afternoon? When they catch up with you they’ll take the debt, the interest, and all the charges that they make for finding you. You’ll have nothing left – including anything you own ! ! !
anyone out there ever start a debt settlement company and researched the legal aspect in the state of NJ? I need legal advice from an expert.
If you want legal advice, you will need to speak to an attorney.
We are in debt and I don’t want to file bankruptcy. After all I created the debt so I should pay it, but I also do not want to keep paying the minimum amount due for the rest of my life. I’m thinking of trying credit counseling and debt consolidation. Does anyone know of a good company? I tried my local credit counseling center that is through the government and they were rude and inattentive. I am in the United States. Thanks for the advice.
The first thing I would try to do is talk to your creditors yourself and see if you can reduce how much you owe. Some allow you to reduce it by 40%.
Explain to them that you want to repay the debt but can’t afford to pay all of that. You have to tell them that you are very close to filling for bankruptcy. If they sense that you are really close to defaulting on debt, then they may work something out since it’s better than nothing. The most important thing is to get everything in writing! Don’t just take their word for it.
If it doesn’t work out with debt consolidation, you can try calling up a debt settlement company, advantage debt settlement 1-866-925-0991. Ask for Bradley or Brian.
I was referred to Take Charge through my bank, and the person on the phone said I would have $100 extra a month, but once I received the agreement in the mail I would still be in the hole by $100-200 a month so I don’t want to give them any money. I need a reputable company that will be willing to help me and understand my financial mess. Thanks.
There are several trusted and reputable debt settlement and debt consolidation companies, however you should research and compare each one. debt settlement is a good option in case you have outstanding debt.
I have listed a resource for debt consolidation. Nonetheless, the services listed at that website offer debt settlement as well.