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Debt Relief Companies

Last Build Date: Tue, 19 Sep 2017 00:25:42 +0000


Dear Scott – Due to medical issues my financial situation has become rather dire. I have 2 credit cards which hold the majority of my credit balance of approx 83,000 dollars. If I could get the companies to settle immediately and at a percentage of 35 to 40 – I could get at the funds..what are my chances and what kind of business vehicle could achieve this without charging me 15% for a short term negotiation? Thanks – D

Tue, 02 Aug 2011 21:40:48 +0000

Your question is a valid one and one that I hear often, namely, can I avoid paying fees to a professional debt settlement company? The short answer is yes, it is possible, however I liken it to doing your own taxes, be prepared to dedicate many hours of time, effort, and quite frankly….frustration! Your ability more »

I’m making monthly payments on time to the credit card cos. MY credit score is or was 754 but my debt to income is a problem. I’m seeking help now before it gets worse if the finance charges go up, I’ll drown. How do you keep your credit good, keep one card for emergencies, and get rid of the debt?

Thu, 22 Apr 2010 00:31:46 +0000

Thanks for the question. I wish I had a ingenious solution to offer you but unfortunately I only have a common sense answer for you and that is to pay off the credit card debts diligently as soon as possible and stop using the credit cards entirely. If you enlist the help of a debt more »

Should I close my credit card accounts before being late to avoid fees being added on during the settlement process?

Thu, 22 Apr 2010 00:07:30 +0000

You should follow the instructions of the settlement company you use to a tee. They will let you know exactly what to do and when in order to make the process go as smoothly as possible. Thanks.

i just lost my job. i have a mortgage payment and a line of credit. the company has gone out of business and i need to lower the rate on the line of credit from the 15.999% no matter how many payments have been made the finance charges keep going up. now i am going to be on unemployment. the credit line is 15,000.00 can you help?

Wed, 21 Apr 2010 19:20:59 +0000

I am very sorry to hear about your situation. I am not certain there is an easy solution to your situation without any income unless you have some savings you can tap into. A debt management company can help you lower your interest rate a bit and help with the charges, however you will still more »

Hey, Scott, a couple months ago I contacted a company based in FL to help me with my creditors with the amount of 18000 in debts. I dont think they are helping me. what can I do?

Wed, 14 Apr 2010 16:09:24 +0000

If you feel uncomfortable with how things are going with your debt relief company I’d discuss it with them and ask as many questions as possible so you can closely monitor the progress on your accounts. Don’t be shy, stay on top of them. Please realize that it does take time for the debt relief more »

Would it be to my advantage to do consolidation even though I will be paying more each month than I plan doing it my way even though it would reduce the years to pay off the remaining cards. Im still not sure if the company is trust worthy because my research does not come up with them search or the BBB.

Thu, 21 Jan 2010 20:01:04 +0000

This question is in regards to the choice between making a higher payment using a debt company than you would on your own with the tradeoff of having your debt paid down sooner using the debt company than if you did it on your own. You also mentioned that your credit score seems to be more »

If you have good credit and pay all cc compamies on time & you only are late on 1 card for 4 days and they up the rate from 8.99 to 32.9 what can you do about it besides calling and complaining every month. / If you are trying to re-finance to pay off high interest rates but want to keep the cards that are low interest rates , can you do that. I don’t want my credit score to go down if I deal with a debt relief agency???

Wed, 20 Jan 2010 16:44:07 +0000

Unfortunately credit card companies have had the right to dramatically increase interest rates as a result of late payments by consumers. Yes, you can call and complain but all too often your complaints will fall on deaf ears because the huge rates on late credit card bills are how they make their money. Their best more »

I have 55,000 in credit card debt and due to hardships am struggling to pay bills. Do I have to be behind in payments in order to get help? I am not behind yet but will be soon.

Thu, 07 Jan 2010 17:12:23 +0000

It really depends on the type of debt relief you choose. With a debt settlement program you do need to be behind on your payments because it is a negotiation process. Your creditors are unlikely to negotiate debts if they are getting paid by you month after month because they are happy and making their more »

We are in debt but are not in arrears. We have worked very hard to keep our debt current. It seems to be taking forever. Is there help for people who are doing all the right things?

Tue, 15 Dec 2009 22:08:21 +0000

Non profit credit counseling agencies often offer advice on your options one of which is a service they offer called a debt management program. These debt counseling programs help you budget, consolidate your bills, and lower your interest rates all while maintaining your on time payments to creditors. You pay them a lump payment every more »

Using a Professional Financial Debt Solution – What Tax Effects?

Thu, 03 Dec 2009 20:49:10 +0000

You must be aware of tax effects of the solution you select. Yes, depending on the type of financial debt solution you choose based on your situation there may be tax consequences. For instance, there are no tax changes for you if you enter into a debt management program as that is a process that more »

How Do Consumer Credit Debt Counseling Companies Work With My Creditors?

Mon, 30 Nov 2009 19:47:29 +0000

The two primary forms of unsecured credit card debt relief are debt settlement and debt management. The latter is a service offered by consumer credit debt counseling companies who work very closely with the credit card companies to develop programs that allow you to repay what you owe over time. These programs include creating a more »

all these credit help companies talk about lowering your credit or cutting it in half with all the stimulus package the government has given to the banks, that that savings are being passed on to their creditors?

Tue, 15 Sep 2009 23:52:47 +0000

This is an interesting point and one that I’ve been hearing a lot lately…Namely that somehow the government stimulus package directly helps people in credit card debt by paying their bills or providing them with money to do so. If you hear that or something similar from a debt relief company, be very careful! There more »

considering debt settlement … they want me to open a seperate checking account … is that normal ?

Tue, 01 Sep 2009 01:29:18 +0000

Typically debt settlement companies will request that you make your payments into a 3rd party trust account. The money in that account accumulates until there is enough money for them to approach your creditors and begin negotiations. In my opinion, it is in your best interest to use the trust account because the money remains more »

DEar Scott: If I decide to join the program on debt relief. Would I be able to apply for a student loan as guarantor to my Kids?

Fri, 31 Jul 2009 17:02:28 +0000

Most debt relief programs affect your credit score (especially debt settlement) so I would not put your kids college future in jepardy by enrolling in a debt relief program if you can avoid it. In order to get some budgeting help and to see if you can avoid it given your situation, you may want more »

I have been talking to two different debt relief companies with 2 largely 2 different payment plans. Just wondering if the one is too good to be true. one company has plan to pay the principal without the interest, while the other has plan to pay whatever deductied amount the credit co. will agree too( that is the cheaper payment option for me). I have been trying to check out the companies and have been unsuccessful. Any suggestions?

Thu, 21 May 2009 18:13:33 +0000

It may be that you are speaking with 2 different types of debt relief companies. From what I can gather from your description (and without knowing more) you may be getting a quote from a debt management company (the first one) and a debt settlement company (the second one). These are 2 very different types more »

If a company takes the 15% fee up front within the first 12-18 months from your escrow account which basically leaves nothing in there by the time of settlement. Does that sound right to you?

Wed, 13 May 2009 13:16:21 +0000

15% is the standard fee in the industry and yes some companies do try and collect that within the first 18 months or so. However, the thing that confuses me about your question is the statement that nothing would be left at that point in escrow (your trust account). Certainly the company you are working more »

We are currently in talks with a debt reduction company. They are claiming that they can reduce our debt by 50%, but for the next two years our credit score will suffer and we will be hassled b creditors. Is this a viable option to get out of debt as quickly as possible?

Fri, 08 May 2009 16:11:10 +0000

If you want to get out of debt as quickly as possible, debt reduction through a debt settlement company is often the route many people take. There are never any guarantees in the debt settlement process but it is possible to reduce the amount you owe by 50% (sometimes more). The drawbacks they mention are more »

I read a question from someone about the BBB rating of a debt company, what are some other ratings, there are other ratings called TASC and International Assoc. of Professional Debt Arbitrators? Are these good associations to judge a company by?

Mon, 30 Mar 2009 00:01:31 +0000

Basically there is no rating system that’s adequate to help you select a debt relief company. The BBB is good in my opinion not for its letter rating but instead for knowing the number of complaints against a company over the past 3 years and how many of those have been resolved. Unfortunately they do more »