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#1
05-22-2006, 10:13 PM
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Debt Settlement is a nicely kept secret
Folks, we've all heard about all these debt consolidation companies and how they can work with your creditors and combine all your debt into one low monthly payment. But what if your creditors have gone "a-hole" on you and sent your account to a collection company? And not just any collection company; they're a company that is described in great detail around this site with horror stories and everything. Collection companies will not work with Consolidation companies, and visa versa, so you're pretty much screwed there. They will only work with the credit card companies and banks.
I was in a similar situation as described throughout this site. I had three credit card accounts end up at three different collection companies (all three cards were with Citi; Amoco/BP, Sears and a credit card directly from Citi) and the collections agents at all three companies were relentless. They wouldn't settle for anything less than $500 per month for each account and basically treated me like I was the scum of the earth! They especially hated the fact that I couldn't come up with $3,500 that very second! So I got fed up with them, said screw em and immediately started looking for a consolidation company to try to take care of this. One consolidation company referred me to a debt settlement company. It is a law office in Tempe, Arizona, named Roll Law Office. Keep in mind I do not work for this company, I'm just a very happy customer. Their customer service is outstanding. All I had to do was give some personal information then give them the name and phone numbers of all of my collection companies and which accounts they were in and they immediately went to work. If one of those collection companies called me, I read back to them a small script given to me by RLO. It basically said that I have secured the Roll Law Office to handle this account. Their number is 1-888... If the collection company asked me what it was for, usually they asked if it was for bankruptcy, my answer for that was "it is something along those lines" and I never heard a word from those collectors again. This was nearly six months ago. I am paying $175/month for those three accounts (total debt for all three was about $9,000 so it wasn't all that bad, but still bad enough) and RLO acts just like a consolidation company. They say I will be completely debt free from those accounts within 3 years! I encourage everyone who is having issues with collection agencies, especially multiple ones, and get in contact with a Debt Settlement company. Roll Law Office is just one of them. 
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#2
05-23-2006, 06:54 AM
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Thanks for you post...I am currently enrolled with a settlement program also. They too gave me a script to read, but the first time a CA calls and pretends to be someone of HIGH importance, I froze and could not remember my speech (plus I was at work and people surrounded me and was listening to me--I was embarrassed)
It is nice to meet you...keep updated on your settlement process. You did mention that on 9000.00 dollars of debt that they told you 3 years to complete program. They told me 38 months for 25,000.00 dollars worth of credit card debt.???? The interest is accumulating like wild fire.
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#3
05-23-2006, 06:59 AM
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Is T&C considered a debt settlement program? If not, would someone please explain the differences between debt settlement and debt consolidation?
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#4
05-23-2006, 07:07 AM
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debt settlement DOES not pay monthly to your creditors. They say that if your paying them monthly, they have no reason to settle anything right? Instead you pay the debt settlement company monthly to deal with your creditors to create a settlement and this is over an estimated time period.
debt consolidation is a company that you pay monthly to pay your creditors for you monthly at a lower interest rate than what you have right now. (In my opinion, they did not get my interest rates low enough and was not going to save me any money at all) so I backed out of their program and went to settlement program. Hope this helps.
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#5
05-23-2006, 07:26 AM
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Since I have not paid my intial retainer fee to the debt consolidation company, will you be willing to pm me the debt settlement company that deals with payday lenders?
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#6
05-23-2006, 08:07 AM
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did you get my pm?
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#7
05-23-2006, 08:09 AM
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No I havent.
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#8
05-23-2006, 08:30 AM
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Can you PM me that settlement company information also? I have a friend that would like it. Thanks!
__________________
Ability is what you're capable of doing. Motivation determines what you do. Attitude determines how well you do it. - Lou Holtz
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#10
05-23-2006, 10:55 AM
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One thing about my company is:
I got to keep one credit card open with a balance of less than 500.00. So, while I am in this program for 3 years (I am also paying monthly on time to my one credit cart, house, truck, direct tv, cell phone and the debt settlement company...) so, I do still have good standing credit on my credit report. 
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#12
05-23-2006, 04:39 PM
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LinderLou,
Which company are you working with? I'm working with debt settlement now as well. I'm pretty happy thus far. Lori, you will need to register with the site so someone can pm you the information.
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#14
05-29-2006, 02:52 PM
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Whether you chose a debt consolidation program or a debt settlement0 program, the ultimate goal should be to become debt free and take care of your credit. debt settlement programs appear in the credit file for seven years but its negative impact is overlooked by the creditors if you have a very good payment history. Keep your credit in mind while you are on the way to fix your credit.
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#15
07-01-2006, 08:28 AM
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I know it's been just over a month since I posted that but I contacted my Settlement company, Roll Law Office (a part of usconsumeradvocate.com) and the guy I'm working with said that as long as I keep sending them my monthly payments, I'll be completely debt free from those accounts in about 2 1/2 years!
What they do is they focus on one account, my $175 goes toward that one for a while until enough money accumulates in the principle. Once the settled amount is in the principle, they send that about to the CA for the settlement and that one is done. They do that with my others until it is completely done and over with. I still kept on getting letters and calls from this one CA called ASG out of New York, but I just keep on forwarding those letters to RLO and a couple days ago they tried to call me and I just reminded RLO of that as well. RLO says they'll remind them again that all communication must go to them. Hopefully they'll keep calling me and break some Federal laws and I might get a refund of whatever money they're trying to collect! Then again, maybe not. Either way, this program is going to save me TONS of money in the longrun and I don't have to worry about getting any more collection calls from those accounts again!
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