Has anyone used ABC debt Relief? Has anyone got out of debt with this program?
I have been signed up with them now for some months already. I am just wondering if anyone else has used this particular  company and what was the experience with them.Reason for Editing (Minimum 15 Characters)
Asked on 5:27 am May 19th 2011
Anonymous
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1. They make you stop any payments to the credit cards and put the would be payment money in a separate account.
2. The bank will do what they do if you stop paying them, Bad Reports, Calls, Letters and finally Collections. You still don't pay them.
3. The bank will writ the bad debt off or file for the loss with their insurance and get some money from them.
4. The bank will sell the bad debt to a debt collector for pennies on the dollar. ($15k will be sold at about $6k).
5. The debt collector with then will start asking you for the money, however they will settle for close to the "pennies to the dollar" purchase amount; which you pay from the money you have been putting in the separate account.
6. The bank will be asked to provide in writing to the credit reporting agencies that the debt has been paid.
7. You will have to start rebuilding your credit from that state!
8. This service will come at a cost, 12% of your total debt ($1800). Also there are monthly maintenance fees of about $50 for the duration of about 24 to 36 months for which they will provide guidance and negotiators to talk to the banks and the debt collectors.
9. The important condition is that this debt must BE an "unsecured loan" like the credit card and NOT the "home equity loan".Reason for Editing (Minimum 15 Characters)
Answered on 5:27 am May 19th 2011
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Hi Kae,boy I hope you got out of that company doesn't sound good and an F rating bad news right there.My husband and I are in a lot of cc debt and decided to do it on our own since the settlement companies take so much in fees.We just started being late and got our first call already from one of the creditors and they put an offer to settle for 50% of the balance in 3 pymts I put in a counteroffer to put pymts over 5 months still waiting to here.But the point is you can try it yourself..at least your money is going toward your settlement and not high fees.I don't know how this will go and may need to try a settlement company but need to try it on our own first and you are right this site is great and the people here are wonderful.Reason for Editing (Minimum 15 Characters)
Answered on 5:27 am May 19th 2011
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 I really am enjoying this site and these forums. So many people who have had problems and have investigated options and now are telling and helping other people. This site is amazing!!!
I am a senior citizen and have quite a bit of credit card debt and it is almost impossible to pay even the minimums without taking money out of my IRA each month. But I think bankruptcy is still the best option for me. I really do not care about a great credit scrore anymore at this age!!!
But you guys are awesome!!!!Reason for Editing (Minimum 15 Characters)
Answered on 5:27 am May 19th 2011
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When you check out a settlement company with the BBB those companies have F ratings because the have not paid the HIGH fees to become a member the basically BUY a C-A rating. The BEST way to check on a business is the ATTORNY GENERAL in the state that they work in. The Attorney General audits and monitors companies to be sure they are following all of the state laws that are required.Reason for Editing (Minimum 15 Characters)
Answered on 5:27 am May 19th 2011
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Yes, why do so many people put stake into the BBB when it is nothing but a for profit company, that if you pay them they will give you a good rating. If you don't pay them you get an F. Sounds like extortion to me...Reason for Editing (Minimum 15 Characters)
Answered on 5:27 am May 19th 2011
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Great forum, just finished inquiring with ABC Debt Relief. All my communication were thru e-mail. I just wanted the cliff note`s on how they operate, so after giving them my general info. they e-mailed me back asking me to call them (they needed more info, plus I didn`t give them my right phone number), I resent my general info and "Mark" sent me some figures on what I would pay monthly and that I needed to call him to give him my bank accounts!
Now I don`t know about you but Red flags come up when someone ask for that info so early in the process. I started looking on the net to find info on ABC and found your site,THANK YOU, your info was very good and I`m now going to settle my credit card debt myself. I thanked ABC for there time and asked that they did not contact me any further......well several e-mails later and one saying "I didn`t have any other choices but to use them!". I told "Mark" that I was going to forward his e-mail to the Attorney General and he finally stopped. Thanks again, save your money and contact your cc co. yourself. Reason for Editing (Minimum 15 Characters)
Answered on 5:27 am May 19th 2011
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Debt settlement programs are for people that are going through a hardship situation and can't see the light at the end of the tunnel. They have settled 6 or of 10 of my accounts yes it does take some time but I didn't get into debt over night and why would I think that I would get out of it overnight that is unrealistic. Allot of people can bash programs like this but it does take both parties involvement. As a client when I got my first settlement of .12 on the dollar that made me try and pinch pennies and put more back into the program to try and resolve my debt as quickly as possible. The US is so used to instant gratification, just think how long it took you to get to this point 5, 10, 15 years and you have been in a program for 12 months. They can work magic if you have the money to settle which is why they set you up on a program to have you out of debt but what everyone doesn't realize is, its up to you to make it happen quicker. You may have to live in a cave but its much more less stressful to be debt free in 36 month rather than the alternative of being in debt for 15-30 years. If you not committed to the program you want to look in another direction. TODAY FORD SETTLED ALL OF THEIR OUTSTANDING DEBT FOR .47 CENTS ON THE DOLLAR AND HOW LONG HAVE THEY BEEN IN BUSINESS AND STRUGGLING. YES DEBT SETTLEMENT IS A VIABLE OPTION YOU JUST HAVE TO MAKE SURE IT IS THE RIGHT PROGRAM FOR YOU.Reason for Editing (Minimum 15 Characters)
Answered on 5:27 am May 19th 2011
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Thank you all..I am educated by this website ..Thank you chrys . I am about half way through and I will be debt free ^^ then I can go visit my family aboard!
Thank you so muchReason for Editing (Minimum 15 Characters)
Answered on 5:27 am May 19th 2011
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It seems that no one followed thru with this Company. I have had red flags and now I will contact the Atty. Gen. in Texas and find out if they have any complaints.
Thank you.Reason for Editing (Minimum 15 Characters)
Answered on 5:27 am May 19th 2011
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I used to work for them but no more. I left because of the unethical and prejudicial practices. I would not reccom them under any circumstance. less than 2% graduate if thatReason for Editing (Minimum 15 Characters)
Answered on 5:27 am May 19th 2011
Anonymous
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