Internet's first get-out-of-debt community - 199,000 members

#1 02-17-2009, 10:17 PM

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.

Chrys Henderson · #2 02-19-2009, 10:43 PM

Hi Kae,

Welcome to the community.

This company you mentioned doesn't look good. I see you have made the same request on Yahoo answers about 6 months ago, but no takers.

Odd, that.

chrys

bakerjon · #3 02-20-2009, 01:57 AM

They have a F rating with the BBB. You can do a search here to find other members' experience with "good companies"

#4 02-22-2009, 05:41 PM

Thank you....I signed up with them since october last year...and spent over a 1400 dollars already with them,they said I had to wait untill I got send to collections, but they never contact us unless I contact them 1st..I just curious and wanted to know if anyone who maybe works with them and see the results?? Thanks for the answers.I guess that is what I deserved...I was desperated for help without doing some research...I wish I could have found this website before I signed up with them...

Chrys Henderson · #5 02-22-2009, 07:34 PM

Yes, the lack of info on it is surprising. It's probably a new company. Good luck with them. Come back and let us know how everything goes. You'll be the first testimonial!

Yes, this is a wonderful community and I wish more knew about it. Thanks again for being here.

chrys

#6 02-28-2009, 09:13 PM

Ok, I sent them an email inquring about collection letters from CC companies..because they did not make a quick effort to help me and also from doing some research from internet especially from this website..they seemed to have all trusting sources on their site..such as they have BBB internet security logo but then they are not on BBB.???..making me wondering....so, I wrote a letter Via email to them after all the quietness and I got respond that there were so many activities going on my account and they wanted me to call them back regarding this matters,,,,then I started to speak with collection departments not the collection agencies... myself and tried to explain why I was being so late on my payments, I hornestly told them the truth about my problems and they made an offer to me from my debt aprox $6000 to aprox $3000 in 3 months installment plan...So, I 'll be free from this CC but there are still other CC Co. that they have offered me also..
but after all that, this debt relief company had tried to negotiate with my other CC co. but it;s too late now..I now realized that I could do it myself and save that money I would have to pay them monthly for my debt instead.
Sorry if I confused u...because of my language barrier.

#7 03-03-2009, 07:40 PM

I am about to sign up with ABC...but I feel very uncomfortable....I think I will not bother...thanks to you all.,

Chrys Henderson · #8 03-03-2009, 08:14 PM

Hi,

No confusion at all. And I totally agree, you can do it yourself. It's your debt, you have to face the ramifications, so it is best that you empower yourself. It's very rewarding knowing that YOU did it, and on top of that, you will learn much in the bargain.

Congratulations, keep in touch! You are among friends and we will assist you any way we can.

chrys

#9 03-05-2009, 01:08 PM

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".

#10 03-05-2009, 01:25 PM

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.

#11 03-06-2009, 12:52 PM

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!!!!

love_my_things · #12 03-07-2009, 08:49 AM

If you are uncomfortable dont do it. If you get that sick stomache on a company than you know something about it that you are just not liking about it and eventually you will not be happy. Find one that when you sign the dotted line you feel good like you know that this will be your answer.

You should feel confident and in control. And settlment may or may not be for you just like the above post. Everyones debt is different and needed to be treated as such. When settlment may be best in my situation, bk may be the only option for say like sapphiresky.

In all honesty no answer is the best answer. It is what is best for you as long as your doing something. Nothing is the only bad solution. There are good and bad to every situation and every program.

#13 03-18-2009, 11:58 AM

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.

love_my_things · #14 03-19-2009, 05:18 AM

yes, we have been spreading the word on that. this seems to be a pattern with the bbb lately sad but true. but you can still use it as a tool by forgetting the rating and making sure complaints are resolved

#15 03-19-2009, 12:03 PM

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...

#16 04-08-2009, 10:00 AM

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.