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Posted: Wed Aug 20, 2008 10:02 am Subject: Best Debt Settlement Companies

Hi All,

This is my first post and I'm very excited to have found this community!

I was wondering if people could help me by suggesting a good debt settlement company to contact.

I've been in contact with Superior and wanted to contact a few others before making a decision.

Thanks so much!

Posted: Wed Aug 20, 2008 10:09 am Subject:

Superior debt relief is one of the better companies out there so you can`t go wrong with them. However since you wanted some others with solid reputations here you go. These companies are all members of the BBB with a good track record. Century Negotiations , New Beginnings debt settlement LLC ,The Roll Law Office , and Oak View Law have also have some excellent reputations as well. Hope this helps. Take care and good luck on your search. Very Happy

PS

Cool Avatar .

Posted: Wed Aug 20, 2008 10:18 am Subject: Follow Up

Thanks for the info....

I'm trying to gather as much information as I can in a short amount of time. Between my wife and I we have over $200K in unsecured debt!

Obviously this time in our economy is tough for alot of people, guess I'm trying to figure out what path to take debt settlement, other options...or the B word.

Again thanks!

Jedi · Posted: Wed Aug 20, 2008 12:00 pm Subject:

Bill,

Have you and your wife sat down and figure out how much you will have to pay a debt settlement company in fees?

That money alone would help you settle a few accounts if you settled your own debt, it really is not difficult and you can avoid giving away your hard earned money!

Posted: Wed Aug 20, 2008 12:05 pm Subject: Thanks

How long do you suppose we would have to settle of debts if we did it ourselves? I know that Superior spoke about settling everything in 36 months.

Jedi · Posted: Wed Aug 20, 2008 12:09 pm Subject:

You can do it as well in that time, the key to debt settlement is coming up with the funds to settle. It is like playing cards Bill, if you have the money to settle you can bluff the creditors and collectors all the way to the bank.

Debt settlement is simple negotiation, again what makes it even easier is knowing you have the money to settle with.

Setting away 2-3% percent on a monthly basis on 200k if you do the math, it will take more than 36 monhts. I´m not sure how much Superior is going to have you save on a monthly basis, but on 200k I hope your setting aside at least 4 to 5 thousand dollars a month if you want to settle in that time frame!

Jedi · Posted: Wed Aug 20, 2008 12:11 pm Subject:

Bill correction,

I see a need for you and your wife to set aside on a monthly basis double what I said before if you wan to settle in 36 months.

Posted: Wed Aug 20, 2008 12:20 pm Subject:

The monthly payment would actually be around $3,000.00 a month for a 36 month program assuming the debts settle around 40 % and assuming superior is charging the standard 15% fee to settle the debt for you. Obviously you will save a lot of money to settle on your own and so if you have the time and energy to negotiate on your own go for it. I suggest you save more than $3,000 a month if you can afford it because the sooner the debt is resolved the better the chances are of avoiding lawsuits .

Posted: Wed Aug 20, 2008 12:38 pm Subject: reply

ignore the above post,the guest knows as much about oakview law group as i do about the price of moose liver in saskatuan
canada,which is nothing.

Guest · Posted: Wed Aug 20, 2008 12:45 pm Subject:

Gosh, I'm sorry, that was a total mistake, please do ignore my last post.

Do not, I repeat please please do not check OVLG's address and google it yourself, clicking the street view to navigate to the corner house above. Besides, we're cleaning up right now and it's already looking much better really.

Thanks!

Posted: Wed Aug 20, 2008 12:56 pm Subject: reply

oh boy,it it so obvious you work for a scam competitor.why waste your time and energy otherwise?just asking.

jedi · Posted: Wed Aug 20, 2008 1:10 pm Subject:

Bill pay no attention to the children.

Debts Which are Good Candidates For Settlement

There are two basic categories of debt, for the purpose of this article: secured and unsecured.

Unsecured debts include:

* medical bills
* credit cards
* department store cards
* personal loans
* student loans
* bounced checks

Secured debts include:

* home
* auto

With a secured debt, a piece of real property (such as an automobile or a home) is promised if the debtor can't finish making payments, or defaults, on the loan. You will not be able to settle these debts, as the creditor will simply accept the promised property as the "settlement." As a matter of fact, with a home or auto loan, you most likely won't be reading this information - your property will have bee just repossessed.

With unsecured debts, there is nothing "attached" to the loan promised as repayment. Unsecured loans are typically given to people with good credit, due solely to the fact that they have good credit. These are the type of debts that a creditor is willing to settle, as they have no way to guarantee they will receive anything from you.

How to get a creditor to make the deal you want

You have the natural advantage in debt settlement, because you have something the creditor wants. Don't cave in when they first tell you no. Maintain calm. Don't lose it and get angry. It's usually best to correspond with them via letters, so you have a paper trail of all your actions. Keep the attitude at all times that the collection agency will take less money then they say they will.
How much to offer

To give you some background, most bad debt companies pay or receive literally pennies on the dollar for the debts on which they are trying to collect. The amount that companies pay for bad debt depends on the type of account and its age: *

* Debts that have recently been charged off: 6 to 7 cents on the dollar.
* Accounts that are slightly older and on which a collection agency or two has already taken a whack: 1.5 cents to 2 cents on the dollar.
* Years-old, out-of-statute debts: A penny or less.

* Source: Sean McVity, portfolio broker at Keefe, Bruyette & Woods.

With this in mind, you should always start your offer at 25% or less. Let's understand the math here. If your debt is $1000, let's say at the most, the collection agencies has paid or will collect 7 cents on the dollar, or $70. If you offer them $250 (25%), they are still making a profit of $180. Remember, the credit card companies are out of the picture at this point. This money goes directly to the collection agencies.

ther things to remember in negotiation:

1. NEVER talk to a collection agency on the phone. Period.

2. Get your terms in writing before you even open your checkbook. Never expect a creditor to meet an agreement that was made verbally. Everything must be in writing and, even then, you will probably have to fight to make the creditor live up to his end of the bargain.

3. Keep good records. This can be the difference between a good and bad settlement. Don't expect them to remember you or what you agreed upon.

4. Send all correspondence via registered mail, receipt requested(about $3-$4 a letter).

5. Keep a copy of every letter you send.

6. If you call (and why are you calling?), keep a log of when you spoke to the agencies, and who you spoke with. Ask for the name of the supervisor of the person you spoke to, as the turnover rate at collections agencies is high.

7. Follow up all phone correspondence (again, why are you calling?) with a letter (registered, of course).

8. Penalties and extra interest are typically fictious amounts of money added on by the collection agency to pad their profits. I've seen as much as to 50% of the debt or more claimed to be owed by a collection agency consisting of interest and fees. Example: Recently, I talked to a guy who had his $5000 original debts balloon up to $11,000 in less than 3 years. This is illegal, every state has usery laws (which dictate the maximum interests allowed to be charged.) If you consider the junk debt buyer paid 7 cents on the dollar or less, there is no way there is this much interest. Most companies would be thrilled to get you to pay the original debt even without the extra penalties they add on and will usually be more than agreeable in waiving these fees.

9. Time is on your side. As time passes, the creditors will likely stop calling and the debt will be filed away for future attention. The longer the debt remains uncollected, the better your chances will be of getting a good settlement. Eventually, the creditor will consider the bad debt a loss in order to receive a corporate tax write-off. This does not necessarily mean that they won't pursue you for the debt. The corporation may then collect on the debt themselves, sell or assign the debt to a collection agency, press for a judgment and garnishment, or temporarily ignore the debt. The course of action chosen by the creditor will vary widely between corporations and debts.

10. Never look too eager to settle. Take plenty of time to reach an agreement. Never let it slip that you need to settle the debt because you're buying a home, car or anything else. If, for example, you tell a creditor that you really need to get this debt settled to get into your dream home, you can forget any kind of settlement. The creditor will insist on the full balance. Don't accept the first, or even second, settlement offer. Make sure that they are the ones calling you to push the deal forward. You cannot expect to reach an affordable settlement if the creditor thinks he has the upper hand.

If you're contacted by more than one collection agency for the same debt

If you're contacted by more than one collection agency for the same debt, it means that the original creditor has hired a secondary or even tertiary collection agency. This indicates that the original creditor and even the first collection agency has given up on you. This means that the second collection agency has paid even less for the debt than the first one. If the agency hasn't been able to reach you by phone but knows that you are receiving its letters, it may be willing to take even less.
Should I use the threat of bankruptcy?

Use the threat of bankruptcy. It will be in your best interest if the creditor believes that you have very little money and you are teetering on the edge of bankruptcy. You should approach each creditor as though this is their last chance to compromise, and get something out of your debt, before you declare bankruptcy and they get nothing. Be careful when doing this, however. If you accumulate any more debt after stating this to a creditor, (and they record all of your correspondence and phone calls), you may not be able to discharge this debt within bankruptcy.

Posted: Wed Aug 20, 2008 3:48 pm Subject:

I have had a great experience with gotham debt solutions based in new york and by a person by the name of Paul Michaels 212-561-5775

Posted: Wed Aug 20, 2008 4:03 pm Subject:

I can`t find any credentials on gotham debt solutions at all. They are not even listed on the BBB and are not a member of the TASC or USOBA. Looks shady.

Posted: Wed Aug 20, 2008 5:30 pm Subject: New Beginnings, LLC

So far after talking with a few companies about my situation, New Beginnings, LLC sounds the best if I am going go with a debt settlement company. Seemed to me that they were upfront about the situation and guess because of the large sum of money will make they are willing to take 10% fee instead of the usual 15%.

Has anyone had personal experience with this company?

Thanks one and all!

Posted: Wed Aug 20, 2008 6:40 pm Subject:

I have heard a lot of good things about them but I have not used them personally. They are a member of USOBA and the BBB with an A rating. Plus if i'm not mistaken they offer a money back guarantee if they can't settle the debt for 55% of the balance or lower.

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