Here I will keep a list of hot settlement topics including the FAQs:

1. Suggest me the topics.

Discussion on Creditors/CA/Other firms

1. Discussion about Law offices of Richard A. Brennan
2. - Campos Chartered Law/ Hess Kennedy -

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I am being sued as a guarantor of a corporate note, although in fact I was the corporate president, action only as such on behalf of the corporation.

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i can only afford 800.00 r/m with no interest

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I am not sure I understand your question. What is your situation? Let me see if I can point you in the right direction.

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In order to get a job i need to reduce my debt of 10,00 by at least 4,000? What will do you think will be the best way to do it?

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Does settling debt with multiple credit card companies hurt your credit any more than settling with only one?

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It depends on your overall debt mix and where your score is now. I am a former loan officer and have seen countless credit reports. You can contact me directly if you like and I would be more than happy to discuss it with you. You can email me if you like at email deleted...nobody wants your email.

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inshort how will u explian ds

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Debt Settlement Firms charge 15% of the total balance, Consumer Credit Counseling claim they are non profit. Ontrack Financial Group llc Beats both and the consumer is rewarded.





For_Immediate_Release:

United States of America (Press Release) February 6, 2009 --
Ontrack Financial Group llc Announces "pricing structure"

United States of America (Press Release) February 5, 2009 -- Williamsville, New York

At a time where americans are losing their jobs and looking for financial help, Ontrack Financial Group llc Is proud to announce their 6% flat fee. Eddie H. Saleh Jr CEO and Founder of Ontrack Financial Group llc stated, "our pricing structure beats all debt settlement firms, and puts the non profits to shame. A recent study placed our price structure against Consumer Credit Counseling of Buffalo a non profit firm." Ontrack Financial Group llc total program costs was $343.00 cheaper than CCCS of Buffalo and thousands cheaper than any Debt Settlement Company. "Many consumer advocates tell consumers to use a non profit company, this uneducated bias reflects on a growing discontent for the Debt Settlement Industry. Although Ontrack Financial Group llc founded the Consumer Credit Arbitration movement, they compete for the same clients as Consumer Credit Counseling and Debt Settlement Firms.
source: FPR


Since our inception on September 6th 2000, the employees of Ontrack Financial Group™ are helping to redefine the dream of financial security for the many who are burdened with excessive debt. By providing proven credit arbitration services, Ontrack Financial Group™ offers consumers a means to avoid bankruptcy and resolve their unsecured collection debt. Additionally, Ontrack Financial Group™ offers its clients educational, self-help tools that include a seasonal newsletter along with prevailing on-line articles and beneficial consumer related links as a means to stay abreast of a constantly shifting financial landscape.
We have continued assisting our nation-wide clientele with their burdensome unsecured debt and has enrolled thousands clients in its programs, managing millions of debt for its clients without one complaint. Individual results may vary based upon a client's ability to save funds, the amount of debt, willingness of creditors to negotiate, and the successful completion of all program terms.
Ontrack Financial Group™ is a for-profit, private company and is not affiliated with the credit bureaus or the credit industry. As a result, out services are unbiased and independent, which allows us to better serve the consumer.

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For Credit Card debt settlement, what happens if one spouse is insolvent, but the other isnt?

I am trying to settle my cards, and know about the insolvency clause. However, if my spouse and I file joint, how would I alone be able to prove insolvency by IRS standards?

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A good source for unbiased information on Debt Settlement is The Truth About Debt Relief Radio Show hosted by Doug Johnson. His show has helped me clear up a lot of confusion and it is easier to listen to podcasts than to have to scroll thru and read many pages of forum posts to get the information.
Nirmaline

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I started my own Debt Settlement company because I saw that companies charged fees that were simply too high. I dont know why anyone would pay such a high fee before your debt is settled.

I base my fee structure on what I save my client as well as having a sliding scale. So, the more debt they have the smaller my fee. By only charging my fee on what I save them I feel I am actually earning my fee.

I also contact the creditor asap, issue Cease and Desist notices verify debt when needed and stay on top of the situation. I have been able to settle debts very quickly for my clients before they are even late or 20 days late.

I am happy to help, I started doing loan modification and realized a lot of people charged up their credit cards because they were in trouble.

By only charging a small retainer and the fee when the card is settled I believe that is how all companies should work.

Removed, solicitations are against the TOS, Shazzers

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It depends on your overall debt to income ratio, late pays and other derogatories on your CBR (credit bureau report). Keep in mind, if your own option is to settle versus bankruptcy, then try to do it BEFORE the debt is charged off on your credit report. A charge off occurs when you have not been able to work out any agreement with the creditor. The creditor will then "charge off" the bad debt (the card company may still own the debt however) and then forward the debt to a third party agency for collections.

I am a third party debt collector and while my company does not own these debts, we do collect for the card companies. A charge off simply means the creditor is removing bad debt from the ledger so that their year end numbers do not look inflated, i.e. assets (monies coming in or owed) that may not have a payment plan in place.

If you settle one debt you may as well settle the others because from my personal experience, if I see you are receptive to settlements then I'm more willing to work with you on a better offer. Also, a SIF (settlement in full) changes the reporting from charge off to "Legally paid in full for less than full amount" on your CBR. This new reporting will help your credit score slowly re-build. Bankruptcy and charge offs are the worst markers on your CBR.

Keep in mind!!! If you are doing a SIF, MAKE sure the creditor faxes or mails you a copy of the agreement letter detailing that this is a LEGAL settlement and will be considered settled in full!!! Get that letter before you pay ANYONE! Also keep in mind you will receive a 1099 from the IRS at year end for any amounts written off over $600, as this is a taxable event.

Good luck and I hope all goes well for you!

http://stores.lulu.com/debtnegotiation

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It is great that you research before you make any decisions, based on ads etc. There are TOO MANY scam artist out there and as a third party debt collector, I hear all the horror stories that people go through before they get to me for help. It's very disheartening that in this horrible economy some of these sharks are taking advantage of people!

Good luck and keep researching.


http://stores.lulu.com/debtnegotiation

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I definately agree with the debt collector above. Some companies charge outragious fees. The let you get a charge off, and may wait such a long time before they even contact your creditor. What is the point. You have paid them their fee of 15-18% when you could have paid off a credit card with that money... what if they dont negotiate for a long time. I think those rules should be changed and they should only be allowed to charge a retainer then a % of the savings. Why do they feel they can take advantage of people who are desperate?? Doesnt make sense to me.

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Hi Common Sense Debt Relief,
I have a question for you, Your job is to settle after the card has been charged off? I would be interested in know what types of settlement you are allowed to settle for? That way I know when Im calling in for a client. I get so much bull when I call certain cards.

Its all over the board what they are willing to settle for. Anywhere from 18-50% and this is for clients who are current to 6 months late. Some times they are easy some times not. My guess is they get paid a commission, what is your take on why they settle sooner for some clients. Is it the hardship? How can I help settle my clients sooner so they dont have a bunch of lates??

Thank you..

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