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 Posted: Thu Mar 06, 2008 1:47 pm Subject: |
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WOAH! i'm glad i used the SEARCH BUTTON! this needs a BUMP! for us noobies!
i almost picked a "Fly-by-Night" company that has been "Settling Debt" for over 3 YEARS NOW!
-instead i went with one that has been helping others for over 20 YEARS! with tons of good stuff at the BBB.com!
-i dont want to say who, because it may get deleted!
SO DO SOME SEARCHING and Pick THE BEST Company you can find if you want to Go the debt consolidation way (like me!) 
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mariacide
Joined: 28 Feb 2008
Posts: 17
Debtcc Points: 496
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| Posted: Sun Mar 09, 2008 12:32 pm Subject: Referral to settlement company? |
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I am not interested in navigating these waters without some help from a settlement company and would like some first-hand referrals to the kind of company that the Guest post on 12/7 referenced. Any help would be greatly appreciated! Thx.
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gmacdad
Joined: 09 Mar 2008
Posts: 3
Debtcc Points: 92
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| Posted: Wed Mar 12, 2008 1:38 pm Subject: RE: Suit is not inevitable |
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Reading through the posts I find myself wondering how anyone reading this can determine what is true and what is false. Just because someone types a multitude of information does not necessarily mean it is the truth. To keep it short, there is no guarantee to be sued or not to be sued. If your accounts are delinquent there is a possibility. As a debt collector, and now working in the consolidation industry, the balance on an account, whether or not you are employed, and whether or not you own property is supposed to be a factor in suits on debts. BUT IT IS NOT! You read that correctly. Consumers with $500 in debt are sued while consumers with $100,000 credit card accounts are not sued. There is no rhyme or reason and there is no statistical evidence to show that one consumer will be sued and one consumer will not be sued. You have unscrupulous banks and collection attorneys who will sue at will, no matter how insolvent a consumer is. I've seen consumers sued with SSI, no property, no means to pay the account, and no future means to pay the account. Then i've seen business owners with multiple properties not be sued. Again, there is no rhyme or reason. Remember, if you are delinquent, whether it's one day late or 5 years late, you run the risk of possibly being sued. A good credit counselor or debt settlement company will work out an arrangement with the collection attorney.
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TPain
Guest
Debtcc Points: 100
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| Posted: Wed Mar 12, 2008 1:56 pm Subject: Debt Settlement and Negotiation |
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Any reputable debt settlement company will be a member of USOBA or TASC (The Association of debt settlement companies). Both of these are industry trade groups for the debt settlement / debt negotiation industry and both groups are working with the various state agencies to have the debt settlement world regulated so that these fly-by-night companies do not get away scott free.
A side not, not all debt settlement companies charge their fees upfront. There are companies out there that actually will charge an enrollment fee but the bulk of the fees are paid when each account is settled, and the fee is based on how much you save on the account. With this fee structure, the consumer is actually paying for the services they receive (the actual savings on the account), instead of paying a flat fee all upfront. The problem with the flat fee all upfront is that the company has no reason to work on settling the accounts for as little as possible. They have already received all of their fee so they don't care whether you settle at 80% or 20%. They have been paid.
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TheOneExperienced
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Debtcc Points: 100
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| Posted: Fri Apr 11, 2008 12:49 pm Subject: regarding taxed from the money you saved from settlement |
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well if you did talk to a consultant who knows alot about debt settlement they would have mentioned that if you did get taxed we can send an 982 form which makes it harder for them to go after you.. if you want more info feel free to contact me..rico@alreadydebtfree.com or visit our site
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rico already debt free
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Debtcc Points: 100
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| Posted: Fri Apr 11, 2008 3:23 pm Subject: |
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sifxpert guarantees 25% on some accounts. BofA I know for sure. Overall though, he has a 55% max settlement amount and also does not charge fees up front.
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