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nicobear · Posted: Wed Aug 13, 2008 2:01 pm Subject: debt settlement

I was told that New Beginnings was trustworthy and effective debt settlement organization to deal with. Could anyone please deny or confirm this rumor. Do they only deal with one account at a time?

Thanks y'all

bless you

Posted: Wed Aug 13, 2008 2:14 pm Subject:

New Beginnings debt settlement LLC is a member of the BBB and have an A rating. They are also members of USOBA. They are certainly one of the higher rated settlement companies out there.

jc72071 · Posted: Thu Aug 14, 2008 10:56 am Subject:

I recently cancelled my account with them. If they're one of the best I'd hate to see the worst. They will take more than one account but they can't protect you from lawsuits or wage garnishment. Another thing is they tell you to disregard any letters or calls you get from your credit card companies. I did this w/ Bank of America for 4 mths and it was only until I talked to a rep in earnest did I find out it was going into lawsuit status. I talked to my apathetic acct. manager today and he was like "Oh, BoA is one of the worst ones to deal with, as is Amex." Now he tells me... Nicobear, if I was you, I'd try and work out a payment plan with your creditors like mine have. Just putting in my 2 cents, hope this helps.

Posted: Thu Aug 14, 2008 11:47 am Subject:

I am sorry to hear that Bank of America is suing you. Some times creditors can be aggressive when they used to not be. It used to be Citi Bank that was the most aggressive and Bank of America was the easiest to work with but now they have seemed to swapped places. Unfortunately no settlement company in the world can protect you from lawsuits or wage garnishment. When this does happen , usually the purpose is to force a settlement. All is not lost however. I would suggest you show up to court with your budget showing hardship and your contracts showing your had New beginnings contact them and tried to reach a compromise to resolve your debt. Let the judge know you had full intentions of taking care of your financial obligations without having to file bankruptcy. A lot of time the judge will throw the case out and tell the creditor to work with you. A settlement company like New beginnings can still typically settle on an account that has a judgment even if you go to court and lose. It will likely settle at a higher % but they can at least work something out and start working on the rest of the accounts you owe on.

Posted: Sun Aug 17, 2008 3:56 pm Subject: reply to jc72071

How much do you owe them? I'm afraid too cuz my debt settlement company is on longer with BBB. They are still with TASC thou. I owe BOA about 20K. My debt settlement company told me that they will do a something like "motion of repell" to delay the court. I may have spelled that wrong. I couldn't recall what they told me. They said they will do something like that so it will delay it for 2 years. I won't need to go to court. Then, they will work something out quickly if they sue.

Posted: Sun Aug 17, 2008 3:58 pm Subject: reply to jc72071

How much do you owe them? I'm afraid too cuz my debt settlement company is on longer with BBB. They are still with TASC thou. I owe BOA about 20K. My debt settlement company told me that they will do a something like "motion of repell" to delay the court. I may have spelled that wrong. I couldn't recall what they told me. They said they will do something like that so it will delay it for 2 years. I won't need to go to court. Then, they will work something out quickly if they sue.

By the way, I don't see BBB logo on new beginning's website newbeginningsonline ( dot) com

Posted: Mon Aug 18, 2008 8:14 am Subject:

I assure you they are members of the BBB.

Stanley McCreadie · Posted: Sat Nov 22, 2008 10:54 am Subject: New Beginnings

I sent this company over $4000.00 dollars they sent me cards
to send to my creditors to close those accounts along with a
form letter. I could not afford to keep paying them because I
lost my job, so I ask if I mite get some money back, they said
no. so I ended up paying a lot for nothing. Be careful with this
company.

Guest · Posted: Sun Nov 23, 2008 4:50 pm Subject:

There is never a reason to use a debt settlement company. All they do is take money from you every month and set it aside while they let your accounts get far enough past due that the companies will negotiate settlements. They do not have any more leverage or negotiating power than you do and many companies will not work with them as willingly as they would work with you directly.

They send out a lot of form letters and swear to you that the companies have to stop calling you, which legally they usually don't have to stop. Other than that, they serve no purpose. Most companies have a settlement matrix already in place that will start sending offers automatically to customers based on their FICO and level of delinquency. If you were to start putting that same amount into your own savings account and started trying to work with the creditors yourself after letting your accounts get 5-6 months past due, you would find that they would probably offer to settle with you for anywhere from 15% - 60% on each account.
You do NOT need an agency to settle for you and charge you a fee to do it. If you are in that hard of a situation, why part with extra money to pay them to do what you CAN do yourself. Credit card companies settle all the time once an account goes far enough past due - these companies are not working any deals or doing anything special for you. Their reps rarely, if ever, will even call your creditors for you -- they just send mass form letters to the creditors offering 40% settlements over and over again... eventually the cards all get far enough past due and your credit sucks enough that the companies accept the offer... tell me how they do anything that you couldn't do yourself. DO NOT use a settlement company unless you want to piss away even more money....

Posted: Mon Nov 24, 2008 9:53 am Subject:

Yes you can settle debts on your own. However to say that by hiring a debt settlement company you are pissing your money away is ludicrous. With that mentality I suppose anyone who hires a mechanic to work on their car is crazy. All they do is take your money . Not everyone wants to take the time to do all the dirty work negotiating and settling. Just like not everybody has the time and knowledge to fix their car.

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