| Message |
Author |
 Posted: Mon Feb 05, 2007 9:58 am Subject: Will debt settlement save from getting sued? |
|
|
Should the debt settlers pay some to the creditors each month to keep them from sueing you? Why should a company say they will not pay the creditors for 6 months to a year? It seems to me this could ruin you.
|
|
margaretbb
Joined: 05 Feb 2007
Posts: 2
Debtcc Points: 47
|
|
|
| Posted: Mon Feb 05, 2007 10:02 am Subject: |
|
|
What company is the best for debt settlement
|
|
margaretbb
Joined: 05 Feb 2007
Posts: 2
Debtcc Points: 47
|
|
|
|
PinkLady
Moderator
Joined: 15 Jun 2006
Posts: 1450
Debtcc Points: 20327
|
|
|
|
PinkLady
Moderator
Joined: 15 Jun 2006
Posts: 1450
Debtcc Points: 20327
|
|
|
| Posted: Mon Feb 05, 2007 10:31 am Subject: |
|
|
There are a number of recognizable companies, but I would get a few quotes from some of them and then try forgetadebt.com because I've found them to be most realistic and knowledgable about the settlement process.
|
|
johng
Joined: 16 Jul 2006
Posts: 67
Debtcc Points: 1601
|
|
|
| Posted: Mon Feb 05, 2007 11:07 am Subject: |
|
|
Each case is different. If you can afford to keep your accounts current, debt settlement plan is not suitable in your situation.
The settlement plan requires the accounts to be defaulted for a certain period of time. The creditor needs to understand from the settlement company that the person considering their program is not able to afford the payments at the existing interest rate. Since his situation is so worse that he could not afford the minimums also, it will be for good purpose to "settle" the accounts.
It's not necessary that the creditors will accept the proposals at the first time. The settlement company has to re-negotiate with the creditors until they are convinced. During this period, a creditor can always file a lawsuit because he is not getting the payments and even if the settlement company is negotiating with them, but your documents are important proof to explain the judge that you were never irresponsible or avoiding the payments. It's just because of your hard time that you have been forced to take this sort of decision. The judge will consider your case before any decision is done on you. In most cases, it goes to the favor of the consumer.
One more thing! Creditors consider a lot of things before taking a case to the court. The court costs and attorney fees are very costly. If it's not worth a portion of the total amount that is to be recovered from the consumer, they will hold back.
|
|
Steg
Joined: 22 May 2006
Posts: 392
Debtcc Points: 5545
|
|
|
