Internet's first get-out-of-debt community - 199,000 members

bernieadams · 10-30-2008, 01:24 PM

I just signed up with Superior Debt Service's and my Wells Fargo credit card company called to collect. They asked if i could pay $74 to get out of the 120 late cycle and into a 90 day late. Would any of you give me your opinion on making this payment or just letting Superior Debt Service's handle them?

paulmergel · 10-30-2008, 01:42 PM

i would contact superior and inform them of this.you signed up with them.let them do the footwork for you.

bernieadams · 10-30-2008, 01:54 PM

They said "i can not give you advice on that"

I think it make's sense to give them a month more bargaining time and brings the debt down $74...might as well right?

puddlejmpr · 10-30-2008, 01:57 PM

If it were me, I would. I would also call WF and see if they have some type of hardship program. Sometimes they do and it will cut interest for awhile or just lower your payments for a couple months. Just an idea if you haven't checked it out already.

bernieadams · 10-30-2008, 02:12 PM

I haven't done that yet, but i will call them and ask about that. Thanks for the idea and advice.

puddlejmpr · 10-30-2008, 02:20 PM

your welcome

10-30-2008, 02:30 PM

Let Superior do the legwork for you. If you signed up with a debt settlement program, then you understand that monthly payments do not exist. Settlement is exactly as it sounds, you'll save up until you have enough to offer them a lump sum settlement. Say you give them $74 and get into a 90 day, are you then able to make another $74 payment to less then until eventually you're back at principal + interest? Probably not because it didn't work for you before. Stay strong, don't give in, and have Superior deal with your creditors because then they'll be calling you every month to collect - and they'll notate this in their system that you were easy to coerce.

SusieQ · 10-30-2008, 02:54 PM

I completely agree with Nico. You are paying Superior a monthly amount based on what they expect to settle this account for, plus their fee for it. Credit card companies don't like settlements, so they will try to talk you right back into paying the full amount, which sort of negates the whole purpose of settling in the first place. If you want to go ahead and try to catch up on all your bills, there's no point to being in a settlement program at all.

puddlejmpr · 10-30-2008, 04:00 PM

Ok, Yes I agree with that. But I do know Wells Fargo. If they can get on a hardship program instead of waiting to have enough money to settle with them is better than getting taken to court over this. Wells Fargo doesn't like settlement companies and will take people to court instead of waiting for their money. It happend to my dad. I would hate to see it happen to this person. My dad had to file BK because of Wells Fargo. Thats what i don't like about settlement companies.

SusieQ · 10-30-2008, 07:28 PM

It's not just settlement companies; it can happen if you are settling on your own, as well. There are always some creditors who will not wait, period. If you do get on a hardship program, be sure to contact Superior and have them remove this creditor from your contract with them, both the estimated settlement and the fee associated with that account - it will make your monthly settlement payment less. Unless you can afford the higher payment - your settlement would be done quicker - but they should still deduct a portion of their fee.

sdchargers_63 · 10-30-2008, 08:15 PM

ALOT of companies WILL work with you. However....SUSIEQ is right......companies DO have some kind of arrangment for a 'hardship' thing. They may ask for a copy of your income ( a place I dealt wth did..that's why I'm saying this.)

bernieadams · 10-31-2008, 02:10 PM

Wells Fargo just offered me a 1% interest rate and very minimal payments for the next 8 months. I think i will accept it because that will allow me to make a huge impact on this debt if not pay it off in 8 months. Maybe i can use SDS for the other accounts and handle this one myself.

puddlejmpr · 10-31-2008, 02:49 PM

Way to go!!!! Just make sure you let the settlement company know that you are taking care of this account yourself. I am so glad you called them

10-31-2008, 10:25 PM

I had a similar situation with Wells Fargo & Bank of America. They kept calling and calling I finally picked up the phone and the woman stated that they do not work with Settlement companies. She then put us on a hardship plan 2% interest and easy terms for 1 months. What she left put was the following... the compounded the 12 months of interest after the hardship program was over. So it ended up costing us a lot more money. 8 months later Superior Debt settled the account with the collection agency for Wells Fargo for 39% of what we originally owed. The BOA card was also settled for 28% of our original balance. What we learned was this Superior legally cannot tell you to stop making payments to your creditors but if you do the program will not work. We have stayed strong and not answered the creditors telephone calls, even changed our telephone numbers which Superior paid for!! We did have an account go to a law firm but never took us to court. We settled with the firm this afternoon for 50% of original balance and only have a few more to go. I know that we would have never been close to being out of debt without Superior. Their program isn't for everyone, it isn't an easy thing to go through but I do have to give them all the praise and am grateful that they are on our side!! Whatever you do with your creditors get everything in writing, do not let them compound that interest on you like they did us.

02-19-2009, 05:45 AM

We are thinking of joining Superior but have not yet. Currently we're not behind in anything but are close to that point. My question is, if we go thru them for 2 high balance credit cards and she did say she couldn't legally advise me not to pay my bills but that we would need to be delinquent for the companies to deal w/ Superior. If we do this but keep our 2 mortgages; auto loan; camper loan, etc up to date; does that help counter-act the poor credit from the couple of delinquent accounts? Any credit experts out there that can help me with this? Would mean a lot....

darottn1 · 02-19-2009, 01:59 PM

I can tell you this: I am delinquent right now 60 days on about 80k (cc debt). I let everything go but 2 cc accounts, 1 and 2nd mortgage, car loans and school loans.

Really it doesn't matter because your credit is going to be in the sh***er anyway. If you have high debt to credit ratios your fico was low, if your late on anything your fico is low.

The only cure for credit is time....