The good and bad and ugly
Date: Tue, 08/08/2006 - 14:02
companies and quite frankly I could worry myself to
death over which ones are true and false. Yes, I
believe there are debt settlement companies that
will rob you blind, but yet some will help you
honestly.
I also think that there are bad articles out there
on debt settlement companies that are intended to
protect and serve the credit card companies to try
to convince you to not take the settlement route.
WHO KNOWS anymore???
I just want to talk to some people that has
survived a debt settlement program. Someone that
has been there and done that.
I am with another settlement program and I am
wondering if they will give me my money back. I
mean, I don't know why I can't settle my own accts.
But then, they make a good point about going to
a creditor with a large amount of settlements vs.
a do it yourself settler.
I am just so confused at this point. I have been
in program near 10 months and I am at my wits end.
Thanks for allowing me to vent.
Linda, was it mentioned in the contract that anytime, you will h
Linda, was it mentioned in the contract that anytime, you will have the power to cancel the program and the amount will be refunded to you.
Also, this point can be serious if they mentioned that if the matter takes a court shape, they will not be held responsible for the consequences. With these points said, basically the settlement companies want to avoid the legal actions from them.
I really don't want to cancel the program after being in it so l
I really don't want to cancel the program after being in it so long. I have paid near 4,000.00 already!
I hear that they will do nothing for me and will leave me in a jam.
Then, I hear they will help me and it will be better than bankruptcy route.
People tell me I can do it myself and then again....they tell me I can't.
I am getting all these lawyer letters now and they are honestly scaring me. My settlement company tells me not to contact them, that they will and then they send me a copy of the letter they sent to them on my behalf.
People tell me that the credit card companies will sue me because I am paying a debt settlement company over paying them, because I would be "able" to pay them along. However on the other hand same story they say the credit card companies will want to settle with me for a specific amount and when an amount is agreed upon, won't they wonder why/ or how I have had access to that money and not been paying them?
Has anyone here survived a debt settlement company? or been in it longer than 10 months????
Linda, I guess, we have to accept these sorts of risks in the
Linda,
I guess, we have to accept these sorts of risks in the settlement program. If the benefits at the end of the program are shown nicely, we also have to accept the risks in the due course. It's all about luck. You have already spent so much money in the program, stepping aside won't be an option at this moment. Don't lose your comfort also, this won't help. Instead, your health will go deteriorated.
About settlement companies
I am a debt negotiations manager, I worked with oneof the best settlement companies in the business until last month. The problem with most debt settlement companies is that when you enter their program most of them charge you a retaineer fee. This retaineer fee is usually a percentage of the amount of debt that you have. So you are in debt, in need of help, and what the majority of the comapnies out there do is charge you and outrageous amount. This ????retaineer fee or set up fee???? could be used towards settleing your accounts. But instead it is paid to the company. With the company that I am currently working for, a set up fee is not charged, the company obviously has to make money but it makes money only when it gets you results. A percentage of the savings that the company obtains for you, is what you are charged. Anyway, you should have been told from the very beginning the different factors that are relevant on your success in any debt settlement program. Such as amount owed, type of creditors, how deliquent you are, and how much you are able to set aside for settlement purposes. These factors are the difference between success or failure in any debt settlement program. If you have been with this particular debt settlement company for 10 months and already your accounts are with law firms then you have a huge problem. Now dont get me wrong, each case is different but youshould be able to last at least 12-24 months in a debt settlment program. Another thing is that there are certain creditors that you need to settle with immediately, and there are other creditors that will wait much more before the account is taking into court. What you can do with yor present situation is call the company that you are working with and tell them that you want a rundown of the present status of each and every one of your accounts. Tell them you are thinking about filing for BK and that you need to reevaluate what the company is doing for you. I wish you the best. And yes there are many people who have survived the debt settlement process. And yes debt settlement can last more than 10 months. The debt settlement program is a marvelous program, it is just that some companies are giving the program a bad name.