Superior Debt Services

I know you are worried. Take it easy! Everything is going to be OK. If you take a debt settlement plan with any company, the account must be in default for at least 4 months. This is how the program works. You should also have enough money in the new account so that the settlement company can place the proposals with your creditors. Are you making the payments as suggested by your counselor?

After this period, the settlement company starts contacting the creditors and makes them aware that you are unable to pay off your debts at the existing rate. Hence, a settlement will be better for both parties.

I understand what you are feeling now! You should call your settlement company and get the updates. They will answer every question and make you feel better.

Thanks for the calming words!!

Yes I am making the payments. However only a small portion is going into my SPA right now because of the fees! At the current payment schedule they have set up, I won't have enough money in the accont for another 7 months to make a reasonable offer to my credit card. By that time I will have been in "dafault" for over an year. Would that be long enough for a cc company to file a lawsuit???

Nothing stops a credit card company from filing a law suit if they really want to. But before doing this, they will evaluate the costs and time involved with it. How much is the total amount of this debt. Your documents with the settlement company and your willingness to pay the debt are important defense if you have to explain anything to the judge later.

Most credit card companies don't go to the court for a small amount. They send it to collections instead. How much is the total amount of your debt, if you don't mind me asking this?

20K with Citi
5K with Chase

There are less chances of Chase filing a case against you because it's a small debt. Citibank has a larger debt. Are you getting any calls from your creditors? Or do you know if they have sent the file to collections?

I'm getting calls non-stop all day from both. I don't think they have gone to collections yet. I will have to ask my rep from SDS but the last I heard it wasn't. I am hoping to pay off the Chase card by March 07. My real problem will be with Citi.

Next time, when your creditors call, hear what they say. Tell them that you have hired a settlement company for taking care of the accounts and they are in a better position to handle the issue. You have to make them feel that you want to pay the debts but not at the existing interest rates. If they threaten legal actions, tell them that the judge will go through your financial condition and then make payment plans. That is what your settlement company is trying to do now. You have every interest to pay the debt and you are keeping touch with the settlement company.

On the other side, if you can manage some money from other sources, put it in your SPA so that you don't have to wait for three more months for the negotiations to begin.

Ok. That sounds like a good idea. I will try speaking to them instead of avoiding their calls.

I'm considering Superior Debt Services. How did you run across them? Are they charging you a flat 15%? Are you satisfied thus far?

Dave,

I heard of Superior through some chat rooms. They do charge a flat 15% Retainer fee. The service has been good so far but they haven't been asked to do to much. I've only been with them 6 months which isn't long enough to settle with anyone. They don't start the settlement process with creditors until you have enough money in your Special purpose account. Until I go through the settlement process I don't really have anything good or bad to say.

I joined SDS in 02/2006 and by 12/2006 they paid one of my cards. So far I'm happy with their services, they answer all of my questions. Be patient, the first year is hard but soon after that it gets easier. They are a BBB compliant company, check them out on BBB.com.

please im cust for superior debt services but i want to talk to somebody

I have never defaulted on any debt, but am ready to start with Superior b/c I dont feel like I will ever get out of debt. I also feel with the economy the way it is, who is to say the credit card companies are not just going to fold?

I have been with Superior since February, with 90,000 in debt. The company has already settled three accounts for me, and I did another on my own. Lawsuits are not out of the question with impatient creditors, and you have to be prepared for them. I was served a summons from Advanta, but they offered me a 10% settlement as an option. I had to do this outside of the program because my funds were committed to another settlement at the time. In this case, Superior is re-figuring my monthly payment to reflect the absence of the Advanta account and their fee for it. I have just received another summons, from Target, but it is a small account and the collector admitted that the summons is to speed up the settlement process so an agreement can be reached so they don't HAVE to go to court. I am not really worried about this one, as it is being negotiated now. But a summons can be received whether you are in a program or not - if you settle on your own, and have several accounts you cannot pay all at once, you run the same risk.