Finding reputable company - New Jersey

Due to the many bad settlement companies that ruined it for the few legit ones debt settlement is banned in NJ. If a settlement company got caught doing business in that state it is an automatic 50k fine to that company. I don`t believe Franklin debt relief is a law firm and thus could get in serious trouble if caught operating in that state. The only type of settlement company that can operate in that state would be a law firm with an attorney licensed to practice law in NJ. I am sure they are not the only company but the only one company that I know that can legally operate in that state is The Johnson Law Group located in Nevada. They are a network of attorneys and thus have a lawyer in NJ that can help you. I looked them up and they have a good reputation on the BBB. I am not endorsing them but just trying to help point you in the right direction. I hope this helps and please let us know how it works out. :D

I am new to all this and trying to do my homework. How would a law firm help me in my case and what are the fees usually like with a law firm? Like I said, I just graudated college and my debt is from using my cards due to very low income while being a full time student. Now that I graduated, I want to pay this debt off as soon as possible because the interest rates are killing me and I am begging to miss monthly payments. So what am I looking at while using a law firm to settle my debt and what is the average fees for about 12000 in credit card debt the law firm charges?

The settlement law firm would be able to settle your debts for around 40-50% of the balance.Most settlement companies or settlement law firms usually charge around 15 % of the total debt enrolled. estimated debt $12,000 x .15 = around $1,800 in fees.

I read up on the BBB about them and it stated they have a satisfactory rating, but did not give a letter grade like I have seen people saying on this site. They also had 16 complaints over the past 36 months with all but 1 being resovled. Can you give me a little insight on how working with a law firm works, I understood that through a company like debt soulutions, they negotiate how much of my debt will be paid and how much per month? Thats how I took it anyway, how would a law firm go about helping me. Again thank you very much for this information I appriciate it when knowledgable people help others out. My profession is physiology lol so if anyone needs some advice on that go ahead and ask because when it comes to debts im lost.

Its pretty much the same process whether you chose a settlement company or law firm. I suggest you use a law firm because that is your only legal option in NJ. Simply explained, the COMPANY (or LAW FIRM) will work with you to establish a savings program that will be used to pay off your debts over a period of two to three years. You will have one monthly payment and the amount you will pay back is typically between 40% and 50% of the amount owed when you joined the program. The advantage of having a lawyer is that once the accounts go to collections the law firm would send letters to the 3rd party collectors. Under the fdcpa If you have an attorney, the debt collector must contact the attorney, rather than you. If you do not have an attorney, a collector may contact other people, but only to find out where you live, what your phone number is, and where you work. Collectors usually are prohibited from contacting such third parties more than once. In most cases, the collector may not tell anyone other than you and your attorney that you owe money.

Thank you so much you were a real help. How will this affect my credit? Will it decrease or increase it? I had a credit of 720 or so prior to this disaster that happend where I started not being able to make the monthly payments.

debt settlement is a hardship program for people who are overextended and are either already behind or about to be. Debt settlement hurts your credit because the bills have to eventually be at least 120 + days late for the creditors to be willing to settle. If you are a good candidate for a settlement program the fact that settlement hurts your score is irrelevant because your credit is already affected or about to be. Debt settlement is designed to get you out of debt fast so you will be in a prime position to reestablish your credit.

Can one set up a dmp in New Jersey and service clients from other states?

A dmp or debt management Plan is completely different from a settlement program.

Can one set up a DMP in New Jersey and service clients from other states? Yes as long as the credit counseling company is licensed in to service the state that the client lives in.

One more question, a debt negotiation company or agency that takes no fees up front only a performance based commission, is it considered a dmp or debt settlement program?

Would such a company be able to operate out of NJ and would it need to be licensed in those other states?

Thanks for your time!

Quote:

Thanks Mobile!

once finished with a debt settlement program, how hard is it to re establish your credit? prior to missing a month of payments I had good credit, in the low 700's. I was late a few times but I always made the payments. I missed one month and boom the minimum payment doubled on every card and now its impossible to make. so how fast does your credit go back up after the progra is over?

If you do a search in our rankings section they are listed by state and ranked by former customers!

Once completed the debt settlement program your debt to income ratio will be much better and your Amounts owed portion which makes up - 30% of your fico score will be much better ( assuming you don`t go out and get more debt of course :) ) It will however take about a 12-18 months of good payment history to reestablish your Payment history which makes up 35% of your fico score. You also have the option of hiring credit repair companies like Lexington Law to excellerate the process. These companies specialize on disputing and removing negative info on your report . However they are expensive and its not necessary unless you are in a big hurry to clean up your credit fast.

I checked out the nj rankings page but I'm a little confused. All I see is posts on peoples stories and then a box that says nj highest ranked debt companies but I do not see n e companies....where r they?

Mobile is correct. debt settlement comapnies can not operate in NJ. Here is my suggestion allow your cards to run 90 to 120 days late. During that time the money you would have used to pay them put it aside then in 120 days call up a card and tell them you want to settle. Tell them all you have is, let's say on $1,200.00 all you have is $450.00, nothing more. If they don't take it, tell them have a nice day and more on to the next card. It is better toi call at the end of the month for better settlement amounts. :sun:

I'm not quit sure how that method would benefit me. would I eventually be sued? please elaberate more because like I said I'm confused on this method

When you don`t pay your bills whether you do settlement or not there is always a risk of law suit. If you do a 36 month program or less the risk is very low " around 1 % ". Most cases it is just not cost effective to sue and they will usually put off lawsuit until it starts getting close to the statute of limitations. However even if you get sued while in a settlement program the law firm will still be able to settle on a judgment. The pros still far out weigh the cons and its still better than bankruptcy. I suggest you actually call someone at The Johnson Law Group or another Settlement Law Firm that works in NJ and speak with some one at that law firm and better evaluate your situation and risks.

its about 12k in debt that accumulated while in college using my cards I just graduated and am doin my internship now so I deliver pizza till I get a job with my degree I'm not anywhere near bankrupcy or n e thing like that I just missed a month and now the payments are doubled and I can not make them I mean as soon as I get a full time job ill be ok but that won't be for a few months what do u think is my best option I am no where near bancrupcy

If you can`t afford to pay your minimums that Settlement would most likely be your best option. Plus when you get the full time job you can always save more money and really speed the settlement program up and get out of debt even faster.

If you can`t afford to pay your minimums than Settlement would most likely be your best option. Plus when you get the full time job you can always save more money and really speed the settlement program up and get out of debt even faster.

However if you can afford the payment a debt management Plan or dmp might be a good option.With estimated 12k in debt your monthly payment would be around $350 ish a month.

This plan is administered by a consumer credit counseling agency.Credit counseling is for people who are not overextended and thus can afford their minimum payments and just need one payment with a lower interest rate. Credit Counseling agencies will be able to negotiate with all creditors to accept a lower interest rate " usually around 6%-10%, waive late fees and over limit fees and spread your payments out over 5 to 7 years. You will repay 100% of your current balance with a payment that typically runs about 3% to 4% of your total debt. If you have the ability to repay the full debt you borrowed you should do a Debt Management Plan. This program doesn`t hurt your fico score but will show on your credit report you are in a program to keep you from getting more credit until you complete the program. Once you complete the program it comes off your report as if you were never in the program.

Please visit cccsnj.org. They are a credit counseling company located in Montclair, NJ and offer information and help with bankruptsy, budgeting, debt settlement and debt consolidation. They are accredited and I belive legal. They are locally based and you can schedule an appointment on the phone or go to their local office. They were very friendly and trustworthy. Their fees are reasonable. Please check them out. They helped me and I had no complaints. I also trusted them more so because they were located in NJ.

Good luck!

They don`t have a bad reputation but that company advertises they are BBB members and they are not.

I do have student loans that I will oon have to start payin back maybe settlement is my best option I just don't want my credit to be that bad its alwys been really good never had a problem I'm scared of that

I don't believe debt settlement would be a good thing for you. You still have good credit and are not that behind on your bills. Debt settlement would hurt your credit. Debit counseling does not. I, myself was able to settle with my credit cards but that's only because I had about 3500 dollars in credit card debit.

debt settlement hurts your credit. If that is a concern than don`t do it because it is for people who are overextended and can`t afford their payments . A good candidate for settlement is either already behind or about to be so their credit is already affected . Maybe you should look into a dmp if you can afford the payments.

well I'm goin on my second month of being behind and I have made late payments in the past....the company located in montclair is only a town away from me I'm in nutley nj so that would be extremly convient....could n e one let me know if they are trust worthy and not a scam?

I see that they advertise being BBB members but are not. Call the 800-601-1579. We offer free counseling and can suggest a trust worthy counseling company.

what time can i call the 800 numbere here, I just tried and I keep getting some guy named nicks voice mail. I need to find a good law firm asap that works with nj clients to start debt settlement

Did you ever contact The Johnson Law Group that I had mentioned ?

not yet because you told me to contact the number here first, but when i do, all i get is an answering machine for some guy named nick

I see . Well you may want to go ahead and try contacting The Johnson Law Group and see what they think.

PS ... please keep me informed . I want to make sure you got your debt situation resolved . :D

mobile pleascheck ripoffreport.com there is complaint about johnson law group pertaining to debt settlement. please give me ur take after u read the report I need to find law firm for debt settlment that work in nj thts extremly repuatable asap

ok it has begun, Just opend a letter from citi saying your account is two payments past due and at risk of being negatively reported to the national credit reporting agensices avoid this by making a payment of 367.80 today. I have 4 cards with this company so at a minimum 1 more should be coming, I think i paid the other two off last month. What should I do?

Did you also read the rebuttal on rip off report? They have the compliance director Kevin Rice phone # and extension you can call if you have questions or concerns. They don`t have a pattern of complaints. Most likely that person was mad because they decided to cancel and they wouldn`t refund them . They are not in any way associated with Hess Kennedy. The Johnson Law Group is extremely picky when taking on only qualified clients in hardships. They are the only reputable law firm that I know that works in New Jersey that I know of.

I called this site and left a message and someone from the law firm that is your prtner or something called back and left me a message what is up with them? outwater or something they r called?

Hi John,

My name is Rob. We have just started a debt negotiation firm in NJ. Please give me a call so we can discuss your situation. I might be able to help. (800) 262-2638. Or visit our website: webcreditadvisors.com.

Our approch is to teach consumers how to neotiate and settle theor own debt. Hence, you don't pay huge fees to settle the debt. Right now we are offering a 60 page self-help guide for free on our website.

Best of Luck
Rob

Hi John,

My name is Rob. We have just started a debt negotiation firm in NJ. Please give me a call so we can discuss your situation. I might be able to help. (800) 262-2638. Or visit our website: webcreditadvisors.com.

Our approch is to teach consumers how to neotiate and settle theor own debt. Hence, you don't pay huge fees to settle the debt. Right now we are offering a 60 page self-help guide for free on our website.

Best of Luck
Rob

You guys are kooks!

the best thing to do is, do the work yourself. These assistant companies work hand in hand with creditors and collection companies. If you have a pay-day loan, the best thing to do is call the agency or creditor who has the account and explain your issue and they will help you. I worked for Langhorn and PDL assistance and it is a huge scam.