Best Debt Settlement Companies

Superior debt relief is one of the better companies out there so you can`t go wrong with them. However since you wanted some others with solid reputations here you go. These companies are all members of the BBB with a good track record. Century Negotiations , New Beginnings debt settlement LLC ,The Roll Law Office , and Oak View Law have also have some excellent reputations as well. Hope this helps. Take care and good luck on your search. :D

PS

Cool Avatar .

Thanks for the info....

I'm trying to gather as much information as I can in a short amount of time. Between my wife and I we have over $200K in unsecured debt!

Obviously this time in our economy is tough for alot of people, guess I'm trying to figure out what path to take debt settlement, other options...or the B word.

Again thanks!

Bill,

Have you and your wife sat down and figure out how much you will have to pay a debt settlement company in fees?

That money alone would help you settle a few accounts if you settled your own debt, it really is not difficult and you can avoid giving away your hard earned money!

How long do you suppose we would have to settle of debts if we did it ourselves? I know that Superior spoke about settling everything in 36 months.

You can do it as well in that time, the key to debt settlement is coming up with the funds to settle. It is like playing cards Bill, if you have the money to settle you can bluff the creditors and collectors all the way to the bank.

Debt settlement is simple negotiation, again what makes it even easier is knowing you have the money to settle with.

Setting away 2-3% percent on a monthly basis on 200k if you do the math, it will take more than 36 monhts. I????m not sure how much Superior is going to have you save on a monthly basis, but on 200k I hope your setting aside at least 4 to 5 thousand dollars a month if you want to settle in that time frame!

Bill correction,

I see a need for you and your wife to set aside on a monthly basis double what I said before if you wan to settle in 36 months.

The monthly payment would actually be around $3,000.00 a month for a 36 month program assuming the debts settle around 40 % and assuming superior is charging the standard 15% fee to settle the debt for you. Obviously you will save a lot of money to settle on your own and so if you have the time and energy to negotiate on your own go for it. I suggest you save more than $3,000 a month if you can afford it because the sooner the debt is resolved the better the chances are of avoiding lawsuits .

ignore the above post,the guest knows as much about oakview law group as i do about the price of moose liver in saskatuan
canada,which is nothing.

oh boy,it it so obvious you work for a scam competitor.why waste your time and energy otherwise?just asking.

Bill pay no attention to the children.

Debts Which are Good Candidates For Settlement

There are two basic categories of debt, for the purpose of this article: secured and unsecured.

Unsecured debts include:

* medical bills
* credit cards
* department store cards
* personal loans
* student loans
* bounced checks

Secured debts include:

* home
* auto

With a secured debt, a piece of real property (such as an automobile or a home) is promised if the debtor can't finish making payments, or defaults, on the loan. You will not be able to settle these debts, as the creditor will simply accept the promised property as the "settlement." As a matter of fact, with a home or auto loan, you most likely won't be reading this information - your property will have bee just repossessed.

With unsecured debts, there is nothing "attached" to the loan promised as repayment. Unsecured loans are typically given to people with good credit, due solely to the fact that they have good credit. These are the type of debts that a creditor is willing to settle, as they have no way to guarantee they will receive anything from you.

How to get a creditor to make the deal you want

You have the natural advantage in debt settlement, because you have something the creditor wants. Don't cave in when they first tell you no. Maintain calm. Don't lose it and get angry. It's usually best to correspond with them via letters, so you have a paper trail of all your actions. Keep the attitude at all times that the collection agency will take less money then they say they will.
How much to offer

To give you some background, most bad debt companies pay or receive literally pennies on the dollar for the debts on which they are trying to collect. The amount that companies pay for bad debt depends on the type of account and its age: *

* Debts that have recently been charged off: 6 to 7 cents on the dollar.
* Accounts that are slightly older and on which a collection agency or two has already taken a whack: 1.5 cents to 2 cents on the dollar.
* Years-old, out-of-statute debts: A penny or less.


* Source: Sean McVity, portfolio broker at Keefe, Bruyette & Woods.

With this in mind, you should always start your offer at 25% or less. Let's understand the math here. If your debt is $1000, let's say at the most, the collection agencies has paid or will collect 7 cents on the dollar, or $70. If you offer them $250 (25%), they are still making a profit of $180. Remember, the credit card companies are out of the picture at this point. This money goes directly to the collection agencies.

ther things to remember in negotiation:

1. NEVER talk to a collection agency on the phone. Period.

2. Get your terms in writing before you even open your checkbook. Never expect a creditor to meet an agreement that was made verbally. Everything must be in writing and, even then, you will probably have to fight to make the creditor live up to his end of the bargain.

3. Keep good records. This can be the difference between a good and bad settlement. Don't expect them to remember you or what you agreed upon.

4. Send all correspondence via registered mail, receipt requested(about $3-$4 a letter).

5. Keep a copy of every letter you send.

6. If you call (and why are you calling?), keep a log of when you spoke to the agencies, and who you spoke with. Ask for the name of the supervisor of the person you spoke to, as the turnover rate at collections agencies is high.

7. Follow up all phone correspondence (again, why are you calling?) with a letter (registered, of course).

8. Penalties and extra interest are typically fictious amounts of money added on by the collection agency to pad their profits. I've seen as much as to 50% of the debt or more claimed to be owed by a collection agency consisting of interest and fees. Example: Recently, I talked to a guy who had his $5000 original debts balloon up to $11,000 in less than 3 years. This is illegal, every state has usery laws (which dictate the maximum interests allowed to be charged.) If you consider the junk debt buyer paid 7 cents on the dollar or less, there is no way there is this much interest. Most companies would be thrilled to get you to pay the original debt even without the extra penalties they add on and will usually be more than agreeable in waiving these fees.

9. Time is on your side. As time passes, the creditors will likely stop calling and the debt will be filed away for future attention. The longer the debt remains uncollected, the better your chances will be of getting a good settlement. Eventually, the creditor will consider the bad debt a loss in order to receive a corporate tax write-off. This does not necessarily mean that they won't pursue you for the debt. The corporation may then collect on the debt themselves, sell or assign the debt to a collection agency, press for a judgment and garnishment, or temporarily ignore the debt. The course of action chosen by the creditor will vary widely between corporations and debts.

10. Never look too eager to settle. Take plenty of time to reach an agreement. Never let it slip that you need to settle the debt because you're buying a home, car or anything else. If, for example, you tell a creditor that you really need to get this debt settled to get into your dream home, you can forget any kind of settlement. The creditor will insist on the full balance. Don't accept the first, or even second, settlement offer. Make sure that they are the ones calling you to push the deal forward. You cannot expect to reach an affordable settlement if the creditor thinks he has the upper hand.

If you're contacted by more than one collection agency for the same debt

If you're contacted by more than one collection agency for the same debt, it means that the original creditor has hired a secondary or even tertiary collection agency. This indicates that the original creditor and even the first collection agency has given up on you. This means that the second collection agency has paid even less for the debt than the first one. If the agency hasn't been able to reach you by phone but knows that you are receiving its letters, it may be willing to take even less.
Should I use the threat of bankruptcy?

Use the threat of bankruptcy. It will be in your best interest if the creditor believes that you have very little money and you are teetering on the edge of bankruptcy. You should approach each creditor as though this is their last chance to compromise, and get something out of your debt, before you declare bankruptcy and they get nothing. Be careful when doing this, however. If you accumulate any more debt after stating this to a creditor, (and they record all of your correspondence and phone calls), you may not be able to discharge this debt within bankruptcy.

I can`t find any credentials on gotham debt solutions at all. They are not even listed on the BBB and are not a member of the TASC or USOBA. Looks shady.

So far after talking with a few companies about my situation, New Beginnings, LLC sounds the best if I am going go with a debt settlement company. Seemed to me that they were upfront about the situation and guess because of the large sum of money will make they are willing to take 10% fee instead of the usual 15%.

Has anyone had personal experience with this company?

Thanks one and all!

I have heard a lot of good things about them but I have not used them personally. They are a member of USOBA and the BBB with an A rating. Plus if i'm not mistaken they offer a money back guarantee if they can't settle the debt for 55% of the balance or lower.

"Seemed to me that they were upfront about the situation and guess because of the large sum of money will make they are willing to take 10% fee instead of the usual 15%."

No doubt.

You didn't say how much you've got at stake, but settling a few small claims against an impecunious debtor is really not a big deal, and the ???????baking time,??????? if you will, is really about the same regardless of the pie????????s value. A competent attorney should be able to do this sort of thing in a couple of hours. I mean, how long can it take to make few phone calls and stick some names and account numbers into a form agreement?

(OK, I admit to having lots of trouble getting those damn envelopes to feed right, sometimes I spend a whole five mintutes on that alone, sheesh.)

Many "debt help" companies are fly-by-nights. Most of them are arguably illegal. All of them, one way or another, are representing debtors in negotiations with creditors, a job that requires considerable training and experience. Since access to your bank accounts or even trust accounts are involved, abuse is very common. The courts and legislatures have yet to grapple with this industry, but one thing is sure: lots of people get ripped off. There's no accountability. For every success, there's a horror story.

For example: tinyurl.com/5j7hdp

And what exactly are the funky-named TASC and USOBA good for? How long have they been around? How many members? Who founded them? Why on earth is anyone recommending companies that display their trademarks, as apparently anyone can? What benefits or guarantees or procedures or anything at all of use to the consumer do they offer? None of this has ever been explained, anywhere.

Until these questions are answered, I would regard them as shills for an industry that is questionable at best.

YMMV.

I don????t know Bill that is an awful lot of cash you will be paying in fees to the debt settlement program, when you can actually negotiate your own debt. It????s your call man, good luck.

Hi Bill, I understand the crossroads that you are at, was there about 2 years ago. Now I only have 3 creditors left with Superior and it's an amazing feeling to know that I'm almost done with them. I did not choose new beginnings, instead went with superior debt services. It is a lot of money in fees but the amount of money they have saved me so far I would pay them more. They helped me so much. Just be sure that you have done your research, and if they seem to be pressuring you its sales just be sure to listen.

Bill, if you do decide to try do it yourself debt settlement, here is some good information from nascardevil:

http://www.debtconsolidationcare.com/settlement/how-to-negotiate.html

Also, there is a Do It Yourself section on this site (top menu bar) with a lot of helpful information.

Good luck!

Trying to do debt settlement with any expert's help is risky. Why don't you get help from any debt settlement company

Has "anyone" had positive results with Superior? Are there better agencies? thanks

Confused about whether to do debt settlement or reduction

The potential to be sued or have my wages garnished is NOT appealing...thanks
D

PK, there is a positive experience posted here, from melben:

http://www.debtconsolidationcare.com/settlement/superiordebtsolutions.html

Hi PK...I have been with Superior Debt have been very pleased with the service that I have received. My enrollment counselor was Teresa, she helped me the previous law firm that was doing settlements but that did not work out in my favor, so I went back to her (she told me exactly what was going to happen and thought that lawyers were better well when i was served a summons I went to Teresa and asked for her help). She along with my rep Melissa has been great :D everytime I have a question or need something done they are right there. Only have 3 accounts left to settle and I cannot tell you how pleased I've been. I have not been sued with Superior, and all accounts are settling, it seemed a little slow at first but stuckthrough it and now I'm almost debt free. There have been some on the site that have been slighted by other settlement companies but just here to let everyone know that Superior is great!

Just be sure to do your research and find out about fees, as I have found Superior to be very fair. Settlement is not for the weak as well, this has nothing to do with Supeiror but it is the process.

If you are already late, like I was then really your credit already affected. Also if you have too much debt then you could have problems too.

Alias thank you for sharing my previous post. New to doing this so not sure how to do such things. Thank you.

You're welcome, melben! To do it, you just find the thread that you want to share, right click on the browser address bar and select "copy." Then whatever post you want to put that address in, you right click again and select "paste."

Removed By Shazzers
Reason: Solicitations against TOS rules.

For your information settling on your own is not a good idea. Not to mention you have zero experience doing it, and reputation / experience has a lot to do with settlement rates. If your lucky you might be able to settle out for 70% lawl.

There is also a lot of paperwork involved into settlement, partially there is an entire staff probably that handles this. Also this takes time, something that is very valuable to all of us, you better be willing to put in some serious thought and hours if you want it done right. Good luck.

I agree with Yagabomb; I couldn't even think of doing a settlement on my own. But I had nine accounts, also. I can see it if you only have one or two, and maybe not very big balances. But I had $90,000 to worry about from a business that I had to close, and felt I needed help and advice from experts. And I have nothing but positive things to say about Superior. The 15% fee is based on the estimated 40% settlement amount, and I felt it was well worth the money. When you're talking about such a huge amount of debt, that fee is miniscule when you consider the work they do on your behalf and the time and aggravation you'd have to spend on it yourself.

Removed By Shazzers
Reason: Solicitations against TOS rules.

Actually, I've seen many posts on this forum of people who have settled on their own for well below 70%, so I don't think I agree that you have to have a settlement company to do it for you. I think you could save yourself a lot in fees if you feel up to the task of dealing with it yourself. However, if you would rather just not have the headache of dealing with it yourself, then I think finding a reputable company is a good alternative.

PFS1..has anyone dealt with them before? I spoke to a woman this morning who was incredibly helpful and nice. I didn't want to lock myself into anything yet so I told her I would call her back during the week. I have about $6500 in unsecured debt and would like any companies who are worth contacting. Thanks!

-Amber

They are not members of the BBB but they don`t have a horrible track record. I have seen better but i don`t see a pattern of complaints with them.

We used this company to consolidate our debt. They were courteous, professional, and cut our debt obligations in half.

They are a newly formed company, but have a wealth of experience and wouldn't hesitate to refer them to a friend.

I was in a similar situation myself at the beginning of this year. I had researched and was considering several different companies to settle my over $100K in credit card debt. After a consultation through this site, I contacted Oak View Law Group, and I am so glad I did. They have already settled 4 of my creditors at an average of 45% and they work hard for me every day. It is not easy as I have to make large monthly payments but it is worth it to see the light at the end of the tunnel and not have to file bankruptcy. Bill, you should definitely call Oak View and give them a try. Good luck to you and your family and God Bless You.

Listen to skeptical please. He is nailing it on the head. All these companies are for the most part a large scam. Stop listening to the plants here. Those organizations that they belong to are phony. I looked them up. They were created within the last 5 years. They were created to fool you. Second a lot of these companies are traced back to FLORIDA. It's the HESS KENNEDY SCAM.

Tom321, after seeing your negative remarks on just about every post regarding debt settlement, it's fairly obvious you have NOT looked them all up, or you would have different information. It is true there are scams out there. But anyone who does their homework and uses the tools available, like the BBB, can find the good ones. The experts at this site make good suggestions also. What's your story, anyway? Were you burned in a bad settlement scam?

I've looked them up and you know it..........Plant.

has anyone had dealings that were positive with this group? please advise.

For what its worth i used a company located in Oregon. Clear Choice debt relief and they are members of TASC... I enrolled 46372 and they said they would take their fee to 13 % but different than all the other companies I spoke with is that they took there fee over the entire length of the program instead of upfront also telling me that if they didnt settle anything in the first year they would refund my full service fee. So A seperate trust holds my money so i guess that is good and normal as the others i spoke with did the same. lol. Payments are roughly around 811 and 580 goes to my trust monthly. So none the less i am at least saving money i would have otherwise spent. Just my 2 cents. They almost talked me out of it letting me know what can happen during the process. But it's this or BK why not try it. Hope this helps anyone.

It's not wise to choose this company. They have only been in business for 11 months. And they can't be found on the BBB.

I called them and they were open to say that although they enroll clients and handle the customer service. They use Century Negotiations to handle the actual settlements. And sounds like Mobile0311 has said good things about Century. They girl I spoke with said that they do take there fees over the length of a clients program rather than upfront because they hate how other companies take upfront fees and feel its important to save into the trust. No save No settle simple as that. They said that doing it this way was the way they could spread the fees out to save more for the clients trust. They gave no unrealistic goal. So does this make them bad?

With that amount of Debt Negotiait the fee with a debt settlement Co as hard as you would with a CC company...They will drop to a lower rate. In all the research I have I think Jason @ New Beginnings is good and Superior Debt in Colorado checks out well.

Ok I hope i have caught you in time before you go and throw all your money away to have someone do something that you can do on your own. Here is my email address [email]xkoumbis@yahoo.com[/email] I have been in the debt collection world for over 15 years and would be more then willing to give you insight on how those companies all rip you off