Debt Relief Advice
Date: Fri, 03/13/2009 - 06:49
Being up against the wall with debt and failing health, I searched the web for options to resolve my $100K unsecured debt issues. I discussed my situation with several debt reduction companies and found that the enticing sales pitch did not match the contractual fine print. That was a red flag to me. There were several common issues: First, all DRCs wanted an accelerated payment plan (typically 18 - 24 months of a 39 -48 month contract). The second issue was that all the contracts had disclaimers on getting all the creditors to agree to their terms. And finally the big issue: They would not represent any individual in court if it went to court (which is always possible).
Having said that, I recommend anyone seriously thinking about entering a contract like this to do the following: ASK THE ADVICE OF AN ATTORNEY IN THE STATE WHERE YOU HAVE RESIDENCE! If it costs you $100.00 to verify the claims and contract validity of these companies it will save you thousands. I elected to use a lawyer in my own state which was cheaper for me. This was an eye opener! Good luck all.
Having said that, I recommend anyone seriously thinking about entering a contract like this to do the following: ASK THE ADVICE OF AN ATTORNEY IN THE STATE WHERE YOU HAVE RESIDENCE! If it costs you $100.00 to verify the claims and contract validity of these companies it will save you thousands. I elected to use a lawyer in my own state which was cheaper for me. This was an eye opener! Good luck all.
That complaint about being represented in court comes up alot ar
That complaint about being represented in court comes up alot around here.
The settlement companies dont represent you in court if you get sued. But if you are like me, i represented myself in a lawsuit with citibank card at the 2 year mark (my worst creditor they would not budge, or settle even a little)
Second of all if you are doing a settlement through a company use the shortest term possible . 2 years or less is ideal some say 36 months, but once you get past that 2 year mark you are likely to get sued. Settlement is a great tool but time is crucial. The more time goes on the more likely you are to get sued.
