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johnson law vs care one

Date: Sat, 03/14/2009 - 16:58

Submitted by anonymous
on Sat, 03/14/2009 - 16:58

Posts: 202330 Credits: [Donate]

Total Replies: 2


Ok, I have have another name on here but I can not remeember the password so this is not my first post, but I am in jam. It is time for me to definatly start debt managment/consolidation. I just recieved a letter from an attory about one of my debts which is 3700 from citibank. I also have 3 other cards from citibank. A total debt of say 12k from college expenses. I live in NJ and have two options to go with, johnson law group and careone. My brother who also obtained debt in college through credit cards just went with careone, but he has not even made his first payment yet. He lives in nj so careone is working in nj. Which would be better for me? Which would lower my payments the most? Which will stop interest, because a few months ago I talked to a debt collecterd and she dropped the one bill from 3940 k to 2700 k if I made two payments. I made the first of 1360 but could not make the second. She told me that no company other then citibank can stop interest, I felt she was bullshitting me but she kept swearing and telling me she really wants to help me, so I just took it with a grain of salt. Please let me know which you should think I should go with and the answer to the questions I asked about each, thank you so much for your time and advice.


Hi Decapuaj,

No creditor that I have ever heard of will stop interest from accumulating unless you are in a hardship program with them (the original creditor, not the collection agency) and their hardship program offers an interest rate freeze. They may offer you a good settlement that in effect erases all accrued interest and other charges, but they will still continue to apply them until the account is paid off to their satisfaction. And Debt Management, which is a negotiation for lowered interest rate, is only applicable to accounts that are paid up and on time. The hardship program also usually requires that you be on time with your payments.

No settlement company can stop a creditor from taking you to court, in fact the creditor may be more willing to expedite that process if you hire a debt settlement company. I don't know of *any* that would help you through the process nor represent you in court. They will most likely just drop the ball and leave you hanging.

Basically, all a settlement company can do is make a collection agency cease and desist contact with you, write letters, negotiate settlements, and pay off the settlement. All for a handsome fee. And all you can easily do on your own, keeping that handsome fee and applying it to your debts. All you need is some tight budgeting and some self control enough to stash aside as much money as possible to make any settlement payments with.

But yeah, good settlements are generally in a lump sum, or 3 payments at most - rarely, but sometimes more payments.

Care One has an A rating with the BBB, even though they have had quite a few complaints (68 since 2002), the BBB felt that they were addressed properly.
However, Johnson Law Group has an F rating, even though they have half the complaints (34) they have only been around for 2 years.

Hope this helps,

chrys


lrhall41

Submitted by Chrys Henderson on Mon, 03/16/2009 - 04:39

( Posts: 2538 | Credits: )