Closing Account before Settlement

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Originally Posted by Anonymous a creditor will not settle with you if youre on time with your payments, think about if youre the CC company, why would you? THEY WANT YOU TO PAY THE MINIMUMS, THATS HOW THEY GET THE MOST MONEY OUT OF EVERYONE, if you care about your credit keep paying into the hole that they created, which adds up to sometimes triple the amount you owe. if you finally figured out that thin minimum payments NEVER work: stop paying and in the first 3-6 months you can settle your debts, keep in mind you might not know how low a creditor can settle. even though you might feel proud that youve done it on your own, sometimes the right settlement company can not only settle your debts cheap but do it the legal way I gotta create a login for all this info??

Not sure what guest means by "debt settlement company settle for cheap and the legal way" Doing on your own is perfectly legal. Not sure any debt settlement company is cheap.

Closing them before settlement will effect credit score but will not hurt your settlement negotiations.

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Originally Posted by OZZIE69 Not sure what guest means by "debt settlement company settle for cheap and the legal way" Doing on your own is perfectly legal. Not sure any debt settlement company is cheap. Closing them before settlement will effect credit score but will not hurt your settlement negotiations.

there are websites that teach their clients on how to settle debt on their own and they actually post the settlement letters with of course the personal info whited out.

the problem though is when a under educated person in debt, btw under educated was meant as if they dont know what they can do or better yet what not to do. back to my main point: ive seen some of these settlements that clients have done and not only could i settle them for alot less my small fee added would still be alot less than what they did on their own while they paid some idiot to tell them how to do it wrong. and yes sometimes clients do get really really good settlements on their own but most of the time they are not.

most companies do charge alot for settling and this is wrong aswell when you add it up sometimes, you need to find and honest aggresive cheap company that actually cares on changing this industry of debt settlement like how it was 7 years ago when you could count the companies on two hands.

the refi idiots have screwed up our economy and now they are screwing up the debt settlement industry.

maybe one day this site will allow me to plug my info and not change it to their info


i take alot of pride in trying to get my clients to pay nothing, never had that happen yet though LOL. im very aggressive with the creditors and very honest with my clients, if i cant help you i dont want you business, too many companies are taking clients with a bad spread of debts knowingly that the client is a bad potential client and signing them up anyways to make a quick buck, this not only causes bad aftermath with a pissed off client but a bad moral in general. its too bad the good out of this industry has been covered up with bad for being out numbered by bad.

example of a good company and good cost, i charge 2% down as a retainer cost, its paid off within the first payment then you start to accumilate funds at a trust that i cant touch until ive actually settled an account, when i settle i get 10% of what the ORIGINAL balance was when entered into the program. alot of people will say that it isnt activity driven but with all these companies out their out bidding everyone to steal clients away to make a quick buck the industry gets cheaper, their are other companies that might charge less but all your fees are paid off within the first year and thats when the best settlements happen and you miss them because they are taking your money, plus they havent any type of goal to settle because they already have your funds, the money is in getting clients in and not out.

i would like to hear some feeed back on this if possible to see what you guys think

The reason i havent given myself a name is becuase, i recently quit my job working at a major settlement company because of many political reasons, even the best place that actually cared wasnt perfect and everyone turned their heads and shut their eyes when their was a problem. plus my boss was a useless peace of crap that couldnt even manage his own life let alone a department. they might frequent this forum, ive already seen posts from the owner.

for now aka RIOT

Quote:

Originally Posted by OZZIE69 Not sure what guest means by "debt settlement company settle for cheap and the legal way" Doing on your own is perfectly legal. Not sure any debt settlement company is cheap. Closing them before settlement will effect credit score but will not hurt your settlement negotiations.

sorry i missed your second concern, when i mentioned "legal" i was getting out of taking the proper steps to make sure that after your payments go through your account is "legally" settled some people do this on their own and have no clue on what to do, settlement letter, payments dates, account numbers, making sure the info on the letter is legit and no cut corners to screw you offer after the payment has been made.

aka RIOT