Debt Settlement
Date: Tue, 07/27/2010 - 17:45
How do i know which is the correct Debt settlement co, choose and is it best that i choose a Legal firm
How do i know which is the correct Debt [URL="http://www.debtcon
How do i know which is the correct Debt [URL="http://www.debtconsolidationcare.com/forums/#"]settlement[/URL] co, choose and is it best that i choose a Legal firm
My personal opinion is that the best way to settle debts is to d
My personal opinion is that the best way to settle debts is to do it yourself. These companies don't perform any magic for you. Other posters have stated that their credit card companies refused to work with the debt settlement place. I don't have personal experience with them since I could not afford to hire a company to do it for me.
Post what you owe and to whom. We will help you with it. Also use the search box in the upper right corner and search those creditors and see how others have done with it. You can do it yourself and save thousands of dollars in the process.
Don't use a debt settlement company, here's why.
Quote:
Originally Posted by kumarga How do i know which is the correct Debt settlement co, choose and is it best that i choose a Legal firm |
Wow, I just posted the following to someone else who is considering a debt settlement firm. Let me add, in your case, the following: there is only one criterion for choosing a debt settlement firm, if you decide you must: it MUST NOT charge any advance fees. That is, any formula that says you start paying them immediately, or at any time prior to when they have settled at least one of your debts, RUN AS FAST AS YOU CAN. A tiny handful of honest firms only charge you a percentage of what they save you, often 15%. That said, as the person above me has just noted, you can do just as well if not better on your own, properly instructed, and save even that 15%.
Also, forget the lawyer issue. It is a marketing ploy. The lawyers in such operations don't do anything. They are window dressing. Just ignore the companies, period. So, here's my previous message:
Wow, you've posted just in time. DO NO DO BUSINESS WITH THE DEBT SETTLEMENT COMPANY you are in contact with. Unless it is one of the .5% or fewer companies that only pay themselves AFTER they have saved you lots of money. ANY DEBT SETTLEMENT COMPANY that says that you are paying them any advance fees, before they've helped you, RUN FOR THE HILLS. I was fortunate in finding on line one of the most competent, and honest, advisors in the country in how to settle your own debts (and by the way, our situations are almost identical--$50,000 in cc debt, just got away from us too)--you do all the contacts with your creditors, but with absolutely spot-on competent advice from someone who has already demonstrated to me that he absolutely knows the industry and how to do this. He saved me (with a margin of 24 hours) from being sued barely more than 3 months after missing my first payment, and I still got a 45% settlement--I only paid 45%, and got to keep the entire savings (no 15%, or 25%, to a settlement company). I have settled two other debts so far at 35%, for a total of $26,000 in debts settled so far, at a total cost of under $11,000. Please give me a call, 703-957-6768, and I will happily tell you my story, and tell you what to do to start on the road to settling your own debts, more effectively, and at better savings, than anyone else could do it for you.
Best kept secret: the debt settlement companies tell you they have established contacts with all the creditors and can therefore do much better than you can do yourself. DO NO BELIEVE IT. The exact opposite is true. The credit card companies are totally "on" to the marketing scams that these companies are, and they resent that these companies charge thousands of dollars, up front, to provide no service--money that they understandably feel should be going to them, if you have it. Many are now refusing to have anything to do with third party negotiators. And my experience is, done right, you will have them making you good settlement offers in 3-6 months if you know what to do. I'm out a lot, so please leave a message if you miss me. I'd love to tell you my experience, and hopefully help you have a good one too.
