Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

I have a question about Lincoln Capital in partner

Date: Mon, 02/28/2011 - 18:12

Submitted by Landon Winstead
on Mon, 02/28/2011 - 18:12

Posts: Credits: [Donate]

Total Replies: 3


I have a question about Lincoln Capital in partnership with Legal Helpers Debt Resolution. I have $23000 of credit card debt which they claim they can settle by 48% or $10,400. They charge $6900 in fees over 42 months for a total of $17,300.00. And then they claim to save me $6000. They claim to be more than a debt settlement company - they will represent you in court if you are sued. The fees seem a little much. What do you think?


Hi!
Welcome to the forums!
Under the new FTC rules, the settlement companies can charge fees up to 15% of the total settled amount. They can't charge more than that. This company is charging exorbitant fee. i don't think it will be advisable to work with this company. However, you can contact the company and inform them that they are breaching the settlement laws. Then they may charge normal fee.


lrhall41

Submitted by Good Nelly on Tue, 03/01/2011 - 02:01

( Posts: 2846 | Credits: )


The 15% settlement cap is mainly applicable to some states. So, you have to check whether your state is one of them. As per the FTC laws, the consumers are not required to pay advance fees to the settlement companies. They can charge settlement fees in proportion to the settled debt amount. LHDR is definitely not following the new laws by charging high settlement fees. I think it is better to work with a company that does follow settlement laws and don’t charge advance fees.


lrhall41

Submitted by Good Nelly on Thu, 03/03/2011 - 20:36

( Posts: 2846 | Credits: )


I seriously don't think you should work with this company or any other settlement companies. They might shut down their business by the summer because of the new law and they have violated the FTC law. You will have a hard time getting your money back and have no where to turn. Do it yourself. Lincoln Credit Group has a few complaints online???so I suggest to stay away.


lrhall41

Submitted by anonymous on Thu, 04/14/2011 - 15:18

( Posts: 202330 | Credits: )