Debtconsolidationcare.com - the USA consumer forum

I have entered in a Debt Elimination program

Date: Tue, 06/13/2006 - 05:48

Submitted by anonymous
on Tue, 06/13/2006 - 05:48

Posts: 202330 Credits: [Donate]

Total Replies: 9


I have entered a debt elimination program with superior debt services. Now my credit rating is gone from 760 to 480, I have been sued and lost, and I am still in the program with no way out. WHAT CAN I DO.
Thanks,
Roy


Have you discussed the matter with your consultant? Your post is not clearly explaining the situation. Do you mean to say that your creditors have sued you after entering into the program with Superior Debt Services? And if so, have you lost the case in the court and a judgment has been ordered against you?

Please explain the situation in brief so that some options can be worked out. At this stage, I have not understood the situation clearly.


lrhall41

Submitted by GunsNroses on Tue, 06/13/2006 - 10:59

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Yes I had a 760 credit rating, lost my job with over $12,000.00 in credit card debt and was only making the minimum payment each month but was not behind on any payments. I was talked into intering the debt elimination program with superior and told to stop making payment and they would settle the debt for 50% with no interest. I was suppose to start making payments to superior. I agreed to that and entered the program. I have settled one credit card for 50% as promised, have been sued and lost by one credit card woh got the full $2,600.00 owed plus $650.00 attorney fees. I am now being sued by another credit card company and I have about $8,000.00 left to pay superior in the program and 2 more credit card companies to settle with. I have 3 years before my monthly payment to superior will provide enough money to settle all 3 credit cards for the 50% owed plus superior's fees. If you need more info please let me know.
Thanks,
Roy


lrhall41

Submitted by on Tue, 06/13/2006 - 12:17

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Yes, I have spoken to my consultant and been told "we are doing all we can, be patient and do not contact the lawyer or reply to his letters." This also what I was told the first time as well adn it cost me while the debt service did nothing because I did not have the money to send them so they could make an offer to settle. As it turned out I lost my money and could not pay me monthly bills and ended up in worse shape.
Thanks,
Roy


lrhall41

Submitted by on Tue, 06/13/2006 - 12:22

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Read this reply I posted in the other thread.

Quote:

When opting for a settlement program or a consolidation program, it is important to be regular with the monthly payments. This money will be used to pay your creditors. In a consolidation program, if the creditors don't receive money from you or your consolidator after arrangements have been worked out, they will take actions against you. It may be because you have not kept your promise.

In case of a settlement program, the negotiations with the company are very important. There must be a written proof about it so that if the matter is taken to the court, you have proof about taking care of this matter. The judge will see that you or your settlement company have been trying regularly to make correspondences with the original company in the first place.


Let me know your take on this.


lrhall41

Submitted by Justme on Tue, 06/13/2006 - 14:43

( Posts: 479 | Credits: )


I am also in a debt settlement program and I'm pretty new to it. I make monthly payments to the settlement company and it does take time to build up enough money to start settling with the creditors. This was explained to me before I signed up with them as well as in my contract with them. It is something that I dwelled over for three months before joining the agency but I knew this was the best solution for me. Did you provide the court with the info from the settlment company?


lrhall41

Submitted by Cow & Chicken on Tue, 06/13/2006 - 16:16

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I fax over every letter demanding attention to my settlement company and I mail a copy with my monthly statements to them as well. I call them on a as need basis or every two weeks just to let them know--I am faithfully active and aware of my surrounding resources. They are all upfront with me and take time with me and my questions. If they were to "shoe" me off the phone quickly, I would consider dropping like a hot potato and going the bankruptcy route.


lrhall41

Submitted by on Wed, 06/14/2006 - 07:00

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The first credit card company hired a lawyer and sued right away. I did not have the money built up to offer a settlement and they would not deal with the settlement company at all. They sued and got a settlement within 6 months of me stopping payments on the card. The settlement was not able to get a line of negotians open with them at all.


lrhall41

Submitted by on Wed, 06/14/2006 - 08:29

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Credit card companies are not forced to work with the settlement companies. Your explanation and taking care of the matter is the most important concern in front of them. They need to understand that you won't be defaulting in your payments again before any arrangement is made. Tell them your side of the story and get your consultant also involved in the matter before another company takes decision against you.


lrhall41

Submitted by Justme on Wed, 06/14/2006 - 13:18

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