It Seems That The Creditors Get Angry...
Date: Thu, 06/15/2006 - 05:18
You would think that if you have your debt settlement company send out the DNC letters and try to help you with settling these debts they would be happy to work with you....after all , they are not getting any money right now out of you and at least they would get something...right? WRONG. it seems to anger them more making them immediately following suit against you.
I'm not saying this is how it was in the past but ever since the laws have changed with bankruptcy, ever since they decided to raise the minimum payment from 2% to 4% things have really changed. It's almost like they have changed HOW they are going to handle things from now on.
As an example....my husand and myself have individual debt....Mine, I entered into a settlement company and his, he has done nothing. Since I entered this settlement thing, I have received all types of letters from lawyers as well as actual warrant in debts with court dates.
Him: he only gets these collection letters wanting to help him with arrangements.....now i have never received this. Interesting isn't it?
This kinda makes sense why should they "work" with a settlement
This kinda makes sense why should they "work" with a settlement company to settle your debt for less than they are owed when they can sue you and get a judgment for the full amount? if your are owed say $2000, why would you want to settle for $1200 when you can sue and get a court order for the full$2000 (and get the debtor to pay your costs to do so)?
Linda
I have not noticed this problem. Yes, they send out letters of threatning to sue, however most of it is just that "threats" to try to get you to cave in and send them their money so they get a big commission off you. Chances are, they won't sue when it comes down to it because it is costly to them, they would much rather have something rather than nothing. And for the judgement orders, every attorney I spoke with says that the Judge will more than likely favor you in the judgement for cooperating faithfully with the settlement company. ALSO, when they chose not to work with your settlement company and threaten sueing, basically they force most into bankruptcy and then they get ZERO. **this makes sense too**
BY the way, I am already receiving settlement offers (but they are coming to me, rather than my debt settlement company and I have to send them to my company.)
Well I don't know who YOU have but I've been with this company f
Well I don't know who YOU have but I've been with this company for 6 whole months and they have done ziltch with me concerning this debt of warrant that goes to court on 6/29 AND I'm on my own! I had to settle this ON my own because citibank does not deal with a third party firm they deal only with the debtor. So, again, I have two warrants here and am IN a settlement company.
What company are you with? Did they have good BBB ratings? So
What company are you with? Did they have good BBB ratings? Some fly by night companies are scams, I did research on my company before I signed up with them, and everything they have told me is legit. The card that does not work with the settlement company...did you company inform you of this? I have a card as well that says they don't "work" with settlement companies, however I find it odd that my settlement companys knows about the request of payment they request of me and who is mailing me collection letters....(seems they do talk and work with them after all). Also, you have been in the program how long? You should have money in your reserve acct...I have been in my program for 8 months and have over 1000.00 to work with and it will continue to collect monthly.
If I were you, I would contact your settlement company and find out what is going on...if you have two warrants to go to court, then bankruptcy may be your best bet.
Good luck.
I checked out this company thouroughly and they had no complaint
I checked out this company thouroughly and they had no complaints. now they have 3. they have been around for a long time. citibank is the creditor for the warrant and no they didn't say anything about not dealing with a third party company. this is something that just started with citibank not dealing with companies. they took the first 5 payments of over $400 I have $54 in my account there. the whole thing is a rip off