3rd party right way?

Date: Wed, 12/27/2006 - 10:02

Submitted by anonymous
on Wed, 12/27/2006 - 10:02

Posts: 202330 Credits: [Donate]

Total Replies: 1

I have run into a situation where I lost my good job 2 years ago and have made much less money since. I have about 100K in credit card debt and have employed a thrid party to help but haven't seen much from them in a year. I pay them $830 per month with them keeping $200+ as a fee and the rest going into an account for debt settlement. No accounts have been settled to this point. We've been doing this for a year. Am I doing this the right way?

Debt settlement does take time. The accounts remain delinquent f

Debt settlement does take time. The accounts remain delinquent for a long time before the settlement company starts negotiating with the creditors. During this period, the settlement company expects that you have deposited the money in the new account. When they talk with the creditors, they want to convince them completely that you are in no situation to pay your debts. Hence the settlement is the only option for you.

Keep regular touch with your settlement company and get updates. If they haven't contacted your creditors yet, ask them when they are going to do. Tell them that you have been regularly depositing the money into the account, so you want them to send their proposals, before creditors take any legal steps against you.

Are the creditors calling you? Research the settlement company with your local AG????????s office and the BBB. Get their feedback to make sure that you are working with the right company and there are no serious complaints against them. You may have some peace of mind there.

lrhall41

Submitted by mcranberra on Wed, 12/27/2006 - 10:12

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