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Hi I am a student from NJ and have racked up a $6500 credit card debt (unsecured). I've heard that in NJ you can't use debt settlement. So what are my options? I've stayed fairly up to date with my payments but can't make a dent in the total balance because of interest rates. I've tried calling the companies but they wouldn't help me out. I do have a company who says that they can help settle my debt (Preferred Financial Servces pfs1.net) but I'm not sure if this is the way to go. Please help!




I would look into a debt management plan first. If you can`t afford the payment for a dmp then consider debt settlement.

Oh and yes you are correct. Debt settlement is banned in NJ. The only companies that can legally operate in NJ is a licensed attorney in your state of New Jersey. Unless Preferred Financial Services or pfs1.net is a licensed attorney "which I don`t believe they are " they would get fined 50k for operating in your state. You could try settling the debt yourself or look into hiring a local law firm in NJ.

Sub: #1 posted on Tue, 08/26/2008 - 20:36

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I would stay away from Preferred Financial. They will take your first two payments and roughly a third of your payments for the next two years. They will build up a savings account (slowly) and after your acconts go into collections they will start to settled them as the money is available. In the meantime, you may end up getting sued by your creditors. They are not a reputable company and I would avoid them at all costs.

Sub: #2 posted on Tue, 09/02/2008 - 22:54

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