Superiordebtsettlement.com / superiordebt.com
Date: Mon, 10/24/2005 - 06:15
Couple things I want to verify
1) He said since I am current on my bills, I will need to stop paying them before they can start the process. Pretty much once I start working with them, I stop paying all CC bills and get about 3 months behind so they can negotiate with them.
2) A bank account would be opened in my name in Colorado and I make payments to this account.
3) When I filled out the form at this website, I received a confirmation email from Superiordebtsettlement.com but the email from the gentleman cam from superiordebt.com. The former is registered at the BBB but the later is not (even though he said they are).
4) I need to sign a limited power of attorney form in order for them to contact my creditors.
5) The company is not a Michigan company. Does that have any affect on me?
Any and all replies welcome, thanks!!!
And one more item 6) I have a credit card through my local cr
And one more item
6) I have a credit card through my local credit union (Visa card). This is also my direct deposit and checking bank. He said I should switch to a different primary bank so my credit union doesnt freeze my checking acounnt.
humm. I'll admit I'm not to up todate on how debt settlement wor
humm. I'll admit I'm not to up todate on how debt settlement works, but this has always stuck me as weird.
So you are paying on time now (yeah it may be tight, but at least your doing it). In order for them to work with you, they want you to stop paying for 3 months. During this time all those accounts will begin reporting 30, 60, 90 days + past due (maybe more depending on how long it takes them to arrive at an agreement. Now the credit history you were struggling to maintain is gone. Furthermore there is no guarantee any of your creditors would be willing to work with these people.
I'm just a little leary of this. If you were already behind on your stuff that would be a different story.
Hi mtmra70 Welcome to the forums. The process of working in t
Hi mtmra70
Welcome to the forums. The process of working in the debt settlement program begins when the payments are past due and the consultant will ensure that you get the best deal in this program.
Discuss with your consultant about the results that you will get after the program ends and get a written statement from your creditors in advance that your credit report will be updated giving a favorable view to your future creditors.
Also, confirm with your consultant if the names of the two companies mentioned in your post have some combined business relations with each other.
Get a note from your consultant about the deal that you will get in this program and after you feel assured, you can begin with this program.
Regards
Roxette
Clay, I am a budget freak and see the upcoming problems. We just
Clay, I am a budget freak and see the upcoming problems. We just had a child so we have that increased cost plus we had some unexpected costs. Pretty much we will be behind starting next month, no way around it.
I have a credit card through
I have a credit card through my local credit union (Visa card). This is also my direct deposit and checking bank. He said I should switch to a different primary bank so my credit union doesn’t freeze my checking account.
The accounts included in the consolidation program are closed or frozen so that you don't build additional debt on that account.
Keep your social security or main source of income in a different account so that it can be used in emergencies.
