Archive for November 2009
For Debt Elimination Use A Debt Reduction/Negotiation
For Credit Card debt elimination, You Can Use A debt reduction/Negotiation
It is a good option to use a Debt Reduction or debt elimination company to eliminate your credit card debt.
The methods that these companies uses provides you with greater savings than traditional non profit Debt consolidation programs. This is because instead of negotiating only interest rates, the company negotiates reductions in the balances owed. It is not uncommon for small businesses or consumers to save a lot of money on their debts. And, most people who enter this program are free from their debts within a relatively short period of time.
If you feel that this program may help you, we recommend that you get a free and confidential debt Elimination plan by clicking the link or banner below!
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Is it legal to settle your credit card debt, and then the creditor sell the remaining balance to another Co?
I was on the verge of Bankruptcy a couple years ago and my parents generously offered to allow me to move back home for a year to get my credit squared away.
In that year, I managed to settle my Debt with almost all my creditors for about 1/2 to 2/3rds of the orginal debt. For example, my debt with one credit card was about $1,800 and I settled for $1,000 and paid it off.
A year or so later, I’m starting to receive letters from different creditors stating that I owed now $800.00 to them as they’ve bought the balance of my debt from the last collection agency.
Is this legal? Why should I bother settling if they can turn right around and make the pay the full balance anyway? I live in the State of Oklahoma if that matters.
Do NOT pay them anything and tell them that you’ve settled the original debt with the original company. If they insist that you owe the money tell them that you have the documentation to show that the debt was settled, and if they report you to the credit companies, that you’ll file a wrongful debt suit against them. Play hardball and you’ll win, but under no circumstances pay them a penny. If you do, it’s like an admission of the debt.
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Where can you find a reputable debt management company?
Below is an answer to a Debt question I asked. Im 70K in CC Debt. You hear so many stories about these companies that say they settle debts and stories of how they really can’t do anything but just take your money. Does anybody know how to ferret out a reputable company that really does that service?
What I would recommend would be to talk to an accountant or get some information from a company who can help settle debt for a lower cost. If you do that and they project that you can settle your debt for say 15-25k,
Check with the American Association of Debt Management Organizations (also see link below) to find a reputable debt counselor. Also, some states maintain a list of debt counselors which have to fulfill certain requirements to be included in these lists. Check out the link below to find states with such lists at the bottom of the page.
Good luck!
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How much debt do you currently owe?
Just wondering if people have financial debts to pays off, of if you’re Debt free? Are you managing to pay it off okay?
My husband and I are now Debt free except for our mortgage, which is approximately $47,000, and we expect to have that paid off within four years.
It wasn’t always this way. When we first married twelve years ago, we had little savings and over $80,000 in consumer debt plus $120,000 on the mortgage.
Fortunately, we made the commitment to change our spending and save for the future. And, we needed to. My husband was diagnosed with stage four colon cancer 14 months ago. Our out-of-pocket medical expenses during this period of time are approximately $20,000. If we were not debt-free, we would have been bankrupt by now.
You never know what life is going to throw at you. It’s important to be prepared.
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It is wise to use debt management/consolidation companies to help manage debt?
I have $9300 in one credit card. I have never missed a payment.
Debt management/consolidation companies can sometimes help make your financial situation more manageable. However, you really need to use caution when picking a company to work with. There are a lot of scams, fly by night companies and companies that really don’t do very much of anything at all to help better your situation. I would look up the companies you are considering working with on ripoffreport.com and the bbb.org to name just a couple. Many mortgage lenders consider credit counseling/consolidation companies to be a step above bankruptcy, and barely at that. Many of these same lenders will not lend to a person involved in credit consolidation workout programs. These programs could also possibly negatively affect your credit and your credit scores. Good luck and check out the credit blog below for more tips and information.
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