I'm working with a debt settlement company who is settleling one card at a time - is this good. My credit cards are either charged-off or sent to collection agencies because I haven't paid in about 2 years. The amount I still owe is about $16k which was higher but this company helped me paid off 2.
This company also charged me a service fee and they stated that they weren't going to settle my cards until I had enough money saved up in my account, which I save $450 a month- is this good.
I want to switch but not sure if another company will help me out if I receive a summon because I already received one and this company helped me out with it w/o stepping into court. If there is one out there, which would be a good one.
Debt Settlement program helps to pay off debts that are already in a negative position. Since most of your credit card debts are either charged off or, in collection, I think you did right by settling them.
The problem with debt settlement is, the fees you pay per month get deposited in a trusted account and once a satisfactory amount is accumulated, the settlement company pays it to your creditors. There are chances you receive summons from your creditor or collection agencies by this time, however, a good settlement company would help you to avoid the judgment.
It seems that you are with a good company, however, if at any point of time you feel that your settlement company is not going to help you to deal with summons, feel free to contact the attorneys and settle the debt out of court.
PM me if you need any more information. _________________ Stan
BTW, I am not a lawyer, I am here to share what Life has taught me.
Mon Jan 07, 2013 8:11 pm
This review is from: Credit Card Help For All Your Credit Card Debts: Get Really Valuable Debt Tips For Paying Credit Card Debts Using Debt Management, Debt Settlement And Credit Card Debt Relief Once And For All! (Paperback) A wduoerfnl help to me! The book provided a clear picture on what I needed to do and suggested the options available to me on how I could make decisions and solutions to clear my credit card debts. I found really helpful do-it-myself strategies which I started on right away so I can get to lowering the amount immediately. I cannot afford professional negotiators on my behalf so I will be trying self-negotiating with my creditors and see how much I can lower the total amount I have to pay myself and see where I can get a lump sum to pay it all off. Thanks to this book for showing me my options and tips and tricks that really work well, plus my own commitment, I can look forward to that time I can be debt free.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.