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debt settlement

 
 
Reply Tue 18 Aug, 2015 06:17 pm
Hi all
Has anyone used a debt relief company? Did it work and were your creditors harassing you the entire duration?

Thanks
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Type: Question • Score: 0 • Views: 847 • Replies: 12
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roger
 
  1  
Reply Tue 18 Aug, 2015 06:24 pm
@czarisdad,
No, but I know someone who did. Once they became involved, she never heard from another credit card company. She did have to surrender all her cards.
czarisdad
 
  1  
Reply Tue 18 Aug, 2015 06:28 pm
@roger,
Thanks roger. My company said roughly 3 months. Got a call at work.today wasnt happy told them no more
0 Replies
 
maxdancona
 
  1  
Reply Tue 18 Aug, 2015 06:42 pm
@czarisdad,
I personally don't trust them. Many of these debt relief companies cheat you (the client) by getting you a much worse deal then the creditors would offer and then taking the difference. And I have heard of people being trapped with even more debt after working with these companies.

There may be reputable companies... but people have also had luck just going to their creditors on their own.

If you choose to use these companies, be very careful. There are plenty of stories of sharks that will make things much worse for you. Do your homework before you climb into bed with them. Call the BBB to see if there have been any complaints. Check to see if people are complaining about them.

I said this on the other thread, it would be better to declare bankruptcy up front then to get cheated by an unscrupulous debt relief company.

In any event, don't make any commitment until you talk to an accountant or attorney.
czarisdad
 
  1  
Reply Tue 18 Aug, 2015 06:45 pm
@maxdancona,
I signed up several months ago with one that appeared to have a good reputation.
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maxdancona
 
  1  
Reply Tue 18 Aug, 2015 06:53 pm
Ok good. Make sure that your creditors have really agreed (this is one of the most common scams). If you got a good settlement that will reduce the amount you end up paying, then good for you. That's good news.

For you, or anyone else.... this is a page from the FTC that explains the risks of debt settlement and the precautions that customers should take.

http://www.consumer.ftc.gov/articles/0150-coping-debt
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maxdancona
 
  1  
Reply Tue 18 Aug, 2015 06:58 pm
@czarisdad,
I just re-read your initial post.

If your creditors are still harassing you even though you have a settlement, I would do two things (just to make sure).

1) Call you creditors directly (i.e. you make the call, rather than talking to one of the yahoos harassing you who are probably just kids on a commission). Make sure that the creditors have accepted the settlement that you are now paying for. If the creditors don't agree that you have a settlement... then you have a big problem (that you should take care of right away before you send any more money).

2) Once you have made sure that the settlement is legitimate (by talking to the creditors), you can tell them not to call you. (Actually you can tell them to stop harassing you anyway, but since checking to make sure you actually have a settlement is so important that you should do that first).

If you tell them clearly and directly "Do not call this number again". They have to stop calling you. This is the law (there are strong anti-harassment laws)... and you can sue them if they keep harassing you. Almost always as soon as they know you know the law, they will stop calling you (other than risk problems form themselves).

czarisdad
 
  1  
Reply Tue 18 Aug, 2015 07:07 pm
@maxdancona,
No there is no settlement yet. My original post in the other thread was a longing glance at the future
roger
 
  1  
Reply Tue 18 Aug, 2015 07:11 pm
@czarisdad,
Just vaguely related, the local Better Business Bureau in my town seems to offer either a debt settlement service, or at least competent advice. They might be worth at least a phone call in your own area.
czarisdad
 
  1  
Reply Tue 18 Aug, 2015 07:17 pm
@roger,
The company im using had the top BBB rating as well as consumer reports
roger
 
  1  
Reply Tue 18 Aug, 2015 08:24 pm
@czarisdad,
Excellent
0 Replies
 
maxdancona
 
  1  
Reply Tue 18 Aug, 2015 09:04 pm
@czarisdad,
You can still tell the people who are calling you to stop. It is illegal for them to keep harassing you if you tell them to stop.
czarisdad
 
  1  
Reply Wed 19 Aug, 2015 05:42 am
@maxdancona,
At the job yes I havent had a landline for years and my cell blocks them. So I just ditch the angry post that arrives at the house
0 Replies
 
 

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