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Jake Lamont | Are debt settlement companies a scam? |
I was thinking of signing up with a debt settlement company but I have heard the debt settlement companies not what they seem. They promise to settle your credit card and unsecured debt for half or less than what you owe. I have heard what they don't tell you is that you usually get sued, get your wages garnished, and that the debt settlement companies over report what they actually save you while charging you a huge fee. In addition, I have heard that your savings are reported to the IRS as income and that your credit report is trashed. Supposedly their seemingly caring sales people are paid high commissions. Apparently you can negotiate with your creditors and be just as successful while saving the thousands of dollars these companies charge you. What I want to know is if all that is really true about these companies and can I actually negotiate with my creditors myself and save thousands in fees. I need the scoop from someone that is honest and knows the truth about these companies |
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Studly
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Everything you have heard is true. It all won't happen to you, but these are some of the dangers that occur.
The only advantage is (hopefully) the person who is doing the debt negotiation is a trained arbitrator who can work with your creditors.
Just keep this fact in mind. There is no law that requires your creditor to work with these people. there is no set amount they must settle for.
Any time you settle a debt, that fact goes on your credit report and it will have a negative effect on your score.
They are not 100% a scam like credit repair agencies are.....but as long as you understand what a debt settlement company does...then go for it.
I can guarantee you that their promises of reducing debt over 50% is a total lie....it's very rare that creditors reduce a debt that much.
I would strongly recommend that you do some research on debt negotiations and do it yourself first. The link below is for a very good site that has lots of info on this. They do sell their services, and I'm not sending you this to spam you. If it has good info I recommend it. |
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steve b
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For a great article on how debt settlement companies work and whether they are scams check my source below. If gives great info on what to look out for when speaking to a company to identify whether or not the company is reputable and will do a good job |
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carolm0108
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Usually all these debt companies do is get your credit card companies to lower their interest rates. Most people who call these places have interest charges in the 20% + region. People with decent credit have interest rates in the area of 5-14%. It is better to negotiate yourself. Call your CC and ask them to negotiate a lower rate. If they won't tell them fine maybe you'll just file for bankruptcy. That usually will make them more amiable to make a settlement. Just remember if you want to fix your credit get your reports from all three credit agencies. Call all creditors and see what you can do. But in a bad case scenario bankruptcy is always an option. Good Luck. |
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stopccdebt
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You are correct. While most are not technically a scam, they are generally a bad idea. A debt settlement company cannot do anything more than you can do for yourself once you understand the process. |
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caleb b
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Debt settlement is increasingly being adopted as a popular means to get out of credit card debt. Essential to successful debt settlement is having the right debt settlement company work for you. But how do you find the right debt settlement company? Here are 5 tips that could help you find the right debt settlement company.
1. Don't get driven by high pressure sales
Internet today is swamped with lucrative debt settlement offers that are quite confusing, and hard to believe. The idea is to stay clear from debt settlement offers that seem too good to be true. Researching for the right offer and comparing various services offered by debt settlement companies, will help you reach the right debt settlement company.
2. No upfront fees
Stay clear of companies, ask for complete fees up-front. Look for a debt settlement company that takes fees on monthly to monthly basis. Also, there should be no maintenance fees associated with accounts. Although, it might seem difficult at first, in finding such agency but the effort will be worthwhile as the debt settlement company will indeed be reliable because it follows good business practices.
3. No, high percentage fees
The industry norm for debt settlement companies is somewhere between 10%-20% of your debt. The debt settlement company will charge this to negotiate a debt burden reduction of somewhere up to 50% or more. If a debt consolidation company demands more than this, stay clear of them. It will be good if you shop around for the best debt settlement rates by comparing various offers. Read more from: http://www.credit-card-gallery.com/article/225,5_tips_to_choose_the_right_debt_settlement_company |
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Blondie
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Don't go with a settlement! They say they can reduce your payments but believe me, you pay it in fees and what they also don't tell you is that you have to pay taxes on the "settled" amount come tax time!
Go with a credit counselor--check out the company that I used--Debt Counseling Corporation. They are great--they actually work with the creditors--not collection companies--they lower the interest--lower the payment and make it just one payment for you. They also helped me look at my budget and see area's i could fix myself so that I can start a savings account--check them out!
http://www.DebtCounselingCorp.org |
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Ask M
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creditinfocenter com
and check Federal Trade Commission website |
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mefuture
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First, debt settlement involves many facets - including personal financial discipline and budgeting (to save for the settlements), negotiations and leverage with the creditors, dealing with the potential for collection calls and maybe even fighting off a lawsuit. Generally, we suggest getting in touch with a great company to handle the situation for you... but if you want to go it alone it is a very tough fight but it can be done.
If you would like to get help from a pre-approved debt settlement company, please contact a counselor - Bills.com has several online at: https://www.bills.com/debthelp/debt
Generally, I would make sure that any firm you choose is a member of the Better Business Bureau and get a sense for the quality of the organization (www.bbb.org )
Once you start saving up money, you will need to explore the settlement portion. Debt settlement, also called debt negotiation, is a form of online debt consolidation that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years. It is important to keep in mind, however, that during the life of your debt settlement program, you are NOT paying your creditors. This means that a debt settlement solution of online debt consolidation will negatively impact your credit rating. Your credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding Chapter 7 Bankruptcy. The trade-off here is a negative credit rating versus saving money.
Also, most credit card companies will not settle with debtors until the account is around six months delinquent. This means that you must stop paying your creditors each month in order for the settlement company to obtain a settlement. No credit card company will allow a cardholder to keep an account open after not paying for six months. Nor will a card company allow a user to continue to use an account after agreeing to accept a settlement amount to pay off the balance of the account. So be sure to close your accounts.
Be aware that an account showing as “settled as agreed” will likely have a negative impact on your credit score. However, you must keep in mind that a “settled as agreed” account will have less of a negative influence on your credit score than an unpaid account with an outstanding balance. Therefore, if you do not have enough cash to pay off your delinquent accounts in full, it will still benefit you to settle with your creditors.
These are a few of the considerations. If you would like more information, please visit our debt relief boot-camp at: http://www.bills.com/debthelparticle2 |
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http://w3t.org/u/6z6r
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Check Out http://www.poks.org/debthelp.html |
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Kourtnie D
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As an owner of a settlement company I hear the " scam accusation" everyday. It makes me want to pull my hair out.
Debt Settlement is great for the right person/ the right company.
Your going to get a lot of people throwing out opinions and playing like they are experts. None of which has any sort of actual knowledge or true experience in the debt, credit or banking industry. Reading a book and looking up a few web sites does not an expert make.
Walk away from a high pressure sales person in this industry.
When using a settlement company make sure they give you full disclosure and tell you everything.,,,, specific to your state. Be informed. Ask lots of QUESTIONS.. When it come to this industry there is not a single dumb question..
One big Question to ask is ... Who is your back office, how long have they been around.
The biggest lie I hear is that your debt settlement company will and can make your creditors stop calling. If someone says that to you HANG up the phone. THEY ARE LYING
Calls can be controlled but not eliminated.
I have seen cases where debt was settle anywhere from( not the norm) 12 cents on the dollar to much as 80 cents on the dollar.
There are a lot of factors involved with the amount that is agreed upon in the end settlement.
Please feel free to email me any questions you may have I would be happy to make sure you have the correct answers and not just a great sales pitch from a debt analyst trying to get your account.
Kourtnie Donihoo
Prosperity Financial |
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ANTHONY M
 |
Some of these companies are actually owned by credit card companies. If you really can not pay your credit card bills and do not want to get harassed, change your phone number, and do not, I repeat, do not answer any mail or have any contact with bill collectors. Eventually, they will write off your bad debt, as every state has a statue of limitations. Serves the greedy companies right for charging loanshark rates! |
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