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OR
Do I have to pay the AP... |
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Has anybody ever dealt with this website: http://www.debtgoneforgo
If you have, how was your experience with them?
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This was totally out of the blue but they claimed that they sent a letter to me a few weeks ago in regards to the matter..A letter i never received.
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| Cancelling credit cards..does it affect your credit rating? |
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I know some people who have decent jobs, and good incomes, but always live beyond their means and have terrible credit. Why? Is it insecurity? Irresponsibility? Just a mental defect?
I&... |
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| I'm trying to find out if there are any ways to build it up. Since I've been told to save it.... |
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Bijou | I am unable to make my minimum credit card payment. Before signing up for a debt settlement program, should I? |
talk to the bank about this situation? Do banks lower the balance and work with a customer in trouble, to help resolve this problem? |
 |
 
bdancer222
 |
Stay away from debt settlement companies. Typically they take your money and let all your accounts go 90 days past due. Then offer lowball settlements under threat you will file bankrutpcy. Not only will this trash your credit, most credit card companies refuse to play and will immediately file lawsuit. The settlement company won't be helping with the lawsuit.
Consider credit counseling (which is completely different than a settlement company). Check here for a NFCC member near your: http://www.nfcc.org/. These are legit, non-profit companies who offer debt management programs for a nominal fee. They don't settle your debts for less. They negotiate lower interest rates and payments to allow you to pay off your debts.
While in the program, it is noted on your credit file. However, upon completion,the notation is removed and you will have decent credit.
You might be able to get the credit card company to work with you if you have a temporary situation. But it's a matter of the debts getting out of hand, go with the credit counseling. |
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yngblkbeau
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Hopefully, you are aware that any debt settlement program will negatively impact your credit rating. What typically happens is that the consumer credit counseling agency will contact the bank and act as your mediator. They will tell the bank that you are unable to pay the full amount of the debt owed as you promised to do, and that they want to set up an alternative arrangement---which usually involves paying off the principal amount that you owe but not the interest charges over an extended period of time.
The bank may or may not choose to accept this arrangement. It depends on how their loss recovery operations are set up and the size of the debt. Two things are likely to happen. If the bank accepts the debt settlement arrangement they will close your credit card account and report it to the credit bureaus as a bank initiated closure. Your credit rating will drop as soon as this happens. Even though the account is closed, the outstanding balance that you owe will still show up on your credit while you're paying it down through the agency. And after the principal has been paid off they may report the unpaid interest charges as a chargeoff.
Or, the bank may refuse the debt settlement arrangement, close your account, and report it as a charge off if you don't continue to pay the full amount owed; and if the amount is sizable they may even sue and get a judgment against you.
If you have other credit cards, expect that the interest rates will go up or that the banks that issued those cards will close them also. And if you apply for new credit it will likely be denied.
How much credit card debt do you owe? Is it really all that bad that you can't make even the minimum payments? I would try other things first, like calling the bank and asking for a lower interest rate. Or explain to them that you are in a financial crush at the moment and ask if you can skip a month or two of payments. Of if you have very good credit maybe you could apply to transfer the balance to a zero rate card. Do you have any valuables that you could sell to raise some cash, or even get a part time job or something to pay it down? |
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SlimMick
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You can always call and ask to see if they have any special programs given the state of the economy today. If they don't: Contact your local Red Cross for a referral to the local Consumer Credit Counseling Services (CCCS) in your area. They can negotiate much lower payments and interest rates. They DO NOT negotiate settlements.
They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program....so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you're enrolled in the CCCS debt management program.... Otherwise, it can be a very good way to deal with your debt.
Please note that CCCS cannot perform miracles in situations where there is an overwhelming level of debt relative to your income/assets.
=========================
DO NOT use a debt settlement firm...they deliberately let your accounts default to negotiate settlements. If your accounts are already in default...make your own settlement offers. |
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Saulp
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There are many different reasons why you want to consider enrolling in a debt settlement program. You are already on a debt management program and seeing no progress.You are unable to make the minimum monthly payment but your income makes you do not qualify for bankruptcy. Or you may have some home equity that you can use to get out of debt.
A debt negotiation plan, however, can be very risky and can have a negative impact on your credit rating. If your creditors never agree to settle, for example, you cannot pay your reduced debt amount in full, you will end up with bad credit. For this reason most companies provide credit repair services to fix damaged credit caused by the debt settlement plan.
So, you will need to evaluate your options before considering signing up for a debt settlement plan. But as your initial step talking to your bank is a good move. If you do contacting your bank you will be able to learn how they look at you as a debtor and how they will react if you don't pay your bills.
The fact is when you can't pay your bank your lender want you to contact them as soon as possible and explain your situation. This will help them to know that they will still be getting their money or, in other words, they want you to assure them that you will pay the account as soon as you can.
By remaining in contact with them on a regular basis you will put an end to unnecessary harassment and instead, build some forms of trust between you and your creditor. If you remain silent, not responding to their requests for payment, they will turn the bills to their collection department or a third party debt collection agency. They may also take legal action/s such as repossession or foreclosure, legal judgment, and bad credit report.
Overall, contacting your bank before signing up for a debt settlement program is a good decision. No matter what action you take for debt relief they are all just different ways of making debt repayments. Your bank will not forget about your credit debt. Even though you are protected by the Fair Debt Collection Practices Act you will still remain responsible to pay off all your debts.
Get help from a reputable debt settlement company only if you can't negotiate an affordable repayment plan with your bank. |
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~tisha~
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talk to your bank hun they will help... Good luck |
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MARIE M
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I'm an expert on this, I would suggest you take a tour here http://www.CarInsuranceTip.info/free-car-insurance.htm ,there are expert's tips there.
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K H
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Sometimes they will let you skip a payment, but you have to call and ask. They usually try to work with you. Do NOT tell them you are considering debt settlement or anything like that. Focus only on the card you have with them not all your other financial probs. |
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jenius
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It never hurts to try talking to them but be prepared mostly they are pricks. |
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Laura C
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try talking to the bank, they usually try to work with you. they might lower your interest or your monthly balance |
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Shannon
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Before you do anything, talk to the bank & see if they can help you out. If not, try finding a credit card with 0% interest for up to one year. Then transfer what you owe onto the new credit card. |
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cool dude
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Of coarse!!!!!!!!!!!!!!!!! |
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ford_ranger_xl
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yes... |
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Roy T
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ok |
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