Any comments on experiences with Debt Negotiation firms, firms that claim to reduce one's credit card debts?
After a divorce, my debts with credit label companies, generally with brand new increasing smallest payments have been unachieveable, as well as I’m seeking for service – these companies explain that,for a fee, 15% of a negotiated sum = typically 50 – 60% of a strange balance, they will come to terms with a credit label companies as well as we compensate a obtuse amount, something we can means – have been they for genuine as well as do they work?
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From what I understand, debt settlement companies charge a fee based on the amount they save you. For example, if you have a credit card debt of $22,000 and they negotiate a settlement with your credit card to accept $12,000, then they will charge you a fee based on the $10,000 you saved. If the fee was 20%, then you pay the debt settlement company $2000.
You can negotiate this for yourself. Information is readily available on the web. Check out these sites……
http://www.creditinfocenter.com/
http://credit.about.com/od/debtconsolidation/ss/debtsettle.htm
http://www.zipdebt.com/
hi there! Well, if you need any more then have a cup of coffee, sit down, take a deep breath and get stuck into these:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don’t forget about me lol, hope it helped you!
I started out with Intellidebt, a debt management company, they helped me for alittle over a year, then I got a better offer with a debt settlement company, Nationwide Assets, they have already settled 3 of my 5 credit cards. I started out owing quite a bit of money, they worked with me and the credit card companies and now I only owe a few more thousand dollars. So, the answer to your question, yes they do work. Depending on how much you owe will determine if they can help you, so good luck.
in the UK, Martin Smith who regularly appears on Radio 2, is passionate about putting people back in control of their finances, to make wise choices and correct past mistakes:
http://www.moneysavingexpert.com
Quote:
” We, my wife and I, are on a seven-year plan with CCCS having recently changed from a commercial debt management company after hearing Martin on Radio 2’s Jeremy Vine show. The simple action of swapping to the CCCS has shaved over two years off the length of our plan as the money we were paying the management company now goes to our creditors instead! Of course, that also means a financial saving of nearly eight grand over the term of the original plans 10 year period.”
Martin recommends CAB, and also another charity: Consumer Credit Counselling Service 0800 138 1111
If you are in a financial situation to take care of past due bills or debt,,, do it yourself,, but you need to have the money to pay when you call in to the creditor… you don’t need all the money for all of the creditors but if you can do it one at a time,, you will be in control of your own money,,,, most creditors can take off up to 70% of the balance… it depends on the company,,, even collectors that call you can take off that much,, just tell them that you have limited funds and you are liquidating your debt… advise them that they need to take off the maxium amount and if the max is 65% offer 50% and give them your number and they will call you within 3-5 business days…. then if accepted have them prepare a fax with all info… and make the payment…
Not always.Be very careful.It is very important that you keep all of you Credit card statements, for the rest of your life i mean this. it’s the only proof of payment you have, and the only proof you have on when the last payment was made.Also talk with a bankruptcy attorney you may qualify for a chapter 7 or 13 the first visit is usually free.
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