Has anybody worked with Armored Debt Center in Irvine, CA? Their offer sounds too good to be true.?
They’re claiming to discharge credit debt in 3 years!
There are 3 suggestions to question “Has anybody worked with Armored Debt Center in Irvine, CA? Their offer sounds too good to be true.?”
Debt Settlement Companies (DSC) and How They Work
1. They tell you to stop making your payments to your creditor(s).
2. You give the DSC a monthly fee ($250) or so. They pocket the first 3 months of your payments for their ‘processing and administrative fees’. None of it goes toward your debt settlement until the 4th and subsequent payments.
3. The DSC waits about 6 months or more until you have a certain amount of money in your ‘account’.
4. The DSC negotiates (threatens) your debtor saying that they/you will offer a certain percentage of the debt to clear it off the creditors books or you’ll file bankruptcy.
5. Your creditor says, "Take a hike. I want full reimbursement." There’s no guarantee that your creditor will accept the DSC offer.
6. The DSC contacts you and says there’s nothing more they can do for you unless you pay more money into your account. The money in your account has been used up by processing and other ‘fees and costs’.
7. Your creditor files a lawsuit against you. The DSC doesn’t protect you from this.
8. Your FICO score has taken a major, major hit.
They can’t claim to eliminate credit card debt in three years unless they know how much you owe and how many creditors you owe money to and how much money you have to pay the debts. If you have enough money, you can eliminate credit card debt in ONE year.
You can do this yourself for free by paying extra to your creditors WITHOUT destroying your FICO score. You can negotiate your interest rates by calling the credit card company yourself (that’s what they will do for you, for a fee).
This is a debt settlement firm.
Debt settlement is a risky tactic of deliberately defaulting on current credit card accounts to attempt settlements at 50%. You pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator’s fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances…You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment. Your creditors are under no obligation whatsoever to accept settlements from any firm your hire.
Check with the Better Business Bureau.
Also try running their name thru this site: rippoffreport.com.
If they have a website go to http://www.whois.net and see how long their website is been running and who created it. (domain owners).
You should be worried if their site has been created in the last 6 months… that means they haven’t been around for long.
Most of the time you can simply type in their name into a search engine and if there is any "dirt" it will show up fast….
By the way… if you want to get out of credit card debt you don’t need to pay a company (that will most likely ruin your credit) to do it.
If you need a plan…. read my answers. Sooner or later you will come across this topic. If you would like a detailed plan and budget…
send me an E-mail. I don’t charge anything and no… I don’t need to know your personal info to do this.
Can I promise a miracle? No…. but I can give you all the help you need for free.
Debt Settlement Companies (DSC) and How They Work
1. They tell you to stop making your payments to your creditor(s).
2. You give the DSC a monthly fee ($250) or so. They pocket the first 3 months of your payments for their ‘processing and administrative fees’. None of it goes toward your debt settlement until the 4th and subsequent payments.
3. The DSC waits about 6 months or more until you have a certain amount of money in your ‘account’.
4. The DSC negotiates (threatens) your debtor saying that they/you will offer a certain percentage of the debt to clear it off the creditors books or you’ll file bankruptcy.
5. Your creditor says, "Take a hike. I want full reimbursement." There’s no guarantee that your creditor will accept the DSC offer.
6. The DSC contacts you and says there’s nothing more they can do for you unless you pay more money into your account. The money in your account has been used up by processing and other ‘fees and costs’.
7. Your creditor files a lawsuit against you. The DSC doesn’t protect you from this.
8. Your FICO score has taken a major, major hit.
They can’t claim to eliminate credit card debt in three years unless they know how much you owe and how many creditors you owe money to and how much money you have to pay the debts. If you have enough money, you can eliminate credit card debt in ONE year.
You can do this yourself for free by paying extra to your creditors WITHOUT destroying your FICO score. You can negotiate your interest rates by calling the credit card company yourself (that’s what they will do for you, for a fee).
This is a debt settlement firm.
Debt settlement is a risky tactic of deliberately defaulting on current credit card accounts to attempt settlements at 50%. You pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator’s fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances…You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment. Your creditors are under no obligation whatsoever to accept settlements from any firm your hire.
Check with the Better Business Bureau.
Also try running their name thru this site: rippoffreport.com.
If they have a website go to http://www.whois.net and see how long their website is been running and who created it. (domain owners).
You should be worried if their site has been created in the last 6 months… that means they haven’t been around for long.
Most of the time you can simply type in their name into a search engine and if there is any "dirt" it will show up fast….
By the way… if you want to get out of credit card debt you don’t need to pay a company (that will most likely ruin your credit) to do it.
If you need a plan…. read my answers. Sooner or later you will come across this topic. If you would like a detailed plan and budget…
send me an E-mail. I don’t charge anything and no… I don’t need to know your personal info to do this.
Can I promise a miracle? No…. but I can give you all the help you need for free.