Anyone ever use a debt settlement company - sm
Posted By: on 2008-11-03
In Reply to:
like DebtAmerica or something like that, one that eliminates 30% or more of your balance owed, consolidates it and gets each cc to settle on an agreed amount, etc. I am thinking of going that route instead of CCCS company which is just a DMP (consolidates it but you still pay back every penny and interest). Either way you have a big black mark on your credit. I owe a substantial amount and this way I can probably be debt-free in 3-4 years instead of 8 years. I know they charge a fee, and you have to pay taxes on the settled amount but it will be a lot cheaper for me in the long run and I can afford it a lot better. So if anyone has gone this route, please give me your input and who you used and if you were happy with their service, etc. TIA! 
Complete Discussion Below:  marks the location of current message within thread
The messages you are viewing
are archived/old.
To view latest messages and participate in discussions, select
the boards given in left menu
Other related messages found in our database
If you do get a settlement I would use it to get - sm
two things, a fence for your yard, and therapy for your daughter as she obviously needs it. If you are not taking her as yet, get her to a therapist pronto. Any left over money you put into her college fund. Good luck.
Settlement offers - beware
Just be aware that if they do a settlement offer of $3500 on the $7000 then you will have to include any portion that they write off as "income" on your taxes and they will send you a 1099 C that will show the amount that they cancelled and will report it to the IRS. If they already have a judgment against you, why are they taking you to court? I thought that once a judgment was placed that was it, of course if the judgment was placed prior to you making payments and then you began making payments again, that might require another judgment. And of course that begins the start of the cycle of the 7 years before they will write off the entire amount and with the new laws that could also generate a 1099 C requiring you to report that as income. Of course the amount of taxes you pay on the "income" is a lot less than the amount of the debt but it is still something to think about. Good luck.
Might do that one day, but have some debt to get rid of first - sm
So putting out $6500 for a TT will have to wait; in a year I may be able to think about it, then save up the $$$ for it. I have done some research into this and know I first have to lose the weight and be stable at my goal weight for a while before I can have that done if I want to do this right. Guess I will just have to wait and see just how bad it looks after I shed the 70+ pounds. Feeling good right now, just went outside did some yardwork that I usually never have time to do (really didn't now either but work can wait), felt good to be active for a change, though I must now sit on my big butt and work for the next 4-6 hour! My thing is that I have to get more physically active, sit way too much!
Out of debt
Congratulations!!! Isn't it a wonderful feeling?
debt
I agree with transferring to 0% when the offers come. I have been doing that for years. Now, I just got an offer for 6.99% for the life of balance up to 12,000 dollars. Going to take that offer, (we are going to remodel our main but small bathroom) and pay off 2 1/2 cc; then what is left over, oh, and going to give my hubby 1000 to get out bike out of shop, so, what ever is left over, which should be 6 to 7000, will redo bathroom, payments won't be bad, like 190 a month and don't use your cards for a good while, just steadily pay. Hope this helps, and life is too short to stress over bills. Keep them in mind but at the same time, think of what you have. 
I am totally out of debt -
house, cars, motorcyles, credit cards. Everything!
It feels great!
Paying down debt
It is getting harder to make ends meet because of all the straws in our bank account. I have 17k in CC dept alone. It is with 4 different CC companies. One CC has $200, #2 has about 4K, #3 has about 2K, #4 has 10k. The 10K one has a 15 % APR, the others I believe range from 24% to 29% APR. My biggest monthly payment is my house and I owe only $4700 on it and it has 6.3% APR. I sold some things and am getting $5K and that will be enough to pay off my house. I would love to finally, officialy own this house and get rid of that $350 monthly pmt, but I wonder if I should not pay down on the CC because of the high interest rates. Any opinions. TIA.
Paying Down Debt
I feel you, believe me. First, Bravo to you for facing this. That's the hardest part. I think if you are so close to paying off your house, you wouldn't want to take out yet another loan against it. Additionally, the interest rates aren't that great. What is the total of payments you are making on your credit cards? If you can slap that 5000.00 on your debt first on all of the higher interest ones perhaps paying some of them off. That will free up extra money to put on the rest of your credit cards. Then once the credit cards are paid off, you can then work on the mortgage (I WISH I had your mortgage..). Also we work in an industry where it is easy to pick up extra work---have you thought of that just to get extra money to pay off the debt? That's what I'm trying to do. Things are just so bad right now. Good luck, hope this helps...
credit debt
Wow thanks for all the good tips.
As this got off the subject and onto other things, I just wanted to say I have heard Al-Anon is excellent for people dealing with alcoholism in a spouse or other loved one. It might be a great place for support for you and your kids. Just a thought.
Well, the only debt we have is our house...
so I would put it towards the principal on our mortgage.
Did you go into debt over the holidays?
C'mon, fess up!
Did you use credit to buy things for the holidays, or did you pay in cash?
I'm happy to report that for the 13th year, we paid in cash.
credit card debt
Not sure what will happen, but I do wish you luck. Credit card debt is an unsecured type of debt. I don't know what more they can do to you other than a judgement. Not sure you can put that under a bankruptcy either once the judgement has been placed. I know a lawyer that handles a lot of bankruptcies -- did some work for him. He always asked his clients if late payments had gone to judgements. If they had not gone that far he was pleased about it. I guess it made things easier legally. Not really sure.
Completely out of debt today!
I have paid all of my big bills off and now only have the monthly ones. Need to pop a cork!
debt consolidation/relief
I'm seriously considering going with one of those debt relief companies to get myself out from under a mound of credit card debt. I feel like I'm drowning. Has anybody had any experience with these companies, good or bad?
Strive to become debt free...
yes, that means living on a budget, telling the kids (and yourself and your spouse) no to impulse buying and splurges. You really can live below your wage if you WANT to and it is better to do it before you HAVE to due to job loss, etc. We are debt free but our home, no car payments, all credit cards paid off, only have the utilities and food each month. It feels great not to write checks to anyone. My DH just finished his obligation of 700 a month child support (Yay!!) which means more towards the mortgage to pay it off sooner. We are content with what we have...too many Americans want it all and want it now, no matter what the price, just charge it or take out a loan for it...crazy!
Oops, should have been paying off a debt
/
Do your homework on debt collection (sm)
laws also - you just may have yourself a $1000 piece of paper in your hand.
Have you requested validation of this debt? If not, I would do that right away. Send it certified mail, return receipt requested. Depending on the age of the debt, I would be very careful about sending the canned "do not contact me letter." If the debt is not that old, that can sometimes trigger them to sue. I bet if you send the "please provide me with full validation (not verification that you have my name, address and soc. sec#) of this alleged debt. Short and sweet.
Before considering the CCCS or debt relief (sm)
places, first call the companies. If you haven't been charged off yet, most will work with you and have hardship programs. The accounts will likely be closed, but after 3-4 ontime payments they will "re-age" to show as current, will lower the interest rate so payments are lower and you will pay off over a 4-5 year period (in most cases, you can't use the cards as acct will be closed to further charges in exchange for drastic reduction in interest rate). Going with CCCS or similar, has the same effect as a BK, even worse, on your credit rating. The accounts will report as "closed, paying under debt management plan." While bankruptcy is an option I suppose, if you're a homeowner or have any assets, you'd have to file Chapt. 13 which will allow for some payback. I'd call the companies first and lay out your situation and see what they suggest. The credit industry is in a mess right now so they are willing to work with you if you're upfront and showing good faith.
Why would you take vacations when you're in such debt?
The money for those planned vacations could be paid towards your credit card. If you're income in increasing soon, why not apply the increase to the bills until the debt is gone and then reward yourself with a nice vacation that you save up for?
If it is an old debt, I've been told that the place that
the court with the original document that you signed before they can get a judgment to garnish wages. Usually they can't come up with it if the account was taken out a long time ago. I would look into it a little maybe even just online. Try consumer affairs website. Good luck.
I know it's popular, but don't put unsecured debt on your home.
No way, never ever do that. It's a huge mistake, you could end up losing your home. The risk is too great.
credit card debt relief
Does anyone have any experience with those companies claiming to reduce debt by up to 70%, etc. ?? I'm drowning in debt. :(
Credit Card Debt Counseling
http://www.cccsatl.org/index.asp?_method=view&sc=43&cn=486&md=debtmanagement
Here's what you want to use... It is called Consumer Credit Counseling Services. They are legit. Now back when hubs and I did it about 15 years ago, there were no computers, per se, so we went on site to an office. I don't know what state you're in or if there is an office local to you, but it looks like you can do this online.
We did it, completed it, and it was great. However, they cut your credit cards up in front of you and put them in a huge jar (at least they did back then). Once you join, there are no more credit cards. What CCCS does is works with your creditors to reduce interest rates, payment size, etc. because they are networked. You then make one lump payment to CCCS and they disburse the money. They also take into consideration your income. I think that's what makes it all work. Also, this is what tells them how long it will take to pay off the debt. Just beware though that if you are "behind" on payments, sometimes certain creditors do not accept CCCS, so they may hassle you still and some just plain won't accept CCCS's offer.
Believe me, even though we are not late on payments, we had in the past 3 years so much personal stuff go on (sickness, death, etc.) that we have racked up some debt ourselves and may try CCCS again, as one card we have raised the rate to 33% interest because we have a high balance. We make regular payments.
All in all, it's a great plan and it does work, but you no longer have credit cards (they close the accounts), and you will have a "bad mark" but yet a good mark on your credit report for using CCCS. Check with them about that though, as I do not know the specifics. It is way better than bankruptcy...
Hope you find some relief soon! My thoughts are with you... I'm not judgemental because I've been there and done that.
Anyone ever been sued by a debt collection agency
My husband and I have an account which we feel we don't owe. We cancelled it within the amount of time we thought we had to cancel, but were later told the contract for services was not cancellable (a vacation timeshare). The original amount was only $1,000.
Since that time, the timeshare company has sold our "debt" to a third party collection agency, Apelles. They call at all hours and even on weekends. Since I have caller ID, most of the time I don't even answer. This morning, however, they called at 8:45 and woke up my kids. I was a little annoyed, to say the least, and I'm just wondering: Does anyone have any personal experience with this company. I'm thinking about sending a Cease and Desist letter, but I'm worried that that will trigger them to take me to court. Has anyone ever been sued by Apelles? I would think our amount is too small to be worth their time and that they would just try to sell it to another agency. Any thoughts?
Love him! We are debt free but the house....
on an income of around $100,000 a year. DH may be getting laid off in the coming months but we just refinanced to a great below 5% rate, all our credit cards are paid off, we have savings built up to see us through tough times and we don't really worry about what may come. Sure, our cars are a few years old but guess what, they drive just like brand new ones. We still eat out several times a week, we take a month long vacation every year and we are happy with the things we have. We buy what we want when we want, but we aren't slaves to the newest TV, cell phone, i-phone, etc.We have no one to impress and really don't care what others have. We have the peace of mind that we can go to bed every night without much worry, the phone doesn't ring nonstop from creditors and we can go to the mailbox and not cringe when the bills come in. The country is in this financial mess because of greed, plain and simple; fat cat greed, greedy consumers in this I have to have it NOW society, and most think the free ride is never going to end. Sad....
credit card debt lawsuit question
If there is anyone out there who has been sued and had a judgment placed for credit card debt....
What happens when you go to court?? I don't own a house and live week to week (part-time IC, not very supportive husband) so they can't get blood from a stone so to speak. But I was wondering if anyone has gone to court and what actually happens.
credit card debt lawsuit question
Anyway you can declare bankruptcy, chpt 7? I am going that route. :(
Do you have a lot of monies owed where bankruptcy is a real possibility?
I'm going through a similar time......talk about stress!!!!!!!
I posted back in late August about cc debt - sm
in response to someone else giving advice on what to do. I told you about how I had a ton of debt my DH knew nothing about, how I was afraid of him, etc. and that I just did not know how to tell him. I consulted a lawyer and got some insight and advise in case things went really bad when I did tell him. Well I finally bit the bullet and told him on Monday. He was off from work, kids were in school, I wrote a 4 page letter laying it all out. I went out in the LR and I asked him if he loved me and was happy in our marriage, I got yes's to both questions. Then I handed him the note (bawling at this point) and said I was going out for a little while and we would talk when I came back. He called me 10 minutes later, upset yes, but not nuts as I expected. We ended up talking for 2 hours. He was quite good about it which really surprised me, he was in shock though. Later last night after he got drunk not horribly so but enough, though he did not turn nasty. I had asked him not to drink but he ignored that, so as a result he broke down said a few things which I probably deserved, though he does not believe I was scared of him....denied ever threatening to kill me, said if he did he was kidding and it was his sick sense of humor. I told him I take all death threats seriously. But comes down to he does not want to divorce over it, for which I am happy and grateful, and I think this will ultimately help us. We are taking a 401K loan for the debt on his cards, and I will go to a credit consolidator for the debt on my cards......any recommendations on that front? My credit is in the dump so this is not going to make it much worse. In five years we will be free and clear, paid off debt and house at that point. I have a huge breach of trust to heal and don't know how to go about it, that is what is hurting him the most and the fact I waited so long to tell him, couldn't understand why I felt I could not come to him when it all started. So he learned what a conniving wife he has and I learned that I had what I wanted all along, just didn't know it. We still have a lot to work out, and I am in for 5 or more years of snide backbiting remarks at times I am sure, but I think there is hope for us actually.
I used Debt Free Today. Pretty good
company. Never had any troubles with them. Just sent them a check once a month and they distributed among my creditors on the agreed amount. I think we paid off in 4 years. Was really nice!
Yeah, stay out of that family debt deal, if ya can. :) nm
nm
Pay off highest interest rate debt first, then the next, and onto the next. The house can wait. Do
dd
I tried a big company, but
I didn't like the rigidity of their plan. You want somebody who is flexible in the cleaning rotation if they rotate their area of concentration. I mean, this company wanted to waste a clean by detailing my office and bedroom and laundry area. Nobody sees those areas, so if I have company coming over, attention needs to be paid to the areas we'll be using, you know? But they had to follow their national plan.
Plus, DH and I didn't appreciate having to spend every other day off preparing for them to come. Some days you want to spend in the yard and let the house go, but when somebody is coming to clean, you need to have picked up so they can vacuum and wipe counters, etc.
Which company did you use? NM
x
I went with a company...sm
We went with InCharge. The credit cards were out of hand and I was fed up. It took 1-2 months to get everything set up. We pay them $40 a month for their service, but the interest rates were knocked down to 6% so we are still saving bunches of money. We have have all the credit cards paid off in 2 more years. As for working out something with the credit card companies directly, they would not work with us so this is the route we went. Do not regret it at all.
Which company has this.
:
unwanted company
Ditto -- Just don't answer the door. We moved to the country to get away from that sort of thing and it still happens. I hate it too.
Just because a company offers 8....
Just because a company offers 8 cpl doesn't mean they won't up that for experience. I was offered 8 and said no and now I get 10 cpl.
For what company? See, that's the thing - I
have tested for numerous companies, and passed with flying colors, then when it comes down to the job offer, they offer me about what I am making now. That is why I would like to just know what companies out there are paying 10 cpl so I can just bypass all the ones that offer low pay; otherwise, I just see myself wasting my time, taking all these tests and in the end being offered no more than what I'm getting now. Can anyone out there who makes 10 cpl tell me what company they work for?
misery and company
I'm not glad that you all suffer too, but a little relieved. Mine is a little like an electrical hum - white noise came to mind for me also. I wonder if computer error tones started mine as it happened right after I had a series of bad dictations where I turned the volume up really high and then when I hit something wrong I got a very loud tone - someone has since told me how to change it to a more tolerable sound.
Actually, I worked for a PC company
a long time ago supervising the commercial aspect. They always tell you that, but they can and do die in walls. We were sent out many times to cut them out after people insisted on using poison.
The best advice that I can offer is that once you get rid of them, you seal off any areas where they can get back in. If you don't do that, then you will continue to have problems.
Now rats instead of mice, I don't know what to tell you to do if they are eating through the walls!
Me personally though, I had a rat as a pet. In fact, we had to put her to sleep about a month ago.
Maybe you should contact the company...
nm
The big company I used was awful.
Different people every time and they used a special schedule they could not alter when I had a special request. An individual would be more flexible, but make sure they are bonded and paying taxes so you don't run into trouble with the IRS.
Would it be possible to ask the phone company--sm
to come out and inspect your line? I don't see where a lawyer would be any good at this point, until something is either proven or disproven. Good luck.
Can't Garnish a Company
You can't "garnish" a company. Garnishment only works with an employer willing to work you court to fork over money from an "employee." You're talking about a company (is it incorporated?) If you didn't go to small claims already, that's your only (best) way out. That way, the company rep MUST show up in court to answer your claim, or offer a settlement. Unless you do some strong-armed persuasion through the local press and exposing the outfit any way you can I don't see any other way out. Also, in our county it's more like $50 to file the complaint, but you can recoup that from the debtor as part of the settlement. And, don't let the small claims court clerk tell you that you need an attorney. You don't--unless you want one. They clerk is duty-bound by their oath to assist citizens in filing their own documents. They can't give you legal advice, but they can and should make sure your paperwork is okay to file the claim. Also, you can always check in with the state attorney general. They could probably work with this as a fraud case and you might have some recourse there. Also, your state--secretary of state for your state would have information on the legalities of this company, which also if you filed a claim in Small Claims Court you could subpoena documents from the company directly to find out their bank, accounting records, etc. Good luck again.
They are all one company , and out of Grenada. sm
illegal in a lot of states.
All I can say is...me too!!! At least you have company in your misery!! (nm)
x
How about either you or her working for a company .....sm
that offers tuition reimbursement. My brother and sister obtained their degrees this way. It took a lot longer since they both had to work full-time but the education was free.
Some companies offer tuition reimbursement for their employees and immediate family. Might have to do your research but certainly worth it.
I think the only thing is the student would have to pass the class otherwise the company sends you the tuition bill.
BTW, the company I advise you
to avoid is
The Cleaning Authority.
They have a rigid schedule they refuse to deviate from, they mark up your walls with their tools, and they break furniture. They don't know how to properly clean a laminate floor or sinks. You have different workers each time, so tipping well makes no difference in the job they do. Complete waste of money, no matter how many times you meet with the supervisor.
This company seems very sketchy....SM
There is no way I would ever accept this type of job, no matter how desperate I was. No decent company does this to a person. It's like throwing a goldfish in with a bunch of sharks. I would strongly advise him against this.
CUSTODY not company LOL
x
we had a local company that came out to
maybe you just had a bad customer service rep?
|
