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Archive for November, 2007

As I am reading through the Q & A’s you say that a red flag is the settlement company telling me that they will clean up my credit at the end of the process. Janet H. is telling me her company includes in their negotiated settlement with the credit card company an agreement to remove all slow payments from my bureau upon final payment. Am I being oversold?

Good question. If the debt settlement company says that they will negotiate to have certain

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if your $46,00 in debt, is it better to do debt managmement and take 10 years or is it better to do debt settlement and have bad credit for 10 years? Either way? HELP!!

Hello, this is a choice that only you can really make. It depends on what

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I have communicated with a company and have a contract however I have not done anything yet. My hesitation is the 1st 4-5 payments that I would have drafted from my account would go to them. This would mean that the people that I owe money to would not receive anything for almost half a year. Their thought is that the companies would want to settle because of my delinquence and that after I settled (which they said it would take 3 years) I would have good credit. I have grown up with the idea you pay your bills. I want out of debt badly and I know that I need some help. This company states that I would have to pay about $13000 which is a $10000 decrease. They would receive about $3-4000 of that money and my creditors would receive about $9-10. I am afraid because I do not have the money to get screwed. Please help.

Hello, while I am not familiar with the company you talk about, the process you

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I have to answer a summons that I received from a law firm on behalf of a company that purchased my credit card debt. I will need to respond within the week or so to avoid a default judgement. Can one of your referral companies help or should I go straight for an attorney?

Hello, at this point I think you should find an attorney to assist you as it sounds like your situation has gone beyond the capabilities of a standard debt relief company. I wish you the best.

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Hi again Scott; Problem. I have Two Auto Loans, With Two Separate Credit Unions. They tell me both are Cross-calateralized With each Credit-card debts. Meaning Used as secuity. Is this legal,in your view? Because, they both say they will not deal with any Debt Settlement companys. Rather they will Reposse Both Auto’s instead. Help Please!

Typically any auto loan a bank gives you is secured by the car itself and therefore

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Hello Scott; Can you Recommend any ‘Debt Settlement’ company’s in Seattle wa Area? I’d like to actually meet and talk face to face if possiable. Thanks!

Hello. Unfortunately I am not familiar with any companies in the Seattle area. That does not mean they don’t exist but I do not know them. Sorry about that.

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Hello Scott; I forgot to ask you last night. What can you tell me about F.I.R.E,,,or,,,FINANCIAL INDEPENDENCE RESOURCE EDUCATION? I have been in contact with them. What is your take on this company scott?

Hello, I am sorry but I am not familiar with this company. There are so many out there so be sure to do your research.

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How will debt settlement affect my credit if I need to apply for credit while I am paying off my negotiated debt settlement?

If you enter a debt settlement procedure, you will not be advised to apply for any credit during the process. Debt settlement does hurt your credit as your credit card bills go into default during the negotiation process so applying

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AS A WAL-MART EMPLOYEE OF 7 YEARS, I HAVE BEEN CONSISTENTLY BEEN IN DEBT BY NOT MAKING ENOUGH MONEY TO PAY FOR GASOLINE AND FOOD. WITH MEDICAL AND CAR EXPENSES, LIVING IN CALIFORNIA, I FIND IT VERY DIFFICULT TO GET AHEAD AT THE AGE OF 63. SO I HAVE PUT ALL MY DEBT MAINLY ON 2 LOW INTEREST CREDIT CARDS AND HAVE USED A THIRD TO FALL BACK ON WHEN I DO NOT HAVE ENOUGH MONEY IN THE BANK TO COVER MY EXPENSES, BILLS, ETC.. DO YOU THINK I SHOULD GET RID OF ALL MY CREDIT CARDS? RAM

Hello. I understand what you are saying. It is becoming increasingly difficult for many people

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If after 10-15 years of collection attemps, the original account holder has no record of the debt, can you be sure that the collection company has a legit. right to collect?

Hello. I am not a lawyer but I believe there is a statute of limitations on the debt so

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10 months ago I started a business with someone I thought I knew well. Now he’s run off with all my $, the company profits and a 10,000 investment my son put up in May ’07, plus he ran up $8,000 woth of debt on one of my credit cards, and I’ve also had to use some of my credit cards to keep operating, until my cc debt is now approaching $10,000. AND if things don’t improve dramatically in the next few weeks I’ll have to close up shop. What do I do to deal with the cc co’s without ruining my credit?

Sounds like there are 2 issues, one is dealing with your former partner and deciding if

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I’m behind on my car note…4 months due to an operation… at signing I was told I had the insurance coverage should I ever get hurt or ill and not be able to work… my payments would be covered… well it happened and i sent them all the info etc… months (many) they notified me I wasn’t covered… please remit the back payments… no debt co will help me as it ‘s a secured debt etc… I have No credit card debts etc… can anyone help me… they won’t rewrite the loan etc… help with advice is appreciated… thanks

Hello. This is a situation with a secured debt so if you are unable to make up the payments

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My mother was served with a court date for Nov. 20, 2007. She is 78 yrs. old and had a credit card with City Bank. After paying the mimimum of about $200. mo. on her fixed income for a few years and the balance never going down she asked if they would stop the finance charges and fees and let her pay the balance of. They refused so she stop paying. What recourse does she have? She’s worried she will loose her house.

Unfortunately, she has no recourse as far as I know. Contractually she is supposed to pay

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