Credit Counseling & Alternative & Debt Settlement

[lostindebtinVT 10]

When you carrying a very large debt load it's very difficult to do debt management - not all creditors will participate and then payments get delayed and etc causing flaws on your credit report. If all the creditors won't agree and you can't continue to pay them and your debt management program, then you'll get a collection and/or chargeoff, you could be in the same position as a person doing debt settlement. This is only my opinion, I've been researching for over a month of sleepless nights trying to make a decision of what to do. I'm going to save to do debt settlement and get this behind me - I have over $130,000 in cc debt so I know your pain. I'm consulting with a bk attorney as well thinking if I get sued, he may be able to help.

[spicy112 10]

hi, i'm in desperate situation in paying off my debt and considering to take program in Debt Settlement program but not sure about it if it really works and not scam. I searched online and found many of online but not sure which one. Can u pls tell me the co. that u use if u don't mind.

By the way while you were in the program did the settlement amt including the late fees/interest ? Thank you !

[inspectorfox 10]

hi, i'm in desperate situation in paying off my debt and considering to take program in Debt Settlement program but not sure about it if it really works and not scam. I searched online and found many of online but not sure which one. Can u pls tell me the co. that u use if u don't mind.

By the way while you were in the program did the settlement amt including the late fees/interest ? Thank you !

This is my first post... I had no work for almost a year in 2002 and 3 of my credit card accounts were charged off. I simply could manage to pay any of my creditors back then. I decided to enroll in the DMP with CCCS in 2005 (www.moneymanagement.org) to repay my deliquent $15K credit card debt. They negotiated my debt with 3 CA on my behalf and seems to do a okay job. One thing I learnt was that you need to be alert about getting updates on your account statements. I recently noticed that there is a difference of approximately $1000 between what CCCS paid on my behalf and what the CA claims they recieved. MMI charges me like $10 each month for sending out payments to the CA. All fees included in the negotiation they did. They were able to get me 0% for 2 and 6% for 1 account. I presently have a balance of like $6000 to payoff. I choose this route as I think it's better then filing Bankruptcy and my credit seems to be improving from 545 to 620

[Saint 10]

If you are in Florida, a debt settlement company cannot charge you more than $120 per year. Likewise, if the debt settlement company you are using is located in Florida they will also be restricted as to fees. If you are being charged this amount please contact the Florida Attorney General's office. You may also wish to contact the State Attorney's office as each count is a felony.

817.802 Unlawful fees and costs.--

(1) It is unlawful for any person, while engaging in debt management services or credit counseling services, to charge or accept from a debtor residing in this state, directly or indirectly, a fee or contribution greater than $50 for the initial setup or initial consultation. Subsequently, the person may not charge or accept a fee or contribution from a debtor residing in this state greater than $120 per year for additional consultations or, alternatively, if debt management services as defined in s. 817.801(4)( are provided, the person may charge the greater of 7.5 percent of the amount paid monthly by the debtor to the person or $35 per month.

(2) This section does not prohibit any person, while engaging in debt management or credit counseling services, from imposing upon and receiving from a debtor a reasonable and separate charge or fee for insufficient funds transactions.

History.--s. 1, ch. 2004-351; s. 2, ch. 2006-136.

[astiman 20]

Why pay someone to scam you when you can do it on your own?

30 years of banking, financial and collection experience and I have not seen ONE legitimate debt fixing service.

I hope they are out there, but I haven't seen them....

Just say no.

[vballchick 29]

What??? I'll just do it myself. I'm with astiman. They don't "fix" your credit and they can't do anything you can't do! Most of us don't realize the power we have ourselves!

[loanmod 10]

I think you give complete information about procedure and rules of debt settlement.

[Expert.Debt 10]

I have seen a number of posts recently about credit counseling scams and we have also seen some CC spamming here.

debt settlement attorneys

The following article is an excellent report prepared by NCLC on the entire industry and the law relating to credit counseling.

It may be more detailed than some of you want, but I think it is a very

interesting read.

Thanks,

expert debt

[bestdebtcare 10]

Before enrolling into any debt relief program, One must analyze his needs and check the authenticity of the company. One must take a multiple number of free counseling sessions to understand the program best for him.

[katie123 10]

if you want to enroll into any debt relief program, You must analyze your needs and check the authenticity of the company. You must take a multiple number of free counseling sessions to understand the program best for you and then

choose the best program accordingly.

[MyDebtRep! 1]

It is very Sad to see Consumers who Deal with Debt Settlement Companies only to make the situation Worse! I was in Debt Collections for many years, and saw where the Consumer would be served with a Summons&Complaint to get a Judgement and Garnish the Consumers Wages. The Debt settlement Companies really don't know how to deal with Debt Collectors! They just know how to Settle debt and anyone can do that if they have the Funds in hand........