Posted on 05/27/2011 8:24:12 AM PDT by kingu
I do this for a living although our firm works mainly with businesses. We do personal debt settlement work as part of a restructuring package for a business owner. It depends on the circumstances.
Yes! You can do it yourself although you can get buffaloed into something you don’t want to do because you are too emotionally wrapped up in your debt.
If you want to discuss it, send me a private e-mail and I can explain the process. I’ve been in this business for 15 years.
“Ah ain’t rich yet but ahz gonna be cuz d’bama am prezidnt!”
I agree with your advice to USE A LAWYER! Debt settlement companies are notorious for high fees, and doing it yourself is fraught with danger. Do not EVER give them any access to your bank account. They’ll empty it immediately.
Call the company and make a 20% offer. It has to be delinquent for that idea to work. If it isn’t delinquent(IOW you owe that amount and are current), go ahead and pay it.
If you involve anyone else in the matter, you will regret it.
“Ah ain’t rich yet but ahz gonna be cuz d’bama am prezidnt!”
http://lawblog.legalmatch.com/2011/02/10/new-ftc-regulations-for-debt-relief-companies/
You don’t know what your debts are? You came into some money? Figure out what they are and pay them off. Why do you need someone to tell you what to do?
I agree, there are many non profit Community Credit Counseling Services out there. If you do a (yahoo, bing, google,) search for one you’ll find one in your area. This would be the best place to start becuase of their training and certifications. They will help you negotiate debt and if bankruptcy is your best option they will tell you that too. Make sure it’s a non-profit org, I think some of them are sponsored by the United Way but if they can help they can help. Good luck to you.
I don't need someone to tell me what to do, I need to make sure that these debts, after they're paid, aren't sold again and again, as I've experienced in the past. I've also had other people's debts attached to my credit record in the past, and really want these things cleared off as well. I've done the written requests in the past, but typically the credit agencies simply accept a statement from the debt owner that it's still valid, and while they'll register the dispute, it is still on the record.
So I'm wanting to do this with specialized knowledge so that I can not only pay off my debt, but ensure I don't have it right back on my record from a new company.
“You don’t know what your debts are? You came into some money? Figure out what they are and pay them off. Why do you need someone to tell you what to do?
I don’t need someone to tell me what to do, I need to make sure that these debts, after they’re paid, aren’t sold again and again, as I’ve experienced in the past. I’ve also had other people’s debts attached to my credit record in the past, and really want these things cleared off as well. I’ve done the written requests in the past, but typically the credit agencies simply accept a statement from the debt owner that it’s still valid, and while they’ll register the dispute, it is still on the record.
So I’m wanting to do this with specialized knowledge so that I can not only pay off my debt, but ensure I don’t have it right back on my record from a new company.”
Something sounds squirrely here. You’ve been through this before, and come back asking for advice on how to dodge debts AGAIN? Sorry, but sounds like you’ve trapped yourself. Contact your creditors and settle it, in writing!!
JC
JC
“You don’t know what your debts are? You came into some money? Figure out what they are and pay them off. Why do you need someone to tell you what to do?
I don’t need someone to tell me what to do, I need to make sure that these debts, after they’re paid, aren’t sold again and again, as I’ve experienced in the past. I’ve also had other people’s debts attached to my credit record in the past, and really want these things cleared off as well. I’ve done the written requests in the past, but typically the credit agencies simply accept a statement from the debt owner that it’s still valid, and while they’ll register the dispute, it is still on the record.
So I’m wanting to do this with specialized knowledge so that I can not only pay off my debt, but ensure I don’t have it right back on my record from a new company.”
Something sounds squirrely here. You’ve been through this before, and come back asking for advice on how to dodge debts AGAIN? Sorry, but sounds like you’ve trapped yourself. Contact your creditors and settle it, in writing!!
JC
JC
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