Posted on 04/04/2019 8:10:22 PM PDT by Kevin in California
I'm referring to the Credit Card Accountability, Responsibility,and Disclosure Act of 2009. Been doing some searches on the web and it appears to be legit.
Anyway, got a letter the other day that was labeled my Certified Benefits Statement which says I'm eligible for a 65% reduction of my past due debt. Says my benefits must be redeemed by midnight, April 2th.
Anyone familiar with this law?
Advice above, about paying your card debts as aggressively as possible is pretty solid. Not easy, but it's the one proven strategy.
Good question you ask, I'm sure that the q and the answers given will be useful to many other fine folks.
Good luck, and stay skeptical.
.
or, you could increase your debt by 5000% by giving these clowns any personal info
I hear ads on SiriusXM all the time for this kind of thing so it is legit. They negotiate with credit card issuers on your behalf. You can do the same yourself but they’re probably better at it. Naturally they take a fee. What do you have to lose by getting more information? Have questions ready and don’t commit on the first call.
Look at the upper right hand corner of the envelope your letter came in. If it says pre sorted standard, it is just a bulk mailing like credit card offers. If it is first class postage, it doesn’t make it legit, just means you need to verify.
Pay your bills.
One time I had three people ringing my doorbell
One had a bunch of balloons, one a large chunck of cardboard and the third was carrying a camera.
Total scam.
They had a white van in front of my house with Publishers Clearing House on the side. What ever that is.
They looked like Travelers.
I called the cops and had them escorted off my property.
Never had to open the door.
The disclosure act being legit does not preclude scammers citing it to take advantage of people. It was probably a pitch for credit consolidation. Whether it was from a legit outfit is another matter.
American Express card. Not credit. Just a charge card die in full at end of month. One bill for everything. No debt.
“Legitimate plans do not require a deadline. This sounds highly suspicious to me.”
That bears repeating!!
lol!
I see nothing in this that reduces your obligations. See https://www.credit.com/credit-law/credit-card-act-of-2009/.
The law is real.
The letter is a scam.
If you are in real trouble with your credit cards, contact the issuer(s) and ask who they recommend. There is some association, whose name escapes me right now, that is run by the credit card companies themselves. It is really the only one they will work with. You can probably get your interest rate reduced while you pay off the debt, but you will have to pay it all off.
All of the other companies who promise the world, actually just make your problem worse. They charge you money up front and then the card issuers will not work with them...
Long ago, I stopped balancing my checkbook and started buying stuff responsibly. Before I knew it, I was saving some REAL money!
Tooth? It's a trap!
Credit card companies WANT to give money away.
Better off declaring bankruptcy and getting rid of all of it. And the 7 year penalty will teach you good habits.
https://www.nerdwallet.com/blog/credit-cards/credit-card-act/
It is a scam because they aren’t following the law themselves
The way to lower your credit card debt without hurting your credit is to pay it off.
These “reduce your credit card debt” are a total scam, even the ones advertised on TV.
If you’re seriously thinking of shirking your responsibilities, and also doing so by responding to a phishing letter (ambulance-chaser style) to do it, you may be on the wrong site.
If you think positive thoughts when you see commercials claiming they have info the credit card companies don’t want you to know because you’re really not responsible for being financially irresponsible, you may be on the wrong site....
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