Debt consolidation and Elimanation

i recieved an unsolicited call from a company called Money Works, they say they can help my with my credit cards… and help me get my debt back under control. Im feeling a little skepticle. Any ideas or experience with this company???

What you need to know about debt settlement firms:

Your credit card companies are not going to offer you settlements like 50%, for example, if you are current (not behind) on your payments. If credit card companies offered settlements to people who are current on their payments, then everyone would be calling them up and asking for 50% settlements. Basically, the only way you can get into a position to negotiate settlements is to deliberately let your accounts go into default. This is exactly what debt settlement firms do….They take a monthly amount from you and use that to build a “settlement” account, which will go towards paying the “settlement” at a certain date. Your creditors will deliberately not be paid. They will not be happy about this.

If you are current on your accounts, this process will ruin your credit rating as your accounts will all go into default. Your creditors are under no obligation whatsoever to accept settlements from any debt settlement firm you hire. Their response might be to serve you papers and take you to court.

Debt settlements “can” be a viable alternative to filing for BK….you just need to be aware that if you currently have good credit…the debt settlement firms will deliberately let all your accounts charge-off/default to put them into a position to negotiate settlements. It can be a stressful and unpredictable process….As your accounts all go into default…you will get increasingly aggressive collection calls from debt collectors. It is “typical” that creditors offer settlements for defaulted credit card debt….They often do this in lieu of loosing everything if you file for BK…..

HOWEVER, you can never predict how any one creditor will respond to defaulted debt. They might decide to take you to court and get a judgment against you. Debt settlement firms have no power whatsoever to stop creditors from taking this action and they have no power to force creditors to accept settlements.

****If you have already defaulted on your cards….make your own settlement offers…you can do this on your own and it puts you in control. If you do…get all settlement terms IN WRITING PRIOR to paying them.

If you are NOT in default on your credit cards, the debt settlement process will ruin your credit and there’s no guarantee that your creditors will accept settlements. It can be an unpredictable and risky process.

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i owe about 40,000 thousand in credit cards, 50,000 in cars, 20,000 in student loans, and 350,000 in my home loan. i’m up to my neck in paying these bills and i’m afraid next month i won’t be able to handle it. does anyone know anything about those credit/debt solutions services? would i qualify? anything else i should know about?

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I have actually talked to them–when i was researching for myself which company to do my debt management program with. I didn't really care for them myself–i had to wait for an appointment–i was like, hello–in debt here–need help now so that i can sleep! Anyway–i actually went with Debt Counseling Corporation–they have been great–helped lower my interests, lower my payment –and get out of debt. they helped me with my budget and was available immediately. Believe me–i spoke to many company's and did my research. they are with the bbb, NY state banking dept and atty general–i checked them with all…lol

i recommend them to anyone–even my mom uses them now as well as some friends

here is their website–http://www.debtcounselingcorp.org
check them out and let me know!

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I am looking to find out about some companies that can help with credit card debt.

Yes there are a lot of companies out there that will take advantage. But for all these people to say that no company will help you is just plain ignorant. Like everything in life there are two sides to every story. The reason why a lot of people had bad experiences with these companies is there own fault. When they signed up for a debt relief company they thought all their debts would just be eliminated and they didn't have to do anything. You still have to make payments even when you sign up for these programs. For the most part they are just trying to reduce a portion of your debt amount. Typically when people sign up for these programs they make a few payments and fall into old habits and stop making payments. Then after 4 or 5 months they wonder to themselves why isn't my debt eliminated? …Well cause once again you didn't pay your bills.

So in conclusion yes there are viable companies to help settle and negotiate your debt. You just need to do a bit of research. Make sure any settlement companies are a part of TASC (the association of settlement companies) also check with the bbb which was stated in another answer. Most of these companies offer free consultations so check and see what there all about. If it sounds like its not legit don't do it and try the next company. Also, these companies will typically only work with you if you have $10k in credit card debt or more.

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I am currently on a debt managment program with them. I want to finance a Dell computer, but when I called In Charge to inquire if I could finance or not, they did not know if I would get kicked off the program. They said that Bank of America is more picky than others and I may get that card kicked off. Does anyone have any experience with this?

So, let me get this straight…

You are already so broke that you went to one of those scam "debt management" places, but you still want to borrow MORE. Have you not learned your lesson?

If you really want to learn how to manage your own financial life like a real live grown-up, get a copy of the book below. It will give you a whole new perspective. The guy who wrote it has been as broke as you are & now he is a multi-millionaire. He hasn't borrowed a time in about 20yrs. We follow his plan & we have paid off tons of debt, we have a working budget & we have MONEY to buy stuff we need (like computers - we have 3 & cars). I promise, you can buy a Dell PC or an actual good computer w/ real money. You don't have to finance it. The reason BofA will kick their card out of the silly little debt mgmt plan is b/c they will see that you are still being IRRESPONSIBLE w/ your $$$. They think (correctly) that if you have $$ to make a note on a computer, then you can afford to pay them their full payment!

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I am in debt and am thinking about using a debt relief program. I have heard horrible things about Freedom Debt Relief, so I decided to look into Private Debt Solutions. They have a good record with the BBB, but I am still a little nervous about taking the plunge. Does anybody know anything about PDS? If so, can you give me some info?

Debt relief is a difficult problem many americans are now facing. Every legitamate debt relief service providers will give you advice for free. http://www.debtreliefreview.com Try visiting multiple debt relief services and inquire about your questions and listen to thier answers. You will be able to tell which ones are providing useful advice.

Hope everything works out.

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