What are some of the right way to settle my credit card debt?
Top 3 Ways to Settle Credit Card Debt FAST:
1. Debt Shield
2. CareOneCredit
3. DIY Debt Elimination
I want to settle my accounts but collection agencies already have my bank account information and they said that if I settle my debt they will only send me letter after they receive my last payment. Is this a good idea?
And if I settle does that mean that in the future it is still possible that I might receive another call from another collection agency for making the remaining debt due? What should I do if this happens? Can they take me to court if I settled the debt with the original agency? I'm a little confused and scared as to what to do?
Can somone help me what should I do as far as settling debt the right way and what should I look out for? What if I don't receive a letter from agency that my account is settled what should I do then?
I just need help as to how to settle debt in a smart way so that I'm never again harrassed once and for all. Thanks!
First, if the ORIGINAL CREDITOR "charges off" the debt, or writes it off to their bottom line, and then sells it to a third party for a reduced amount (usually .10 cents on the dollar), your don't owe anyone a thing. If they sell your debt, they are saying "we give up, we feel we will never get that money from you." The third party then attempts to 'rob' you basically. They have no right to collect from you since you haven't signed any contract with them specifically, you see? You signed an agreement with company A, who then wrote off the debt, and sold it to company B. You have NO obligation to company B what so ever. If they keep calling you, send them a 'cease and desist' letter. That is the ONLY way to get them to stop trying to steal from you. Now, it's a completely different story if they "assigned" the debt for collection. In other words, if they HIRED the collection company to retrieve the debt for them, you still owe the money. Check your credit report to see how it is being reported. If it was charged off, it will state that clearly. Go here for the ONLY truly free credit report
http://www.annualcreditreport.com
it is government sponsored.
Now, the best thing to do if you want to settle your credit card debt is to go here and get a FREE, personalized, no obligation debt elimination preview, based on your input
http://www.mycyberadvisers.com/my-person…
You will also receive some great wealth building ebooks absolutely free. I went through this program myself and it changed my life. They are partners with a major consumer advocacy group who will guide you every step of the way, and help you re-gain a positive credit rating in the near future. There is a great Squidoo page that gives the pros and cons
of ALL debt settlement here
http://www.squidoo.com/debt-reduction-se…
If you are afraid of getting screwed by the creditors or their collection morons, you need to get some professional help in your corner, you know?
Good luck and God bless!
June 16th, 2008 at 12:47 pm
They can't just choose to make a deal with you, get your account information, and then charge you whatever they want.
Get the amount for the settlement in writing. If they refuse to send you a letter stating the settlement amount, close your bank account. Do not pay a dime until you have both agreed upon a balance and a payment plan in writing. Also demand a copy of the paperwork that shows how much money you already owed before the settlement. They won't take you to court over this because their lawyers will have to turn over this paperwork to your legal counsel during discovery anyway…which means that threatening you with a legal hearing over this is a waste of time for them.
If you already settled the debt with a previous agency, you need proof that you settled the debt. If you have that proof, explain the sitaution to them and send them copies of what you have. All they'll say after that is: "Thank you and have a nice day!" If you don't have proof, then they can get the money from you. The point is this: ALWAYS KEEP YOUR PAPERWORK NO MATTER WHAT HAPPENS.
The best you can do after all this is pay down the debts. Send the minimum payment to each, and pay off the debts with the highest interest rates first. Once you get one paid off, start on the next one; once you knock out the first couple of bills, it becomes much easier to get by. And, once your done getting rid of your debt, don't celebrate until you have enough in savings to get by for a couple of months in case anything should happen (such as losing your job, medical emergencies, or a disaster such as a robbery or fire).
References :
My wife and I haven't paid off our debts yet, but we're on the right track.
June 16th, 2008 at 12:53 pm
First, if the ORIGINAL CREDITOR "charges off" the debt, or writes it off to their bottom line, and then sells it to a third party for a reduced amount (usually .10 cents on the dollar), your don't owe anyone a thing. If they sell your debt, they are saying "we give up, we feel we will never get that money from you." The third party then attempts to 'rob' you basically. They have no right to collect from you since you haven't signed any contract with them specifically, you see? You signed an agreement with company A, who then wrote off the debt, and sold it to company B. You have NO obligation to company B what so ever. If they keep calling you, send them a 'cease and desist' letter. That is the ONLY way to get them to stop trying to steal from you. Now, it's a completely different story if they "assigned" the debt for collection. In other words, if they HIRED the collection company to retrieve the debt for them, you still owe the money. Check your credit report to see how it is being reported. If it was charged off, it will state that clearly. Go here for the ONLY truly free credit report
http://www.annualcreditreport.com
it is government sponsored.
Now, the best thing to do if you want to settle your credit card debt is to go here and get a FREE, personalized, no obligation debt elimination preview, based on your input
http://www.mycyberadvisers.com/my-person...
You will also receive some great wealth building ebooks absolutely free. I went through this program myself and it changed my life. They are partners with a major consumer advocacy group who will guide you every step of the way, and help you re-gain a positive credit rating in the near future. There is a great Squidoo page that gives the pros and cons
of ALL debt settlement here
http://www.squidoo.com/debt-reduction-se...
If you are afraid of getting screwed by the creditors or their collection morons, you need to get some professional help in your corner, you know?
Good luck and God bless!
References :
June 16th, 2008 at 11:01 pm
Most likely there are two ways to consolidate your credit card debts. One of the way is Credit Card Consolidation Loan, which is a type of unsecured personal loan. Credit Card Debt Consolidation Loan shortly means one loan for all your credit card debts. When you have several credit card debts, you can consolidate it into one lower, fixed rate loan. You make a single lump sum payment each month to your credit counselor and he in turn will pay off to your current creditors.
Another way is credit card debt settlement plan wherein a debt settlement company would negotiate a lower lump sum payment to pay to your Credit Card Companies i.e. your creditors off and as a result you end up paying fifty percent or even sometimes lower, of your outstanding balance to them.
You can avail more details on debt settlement through this website http://ezconsolidation.com
References :