I have been asked by so many victims of debt settlement company to help them find refunds that I have lost count. In a few cases, I have been able to direct them to the trustee responsible for paying partial refunds. Most clients are not that fortunate. (more…)
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Archive for the ‘Debt Settlement’ Category
Will debt settlement affect my credit worse than through nonprofit credit counseling?
(Ask a Question) I am in a position of receiving a little unexpected money this week. I would like to pay off as many bills as possible with this money to make it go as far as possible. I contacted one creditor and inquired if they might settle. They agreed to settling the balance at about 55%. The savings is just under $600. Will this affect my credit score in a worse way than continuing paying monthly through a non-profit consumer credit counseling company? (more…)
I have several credit cards–can I just settle my biggest one?
(Ask a Question) I have serval credits with low balances that I can pay, but I have one that is huge that I cannot afford their min payment. Can I just do debt settlement on this one without going through my whole financial life. (more…)
Should I hire a debt settlement company?
(Barbara from New Jersey) I have about $10,000 in credit card debt. I have seen commercials for Morgan Drexen and other debt settlement companies. Is this a good idea? Should I hire a debt settlement company? (more…)
Is Lincoln Drexel Legit?
Several of our visitors have complaints about a debt settlement company called Lincoln Drexel. Who are they and are they legit? (more…)
Credit Solutions Telephone Numbers have been Disconnected
(Question submitted online) I signed up with Credit Solutions a few years ago to settle 2 accounts. I paid off one account and haven’t received anything to say it has been fulfilled. I have been trying to contact Credit Solutions for months with no luck. All of their numbers have been disconnected and the new # on their website doesn’t work. I called the firm where my debt was to confirm I have paid in full and they said they couldn’t give me any information because I signed a Power of Attorney with Credit Solutions. I am trying to settle my 2nd account and I am running into the same problem with this firm and they won’t give me any information because of the POA. I just want to take care of my debt and rebuild my credit. What do I do now? (more…)
Can you Trust a Debt Settlement Lawyer?
The advertisements claim that you can settle your debts for far less than you owe. While that notion may in some ways be true, you might be in for a very bumpy ride if you think that one of these nationally advertised debt settlement companies can actually help you. They can sure seem helpful, until you pay them. (more…)
Debt Settlement Companies Use Rent a Lawyer Scheme to Avoid Regulation
Recent legislation bans the long abused practice of debt settlement companies charging huge upfront fees to clients who mostly never received the services promised to them. Instead of complying, many debt settlement companies are exploiting a loophole that allows them to continue cheating customers.
The ban on upfront fees does not apply to lawyers. A law firm who represents a debtor may charge an upfront fee for debt settlement services. Debt settlement companies are exploiting this exception by “partnering” with law firms to get around the advance fee ban. (more…)
I Changed My Mind on Debt Settlement–How Can I Cancel?
(Rolf from Florida) Today I signed a debt settlement agreement on the internet, THEN read about the pitfalls. How can I get out of the agreement before any payments are autmatically withdrawn? (more…)
Sued By Creditor While on Debt Settlement Plan
(Isma from Texas) last year i entered an agreement with ghs solutions. i am being sued by citi bank. i have come up with the money that citi bank will settle with. How do i go about doing away with ghs solutions and if i do that will i lose the money that has already been in the account which is 660.00. (more…)
