I’m Thinking of Using Relief, LLC for my Payday Loan Problems. – Sue

“Dear Steve,

Current problem: Need $2500 to stay out of danger with house and car payments. Already have terrible credit and $1250 (plus all the fees imaginable) in payday loan debt. If I could just get out of this hole, I could start to make improvements with other bills. Have taken on a second job to keep up with everything.

We do have a longer range solution, as my husband has filed for SS disability for very legitimate and documented reasons. When that come through, we should be able to get by until we can pay more things off.

I am terrified by debt management companies. My husband tried one, because he believed they would really help. They did nothing. After much arguing he did get all our money back except about $50.

Have you heard of Relief LLC out of NV? Are they legit?

Sue”

The Answer:

Dear Sue,

I just did a review of the Relief, LLC site for you. I do have some concerns over the credit repair and collection call promises they make.

But I’m stuck in wondering if simply targeting the payday loans is the wrong approach. When people have money troubles they generally are not limited to one class of debt. They generally involve other loans and obligations as well.

In your case you mentioned you want to stay out of danger with the house and car payments and you allude to other bad debts with your “already have terrible credit” comment.

In my opinion you are much better off to invest whatever the fee would be for the Relief, LLC service into a Chapter 13 bankruptcy. In a Chapter 13 bankruptcy you’d be able to keep your home and car, all collection calls would have to stop by law and a reasonable repayment plan would be developed based on what you can actually afford.

Before you do anything else or sign a contract with any company for debt help, click here to find a local bankruptcy attorney and go talk to them about your situation. Don’t make a costly mistake that does not address your overall situation and help you to get a fresh start beginning today.

What do you think? Make sense?

Big Hug!

Im Thinking of Using Relief, LLC for my Payday Loan Problems. Sue Relief LLC payday loan troubles payday loan help payday loan debt payday loan payday loans ask the get out of debt expert ask the get out of debt expert
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  • Also a consumer

    Oh gosh, I should probably qualify what I mean by “Debt Settlement” company. I mean a program where you stop paying creditors, send money to the company you hired and when enough money has accrued, a settlement is offered. Very different from non/not for profit Consumer Credit Counseling.

  • Also a consumer

    Hello to Steve and Sue.

    By profession, I’m a bill collector (who believes in and follows the FDCPA). As such, and also as a fellow consumer, I’ve found this site to be helpful and I’ve actually recommended it to consumers in debt I talk to.

    In my opinion, as someone who deals exclusively with people in financial distress, debt settlement companies, for the vast majority of individuals, ultimately hurt rather than help the consumer.

    I strongly, strongly recommend doing an internet search to educate yourself on what the FTC, the Better Business Bureau and your state Attorney General’s office has to say on the issue of debt a particular debt settlement company or the industry in general. If your Attorney General has no information, then search for information for those in Florida, New York, Illinois, North Carolina and Minnesota.
    I’ve found it to be informative and eye opening.

    I should also forewarn you, that I have seen many debt settlement companies rack up BBB complaints, only to then change their name and address to a new one so that they have a fresh start. Same company, new name, no online complaints!

    I also want you to know that 1. No debt settlement company can make a promise to reduce your debt. They cannot force or coerce the lender to settle. 2. They have no magic formula or, in my opinion and experience, more negotiation skill than you yourself have. If you can pick up the phone and offer your lender half what you owe, why pay someone thousands to say the exact same thing? 3. It doesn’t matter if the company has an attorney unless that attorney IS LICENSED TO PRACTICE LAW IN THE STATE YOU LIVE IN! And if the attorney is, if it were me, I’d want a written guarantee that if I was sued by a creditor, the attorney will represent me in local court (at their own expense).

    All of the accounts I collect on are in the pre-legal phase (last regular collection phase before an attorney takes it over) so when a consumer tells me they’ll have the debt paid within the two, three or four years the debt settlement company told them it’d take to pay everything off, it’s just sad.

    Most of the time they believe so completely in that company, I cannot convince them they don’t have that kind of time to address it. And that’s IF the consumer will even talk to me. Most of these companies tell consumers NOT to talk to anyone. So, if they get sued, the first they know of trouble is when a summons comes. I’ve had some very distressful and sad calls from consumers after an account I handled left me office and they want to know if it’s too late for me to help them.

    Sorry for being so verbose, but it’s a subject I feel strongly about. And, again, Steve, your website is wonderful and truly a great place to provide help and answers.
    P.S. I should also say again this is opinion and not to be taken for legal advice. : )

    • http://GetOutOfDebt.org Steve Rhode

      Great comment. I hope you come back often and share your advice and opinion. Many could benefit from your experience.

      Steve

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