Swindell & Associates, Texas, now affiliated or referring to Macey Bankruptcy Law? – Yale

Went to a Swindell office in Fort Worth for bankruptcy consultation, and counseled toward debt management program, in order to retain assets.

40% debt settlement by implied promise, monthly payments to a special acct. until enough accumulated to negotiate settlement with largest creditor, then next largest, etc.

Monthly pmts include our fee to Swindell (Macey?) We will be dunned and perhaps sued in the meantime.

If sued, Swindell(Macey?) will aggressively protect and defend, etc. etc. Peersuasive sales pitch, but basically buying pig in poke, Compared to Counsumer Counseling (Money Management International) debt management, Swindell(Macey?) smells fishy, even though MMI plan requires eventual full pmt contrasted with Swindell’s (Macey’s) implied 40%.

Is Macey’s now reformed and reliable and trustworthy, or? Does Swindell just get a sales commisssion from Macey and then they’re out of it? You get the picture. Your attention to this will be appreciated.

Yale

Swindell & Associates mmi Macey Bankruptcy Law
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  • Michael

    Yale,

    I cannot comment on the relationship between Swindell and Macy other than to say it would appear from what you wrote that you would be charged fees for settlement services prior to them being performed. Settling debts when you cannot maintain regular payments is a very real option, but paying for a service prior to performance in debt settlement has been recognized as problematic. The fees charged in advance will prevent you from settling accounts more rapidly. The higher the fees charged for the service (whether charged in advance or not), creates an ongoing obstacle to your success in settling debts rapidly and keeping your risks to a minimum. There are fair and affordable alternatives out there.

    If you are confident you can consistently make the monthly payment MMI may have estimated for you for the next 48 to 60 months – the DMP is a good option. If you have any doubt or reservation that you will be able to make that monthly payment I would caution you from starting the DMP. If say 12 months from now you miss payment(s), you likely lose all plan benefits and will have wasted a years time and a years financial resources for resolving the debts.

    What are the balances on the accounts you are considering in the plan?
    Who are the accounts with?
    Are you current with payments?
    If not current, how far behind on each?

    • Ygancherov

      32K total to various credit cards.  So far, pmts up to date.  But clearly we have been persistently spending beyond our means (35K/yr) and debt pmts eating up more and more, proportionally, of our cash flow (bit less than 3Kmo).  Won’t have appt with MMI for a few more days, so don’t know the monthly amount they will recommend.  But, one way or another, it seems we will benefit from their budget advice…

      • Michael

        Your payment in the DMP, if all creditor balances that total the 32k are accepted into the plan, will be in the neighborhood of 700.00 each month. If this is an amount you are confident you can meet – a DMP is a good plan.

        There are very real benefits to a DMP. I also agree that you will receive benefits from the budget and additional education you will have access to with MMI.

        If you find for some reason that the DMP option is not a good fit, and would like to dig more into the settlement option, use the debt relief calculator on this site found here: http://getoutofdebt.org/resource/the-amazing-how-to-get-out-of-debt-calculator
        Enter your accounts individually with accurate balances and creditor names. Look at the settlement summary which will provide a rough estimate of what amount you will need to come up with over several set periods of time. If the summary provides figures and timelines that you can meet, settlement may be the next best step.

        Best of Success in your efforts and cheers to less debt in the new year!

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