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Debt Settlement

We Are Working With a Debt Settlement Company But Got Sued Anyway. – Krista

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“Dear Steve, We have accumilated $24k in credit card debt and turned it over to a credit card consolidation company. After a few months of trying to pay more than we could afford, found that they weren’t really doing anything. We settled a few on our own, but times got rough and again we found ourselves incurring penalties and that ... Read More »

I’m a Client of Debt Shield and Getting Sued By Chase Bank

“Dear Steve, I recieved a court summons from Chase and am working with debt sheild….it is supposed to be a 3 yr program. my concern is i’m already being sued. there is not enough money to try and settle with chase yet meaning it will go to court and i have no money for an attorney. i’m worried the judge ... Read More »

Bank of America Gave Me a Settlement Amount But They Keep Changing It. – Rob

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“Dear Steve, I talked with Bank of America Credit card, they gave me a settlement amount, it was too much for me to pay immediately on the phone as requested. I sent them a check for the amount with a letter stating it was for the agreed amount for settlement etc. They cashed the check but never settled the amount ... Read More »

We Signed Up With ClearOne Advantage And Now Getting Sued by Navy Federal Credit Union. – Fran

“Dear Steve, We have signed up with a debt consolidation company Clear One Advantage a year ago we are in debt 100k. What does it mean to be sued by a Navy Federal Credit Union. Can they take our house, cars assets? How should we handle this mess. Should the debt consolidation company step in? Fran” Don’t miss our free ... Read More »

Sorry We Went With Debt Management – Amber

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“Dear Steve, About 6 months ago, my husband and I decided to go with a debt management company to help with the relief of our credit card debt. It’s been a bigger mess than I ever thought it would be. There have been no payments made to any of my credit card companys because apparently the debt management program waits ... Read More »

Novadebt, Garden State Consumer Credit Counseling, Taking Over My Allegro Law Debt. – Anna

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“Dear Steve, I signed up with Allegro Law earlier in the year. I have been following the comments and I am in the same boat obviously as everyone else. I have stopped sending payments to Allegro because they haven’t paid any of my creditors. Yesterday, a rep from Allegro called and left a message saying that have not received payments ... Read More »

Will My Credit Report Ever Get Updated From the Hess Kennedy Debt Settlement Mess? – Josh

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“Dear Steve, So 5 years ago we hired Hess Kennedy, as you know, nothing was done. Now there appears to be a settlement, but our credit report is not updated and never has been. What do I do? The website for the receiver is now shut down. Also, am I going to get my settlement from them? Josh” Don’t miss ... Read More »

I Am a College Grad With Debt and Working With Debt RX. Should I? – Luke

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“Dear Steve, I am a college grad, with 3 credit cards totalling around $18,000 of debt. I enrolled with Debt RX in March/April of 2009 and have still not settled with any of the cards. They have been good about answering my phone calls and responding to emails, but don’t know if this usually takes this long. I am still ... Read More »

I’m a Lawyer and Drowning in Debt. – Paula

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“Dear Steve, I have approximately $50k in credit card debt. My interest rates and limits have recently skyrocketed and I cannot make the minimum payments. Although I am current on all bills (this will last for about 1-2 more months), as my savings have been depleted. Right before graduating from law school in 2008 I was laid off from a ... Read More »

So What About Jesse Neisen and DebtGoToGuy.com, Should I Go With Him? – Mary

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“Dear Steve, I have $83K in credit card debt and I am current with payments and have not had a late payment in many years. Regardless of my payment history, my card issuers have all significantly raised the interest rates which is making it difficult to make my payment. I have been communicating with Jesse Neisen (debtgotoguy.com) regarding entering a ... Read More »

I Ran Into a Rough Time and Defaulted on All My Credit Cards. – Scott

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“Dear Steve, About 6 years ago I ran into very rough times and defaulted on all of my credit cards. They were all charged off and my credit was ruined. I was too afraid to file for bankruptcy and opted to do nothing (foolish me). At any rate, I was sued by one creditor for $17,000 but the judge denied ... Read More »

85% of Debt Settlement Companies May Be Closing Soon and Taking Your Money With Them

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There is no doubt that the workshops and hearings by the Federal Trade Commission (FTC) are going to result in changes that will significantly impact the debt settlement industry. The FTC has been carefully looking into the industry and is disgusted with the actions of many companies. These would be the companies that charge large up-front fees to consumers, collect ... Read More »

Is It Better to Go Bankrupt or Settle My Debt With 401(k) Money? – Lynn

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“Dear Steve, Hi Steve, first let me tell you what agreat comfort you are to many people. Honest advice is hard to find. I have written you before and value your opinion. If there is a way to settle debt with the creditor for a decent amount, is it not better to do that than go bankrubt? I will have ... Read More »

Is It True My Creditor Might Take Less Than The Full Balance as Payment in Full? – Larry

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“Dear Steve, I have credit card debt, can afford more than the minimum payments but not the entire balance. Is there truth to the fact that issuers will accept a lower amount as a balance payoff? And is there any formula to this? e.g., would Chase take 2k in one payment to settle a 5k balance that’s been on time ... Read More »

Why Won’t Credit Cards Settle With Me But Will Settle With a Debt Settlement Company?

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A questions I get asked from time-to-time is “Why won’t credit cards settle with me but will settle with a debt settlement company?” Good question. And while some settlement company may proclaim it is their contacts or wonderful talent, it is often just luck. I asked Michael Bovee of the Consumer Recovery Network to provide you with some insight into ... Read More »

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