Tag Archives: debt settlement

It’s Been A Year Since The TSR – What’s Changed With Debt Settlement?

A year ago this month the Federal Trade Commission (FTC) barred debt settlement companies that used telemarketing from accepting up-front fees. Although it’s been an entire year since this change we are still see companies trying sneak in those up-front fees with businesses trying to exploit loopholes. The whole purpose of the Telemarketing Sales Ruling [...]

I Can’t Afford My Debt Settlement Program Anymore and Want to File Bankruptcy. – Tony

“Dear Lewis, I am currently enrolled in a debt settlement plan but i am unable to make the payments due to losing one third of my income in the last 10 months. I went with a law firm and they wanted 2875 up front took 3 months to pay that they just settled my ist [...]

Should I Sign With Fast Track Debt Relief? – Mary

“Dear Damon, I am ready to meet with a person on Monday to sign a paper for Fasttrackdebtrelief program. I was researching it..I am scared now.I don’t trust it. I saw your name in reviews about Fast Track.I need advise~~It is Saturday I am overwhelmed with a large amount of debt..I am struggling to pay [...]

In These Poor Economic Times We’d Like to Settle Our Debt. – James

“Dear Damon, My wife and i have about 20 k in cc debit. we have the money to pay the the balance in full but in this economic environment we don’t want to release that much cash. How would we go about reaching a settlement with theses company’s or should we even try? James” Don’t [...]

Consumers Avoiding Debt Reports NY Fed

A report out from the New York Federal Reserve shows that the amount of consumer debt has dropped since June 2010. As of June 30, 2011, total consumer indebtedness was $11.4 trillion, a reduction of $1.08 trillion (8.6%) from its peak level at the close of 2008Q3. Consumers’ non-real estate indebtedness now stands at $2.28 [...]

Debt Relief industry Trends, June, 2011 – Credit Counseling, Debt Settlement, Bankruptcy

In what has turned into a regular report from this site, here is the next installment in my forecast for the debt relief industry. The extension of consumer credit remains weak. Delinquencies and defaults are dropping and sometimes, as Discover announced recently, to historic lows. Credit Counseling Demand Sources inside credit counseling are reporting continued [...]

Credit Unions and Debt Settlement. Will My Credit Union Work With Me? – Tim

“Dear Damon, I had a car repossessed and the balance after auction is $13,100 Its with A credit Union in IL, I also have a 10,000 credit card with same credit union.. I want to use debt settlement, but heard credit unions are impossible to deal with.. I am recently divorced and was layed off [...]

Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs

The debt settlement strategy has generally been limited to negotiation of unsecured debt accounts like credit card debt, store charge cards, personal loans, and medical bills. With secured debts, there is always collateral at stake, in the form of property like a home or vehicle. Given the right of secured creditors to foreclose or repossess [...]

I Was Building a New House But the Bank Won’t Give Us What it Appraised For So I Put the Rest on My Credit Cards. – John

“Dear Damon, Was building a new house.. Went to close on long term loan.. The bank would not give us what it was appraised for. I had to you all saving to not lose the house.. I put the rest on credit cards. I could not keep up with card and all other expenses. I [...]

My Debt Relief Company Did Nothing But Get Me Sued and Lower My Credit Score. – John

“Dear Michael, had 730 credit score 1 year ago now about 550 now being sued considering chapter 7 as only option 1. How do I know whether or not my settlement company fulfilled their contractual obligations to me or not? – They said they offered settlements to my cc companies that were refused. Based upon [...]

I Am a Disabled Vet That Needs Help With Debt Forgiveness and Debt Settlement – Paul

“Dear Michael, I borrowed $6103 and defaulted on the loan. With interest and penalties the total came up over $20000. I have paid back $9500 with icome taxes and garnishments. They say i still owe them $14501. I wanted to settle and the said they would settle for a lump sum of $9000 or $120 [...]

Can My Wife and I Independently Go Into a Debt Relief Program? – Paul

“Dear Damon, My Wife just closed her business and the outstanding unsecured debt is about 100K. My personal debt is about 38K. I want to go on a debt relief program where a company negotiates a reduced amount and interest. She does not want to do this for her debt load. Can we independently arrange [...]

Debt Settlement: Top Ten Most Misunderstood Facts

Over the past few years debt settlement has been in the news, not always in a good way. Many consumers have complained about the services they’ve received while some have been very happy. Much of the disparity in the perception of the service is due to misconceptions about the process itself. So here are the [...]

Trapped in a Debt Settlement Contract. What to Do? – Dean

“I contracted a debt settlement company now that it changed. I signed with them back in May of 2010, this was before the new law changed for settlement companies not to be able to charge up front for settlements. The contract is crazy, and I was stupid to sign it. I was totally delusional from [...]

Is Your Old Advanced Fee Debt Settlement Company Secretly About to Fail? What to do.

photo © 2008 J.B. Hill | more info (via: Wylio)Next month will mark the six month anniversary of the passage of the FTC telemarketing sales rules which changed the landscape in debt settlement sales. As a consumer advocate I don’t think there is any doubt they TSR has had a fundamental and positive impact on [...]