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Tag Archives: debt settlement

The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, Bankruptcy, and Debt Consolidation Loans

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This is a story that I’ve been working on for a few weeks. I’ve been asking people and groups for feedback and information to write this but what I’ve run into, is a wall. I have received some feedback from groups and people that don’t wish to be publicly identified to protect themselves but what I have learned has been ... Read More »

Can I Include My Debt Settlement Company in My Bankruptcy? – Ken

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“Dear Steve, i have 65000 in credit and installment debt we lost one third of our income in last year signed with debt settlement law firm in april initial fee 2895 they have settled 2 accts. which they receive 20% of money saved we have pd 7195 in 7 months . for one acct. they paid the settlement even though ... Read More »

Wanna Know a Secret About the Debt Relief Industry?

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As modern and clever as we might feel here on the bleeding edge of history there is one cold hard fact I can’t ignore, these are still the dark ages of the debt relief industry. Let’s just take a broad look at the current state of affairs: Nonprofit Credit Counselors: The credit counseling world is as tied to creditors and ... Read More »

I’m Going to Get My Creditors to Settle the Debts or Accept Bankruptcy. – George

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“Dear Steve, I have been separated from my wife nearly one year. According to my legal counsel, I have no responsibility for my wife’s credit card debt (100% of which is in her name alone) which she accumulated unilaterally without my consent after she separated from me. Her new credit card debt amount is $43,923 and she has been living ... Read More »

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 was to help consumers from ... Read More »

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

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“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 account for half but i ... Read More »

Should I Sign With Fast Track Debt Relief? – Mary

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“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 them.and getting no where. Can ... Read More »

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

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“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 miss our free Get Out ... Read More »

Consumers Avoiding Debt Reports NY Fed

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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 trillion, 9.5% below its 2008Q4 ... Read More »

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

Credit Counseling June 2011

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 declines in new debt management ... Read More »

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

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“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 5 months.. Can you recommend ... Read More »

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

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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 property, it didn’t make much ... Read More »

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

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“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 went to debt services company. ... Read More »

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

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“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 that can I compel them ... Read More »

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

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“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 a month for 9 months ... Read More »

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