Eagle Debt Relief keeps emailing me and calling. I am in debt and going to fall behind. I lost my job because the company was liquidated. I have always worked and don’t know what to do. I need help. Is this a good solution? Good company?
From: “[email protected]”
Sent: Tuesday, June 21, 2011 12:16 PM
Subject: 65% Off Juniper Credit Card Debt
Just wanted to share with you a little success that one of our clients received recently.
This client owed Juniper $4,448.21 and they settled for $1,556.87*
That’s 65% off !!!
Take a look at http://www.eagledebtrelief.com/letters.php.
Eagle Debt Relief
* Individual results vary. Our average settlement is 65% off.
Well right off the bat I’ve got alarm bells sounding. The minute a sales rep sends out an example or a site has a few examples of debt settled it concerns me. You see in 2010 the Federal Trade Commission passed new regulations that said such marketing is illegal.
The issue is if the examples given do not represent the average of all accounts enrolled, even those not yet settled and clients that bailed from the program.
I have serious reservations that the average settlement of all clients is 65% off when you include settlement fees, balances growing and drop offs.
Heck, even on their own example page they show account that have settled for less than 65% off. – Source
Another immediate red flag is what Eagle Debt Relief says right on their home page:
Eagle Debt Relief has partnered with a national law firm to negotiate and settle your debt. Once you become a client you join our team of attorney’s in 49 states that specialize in credit counseling, debt settlement and loan modification. – Source
In the debt relief world today that translates into “We charge big fees up front.”
But let’s get back to the problem at hand. You appear to be unemployed and that has caused you to worry about your debts. The underlying problem is that without any employment any repayment plan at this point would not be prudent. You see without any expectation that you’d be able to continue monthly payments for an extended period of time, embarking on a payment plan could be just throwing money away.
Before we deal with the debt we need to deal with the employment issue.
It might just be that in your situation at this time that a legal solution to deal with the debts is more appropriate.
Let’s start with some homework.
- I want you to read The Honest and Unvarnished Truth About How to Get Out of Debt
- Contact Eagle Debt Relief and find out how much they want to charge you for these services and if they are only going to charge you once they have completed the work.
- Click here to find a local bankruptcy attorney and talk to them about your situation.
Once you do all three of those things come back and post an update for me in the comments with what you have learned.