Quick Answer: RefinanceHelp.org appears to be a lead generator making questionable claims about legally erasing debt forever, which typically only bankruptcy can accomplish. The unemployed 55-year-old questioner should avoid using savings for doomed payment plans and instead consider waiting for bankruptcy eligibility rather than trusting unproven debt relief companies.
“Dear Steve,
I am 55 years old just lost my employment, and I have 15K in debt that I may not be able to pay soon.
Chapter 7 isn’t an option for another 2 years and with no employment neither is chapter 13.
Your Question(s)
Every weekday I read the enforcement actions, filings and fine print the outlets skip, and turn them into the one or two moves that actually improve your position — a rate worth moving for, a fee you can refuse, a deadline to beat before it costs you.
In the latest issue (Sep 11): You drive to the dealership to pick up the car. There is no car. There was never a car.
I write Your Money Actually most weekdays — actionable money information you will not find anywhere else, and the small decisions that compound. It is free, I sell nothing, and I take no money from any company I write about.
Is it better to contact my creditors before or after I go into default to see if the will settle the debt by taking whatever cash I could scrap up?
The Daily Money Brief — Free, at 10 AM
Money you may be owed, scams to dodge, and the fine print decoded — the consumer money news that affects your wallet, every weekday.
Would it be better to retain an attorney to do the negoiations?
Or is it better to use companies like this?
http://refinancehelp.org/debt/V9/1k1a.asp?Network=16&TRUID-7A69F578-66C1-4362-B3B0-5F819D1DE25C=a82d51ea-bf8c-4fd4-a60e-559e85216f90
David”
Dear David,
The link you sent me resulted in this page. – Source
The page seems to be very similar to many from the past that are just lead generators. I fail to see what trick they claim can legally erase debt forever. The only debt relief intervention that can do that most commonly is bankruptcy.
If you are using savings to make payments but there isn’t an expectation you will be able to continue those payments, that’s an approach that is doomed to fail and leave you broke. In fact one could argue that it is better to stop paying and get sued for the debt and then address it with bankruptcy when you can.
The last public record of ownership for RefinanceHelp.org on June 13, 2011 listed the owner of the domain as:
Wayne Shirreffs
116 Belmont Ave
W. Babylon, NY 11704
domains@lysoft.com
The Refinance Help site also mentions John Morroni as a professional consultant there. – Source
I’m troubled by the Refinance Help site because I can’t find out any information about them to determine if they are legit or not. There is no mention about who the owner really is, where they are located, and if they are even licensed as a business.
Let’s start with the basics.
I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.
Then use the free How to Get Out of Debt Calculator to review your options.
After that, come back here and comment about what seems to make the most sense and let’s discuss that.
Before You Sign Anything: Run any debt relief contract through the free Contract Decoder to spot hidden fees and unfair terms. Check the company’s complaint history with the Scam-O-Meter.
Compare Your Real Options: Most debt relief companies won’t tell you about all your options — especially the ones they can’t profit from. Credit counseling has a 21-27% completion rate. Settlement resolves about 1% of enrolled debts fully. Bankruptcy has a 95% discharge rate — and protects your retirement. Take the Find Your Path quiz for a recommendation based on your actual numbers.
