I have 8 credit cards that I would either like to combine payments(consolidate) to reduce my total monthly payments and also lower or reduce the monthly interest. Better yet, I would like to explore sometype of lump sum settlement with some of them at a lesser amount than is owed(cents on the dollar) to reduce my debts. Why, because I am in my 70s and have heart disease.
I have recently contacted Advocate Credit Attorneys in Tampa, FL., but I am not sure that I understand how their system works or how they get paid. Are they reputable? Do they have any complaints or lawsuits pending with the BBB, Courts, etc.? Exactly how does their system work. Thus, I need advice.
I could not locate a company called Advocate Credit Attorneys. Maybe the name is a bit different that what you gave me. If you have a website, telephone number, and/or street address I can look them up that way.
The approach to take to eliminate your debt is really dependent on your assets and income. If you are living off of Social Security or some protected retirement funds and have little in the way of assets, then I’d question if a repayment plan makes sense based on your age, health, and assets.
My other concern would be if this program they were selling you charged you fees for services in advance or only when a debt was settled.
To better understand debt settlement you might want to read Debt Settlement Pros and Cons. My No BS Guide to Settling Your Debt.
While I wait for you to post an update in the comments below, here is some good general advice.
I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth, How Do I Get Out of Debt Quickly? Change Your Mindset, 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.
Once you’ve identified a company you want to work with, then follow my step-by-step guide on what you should look for and expect from a good debt relief company.
Please post your responses and follow-up messages to me on this in the comments section below.