If you have been following the early tips I suggest for how to negotiate and settle directly with your credit card bank, you have already had several “just calling to keep you posted” conversations with your bank (I recommend you call your lender once a month, or every several weeks, up to month 5 of being late with payments). If ... Read More »

This post was inspired by my comment exchange with a site reader about negotiating a settlement with a Discover credit card that is now in the hands of a collections law firm. My comment would have been too lengthy a reply on the page the discussion originated, and this is also something that is not all that topical to the ... Read More »

“Dear Michael, I have just sold some real estate and I would like to can I negotiate to reduce the balances of my (unsecured and secured) loans BEFORE I pay them off? Is this possible? Patti” Creditors agreeing to accept less than the full balance of what you owe them, when they have not been paid for 90 plus days, ... Read More »

“Dear Steve, I just received a letter in the mail from Ferry & Nicholas, Inc., which reads almost identical to the letter from them posted on your website. They indicated Barclay’s Bank has filed a claim against me and the Sherrif will serve me soon. They also stated the creditor may attach my checking account. They provided me a case ... Read More »

“Dear Steve, She has been scammed, and it is affecting her health. I sometimes wish I hadn’t said anything to her. Please advise me how to help her. I have worked in small claims court and have a feel for the process. But I told her this was a scam and now she is scared to death. I need to ... Read More »

“Dear Damon, I am $30,000 in debt. What would be your advice in dealing with companies of debt settlements who claims to reduce your debt by 50% and charges you 20-23% interest if your total debt? Lisa” The Answer Hello Lisa, I think a majority of debt settlement programs are bad news. I can comfortably say that you should stay ... Read More »

“Dear Damon, I am on disability with a an income less than 30% of my working income. My wife has a start-up business that continues to lose money and has been unsuccessful at finding a job. During the last 6 years on disability we burned through our savings as well as accumulating about $200,000 in unsecured credit card debt. Although ... Read More »

“Dear Steve, I am reaching a point with my debt that I am unable to get out from under. I am maxing out and while I can current on all cards and making more than the minimum payment, am never going to get out from under given that my current income is only about half of what I use to ... Read More »

“Dear Michael, I have the great deal credit debt – long story – used a number courtesy checks against these credit cards to add monies into company believing I would pay them off. Well that did not happen, so I have been paying monthly and these amounts – never go down due the interest rates. Instead of using one of ... Read More »

“Dear Steve, I cannot get in touch with my debt relief company. I have 1900.00 built up in my escrow with my debt relief co. I have tried to get in touch with them, for status updates, with no response. The numbers are disconnected and I get no response when I mailed a letter to the address. should I stop ... Read More »

“Dear Steve, Unfortunately, we have been spending more than I bring home. Instead of directly dealing with this, I took out cash advances on my credit cards. Then, I took out a personal loan to pay them off. Unfortunately, the same situation arose and then I took out cash advances on my credit cards, followed by a personal line of ... Read More »

“Dear Steve, Signed up almost 3 yrs ago with Legal Helpers Debt Resolution. Almost at the end of 3 yr contract. Started with 5 CC accounts. Now only 2 left. LHDR negotiated 3 (2 to go). I still have 2 CC debts to settle. One is for 13K (they have not been agressive and have not taken any legal steps ... Read More »

“Dear Steve, 2 and a 1/2 years I have been on a Debt Relief program with Lloyd Ward and Associates. 5 credit cards have been paid off with 4 more to go. In April of 2012 they transfered from Noteworld to Global Solutions claiming the fees for me are less. Right after the transfer most of the employees defected to ... Read More »

“Dear Steve, About 3 yrs ago I was having a difficult time keeping up with my high interest credit card bills and overheard on the local radio station about WFS Debt Relief. At that point I was still making all payments and on time. I was new to the whole “debt consolidation” industry and was simply looking for some help. ... Read More »

“Dear Steve, I have quite a bit of debt outside of my mortgage about $60,000 and it is causing us much stress and it just seems to keep going up rather then diminishing at all so I have been trying to figure out ways to pay it down this is how I came across the company I have a question ... Read More »