Home > Tag Archives: debt settlement

Tag Archives: debt settlement

I’m Now Disabled. Should I Settle My Debt With Macy’s and PayPal?

happy woman in wheelchair outdoors beach showing victory sign

Question: Dear Steve, I do have Macy’s and PayPal account which I am thinking of trying to settle. I did settlement back in 2010. Everything went well as far as my finances is concern from 2012-2015. Unfortunately, I got disabled and now on permanent disability. I am still current on my payments, though I am just paying minimum payment but ... Read More »

    Different Options for Debt Relief – Finding the Right Solution

    Check This Out_pri

    Imagine you were sick. Really sick. Sick enough to go to a doctor or even a hospital. Perhaps you even looked up your symptoms on the Internet, visited WebMD, did a ton of internet research and were convinced that you needed a professional to help you get better – or things could get much, much worse. You have a big ... Read More »

      I’m On a Fixed Income. What is the Best Way to Deal With My Debt?

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      Question: Dear Steve, I am an 80 yr old retired man on a fixed income. Previously I owed credit debt of about 17000 but took some savings and reduced it to about 11500. My credit score is about 780.I am getting letters from settlement companies and wonder if I should settle this debt with chase for a lesser amount.One negative ... Read More »

        CFPB Discloses Why People Complain About Debt Settlement and Credit Repair

        CFPB Consumer Complaints

        The CFPB took a look at complaints it has received and shared why most consumers seem to complain about debt settlement and credit repair services. The Consumer Financial Protection Bureau said: “Excessive fees for debt settlement and credit repair services: Of all complaints marked as other financial service, 60 percent of them were about problems consumers had when dealing with ... Read More »

          Should I Eliminate My Debt With Debt Settlement or a Debt Negotiator?

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          “Dear Steve, I am looking for help to get my debts in order. I owe approx. $30,000 (9) credit cards, (1) loan. The accounts are all closed and are shown as being charge offs. I don’t know if I should go the Debt Settlement route or Debt Negotiator route. I’m starting to get phone calls and letters from these creditors ... Read More »

            How I Got Out of $63,000 of Credit Card Debt

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            Sleepless nights.  A knot in the pit of the stomach. A gnawing sense of unease. Charles Phelan was familiar with the physical and emotional toll of debt. But usually it was his clients who were experiencing those symptoms. This time, it was his turn. He owed more than $50,000 in credit card debt and knew it was time to make ... Read More »

              How to Call Your Bank and Negotiate Credit Card Debt Yourself

              Bank

              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 »

                My Bank Agreed to Settle My Credit Card Debt But Now Wants More

                Missing Concept.

                “Dear Michael, I have secured loans on a horse trailer and a John Deere tractor which I am current on paying. I have an unsecured master card with Bank of America. I suffered a fire 2 years ago & lost a part of my home, etc. I used my credit card to rebuild with a total of $31,000. I contacted ... Read More »

                  Disappointing Debt Relief Mailer Leads to Debt Defense Services

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                  A new debt relief mailer, which you will see below, poses as an official document but in fact leads to a potential sale for Debt Defense Services according to the tipster (send in your tips here). What do you think, is the mailer deceptive or perfectly fine from your point of view? Add your comment below. An amazing reader CLK ... Read More »

                    Why People Have a Tough Time Shopping for Debt Help

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                    The Federal Reserve Bank of Philadelphia published a paper by Stephanie Wilshusen which made some very enlightened observations about why consumers struggle with getting out of debt. In the paper, “Meeting the Demand for Debt Relief” it describes the options available to borrowers who seek assistance in managing their debts and discusses the information and incentive problems associated with these ... Read More »

                      Can I Trust Debt Settlement Companies Who Promise Big Results? – Lisa

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                      “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” Hello Lisa, I think a majority of debt settlement programs are bad news. I can comfortably say that you should stay away from ... Read More »

                        We Are On Disability and Social Security and the Debt Settlement Company Says They Can Help. – Brett

                        scammer

                        “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 »

                          I Suggest Bankruptcy Too Often, So Say Some

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                          I really do read all the comments, all the Twitter messages you send me and appreciate the feedback. Over time a common statement I get is about my recommendations is that people think I suggest bankruptcy too often. For more information on this topic, please see all the links in my free guide about how to deal with debt. So ... Read More »

                            How Debt Settlement Employees Can Avoid Long Jail Time

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                            Yesterday a U.S. Attorney announced criminal charges against debt settlement company owners and employees for fraudulently selling debt relief services to consumers in financial trouble. The Indictment laid out a pattern of activity that many inside debt settlement companies will recognize, if they swivel their chair around. Sadly, what has been assumed to be the normal way to run a ... Read More »

                              Debt Collection Companies Still Think Debt Settlement Offers Are Too Low

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                              A tipster (send in your tips here) pointed out to me an article in insideARM today that talks about why about half of debt collection companies do not yet work with debt settlement companies. “The second most interesting data point to emerge was only one of the top six reasons for not working with debt settlement providers related to the ... Read More »

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