This time Damon Day and Steve talk about debt settlement. Or at least that’s what the podcast was supposed to focus on. It didn’t take long before it ran off the rails. But the show covers: What is debt settlement? What debt settlement is not. Is debt settlement always the best solution? Does debt settlement … Read more
Question: Dear Steve, I have 2 charged-off accounts, and I want to call and try to pay towards debt but can only afford about 100 per month. Will they work with me.. capital one and discover Will, the creditors work with me. Hope Answer: Dear Hope, The answer is not what you would expect. Here … Read more
Since I spend my day researching important consumer debt issues, I thought I’d share with you the material that I found most fascinating today: Student Loan Losses Seen Costing U.S. More Than $400 Billion “The U.S. government stands to lose more than $400 billion from the federal student loan program, an internal analysis shows, approaching … Read more
Here is my definitive guide on how to get out of a scam and get your best shot at getting your money back. Warning, it will take some work, but it can be effective. “The steps listed in How to Try to Get a Refund From a Debt Relief Company should represent a consumer dropping … Read more
The Consumer Financial Protection Bureau (CFPB) just released a CFPB Report on Debt Settlement and Credit Counseling that is partially helpful. The issues surrounding debt settlement and credit counseling have so many nuances and facets that general look at trends in the two solutions is nearly always inaccurate. If you focus on just the debt … Read more
Question: Dear Michael, I have ~$110k in unpaid credit card debts with various creditors. It’s been ~250 days since I made my last payment. My goal is to settle these debts. I’ve been living and working abroad in a South American country for the past year, and expect to continue living abroad for the next … Read more
It’s probably a bad idea to start off with a negative but here it is, people in the debt relief industry are going to hate this article. Even friends of mine in the industry will be bummed. And why, because this article will tell you everything you need to look for when checking out a … Read more
The best defense against being sued for credit card debt is, of course, to pay your debts before that happens. That doesn’t necessarily mean paying them in full or right away. But even if you’ve already received notice of a lawsuit, it’s not too late to settle your credit card debt before you end up … Read more
The Consumer Financial Protection Bureau (CFPB) released a very interesting report that paints a very different position on debt settlement than you might hear from say a credit counseling agency. While non-profit credit counseling agencies may talk down for-profit debt settlement companies, creditors seem to be embracing them. According to the CFPB, it appears a … Read more
Question: Dear Steve, I have 5 c.c (in default) and 1 unsecured loan (not in default) totaling approximately $48,000 in my name. And, I co-signed for one unsecured loan also in default. The co-signed creditor is suing but has offered a re-payment agreement in lieu of going to court. My friend, whom I co-signed for … Read more
Question: Dear Steve, In 2012 I stopped paying on a Bank of America Visa credit card with an approximate balance of $24,000. I was unable to make continue making payments because I had been out of work for almost a year and so I was just trying to make my mortgage payments and cover costs. … Read more
Question: Dear Steve, I have private student loan date mid 2014 around $8000.00 dollar. My college made payment arrangements and I was paying just 25 dollars a month now they reported credit bureau saying accounts charge off and transfer to collection agency. I spoke to collections agency and they want to settlement the loan about … Read more
Please share your experience with this debt relief company and provide your review and feedback, in the comments section below. The goal of this page is to allow people to share information that may be important to help others to make a more informed decision regarding their experience with this debt relief company. Here are … Read more
Question: Dear Steve, My current debt across multiple banks is around $30,000. My minimum payments are close to half of my income and I cannot afford them. I just moved out of the country for personal reasons and have continued to make payments so far. If I could cut my monthly payments in at least … Read more
Question: Dear Steve, I have credit card debt and private loans and I keep getting calls from many debt settlement companies. I want to see if these companies are legit and are truthful, so I wanted to see what the legalities are and see if the programs there really offering me are really beneficial and … Read more