Debt Negotiation Credit Card Company

After a divorce, my debts with credit card companies, especially with new increased minimum payments are unachieveable, and I'm looking for relief - these companies claim that,for a fee, 15% of the negotiated total = typically 50 - 60% of the original balance, they will negotiate with the credit card companies and you pay the lesser amount, something you can afford - are they for real and do they work?

From what I understand, debt settlement companies charge a fee based on the amount they save you. For example, if you have a credit card debt of $22,000 and they negotiate a settlement with your credit card to accept $12,000, then they will charge you a fee based on the $10,000 you saved. If the fee was 20%, then you pay the debt settlement company $2000.

You can negotiate this for yourself. Information is readily available on the web. Check out these sites......

http://www.creditinfocenter.com/
http://credit.about.com/od/debtconsolida tion/ss/debtsettle.htm
http://www.zipdebt.com/

2006-08-31 02:52:26 by clubberz1951

www.curadebt.com CuraDebt CuraDebt.com is one of the top debt settlement companies in USA. California, San Diego, Miami, Orlando. Debt ...

I"m looking for a Debt Negotiator that can help me settle my credit card debt before I fall behind in payments and really dig a deep hole for myself. If you know of a legitimate one, please let me know. Thanks!

I took help of freedom debt relief to negotiate with my creditors last year. It was a nice experience working with them and I would like to recommend them.

2009-08-24 06:39:54 by TN

Price: $9.79

I've been going deeper in debt because of not having a job and paying for courses that will allow me to start a new career. I just heard an advertisement about a company that states it can have your tax debt reduced by up to 85%. I've also been contacted by companies that offer debt negotiation services. Has anyone had any experience with these. And how can you tell if they are legitimate or just more of the predatory lender types?

Most of the tax settlement firms that advertise heavily are complete ripoffs. Their fees can run in to the thousands of dollars and the IRS still says "No" a vast majority of the time.

The IRS does have a settlement program for those people that owe more than $10,000. It is called an "Offer In Compromise". It is a complex matter. The "form" for the offer is 44 pages long and the IRS has 2 years to decide. The tax settlement firms will always tell you that you qualify. They tell everyone that they qualify but the truth is that the IRS says No over 80% of the time.

If you owe under $10,000 in taxes, there is nothing that anyone can do. Enter in to an installment agreement with the IRS and stick to it. If you owe more that $10,000, read up on "Offers in Compromise" at IRS.gov and, if you think that you qualify, contact a CPA or EA in your local area.

I don't know a lot about debt settlement companies but I believe that they also have a bad reputation for being ripoffs.

2008-10-05 19:42:37 by D. G

Price: $9.95 $9.95

I have a about $8,500.00 credit card debt. I can't afford to pay the minimums anymore and was thinking about contacting a debt relief company that will negotiate with credit card companies for me, during the negotiations I don't pay the credit cards should I pursue this option or should I just go with partial payments and keep on accumulating fees without reducing my debt? Please help me make this decision.

go to creditease dot net for help

2006-04-17 11:55:16 by ffmplease

I understand this will have an impact on my credit score, but from what those companies tell me, they are able to reduce outstanding credit card debts by 40%+. Is this true or too good to be true?

It depends on the agency you use, and how dedicated you are to using it.

My father used an agency before he died several months ago. It was difficult for him to live on what was left (because he was old and ill and had high medicine expenses) but that was what he got into. However, what his company did is they did an autowithdrawl monthly after his Soc Sec. payment came in, taking out his monthly amount. Then 5 days later they paid the creditors. An agreement was made with most creditors to reduce the interest and avoid any late payment charges as long as the payment was made regularly and on time.

This did help him reduce his debt.

But it doesn't work for some people. Most people get caught up in the credit. They get the calls to stop, then they want something that they dont have and they start up a new credit card or overdraw or something like that. Then you are back where you started, but now you owe money to the debt negotiation company.

If you really want to do this, and are willing to do it right -- you may be able to do it yourself. Most banks have an online banking feature these days that lets you create regular online payments. You can determine exactly what you can pay each month to each creditor. Then contact the creditor. Come clean and let them know that you are trying to work things out and you will not 1. charge up any new debt until all debts are paid. and 2. pay regularly and on time each month -- if you can get the interest reduced on the charge. Explain that you are using an automatic withdrawl and so the payment should come at the same time each month.

Many of these companies will work with you as much as they would with a negotiation company. Their workload is reduced because they can stop collection calls, and all they have to do is verify that your payment is received.

However, you have to be really good about making those payments ON TIME EVERY MONTH -- don't skip because you needed a couple days off of work to help a friend -- this is your life and your money you are dealing with.

Good Luck!

2007-07-17 18:07:58 by K-man