Answers
Hello,
I know someone in tremendous debt, greater than 75,000. For Christmas, I would like to give them the gift of some kind of consultation with someone who can help, something like a debt settlement company or a credit counseling company, something like that. This is, it HAS to be something good/ high quality, and in Brooklyn, NY, or perhaps in Manhattan as a last resort. Any help will be GREATLY appreciated!
thanks!
Since debt consolidation comes in many forms, it is important that each consumer reflects on what their needs and concerns and financial situation is before signing up for an online debt consolidation program. The four primary concerns for most consumers are: i) monthly payment, ii) time to debt freedom, iii) total cost, and iv) the credit rating impact of the consolidation program. Be sure to evaluate each program, relative to your prioritization of these factors.
Since there are a variety of online debt consolidation options, including credit counseling, debt negotiation/debt settlement, a debt consolidation loan, and other debt resolution options, it is important to fully understand each option and then pick the solution that is right for you.
Credit Counseling
Credit counseling, or signing up for a debt management plan, is a very common form of online debt consolidation. There are many companies offering online credit counseling, which is essentially a way to make one payment directly to the credit counseling agency, which then distributes that payment to your creditors. Most times, a credit counseling agency will be able to lower your monthly payments by getting interest rate concessions from your lenders or creditors. It is important to understand that in a credit counseling program, you are still repaying 100% of your debts – but with lower monthly payments. On average, most online credit counseling programs take around five years. While most credit counseling programs do not impact your FICO score, being enrolled in a credit counseling debt management plan DOES show up on your credit report… and, unfortunately, many lenders look at enrollment in credit counseling akin to filing for Chapter 13 Bankruptcy – or using a third party to re-organize your debts.
Debt Settlement
Debt settlement, also called debt negotiation, is a form of online debt consolidation that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years. It is important to keep in mind, however, that during the life of your debt settlement program, you are NOT paying your creditors. This means that a debt settlement solution of online debt consolidation will negatively impact your credit rating. Your credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding Chapter 7 Bankruptcy. The trade-off here is a negative credit rating versus saving money.
Debt Consolidation Loan
Many people think first of a debt consolidation loan when seeking online debt consolidation. This option typically means a second home loan (or home equity line of credit) or refinancing your primary mortgage. In a debt consolidation loan, you exchange one loan for another. The most frequent form is taking out a mortgage loan, which carries a lower interest rate and is tax deductible, to pay off high interest rate credit card debt. It is important to be aware that shifting unsecured debt to secured debt can create a volatile situation, if there is ever a chance that you cannot afford the new mortgage payment you are now putting yourself at risk of foreclosure! In the case of a debt consolidation loan, most mortgages are 30 year loan, which means that the total cost and the time to debt freedom could be very high… but the monthly payment will be lower than other options and there is no credit rating impact.
Net-net: while there are many forms of online debt consolidation, many people with good to perfect credit who own homes should look into debt consolidation loans, while consumers with high credit card debt and poor credit may want to explore debt settlement or debt negotiation. However, each consumer is different, so find the online debt consolidation option that fits for you.
www.creditadvocates.org Drastic times call for responsible measures with plastic. CBS New story on 1 discussing how consumer need to take action ...
Today, I come home and notice an envelope taped on my door. It was a summons from a local lawyer regarding my Citibank credit card account. They state that I owe $1700, which I am not sure of, will have to do a little looking back. I don't dispute that I have not made payments in the last 6 months. BUT, I cannot pay that amount in full at this time. I have a few questions:
1-The date on the summons was December 14th, and there was also a Jan. 11th stamped date (I am assuming it was when it was brought through the courts) and I got it today Feb.6th. wtf? and they want me to respond within 30days. How the heck do I prove that I didn't get it until today?
2-If I know I owe the debt. Would it be better to go through the courts or just try and settle with the lawyer. I do not have assets at all. My car is not worth $2400, I rent and my bank acount has about $300 in it. They could garnish wages, but I would rather avoid that. What should I do?
3-Is it too late to get some help from Consumer Credit Counseling?
I am in NY btw. thanks for any advice.
Thanks. I just don't know what I am going to do. Settle something? I have no money. I can make monthly payments, but there is no way a lawyer will do that. I am going to go through the courts and see if they will allow a payment option. And it wasn't my fault that I got the summons today and not on Jan. 11th. that to me is shady. typical lawyer tactics. oh yes, I will be calling the county clerk first thing monday to let them knwo that I just received the summons. That lawyer was probably hoping that i would not send an answer in due to the time constraint, therefore he would win by me not showing. shady sh*t.
I work at a law office and I would advise for you to try to file an answer to that complaint asap so you dont get defaulted otherwise if you do that will allow for the creditor to get a writ and garnish your wages. If I were you I would file an answer and at the same time try to settle something with them. You should try to avoid the garnishment because that will only accumulate interest or if you have lots of debt you might want to consider filing for bk. Hope this helps... and good luck!
Sam keller here. I am the guy who is being scammed out of his house in the town of windham. Here is an update of our lives and how it is still being ruined.
Mr. Webster was finaly told by the court to post $22000.00 back rent. He did not . Court set eviction for sept.19 2008 9:30 am .
On thurs afternoon Sept.18,2008 Mr. Webster filed for bankruptcy granting him an automatic stay.Mr. Webster i have been told has fied for bankruptcy in the past,less than 5 yrs ago.He did not submit the required credit counseling form or the fee.
I also believe he appealed the case or tried to get an appeal to the state supreme court and was denied .
Our home has gone past the 20 day summons from the foreclosure.
My family and i have applied and are now recieving welfare .
I am going to file for bankruptcy this week to try and protect the home and vehicle.
It will also dismiss the fraudelent $500000.00 lawsuit mr. Webster has filed against me,my wife and a 3rd party.
I have had more people interested in purchasing the property but am still unable to access my own property.
This is outright fraud and I can't get anyone to look at it.
I am unable to afford an attorney anymore ,so I wait around another year while I watch my home and work of 20 years slowly and continually being washed away by our great justice system ..... thankyou america.
and as I understand it ,he can take it to the surrogate court yet...........
Free rent in NY -Con artists in windham 8/15/2008
Did you know if you are a tenant in NY State you have more rights to the property you are renting than the landowner? You can have the landlord arrested for trespassing,legally deny him access to the property.You can stay your eviction by issuing a check than putting stop payments on it.After receiving your eviction you can appeal to county court for any reason you deem fit.Where it will then sit several more months .You can then sell of the properties and assets of the homeowner without consequences. This is what is happening to us in Windham ,NY . Ronald T. Webster and Barbara Webster of 332 state route 296 in Windham,NY originally home of Appletree B&B/Keller Landscaping are now in debt to me for Well over $20,000.00 rent or 10 months free to date.They have sold our hot tub along with many other personal assets.Not to mention denied access to realtors and prospective buyers causing the loss of a $465000.00 SALE of the home.Greene county Court judge Lalor supports these actions.He granted them a stay while they owed me 7 months rent.Judge Lalor would not even allow us access to the property to get clothes for our children 2,4,and 5.If it wasn't for the generosity of the commmunities,food pantries and relatives we would have nothing.Not even a home .Since I am supporting these criminals and own a home ,our primary residence,We are inelgible for any kind of legal aide ,public assistance or any other state service.This is a clear violation of my and your constitutional rights .We are paying to support criminals . The system protects criminals.I must ad that Senator SEWARD,legislators and other gov't officials,state agencies are of no assitance whatsoever leaving it in the hands of our great judicial system.I think it's great that the state supports criminals so I can watch my work of 20 years go down the tubes because of their bureaucratic nonsense.No matter what you read here this is happening to you to. Our government is stealing all your rights ,and what will you do ..............nothing .I am still owner of this property and I am offering a $500.00 reward for the whereabouts of my personnal property leading to the arrest and conviction of the above named individuals. I will not hold the individuals responsible if you have purchased any of my property. Just please come forward .
Positive vibes to you and yours. I was fired from my job for contacting OHSA about major structural damage in the warehouse I was working in.
So my answer is;
Pay some bikers to run them out.
Hope my answer helps
Today, I come home and notice an envelope taped on my door. It was a summons from a local lawyer regarding my Citibank credit card account. They state that I owe $1700, which I am not sure of, will have to do a little looking back. I don't dispute that I have not made payments in the last 6 months. BUT, I cannot pay that amount in full at this time. I have a few questions:
1-The date on the summons was December 14th, and there was also a Jan. 11th stamped date (I am assuming it was when it was brought through the courts) and I got it today Feb.6th. wtf? and they want me to respond within 30days. How the heck do I prove that I didn't get it until today?
2-If I know I owe the debt. Would it be better to go through the courts or just try and settle with the lawyer. I do not have assets at all. My car is not worth $2400, I rent and my bank acount has about $300 in it. They could garnish wages, but I would rather avoid that. What should I do?
3-Is it too late to get some help from Consumer Credit Counseling?
I am in NY btw. thanks for any advice.
It is legitimate. I looked up the case online in public records. It is listed with the date Jan.11th and it does not give a dollar amount on there as far as what is owed. I don't mind setting up a payment plan. However, it has to be affordable.
How can they give you a time frame in which to respond, when there wasn't a Feb. 6th date on there at all. And that is when I got it. They can't just hold on to the summons for close to a month and give it to me at the last min. How the heck am I supposed to fight that? I have never been through this before and it is freaking scary. They can't put a lien on a home that I don't own. And they can't touch my bank account when there isn't a high balance. That I know.
Respond to the summons. Since you know the debt is yours, ther isn't a whole lot for you to say in your defense. You might object to the amount.
Show up in court. Otherwise, they will get a default judgment. With the judgment they can attach your bank account, garnish your wages, and lien your property.
You can try calling the attorney and working out a payment plan. They are not going to accept small payments drawn out over a long period. A lump sum offer would get the best deal. You may be able to settle for less but since the account is only 6 months in default, don't expect more than a 25% discount.
Credit counseling only works when the accounts are still active and they can negotiate better interest rates. When you default on the account, it's too late.
Finding Effective Credit Counseling | counseling
Credit and debt problems are among one of the most prevalent issues that many Americans struggle with on a daily basis today in our society. It is quite easy to fall into the traps that the credit card companies set, and before you know it, there can be a mountain of debt that needs to be paid off in order to maintain your credit report. As we all know, good credit is the key to many of the things we want in life, a big house, nice cars, etc. Fortunately for the general public, there are debt counseling, or credit counseling, sessions available. Credit counseling programs are often developed by third party agencies to work with credit card companies and debt collectors in order to alleviate some of the stresses that are associated with credit and debt. There are varying levels of debt counseling, depending on the severity of the debt and the amount owed. Credit counseling programs are designed with specific procedures and steps in mind to assist an individual in getting out of debt and maintaining a good credit.
...News
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The Post-Standard - Syracuse.com - Feb 23, 2010
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Consumer Affairs - Feb 02, 2010
Your statement will provide a toll-free number for a reputable credit counseling agency. In addition, credit card company communications to customers will and more »