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72 Comments
- sparkplug890, on 07/01/2009, -0/+16I always use companies in Nigeria to take care of my finances. they all seem friendly enough.
- pinkflyingpig, on 06/30/2009, -0/+16There are so many debt settlement firms out there. How do we know which we should trust and which are frauds and scams?
- walker4bc, on 06/30/2009, -0/+12Apparently the only hope consumers have is to not have too much debt in the first place. Talk about preying on the weak!
- estee065, on 07/01/2009, -0/+11Probably shady since it is "rouge". Perhaps if it was "rogue" the statement would make more sense?
- SexyGeekGirl, on 06/30/2009, -1/+12California lawmakers know all about managing their money. That is why our state currently has such a high deficit, we have to layoff our teachers.
- mimigins, on 07/01/2009, -1/+10A red industry?
- janjamm, on 06/30/2009, -1/+9"...the companies urged clients to raise money by selling blood plasma, cutting down on car insurance and mowing lawns." I do that already! Now what?
- aychseven, on 07/01/2009, -0/+8because they're "shady companies" who "claim" to reduce debt maybe?
- STBAT25, on 07/01/2009, -0/+8The worse ones are fake "news" looking commercials with a crawl running along the bottom that run on CNN and other networks that prey on the elderly and stupid.
- walker4bc, on 06/30/2009, -0/+7Then you are going to need to sell more blood!
- wannaBdug, on 06/30/2009, -0/+7Knowledge is a very powerful thing. People who are in debt are easy prey. I always wondered about these companies who say they can reduce your debt. Thanks for the knowledge.
- laughtears, on 06/30/2009, -1/+8debt is shady. period. one more reason to keep the mattress stuffed.
- Cmosfm, on 07/01/2009, -0/+7I agree with this fully, as it happened to me.
Signed up with a company that claimed to reduce my credit card debt that I amassed because I was trying to save my failing store. After I closed it I was way in over my head and they promised to help me, Paid them about 2000.00, and then after about a year and a half or so they sent me a letter stating that they weren't getting any "progress" with my creditors and offered to refund my initial 2000.00 that I paid them. I took them up on this offer.
This left all of my initial credit card debts in the hands of debt collectors, it left me stuck with massive past due payment fees, a completely ruined credit, and no chance of pulling myself out of this hole. My options were to either file for bankruptcy, which I couldn't afford to do, or simply not pay them...so I chose the latter. Now, thanks to this "miracle company" that was supposed to save me, I have a ruined credit history and I couldn't even get a Target card when I applied a few weeks ago. - Pyros7, on 07/01/2009, -0/+7Avoid these companies like the plague. I've had friends that have tried that *****. They don't do anything you can't do yourself without a few phone calls.
Basically they tell you to stop paying you credit card bills, wait a few months then call up your credit card and tell them that you'll settle your debt for a fraction of what you owe. Your credit card company will agree, because if you don't have assets they can take you to court for they know they can't recover it all anyway. They'll mark your credit as unpaid debt, screw your credit raiting and you'll be ***** paying the debt relief company whatever they settled for plus interest that you can't afford...just like you were ***** when you owed the bank money.
Do yourself a favor, just call up your credit card company, tell them you're in some trouble (lost your job or whatever) and can't pay what you owe without starving, tell them what you CAN afford to pay them and see what they can do for you. Believe it or not, all they want to do at that point is get as much as they can, they'll write the rest off as a business loss, and yeah your credit may suffer a bit. But you don't need to pay a 3rd party anything extra to accomplish that. - aralls, on 07/01/2009, -0/+7Check the TASC (The Association of Settlement Companies) website for reputable companies:
http://www.tascsite.org/
Member firms have to comply with guidelines regarding contracts, fees, refunds, advertising, etc. - smacksaw, on 07/01/2009, -2/+9You don't need any firms. It's easy to do yourself.
Stop paying your cards. Save what your normally pay and build up a savings.
Call every card you owe and speak to a supervisor. Offer to settle the account right there on the spot for 10%-30% of what you owe. When they agree, make a document they sign that they will close your account, consider it paid as agreed and acceptance of your cheque (for the amount of your savings) completes it. Rinse and repeat.
Finally, forward the letter to all of your bureaus to make sure it's entered properly.
When your account is sold in bulk to debt collectors, it might for for just a few cents on the dollar. If you are offering 10-30 cents on the dollar, likely they will take it. They may not do paid as agreed, but you need to make sure it's finalised.
That's what they should do for you, and they should not charge you very much to do it. Because you can do it yourself. - atlasdugged, on 06/30/2009, -0/+6Dugg for Cuomo...go get em!
- thegrantman, on 07/01/2009, -0/+6Your credit will take a massive hit if you do that.
- protoopus, on 07/01/2009, -0/+5i suspect the debt consolidation most of these companies do could be considered "cosmetic".
- jayjayjames, on 07/01/2009, -0/+5If you have a debt at a collection agency, most of these companies never call to negotiate settlements... they just send a $5-$10 payment every month and call it a day. Most of the time that's not even enough to cover the interest continually accruing and every month when your debt is reported to your credit - the payment counts as activity so your score is actually going down further while your debt is going up.
- lindsayb, on 06/30/2009, -0/+5This is just one more reason I'm moving to the Biodome.
- borez, on 07/01/2009, -0/+5Why? Because you'll end up in a ***** load more debt, that's why.
And if you need someone to explain why then watch: " Maxed out"
http://www.youtube.com/watch?v=YiOVNWoWTAU - KingGorilla, on 07/01/2009, -0/+4sell Semen!
- senorboombino, on 06/30/2009, -0/+4In that case, I'm going to do all of my loans in the future with a cash checking location!
- Skywise, on 07/01/2009, -0/+4They should Include the US Federal Government here...
- GotMoobs, on 07/01/2009, -3/+7i work for a debt settlement company. We put in contract, we get ur debt down to 55 cents on the dollar. if ur creditors settle for 40 cents on the dollar, we keep the 15 cents spread, if your creditor settles for 70 cents on the dollar, we take the hit, but we get you 55 cents, in writing on paper. We charge 55 dollars a month, n try to fix ur credit once your out of debt. you can settle your debt yourself for free, but its a lot easier with a lawyer, plus we have a A- rating with the BBB.
- MayorMcCheapo, on 06/30/2009, -0/+4Is there somewhere where the growing mass of Americans in debt can get help?
- copypastry, on 07/01/2009, -0/+4shouldn't the fact that they're shady pretty much seal the deal?
- pingpants, on 06/30/2009, -0/+4Wonder if there's already a Spitzer-esque sting operation in the works. Or is that just Diggspiracy talk.
- bbhill, on 07/01/2009, -0/+4if you're in massive debt and you seriously don't have any way to pay back the funds, your credit is going to take a massive hit no matter what you do. In addition each debt situation is so unique it is hard to prescribe a single course of action for any type of debt resolution. . .
- obeythefist, on 07/01/2009, -0/+3Next time before I let some shady business into my private financial affairs, I'm checking Digg first! Lesson learned.
- crossmr, on 07/01/2009, -0/+3so if the company is claiming something other than reducing debt its okay to go with them even if they're shady? This can just stop at shady, it doesn't really matter what they claim they can do.
- pingpants, on 06/30/2009, -0/+3Platelets. I think it's going to take platelets.
- aychseven, on 07/01/2009, -0/+3which is fine until your house burns down or your kids try to be nice and buy you a new mattress and toss the old one out... http://www.timesonline.co.uk/tol/news/world/middle ...
- Siskoraban, on 07/01/2009, -0/+3You've beaten me to the punch. Well done.
- lead2thehead, on 07/01/2009, -0/+3Most of those places are collection agencies in disguise.
- doublehue, on 07/01/2009, -0/+3Because selling blood plasma gets you soooo much more money to pay off the people who are supposed to be helping you....
- cyclopropene, on 07/01/2009, -2/+5Wow!
Can I get ur 411 d00d? U sound reli4ble!1!
My email is:
pwnme@dumbass.com - Lavarock, on 07/01/2009, -1/+4I ***** knew it!
- Mship, on 07/01/2009, -0/+2You know I was wondering why you got dugg down once by someone for just stating what happened to you until I saw that you tried to apply for another credit card.
Why would you apply for another CC when you credit is already shot? All it would do is get you into even more trouble. - Taiyoryu, on 07/01/2009, -0/+2Debt consolidation is now part of the cosmetic industry?
- 3The3Dude3, on 07/01/2009, -0/+2I am not doubting your personal integrity. But debt consolidation is basically bankruptcy with more headaches and zero protection. Monthly fees and 100% on the deficit between what is owed and what is settled for, allowing the consolidator to profit on losses that will be passed on to consumers that do pay.
For 1k a person can hire a lawyer, go bankrupt and hopefully learn from their mistakes and exercise responsibility with the fresh start they have bought themselves at the expense of everyone who pays more to cover those who don't pay at all.
Here is a lesson I have learned the hard way and am still paying for: The only way to insure your personal balance sheet is to keep it in the black,. in reality, instead of shifting this months deficit into next months budget. - Cmosfm, on 07/01/2009, -0/+2I guess I didn't bother to state the timeline of events or the reasoning for me applying for the card.
All of that happened about 5 years ago, I don't use credit cards anymore, the ones that I had that I actually paid off on my own I canceled. Now I own another business that's much more successful then the previous one could have been, but running a successful business doesn't mean you automatically have great credit.
So I was in Target a few weeks ago, and I was spending close to 1000.00 on supplies and clearance items to resell, and at the recommendation of an employee I applied for a Target Card to save 10%. Figured I could get 100 bucks back, don't really need a credit card now whatsoever, but 100 bucks will definitely make my profit margins on the clearance merchandise look better. Either way, I was denied. - kd1s, on 07/01/2009, -0/+1The main issue is that the bankruptcy reform bill made it so you had to see a debt counselor before filing for bankruptcy. Shady businessmen saw a golden opportunity and jumped at it.
I've actually had a sleazeball firm call me about a debt that was discharged under a bankruptcy 25 years ago. I told em' they were barking up the wrong tree and to have a nice diurnal anomaly.
The SO gets served with court papers for a debt that isn't even his. The plaintiff in case you're wondering is the firm of Howard Lee Schiff. We got to court, the case is dismissed with prejudice in my SO's favor. A couple months go by the SO gets another collection demand letter. He photocopied the judgment and sent it back to them. Haven't heard anything since. - Eorster, on 07/01/2009, -0/+1Ex mortgage brokers are flocking to this industry in droves. That should say it all.
- inactive, on 07/01/2009, -0/+1i'm surprised they refunded your money.
- huntermcwhite, on 07/01/2009, -0/+1he's right
- GotMoobs, on 07/02/2009, -0/+1i dont consolidate, i settle, u get out of debt in 3 years or less. you are hiring a lawyer to settle your debt with us. your credit is shot for 7 years, we try to exsponge anything negitive on ur credit once ur out of debt. big difference.
but you are right, the best way is to keep yourself in the black and live within your means. - herohue, on 07/01/2009, -0/+1pay for everything in cash, if you can afford it in cash you dont need it.
- inactive, on 07/01/2009, -0/+1@cly
i smoke sometimes but potheads are super super annoying. More annoying than alcoholics. An alcoholic will tell you how much he loves you and a stoner will rant on about how he's better than everyone else. -
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