AG Suthers files complaint against debt manager Bizjournals.com
Colorado Attorney General John Suthers has filed a complaint against Consumer and Business Debt Counseling Services, an Orlando, Fla.-based company that Suthers’ office suspects of engaging in unregistered debt management services for Colorado consumers.
Consumer and Business Debt Counseling Services is suspected of providing “back end” debt management services for the Johnson Law Group, another Orlando, Fla.-based company, according to Suthers’ office.
The AG’s office filed a consumer protection lawsuit against the Johnson Law Group in April.
Consumer and Business Debt Counseling Services failed to register with the state, as required by the Colorado Debt-Management Services Act, while it allegedly enrolled Colorado consumers between Jan. 1, 2008, and Aug. 12, 2009, Suthers alleged.
The company also is suspected of failing to comply with Colorado after the AG’s office informed officials of their misconduct in March, Suthers said.
RIL to be a zero debt company by FY12 end
Reliance Industries, India's largest private company, will be debt-free this year, Chairman Mukesh Ambani told shareholders at the company' ...
How do i find how much debt company has?
Where in the annual or quarterly reports can i find how much debt the company has and how can i determine if the debt is too much (risky to invest in the company) or not so much debt?
Look at the balance report (assets & liabilities). Debt is a liability.
Is there a way to repair my credit rating quickly after having a debt company?
I am now debt free but have been told that I will now NOT have a credit rating for 6 years as my accounts were defaulted after taking assistance from a debt management company but then paid off by my family?
1) Is this true?
2) Can anything be done to improve my credit rating?
3) What about these credit repair companies?
Dare I ask about a mortgage??
First of all, everyone who has credit has some sort of credit rating. If your accounts were paid off, it should actually raise your score, but not knowing the facts I can't really say. As to not having credit rating for 6 years, I understand that bad credit stays on for 7 years.
You can try myfico.com to get a credit rating. They give you 30 days free. For instance if your credit report does not show much activity or if you are just starting out, myfico.com requires that you have at least six months of paying a few credit cards in order to get a credit score. It looks like you may need to re-establish new credit if your credit report was wiped clean or if your credit score is low.
I suggest you open secured credit cards to re-establish credit (Wells Fargo, Orchard, Bank of America) are just some examples. Once you make payments for six months, you should have a credit score if you don't have one OR if you have a low score, it should raise your credit score. However, that depends on establishing good habits of paying on time. Secured credit cards are great because once you prove to them you are a good customer after one year, they convert your credit cards to regular credit cards and any balance from the secured credit cards are returned to you, plus they report to all credit bureaus you're great paying abilities on a monthly basis thus raising your credit score, which is the ultimate financial goal for those trying to reestablish credit. It IS doable. I did it! Now, I am enjoying Club 700 and all its perks but it took time, diligence and lots of patience.
Good luck.
P.S. I agree STAY AWAY from credit repair agencies. They charge a lot for things you can do yourself and many times they don't help (see links below) Get copies of all your credit reports and use a monitoring system like myfico.com to help you stay on track.
P.P.S. Get your financial life back on track and raise your credit score before you think of a mortgage. Having a low score will get you the HIGHEST interest rates, so have patience and RE-ESTABLISH your credit before making such a big decision.
You can apply to add a note to your credit rating, saying that the debt was satisfied - have a search on the Motley Fool website for advice on this.
My advice would be to stay away from credit repair agencies. there is very little they can do, it's a matter of time.
Basically, you won't be getting any credit for a good while unless it's at a very high rate of interest or from dodgy sources.
What is the difference between consolidation and debt settlement company?
I called creditsolutions a minute ago and they told me that they are not a consolidation company. I told them that I have a debt for 16,000. They told me that they can get my debt company to settle for 9,800. and they charge a 15% fee. Does this sounds okay. Please recommend me to some other company but not consolidation I do not want to consolidate I want a debt settlement company. That I would still pay, I heard when these consolidation company pays for me It haunts my credit score.
Nothing is free in life. You have to pay your debts to society.
http://www.debt-settlement-scams.com/
This site has some useful info. Careful, because you could end up owing more than the $16,000 in the end.
Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.
Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.
In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.
If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:
http://axalda.info/debt-consolidation.html
UK What do you do if you ger a letter of a debt company for something you have paid?
In my case it was a TV company and in my friend's case it is a payment for to the local council. When contacting the relevant company/council they admittted that they made a mistake and it should not have been passed on. They also said to make future payments to them and they would contact the debt company and correct the error. The debt company says that money should be paid to them and if it is not then they will take out a court action. As the referral itself to a debt collection agency goes on your credit record how should this situation be addressed?
If the debt is not legitimate - Do NOT under any circumstances pay anything to the debt collection company. If you want to give money away, there are plenty of worthy charities.
The TV company has to retract their referral to the debt collector - And the debt collector has to ensure that no referral goes on your credit history/record. Otherwise, they have committed "commercial slander". Your solicitor will be happy to discuss the financial rewards you may gain if the TV company and/or the debt collector does not correct their error.
I had a similar problem with my council when they changed to the national software now used. My Monthly payments were going to an account that was made defunct halfway through the council year and they hadn't informed me or changed my account details.
If the debt collection agency are expecting you to make payments that you have already made then write to them enclosing proof of payment and ask that they contact the TV Company/Council.
If you have made all payments that you are supposed to and don't owe anyone any money then you are in the right. Stay that way by making sure you make future payments on time and always obtain proof of payment. Make sure that you only contact the original company and debt collection agency in writing - that will provide proof that you notified them of dates and amounts of payments etc and is a record of your attempt to point out the mistake etc.
Good Luck.
If i was you i would get together all the paper work and notes of when you rang the people and the dates etc.and go down to the citizens advise, they will help you with everything, writing letters, contacting the right people and fight for you! they are brill.
have to tried to get the council to ring the debt collectors and explain that this is there fault? if you havent when you do this make sure you get the persons name/s and extension number and the time at which you rang them and what time they expect to ring the debt collectors....at least then you have a time that you can ring them back to chase them up!!
If the phone calls do not work, write them letters to both parties and make sure that you keep a copy of each one for proof. hopefully the citizens advise will do this all for you!
hope this has helped
good luck
sarah
what is the different between consolidation company and debt free company like Creditsolutions.com.?
I called creditsolutions a minute ago and they told me that they are not a consolidation company. I told them that I have a debt for 16,000. They told me that they can get my debt company to settle for 9,800. and they charge a 15% fee. Does this sounds okay. Please recommend me to some other company but not consolidation I do not want to consolidate I want a debt settlement company. That I would still pay, I heard when these consolidation company pays for me It haunts my credit score.
Please refer me to some website
Companies like that are considered along the same likes of a bankruptcy to the credit bureaus. meaning that it will affect your credit score and rating for years to come. Are they charging 15% of 16,000($2400) or 15% of 9,800($1470)? It might be beneficial to weigh other options that you have available before deciding.
Alex Myers
Synergy Mortgage Group
(877)428-3328
Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.
Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.
In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.
If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:
http://axalda.info/debt-consolidation.html
Meanwhile they charge you 15% of the total amount of debt as their fee. So if you are $20,000 in debt you are charged and additional $3000 for the service. They will ask you to set up a separate savings account to save for settlement offers that become available while still paying your monthly fee.
In some cases if you have a bankcard like Wells Fargo and you also have a bank account with them they will ask you to close the account because during tough negotiations WF may "freeze" your bank account and you can't get your own money.
In some cities and states creditors will sue debtors in which you will have to appear in court and a judgment may be placed against you. This also shows "bad" on your credit. Meanwhile you are still enrolled in the program and they are still charging you the fees.
If you still want to go with this service please take note that you can ask at anytime to remove a creditor that will usually lower your fee, but then you are left to handle that creditor yourself.
If you are annoyed by the harassing calls...Credit solutions cannot stop creditors from contacting you period. Although they may appear to be able to.....creditors by law have the right to contact you there is not limit on how much...just when not to b4 9a not after 9p---> unsure if these times are still correct (but you get the point).
If I were you...I would pick up a book at Barnes and Nobles
The Idiots guide to Beating Debt or Credit repair kit for Dummies...these are good basic resources. You can settle the debt yourself. and have late charges not show up if you negotiate it...I wouldn't recommend creditsolutions.com You will put yourself in more debt.
Your debt is $16,000 you pay CS $2400 to settle it. Keep in mind that the 9,800 is just an estimate there is not guarantee that they will settle for this amount could be more or less and you may be obligated to pay the full amount as part of the settlement offer. Sometimes CS can negotiate payment terms, but not always. (Ex you just started the program 2 months ago they settle for 9800 and want the payment in full..thats great if you have 10,000 laying around but if you don't then you miss the offer)
Email me if you have any questions...
Should I use consolidation company for debt problems?
I'm having some serious debt problems, as many of us Americans are. I'm truly considering using a consolidating debt company to assist me with my debt. Have any of you used this process? Is it really helpful?
Or, should I work out all of my debt on my own? I want to get rid of this once and for all!
Try using: http://DebtAnswersNow.com
I used their service a couple months back and they consolidated all my debt and lowered my total debt about 25%.
What to do when Debt Validation company sells account when you try to validate the debt.?
Every time i try to validate the debt with the collection companies, they sell it to another company before the 30 days are up. How am I ever supposed to get this taken care of if they keep selling it off before it is validated? Help please.
If you are constantly struggling with debt, The best site I used to reduce mine is
http://www.primemoneylenders.com/debthelp
the best thing about them is that it is 100% FREE and you do
not have to give any private info for them to help you.
Try them out and good luck
If you use a debt consilidation company how much can they make the monthly payemnts?
If you have under 15,000 worth of debt, but only collect sickness money every month to pay the bills? How much might the monthly payment be after they consolidate ? Will a debt consolidation company help a client of this description ?
I don't know where you are from and the laws vary from place to place, but generally here in the states, the debt consolidation company's really don't buy you anything. Anything they can do, you can do as well. Call each credit card company or creditor, shut off the revolving accounts and let them know your situation. Tell them that if they don't give you a payment plan then you will not be able to make the payments and will have to default on the loan. Make your situiation sound as desperate as you can.
The creditors want you to pay off the debts. They know that if you default on the debts, more than likely they will not receive very much.
Set up a plan, budget, call your creditors, cut off the cards if there are any and set this up yourself.
Good Luck!
How do I know if the debt settlement company I'm working with is competent?
I'm so worried about getting screwed by an incompetent company. Also, I checked with Debtmerica and they're trying to charge me a 15% fee to do the debt negotiation. I've checked with a few other places too and somebody recommended going with an attorney-based debt settlement company to get better results. Any help would be appreciated.
I've recently looked up some debt settlement companies for my sister so let me give you a little info:
1) Always ask if the company is a member of TASC (The association of Settlement Companies) They are the Better Business Bureau of Settlement companies and make sure these companies are operating within compliance regulations.
2) Always ask how much it costs. Usually there's a setup fee, a servicing fee, and a negotiation fee. The setup fee will usually range from $100-$200. The servicing fee can go anywhere from $70-$10/month. The negotiation fee ranges from 8%-15%.
3) It would definitely behoove you to check out any attorney or attorney-based company to handle all your debt settlement as they are stricter on compliance guidelines.
Try going to: www.tascsite.org and looking up some companies.
A good blog I read: http://iclosem.wordpress.com has some great articles on debt settlement. I would definitely look into that.
I was listening to the Howard Stern show the other day and it looks like KC armstrong just signed up for debt settlement with this company called Envision Debt Solutions (www.envisiondebtsolutions.com). I ended up sending my sister there as they answered all my questions right. They have an 8% retainer fee (since they're an attorney based company) and all the contracts you sign are with the attorneys. They were actually very courteous and professional and guided my sister through the whole process. Give them a call at: 800-515-9603
HELP How do you dispute/stop a 10 year charged off amount that a new debt company is trying to get paid for?
My poor mom, had money zapped out of her account by a debt company that must have bought a debt from a previous company. The amount they claim was 10,00$ all of which was instrest and fees, she formally mailed a letter in response stating she didn't owe this comapny and that this amount was more than 10 years old, she had never heard of this new company (until last year when they sent apay this or else letter) and that they had no right to renew the false debt. They have since tapped all of my mom's bank account and taken 4000$ !!! What can she do to stop them. Appearant when we went on vaction in january they went to the court to ask for payment on the 10,000$ false debt even though they had her response and they know the debt is past collection more than 7 years they are not suppose to be able to renew and collect on old debt. HELP. I dont' want her to just let it go but at the same time if a lawyer costs as much as the debt than it's a double wammy
The orginally debt was from one of the those nasty fake credit card that the minute you use it you owe your full "credit allowance" and she canceled it. Appearantly they charged per month fees and intrest and late fees to get a total of 10,000$ I think the orginal limit was 300$ which of course she got nothing for. I'm afraid she will just let them steal her money, she should act fast.
I suggest closing the bank account so they can not get any more funds.Then I would seek out a legal aid lawyer. This type of lawyer will not charge as much as regular attorneys. They are set up according your income.
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