Debt settlement company settles over enrollment fees Legal News Line
AUGUSTA, Maine (Legal Newsline) - Maine Attorney General William Schneider announced an agreement on Tuesday with a Texas debt settlement company and its owner to settle allegations of unfair trade practices.Credit Solutions of America Inc. and owner Douglas Van Arsdale allegedly violated the Maine Unfair Trade Practices Act with an advance fee debt settlement scheme.
Since 2003, CSA has provided debt management services to consumers in Maine by promising to negotiate with creditors in order to obtain a settlement of credit card and other unsecured debts. CSA allegedly collected advance fees of up to 15 percent of the total enrolled debt to be negotiated and claimed it could eliminate 40 to 60 percent of a consumer's debts.
In most cases, CSA allegedly held consumers responsible for paying the enrollment fee, regardless of whether all of the enrolled debt was settled. Of the 561 Maine consumers who enrolled with the company and paid its advance fees, only six
Koch Says US Debt Solutions Not Likely in Short Term
July 28 (Bloomberg) -- Albert Koch, vice chairman of corporate turnaround firm AlixPartners LLP, talks about the current political stalemate over ...
Is it a good idea in using a company such as Debt Solutions to get out of credit card debt?
I was checking on line about getting my credit card debt paid off. Debt Solutions suggest I let them negotiate my debt.
No. These debt consolidators charge interest too. In fact, they charge a lot more than you'd wind up paying if you just paid your bills off to begin with. It just seems like less because it's over a longer period of time.
It's like trying to pay off debt with more debt.
The only way to get out of credit card debt is to stop charging things to the cards. Cut back on any thing extra, no eating out, no fun, nothing. Take all your extra money and apply it to the credit card bills every month, focusing on the ones with the highest interest rate first and working your way to the one with the best interest rate. You can plan out how long it will take you to pay off the cards here:
http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp
After you get your credit cards paid off, you need to save money so that you have an emergency fund and living expenses in case something bad happened.
Most of these companies charge you a huge interest on top of what your paying,and a lot of them set up an account for you within there company and once you have paid enough in for them to negotiate a debt, then they go ahead and negotiate with that creditor.
In other words - you are paying them money every month,and until you pay them a certain amount they do not do any negotiating.In the meentime while you think they are working on your bills - your bills are actually heading for collections because they arent getting paid.
this also goes on your credit report and even though they want you to think it will look good - it actually has a negative impact on your credit rateing.
the best bet is to talk with your creditors yourself,and instead of making the minimum payment pay an extra $20 a month towards it so that the bill actaully starts to go down.
If your having financial difficulty - call the creditors and talk with them - tell them your having financial difficulty and need to reset your payment schedule and have a new lower rate so that you can actually get the bill paid.
If you have a bill thats in collections or not been paid for a few months - call them and tell them you want a settlement offer to clear the account. you can usually get a settlement offer for about 1/2 of what you actually owe
You can do the same thing.
Also, If you hire some company to pay your debts and they don't pay. You, and you alone are still responsible for the debt. Your creditors will sue you and not the company you hired.
Talk to a credit counselor. I went with Debt Counseling Corporation. I paid my full debt so my score is so great, I just did it at lower interest rates and a much lower payment. I was paying 29.99% on my Chase card and they lowered it to 6%. My credit is great and they taught me a lot about my finances and budget. Sounds cheesy but they really did help!
here is their link:
http://www.DebtCounselingCorp.org
Has anyone used In Charge debt solutions? What will it do to my credit, if I use it?
I have 4 credit cards (that have been cut up for a long time!) that are maxed out, and I'm looking for a way to take care of them before they go to collections (some for the second time). I have looked into In Charge Debt Solutions, but I have no idea what it'll do to my credit if I use it. I'm worried, but I want to get these cards taken care of!
I haven't used them specifically but another company that does similar service. Basically if your accounts are going to or are in collections your credit is already been damaged. Anything you do to try to fix it will help, but doing nothing just makes it worse.
What will happen is that they will work with the companies a set amount each month that you will pay. This is generally based on what you can afford to pay, they will ask you a bunch of questions such as Salary, and other expenses you have.
After a month or two what this does is it actually will help your credit as your bills will now go into a current status and it shows you are trying to work it out.
Is Debt Solutions a real and viable company?
I am looking to find out about some companies that can help with credit card debt.
Yes there are a lot of companies out there that will take advantage. But for all these people to say that no company will help you is just plain ignorant. Like everything in life there are two sides to every story. The reason why a lot of people had bad experiences with these companies is there own fault. When they signed up for a debt relief company they thought all their debts would just be eliminated and they didn't have to do anything. You still have to make payments even when you sign up for these programs. For the most part they are just trying to reduce a portion of your debt amount. Typically when people sign up for these programs they make a few payments and fall into old habits and stop making payments. Then after 4 or 5 months they wonder to themselves why isn't my debt eliminated? ...Well cause once again you didn't pay your bills.
So in conclusion yes there are viable companies to help settle and negotiate your debt. You just need to do a bit of research. Make sure any settlement companies are a part of TASC (the association of settlement companies) also check with the bbb which was stated in another answer. Most of these companies offer free consultations so check and see what there all about. If it sounds like its not legit don't do it and try the next company. Also, these companies will typically only work with you if you have $10k in credit card debt or more.
visit daveramsey.com give him a call or email him.
Has any one ever tried Pacific Debt Solutions?
Has anyone ever heard of Pacific debt solutions or tried it?
I was just wondering if it is worth it and how good the company is. Thank you
Haven't tried them but as a rule, their fees take a cut of what you are trying to pay off so you spend a lot of time spinning your wheels. I am a personal finance advisor and banker. I advise you to look at your overall spending and cut out everything but the necessities, food, shelter, transportation. Cut up all your credit cards and call the companies to close the account so you can't use it anymore. Then start paying them off. The highest interest rate one first. Getting a part time second job will also speed up the process. If you are diligent and stick to it. You'll be out of debt in 3-5 years. Your banker can help you with this if you ask. Good Luck.
Does Dave Ramsey debt solutions actually work?
I have heard about this guy, but i wanted to know if anyone has had any actually experience using his expensive get out of debt products?
Also a secondary question. why do so many people come on here and offer bad advice on how to take peoples money with get rich quick schemes? whats wrong with world????
YES DAVE RAMSEY works.
Just like diet and exercise it only works if you do it. My wife and I have paid off 60K in two years and we will have the remaing 160K done in the next 4-6 years.
We dont go out to eat (much), we dont vacation, we drive 10-20 year old cars even though we make over 100K, we dont have cable TV, I pack my lunch almost every day to my controller job, we dont spend alot on clothes. but in 4-6 years we will have a paid for house and no debt!!!
If you want stuff don't go on the plan you will be unhappy. If you want money then do go on the plan. You have to get crazy on this stuff but it works.
PS how do you keep an Elephant from charging? Let him listen to Dave.
Addendum regarding TaxMaven's comments: No offense taken; this guy's just swallowed all the hype. I understand; Dave Ramsey is a very successful marketer.
I am not an insurance salesman, but like any responsible financial planner, I do hold insurance licenses and employ insurance products where they are appropriate and will achieve the best outcome for my clients. If I recommend them, it means that nothing else is likely to achieve better results.
As for the claim that one needs only term insurance because one will be too wealthy to warrant coverage, this is assuming that everything turns out as planned. Often it doesn't, and that's the primary purpose of insurance; to assure security when things turn out otherwise. Also, there are many ways to leverage insurance products that offer advantages offered nowhere else. In other words, when applied properly life insurance can be used in extremely creative ways to dramatically increase one's wealth.
I stated that Ramsey's answers were correct for most people most of the time. The rest need personalized solutions, and no one knows for sure until their situation has been thoroughly researched and analyzed. Ramsey's program is expensive; a basic consultation with a planner is usually free.
As for Ramsey's "truth" about life insurance; I've read it. Some of it is accurate, some of it is not, much of it is true in general but not when applied to sophisticated planning scenarios. Again, Dave has nothing more than a layman's understanding of life insurance, so why is his advice on the subject touted as some sort of evidence?
My husband and I took FPU last year and have paid off around $15k in the first year and have stopped all money fights. We now know how to talk to each other on money topics and where we want to go in our future. We really don't have emergencies anymore since we have a plan with our money!
His system is common sense but he also gets into why men and women think different about money and how to work together. He also gives hope to people that think they will always have payments, he gives you hope and an easy plan to change. Doing the change is the hard part but well worth it! His insurance and investment information really breaks it down so it makes sense and he isn't selling you product so you can actually learn instead of be at the mercy of the insurance/investment sales person.
We can't wait to call in and say WE ARE DEBT FREE!!!
As for bad advice, many people think they will always have payments and think that $1 million dollars will never be in their retirement fund, basically they are "glass is 1/2 empty type" of people. Some people have lost hope, others don't think outside what they experienced with their parents.
Invest the money and start your path to financial peace!!
Good luck with it.
Is the credit card debt solutions companies on the up and up?
Yes, most of them are but they don't do anything that you cannot do yourself...
What would be some solutions for countries in debt?
I am doing an oratory speech on countries in debt and i need some help with the solutions and any other information would be helpful as well:)
Write off the debt. How can they recover from economic stagnation if they are unable to even service the debt?
Regarding Clear Breeze Solutions, the debt consolidation company - does anyone have a positive experience?
I just read Sophie's entry about the above-mentioned company. I signed up with them today. I think I just got scammed. Does someone have a hopeful ending to this story?
has anyone used "credit solutions" debt relief program?
I am looking for a way to get my debt under control. I have been in contact with a representative from "credit solutions debt relief program". I was wondering if there was anyone who had any experience with this company. I am asking because I have heard a lot about being cautious when dealing with these types of companies. So, if anyone has worked with this company in the past, or is currently enrolled in one of there programs, please give me a little feedback on if the program is working and if you have had a bad or good experience with them. Thank you.
Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals. Choosing a Credit Counseling Organization
Reputable credit counseling organizations advise you on managing your money and debts, help you develop a budget, and usually offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.
A reputable credit counseling agency should send you free information about itself and the services it provides without requiring you to provide any details about your situation. If a firm doesn't do that, consider it a red flag and go elsewhere for
Anyone used Greenpath Debt Solutions?
Has anyone ever used the debt management service Greenpath Debt solutions? Do you feel they were helpful in fixing your debt & credit issues?
They are a NFCC member. Only use NFCC members for credit counseling and debt management programs. They are legit, non-profit companies. They won't fix your debt and credit but they will negotiate lower interest and payments with your creditors so that you can pay off your debt.
There are some for profit debt management companies that charge large fees and some that are scams. Be very careful to check out any company thoroughly.
Consumers Pay Off Debt Faster Than Capitol Hill
Poll finds that 83% of Americans believe they are more capable of paying off debt than the government Raleigh, NC- October 13, 2011 – Turns out Americans are pretty optimistic about their ability to recover from personal debt issues, but they aren’t convinced the nation can muster the same kind of fiscal discipline. A new [...]
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Self-Help Debt Kit Now Comes with Multimedia Online Courses - PR.com (press release) Self-Help Debt Kit Now Comes with Multimedia Online Courses Once a user completes a course, he or she should have a deeper understanding of different types of debts, different types of debt solutions and how to |
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