Debt Management: Debt Settlement a SCAM?
Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with an agency that will help you reduce your debt, contact a company member of “CONSUMER CREDIT COUNSELING SERVICES” (CCCS) More info at: sccrealestateuncensored.com/2008/repair-credit-legally-remove-negative-accounts/ micasamidinero.com/2008/reparo-credito-eliminando-legalmente-cuentas-negativas/
25 Responses to “Debt Management: Debt Settlement a SCAM?”
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A few points, feel free to challenge:
1. If a person is unable to make even minimum payments, how will they be able to settle with the CC companies? Are the CC companies really going to accept lower payment terms without any guarantee of paying? That would be like extending even more credit to a person who who has already shown that they are completely incapable of paying.
@brianedwards35 That make sense.
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Source: GATAorg, Andrew Maquire whisleblower interview on KWN, emails to the CFTC regarding the naked short positions and gold sliver market rigging, by JPM, HSBC, and likwise scam artists.
what propaganda this is.
I settled my dept through Precept Financial. It was actually a pretty good experience. I think I ended up paying close to what I owed to begin with, but there was no way I could pay it on the creditors time table, so it worked out for me. Also, I really didn’t want to deal with the collection agencies. Those people are nasty.
I really don’t get her saying have them “write paid in full on your account” /”have them say you don’t owe taxes”. Yeah like the IRS will just accept that! But Suzie Orman said ……Plus if they get the money how the hell do you know those companies are going to do all the things she said! Those companies aren’t looking to help you get your credit record to look good!
@NYBankruptcy
Let me guess….you would be the perfect person 2go2 instead of CCCS?
Of course CCCS is funded by credit card companies. Why? Because they rather get paid some rather than none. If CCCS did not exist, consumers would simply TRY to file BK or do use a debt settlement company. If they could not BK, then they would get sued and end up in more financial trouble. CCCS organizations help the consumer work out a payment plan that can work for the consumer not the credit card company
If you’re going to go the route of a service make sure it’s a law firm. These companies that aren’t law firm based are useless and complete scams.
The first half of this video contains excellent information and advice. However I don’t agree with the advice to contact CCCS. Those companies are funded by the credit card industry and can’t be trusted. If you are deep in debt consider the option of filing bankruptcy.
Obviosly Suze Orman is not struggling to make payments on her CC debt. Typical of CNBC to support the banks to steer people that are suffering from their creditors back to them. Not once did she mention that the creditors want almost all of the money settled up front before making any arrangement for a payment plan.
Someone tell this idiot lady that by consumers calling creditors its only going to make it worse. They will garnish you, open door to sue you! DO NOT DO WHAT this idiot is telling you. Do not go with a company that will have you be late on your payments. They are called debt settlement companies. The such scams like EFA or Metrons of the world. Do your research before going with a company. Go with someone who does not require trust account. Good luck and ignore this lady to avoid lawsuits/garnis
only problem with that is that a credit card company DOSE NOT have to deal with a debt settlement company and if i tell a CC company im in settlement they can SUE ME!! y is that? (sueing)
Gail Vaz-Oxlade. She hosts a show on CNBC after Suze’s show called “Till Debt do us Part.” Though her show focuses more on couple’s finances, she could give you tips and advice on how to better handle your money.
Who would the Canadian equivalent of this fine advise be?
I don’t see how you could not afford credit card payments of $100/month or so and have $6k in the bank to settle with. If you had that much in the bank, you’d probably be able to make your monthly payments.
Suze is convincing… but if the lady in debt pays her minimum of $800 a month. And wants to save money to later negotiate directly with the creditor. She has to have a high income job. I did debt consolidation with a company and i was out of debt in 2 years and they reduced my monthly payment. It hurt my credit for a few years but I’m not in debt anymore. I’m no longer a slave to the credit card company’s
Family meeting folks, need to cut cost, OK how about canceling all insurance policies (frauds anyway) walk away from credit cards (Fico a fraud and slavery). Hey,..it’s just a pragmatic family business decision, Big banks do it all the time so they remain “liquid”. Think I’ll start me a family veggie garden, pop me a cool one and,… Oh well fuck it!
pretty helpful information about debt and bankruptcy issues. for more info vist debtsolutionshome. com for free objective information regarding bankruptcies and debt solutions.
Thanks
God bless.
this lady makes perfect sense…Don’t listen to these idiots who think you need a company or an attorney….
cant you do the same thing on your own instead of hiring a company to do it for you…just don’t pay the credit card and save the money on your own..then settle with the credit card companies….
why would you need a company or attorney….???????
Sorry folks, you have been had, peed on, scammed and lied to.
WallStreet bailouts were rigged and a fraud, market manipulations,
high freqency trading, flash orders, naked short selling by:
Goldman, JPM, Cit, MorgStanley, Aig, stay away from this scum.
The Fed, Comex, ETF’s, Govt data: frauds. Your labor devalued to Zero.
Pull your money out, walk away from your mortgage and CC card debt,
We can beat them at their own game, buy pure silver bullion,
buy local mom and pop. Starve The Beast!
Maybe not but it is the internet.
My co. does NOT take an up front fee. The CC’s will settle at a BETTER with US than they will with the cust. We give them BULK. If you owe 30, you ACTUALLY owe 90k with interest. if we get you 15K with fees you ACTUALLY saved 75k. thats WORTH it. The loopholes ppl dont know, If you settle yourself, they will send the rest to collections 99% of the time. Most people DONT HAVE the money up front and CANT save the money on their own. if they COULD they wouldn’t BE in debt.
ive been settling debts for people for 7 years now and this lady is not 100% correct, this lady probably never has been in a bad situation with credit cards, shes probably paid off by the credit card companies some how. the fact is a good settlement company will save you on an average of 70% depending on what credit cards you actually have, and YES people need to get paid for the work. there are about 10% of good companies out there ARE actually good, this is not an advertisement
brianedwards, where have I made a comment contrary to what you have stated?