Comments for Credit Debt Management http://creditdebtmanage.com debt management, credit debt management Wed, 16 May 2012 01:54:36 +0000 hourly 1 http://wordpress.org/?v=3.0 Comment on does anyone have information on a reputable debt relief consolidation with good reviews? “debt consolidation reviews” by Marissa Cordell http://creditdebtmanage.com/debt-consolidation-reviews/does-anyone-have-information-on-a-reputable-debt-relief-consolidation-with-good-reviews-debt-consolidation-reviews/comment-page-1#comment-2490 Marissa Cordell Wed, 16 May 2012 01:54:36 +0000 #comment-2490 this is a problem i had years ago,I had about 10 cards and went over on all of them. The best one that i found was CCCS, Consumer Credit counseling service.It is a nonprofit company and what they do is figure out the best wat to make payments on your cards. They first call all the card companies and ask them to drop the interest charges, some do and some lower the interest rates .Then cccs will send you a sheet telling you all about what they have done and you wil go from their. The good thing is when one gets paied off it goes to the next lowest and on and on until you are done. The only thing they charge you is the cost of mailing but with the internet i don't know if they do that any more.So you send them one monthly sum of money and they do the rest.Things get done alot quicker if your like me and money burns a hole in my pocket. You also have to agree to not use your cards or get new ones and if you mess up once you do not get a second chance . hope this helps it did for me. this is a problem i had years ago,I had about 10 cards and went over on all of them. The best one that i found was CCCS, Consumer Credit counseling service.It is a nonprofit company and what they do is figure out the best wat to make payments on your cards. They first call all the card companies and ask them to drop the interest charges, some do and some lower the interest rates .Then cccs will send you a sheet telling you all about what they have done and you wil go from their. The good thing is when one gets paied off it goes to the next lowest and on and on until you are done. The only thing they charge you is the cost of mailing but with the internet i don’t know if they do that any more.So you send them one monthly sum of money and they do the rest.Things get done alot quicker if your like me and money burns a hole in my pocket. You also have to agree to not use your cards or get new ones and if you mess up once you do not get a second chance . hope this helps it did for me.

]]> Comment on does anyone have information on a reputable debt relief consolidation with good reviews? “debt consolidation reviews” by Merry http://creditdebtmanage.com/debt-consolidation-reviews/does-anyone-have-information-on-a-reputable-debt-relief-consolidation-with-good-reviews-debt-consolidation-reviews/comment-page-1#comment-2489 Merry Wed, 16 May 2012 01:27:29 +0000 #comment-2489 You can trust that you're getting reputable help, if you find your counseling/debt relief company through the National Foundation for Credit Counseling. Their website is http://www.nfcc.org/ You can trust that you’re getting reputable help, if you find your counseling/debt relief company through the National Foundation for Credit Counseling. Their website is http://www.nfcc.org/

]]> Comment on How do I file a chapter 7 bankruptcy for credit card debt in the amount of 10,000? “national credit card debt” by gre n http://creditdebtmanage.com/national-credit-card-debt/how-do-i-file-a-chapter-7-bankruptcy-for-credit-card-debt-in-the-amount-of-10000-national-credit-card-debt-3/comment-page-1#comment-2488 gre n Tue, 15 May 2012 16:05:37 +0000 #comment-2488 The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts. Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned. The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.

Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned.

]]> Comment on How do I file a chapter 7 bankruptcy for credit card debt in the amount of 10,000? “national credit card debt” by rayt721 http://creditdebtmanage.com/national-credit-card-debt/how-do-i-file-a-chapter-7-bankruptcy-for-credit-card-debt-in-the-amount-of-10000-national-credit-card-debt-3/comment-page-1#comment-2487 rayt721 Tue, 15 May 2012 15:12:18 +0000 #comment-2487 I personally don't believe that $ 10,000 is enough to file bankruptcy for but chapter 7 is something that only a court can approve for. Why mess up the next 10 years of your life for $ 10,000 in debt? Now the exception to this is if you are disabled or no longer have income. That is why Chapter 7 was created. Otherwise the court is only going to refer you to a Chapter 13 (repayment) which you can do yourself with a good debt management plan. It's time to consider ways to decrease your expenses or increase your income. Chip away at those debts and get them paid. Don't worry about your credit score... it's already messed up. But bankruptcy is a lifelong "ding" to your reputation. You can get a good free credit counseling agency to work with at NFCC.ORG. Watch who you associate with!!! Just get a workable plan and go on with life trying to get and stay debt free... I personally don’t believe that $ 10,000 is enough to file bankruptcy for but chapter 7 is something that only a court can approve for. Why mess up the next 10 years of your life for $ 10,000 in debt? Now the exception to this is if you are disabled or no longer have income. That is why Chapter 7 was created. Otherwise the court is only going to refer you to a Chapter 13 (repayment) which you can do yourself with a good debt management plan. It’s time to consider ways to decrease your expenses or increase your income. Chip away at those debts and get them paid. Don’t worry about your credit score… it’s already messed up. But bankruptcy is a lifelong “ding” to your reputation. You can get a good free credit counseling agency to work with at NFCC.ORG. Watch who you associate with!!! Just get a workable plan and go on with life trying to get and stay debt free…

]]> Comment on How do I file a chapter 7 bankruptcy for credit card debt in the amount of 10,000? “national credit card debt” by OC1999 http://creditdebtmanage.com/national-credit-card-debt/how-do-i-file-a-chapter-7-bankruptcy-for-credit-card-debt-in-the-amount-of-10000-national-credit-card-debt-3/comment-page-1#comment-2486 OC1999 Tue, 15 May 2012 14:32:49 +0000 #comment-2486 Your ability to file for a bankruptcy is NOT determined by your amount of debt, but your ability to repay the debt. To even be able to file for a Chapter 7 you are going to have to pass two means tests. The first is if you earn more than the average for your state, the second is if you have at least $ 100 in disposable income each month to pay back a portion of your debts. If you fail on either of these you could be forced into a Chapter 13 bankruptcy. Now, if you are even considering Debt Management, it sounds as if you would be determined to have the ability to repay at least a portion. So you probably would not even qualify for a Chapter 7. So I would go the DMP route at first. If after you talk to them you find you can't afford to do that then talk to a bankrupcy attorney. Most will give you a free short consultation. Your ability to file for a bankruptcy is NOT determined by your amount of debt, but your ability to repay the debt.

To even be able to file for a Chapter 7 you are going to have to pass two means tests. The first is if you earn more than the average for your state, the second is if you have at least $ 100 in disposable income each month to pay back a portion of your debts. If you fail on either of these you could be forced into a Chapter 13 bankruptcy.

Now, if you are even considering Debt Management, it sounds as if you would be determined to have the ability to repay at least a portion. So you probably would not even qualify for a Chapter 7. So I would go the DMP route at first. If after you talk to them you find you can’t afford to do that then talk to a bankrupcy attorney. Most will give you a free short consultation.

]]> Comment on How do I file a chapter 7 bankruptcy for credit card debt in the amount of 10,000? “national credit card debt” by Slimick http://creditdebtmanage.com/national-credit-card-debt/how-do-i-file-a-chapter-7-bankruptcy-for-credit-card-debt-in-the-amount-of-10000-national-credit-card-debt-3/comment-page-1#comment-2485 Slimick Tue, 15 May 2012 14:10:17 +0000 #comment-2485 I normally don't do this, but I'd advise against filing for a major Chapter 7 for this amount of debt...It may seem like a lot, but it really isn't relative to most BK filings...If you are really at a point that you are filing, you can usually use this as a means to negotiate settlements in the 50% range....$ 5,000....Then take the $ 1,000 or so that you were going to use to file for BK and apply that to the balance... I normally don’t do this, but I’d advise against filing for a major Chapter 7 for this amount of debt…It may seem like a lot, but it really isn’t relative to most BK filings…If you are really at a point that you are filing, you can usually use this as a means to negotiate settlements in the 50% range….$ 5,000….Then take the $ 1,000 or so that you were going to use to file for BK and apply that to the balance…

]]> Comment on American Debt Foundation, are they a settlement company? “american debt foundation” by Mary http://creditdebtmanage.com/american-debt-foundation/american-debt-foundation-are-they-a-settlement-company-american-debt-foundation/comment-page-1#comment-2484 Mary Mon, 14 May 2012 19:49:37 +0000 #comment-2484 I had a lot of financial stress with owing about $ 50k in credit cards. I enrolled in American Debt Foundation in August of 2007 and ADF has helped me with all of my financial stress. Yes, I did receive summonses from creditors and had to appear in court. ADF could not give me legal advice as to how to handle this but they did explain the settlement process clearly so that I could understand why creditors do the things that they do. Maybe people should take into consideration what these creditors are doing! Why is the Debt Settlement industry getting such a bad report? Creditors are the ones to blame here. Maybe, just maybe, if credit card companies didn’t send you the promise of financial independence and then change your interest rate from 7% to 31% when you miss one payment by ONE DAY, then sue you because you got sick and had unexpected medical bills that were more important in your life then making a minimum payment to them, we wouldn’t be in the financial stress we all seem to be in these days. I had a lot of financial stress with owing about $ 50k in credit cards. I enrolled in American Debt Foundation in August of 2007 and ADF has helped me with all of my financial stress. Yes, I did receive summonses from creditors and had to appear in court. ADF could not give me legal advice as to how to handle this but they did explain the settlement process clearly so that I could understand why creditors do the things that they do. Maybe people should take into consideration what these creditors are doing! Why is the Debt Settlement industry getting such a bad report? Creditors are the ones to blame here. Maybe, just maybe, if credit card companies didn’t send you the promise of financial independence and then change your interest rate from 7% to 31% when you miss one payment by ONE DAY, then sue you because you got sick and had unexpected medical bills that were more important in your life then making a minimum payment to them, we wouldn’t be in the financial stress we all seem to be in these days.

]]> Comment on Should a person use American Debt Arbitration to settle a credit card debt? “debt arbitration” by Bill C http://creditdebtmanage.com/debt-arbitration/should-a-person-use-american-debt-arbitration-to-settle-a-credit-card-debt-debt-arbitration-7/comment-page-1#comment-2483 Bill C Mon, 14 May 2012 15:29:39 +0000 #comment-2483 No. They will rip you off. They charge a very high upfront fee, they will tell you to stop paying your creditors, your accounts will go into default, and you will get sued, all the while ADA will do nothing for you. No. They will rip you off. They charge a very high upfront fee, they will tell you to stop paying your creditors, your accounts will go into default, and you will get sued, all the while ADA will do nothing for you.

]]> Comment on Should a person use American Debt Arbitration to settle a credit card debt? “debt arbitration” by CatDad http://creditdebtmanage.com/debt-arbitration/should-a-person-use-american-debt-arbitration-to-settle-a-credit-card-debt-debt-arbitration-7/comment-page-1#comment-2482 CatDad Mon, 14 May 2012 15:10:38 +0000 #comment-2482 Read complaints about this company: http://www.ripoffreport.com/reports/0/353/RipOff0353747.htm http://www.ripoffreport.com/reports/0/239/RipOff0239807.htm Stay away from any "debt consolidation" company that promises to cut your debt in half through debt settlement....This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator....this entire fee goes towards building a settlement account and to the consolidator's fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances...You can never predict how your creditors will respond to the deliberate defaulting of your accounts...they might settle at 50%...or they might serve you a summons, take you to court...and if they win, you could be looking at wage garnishment. None of these “debt consolidation” firms have the power to force your creditors to accept settlements. Your creditors have the right to refuse these terms and take you to court. http://online.wsj.com/article/SB122394458494631223.html http://podcast.mktw.net/wsj/audio/20081013/pod-wsjlaise/pod-wsjlaise.mp3 Read complaints about this company:
http://www.ripoffreport.com/reports/0/353/RipOff0353747.htm
http://www.ripoffreport.com/reports/0/239/RipOff0239807.htm

Stay away from any “debt consolidation” company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator’s fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances…You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.

None of these “debt consolidation” firms have the power to force your creditors to accept settlements. Your creditors have the right to refuse these terms and take you to court.

http://online.wsj.com/article/SB122394458494631223.html
http://podcast.mktw.net/wsj/audio/20081013/pod-wsjlaise/pod-wsjlaise.mp3

]]> Comment on Should a person use American Debt Arbitration to settle a credit card debt? “debt arbitration” by timothy p http://creditdebtmanage.com/debt-arbitration/should-a-person-use-american-debt-arbitration-to-settle-a-credit-card-debt-debt-arbitration-7/comment-page-1#comment-2481 timothy p Mon, 14 May 2012 14:17:01 +0000 #comment-2481 you can do that yourself. Contact the company and explain your situation and what you can do. Try to work out a deal that will protect your credit as well. I wouldn't use a third party for anything like that. In most states arbitration is binding and could put you in a worse position than you are now. Be careful and good luck. you can do that yourself. Contact the company and explain your situation and what you can do. Try to work out a deal that will protect your credit as well. I wouldn’t use a third party for anything like that. In most states arbitration is binding and could put you in a worse position than you are now. Be careful and good luck.

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