College students aren't exempt from current financial pitch Retriever
For several years, the United States, has been undergoing difficult times in terms of its economic situation. There are some economists who have even gone so far as to compare these troubling times to that of the Great Depression. Our generation, although living in an age of great advances, has unfortunately witnessed failing banks, panicked markets, and rising unemployment.
College students have not been exempt from feeling the pinch as they have been forced to borrow and spend more money in order to account for the rising costs of books, tuition, housing, and travel. For UMBC students, the average Estimated Family Contribution (EFC) continues to increase causing student's eligibility to take out Pell and other Federal grants to diminish. For many students paying for college out of their pocket is no longer an option, which has resulted in students and families having to borrow more money in order to cover the various costs.
Students who are now faced with thousands of dollars worth of debt run the risk of falling prey to false advertisements and commercials that promise to remove debt in just a few short months. As a result, taking a rash and uninformed decision can be more costly in the long run. According to Consumer Credit Counseling Service (CCCS) of Maryland and Delaware, Inc., it is vital especially for college students to get financial help as soon as possible. The truth remains however, that not all organizations that offer personal finance services are alike. It is important to note that debt settlement is not the same as receiving credit counseling.
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Has anyone ever used Able Debt Settlement to help with creditors?
I only know one reputable non-profit debt counselling service, which is the Consumer Credit Counselling Service of Atlanta (CCCS). They are highly respected and have been around a long time before the money-maker groups got into the business. They are probably not close to you, but I am sure they would give a free recommendation for your area.
Am I able to request a settlement for a car loan debt?
For example, If I owe $5000, could I try to settle the debt by writing a note to pay off the debt in one lump sum of $3000?
Why would I get another loan when I'm trying to pay off the loan that I have? I did not express any type of interest in a loan. Stop advertising loans please. Thank you.
I am not interested in refinancing, a loan or anything. I want a settlement? What don't you understand?
You can ask, but they are very unlikely to say OK.
Is it possible to negotiate with your credit card companies on your own for debt settlement?
I've been researching debt settlement programs and they sound like a good option. Has anyone been able to negotiate with CC companies on their own to avoid the several thousand dollar fees?
Of course it very possible. I settled with several credit card companies and they forgave a large portion of my debt. This is on cards that i hadnt paid at all in over a year or so. One thing you do need to keep in mind is that the entry will stay on your credit reports for 7 years.
Also, its important to save any documents from collection agencies just in case they try to come back to you at a later time and ask for the money.
One more thing...i had to pay taxes to IRS on the amount that they forgave. When you get a settlement letter, it says at the bottom that "any write off amount of $600 or more will be reported to IRS." So, I settled and now I am completely debt free just patiently waiting to get my credit score up. - Good Luck !
are there any debt settlement companies that are legitimate?
I have several old debts at least three years old that have been put into collections...haven't been able to pay on any in years. Looking to pay off but cannot make very high monthly payments so the CCS seems like it wouldn't work since I have SO many creditors to work with and so little money. The credit counseling pays off the whole balance due which has been greatly increased unecessarily. Looking for some debt reduction and a monthly payment option. Is debt settlement right?
Credit Repair: Self Help May Be Best
http://www.ftc.gov/bcp/conline/pubs/credit/repair.shtm
The National Foundation for Credit Counseling
http://www.nfcc.org/
Self Help Credit Union
http://www.self-help.org/
www.freefrommortgagedebt.com
http://netdebt.com has some good information on their site.
I used their service a couple months back and they consolidated all my debt and lowered my total debt about 25%.
They were reviewed very positively here: http://www.bills.com/freedomdebtrelief/
Is it a good idea to go through a debt settlement program if in the future I'll need private students loans?
I was worrying that I wouldn't be able to get private student loans in the future. I am a full time student now and my credit card debt is out of control. My only way out is through debt settlement. I hear it will affect my credit score badly--something that the private loan companies look at. Any advice?
Yes Debt settlement service is the fastest and cheapest way to achieve debt freedom, with a low monthly payment. Debt settlement, also known as debt negotiation, is a form of online debt consolidation whereby a debt settlement professional, on behalf of that individual will negotiate with the creditors to reach a reduced payoff balance on their debts and that will cut your total debt, sometimes over 50%, with lower monthly payments. If you are consistent in your payment it is going to help to raise your credit score..
Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference
Is there any particular reason that you need private loans as apposed to federally funded ones. Federal loans are usually easier to get and have lower interest rates.
5 years!!! and today a debt company is still trying to collect and garnish my wages. They wont honor my contract with Take Charge America. The lawyer fee have cost me 3000.00
for fighting this 6 times.
How to find a reliable debt settlement lawyer to settle credit cards debt that I owe since 1998.?
I owe US$ 100K to more than 10 credit card companies/ banks since 1998. I have not been able to repay this debt since 1998 due to financial distress and I have been residing abroad (out of the U.S) since then. Now that my financial situation is relaxed I wish to repay my debt to each of the banks that I owe debt to. However I'm not able to do so because I still reside abroad and it is not convenient to settle this debt from abroad as it require a lot of formalities. How can I find a reliable lawyer based in the U.S who can carry out this job for me.
Um....why?
The debts are most likely past the SOL, they have dropped off your credit reports.....why bother?
They way I see it....when you are delinquent on a debt the creditor gives you a choice. Pay your bill or they will trash your credit for the next 7 years.
Well, you've live with the bad credit...you paid your debt....and now you want to pay it AGAIN?
Walk away! You have nothing to be ashamed about.
Has anyone used ZipDebt, Charles Phelan's debt settlement program?
I am looking into debt settlement and I am leery of the fees and ethics of the various companies that are out there. I find mixed reviews on all of the larger ones. Anyway, Charles Phelan's do it yourself plan is intriguing and other people have reported here that they have been able to settle their own debts with their creditors. I feel that I need some guidance but I also want to feel ultimately responsible for and empowered during the process, so the ZipDebt program SOUNDS like the best option but I'd like feedback from anyone who has used it.
Charles Phelan here. In response to the original inquiry, you should only use the debt settlement approach if you would otherwise be stuck with Chapter 13 bankruptcy. This removes the objection about credit damage, as both settlement and bankruptcy are damaging to roughly the same extent. (And both can be recovered from.)
In response to the answer above, a few corrections. I have 3 program levels, $197, $397, $777, depending on the level of coaching support desired by the client. As to point 2, this is the typical response from someone who thinks they know about debt settlement. There is WAY more to it than this over-simplified explanation, and again, it's only an appropriate strategy if you can't continue with normal minimums anyway.
And yet again, there's the 1099-C objection with no mention of the insolvency exemption. Consumers with negative net-worth at time of settlement may legitimately exclude the 1099-C amount from taxable income up to the amount by with they were insolvent at the time of settlement. Translation: Most debt settlement clients don't have to pay tax on the forgiven balances.
Finally, you won't be successful doing debt settlement based on a "book from the library." Yes, the basic idea is easy enough: haggle until you get a deal! But knowing in advance which creditor will settle for what percentage adds tremendous confidence and power in the negotiation. Would you hop into a car in a foreign country and try to drive cross-country without a roadmap and when you don't know the area at all? Makes sense to get some directions!
legally can someone try to do a debt settlement without your permission if the credit card is in your name?
the person was able to use the credit card but they were not the primary account holder . they tried to do a debt settlement for the account without my permission. is this legal or did they violate my right to privacy with the bank that holds the credit account. or is the collection agency in violation.
No, one can settle dept in any way or form with out your permission legally.
Which is better? To tackle debt settlement yourself or with help?
I am a single mom of 3 with no financial help. I work full time and have a pt time job to support us and get no other help financially. I have about $12,000 in credit card debt. I have not been able to pay consistantly on them in about 6 mos. I want to get the debt paid and am trying to budget to do so. Is it better to try to settle myself or hire an agency to do so?
Try to consolidate yourself first. Get them all onto one card so you only have to worry about one payment a month. And then cut that one down little by little. If you find that it's not working, then hire an agency... but that should be your last resort. 12k really isn't that bad, compared to the rest of america. I'm a single mom too, (but only with one) and at my worst i has 20k in debt on 7 credit cards. It took me 4 years, but now I'm down to just 3k on one card.
Do you have to pay to use the CCCS debt settlement services?
I need some help organizing my debt. I want to learn how to deal with my debt better and eliminate it faster. CCCS seems like a well known company but Im still leery. Also, I can't afford my bills so obviously, I wont be able to afford counseling services. Any info/opinions especially from those who have been in my situation would be helpful. Thanks!
CCCS is the largest and oldest credit counseling service in the Country and they are non-profit so no you do not have to pay them anything.
You can reach them at 1-800-388-2227.
I used them seveal years ago and they worked with my creditors to lower both my monthly payment and interest rate. I was debt free in 36-months.
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