How to Get Out of Debt - Free Help

Heidi Montag Warns Consumers About Using Credit Cards for Plastic Surgery. Funny!

Steve Rhode — Tue, 09 Mar 2010 22:55:39 +0000

Here are a couple of videos to make you smile today, even though Heidi can’t.

Bonus Funny Video

@GetOutOfDebtGuy

Source: Heidi Montag Warns Consumers About Using Credit Cards for Plastic Surgery. Funny!

I’m Scared the Bankruptcy Trustee Won’t Let My Bankruptcy Go Through. – Lynn

Steve Rhode — Tue, 09 Mar 2010 21:56:20 +0000

“Dear Steve,

Steve, I am almost at the sixty day point in my bankruptcy. I am worried it won’t result in a discharge. I qualified for a chapter 7, but the trustee was harsh with me, I think because I got here because of poor choices.

I am so sorry I messed up my life it hurts bad. I call the attorney, he said there should be no problem but I am not sure. I would try to talk to him more, but he won’t take my calls and he charges me for every second. I have had very little time with him through this whole thing. He even went so far as to put me on hold and hang up on me.

Never returning the call. He was a bad choice, but I can’t afford to change now, he has already charged me 700.00 more than the quote. So I guess what I am asking is, is there reasons my bankruptcy could be denied. Like my poor choices (gambling, cash advances etc) I am so sick with worry, I don’t know what I will do if it gets turned down. I can barely afford to live now with what I make. I explained I was getting help for the gambling , and I am but the trustee didn’t seem to care. Really scared.

Lynn”

Dear Lynn,

I’m really surprised your bankruptcy attorney did not go with you to the trustee meeting. He sounds like a bit of a jerk.

If you can, you might want to drop by his office and talk to his staff or him about your concerns and worries.

This is going to be really easy for me to say but excessive worry at this point isn’t going to change a thing but it will make you stressed and sick.

So let’s do this, keep up with the help for the gambling help, swing by the bankruptcy attorney office to get your questions answered, and put the assumptions and “what if” thinking aside till we have a decision from the trustee, facts and answers to deal with. Does that sound like a reasonable approach?

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I’m Scared the Bankruptcy Trustee Won’t Let My Bankruptcy Go Through. – Lynn

We Don’t Think We Owe All The Money On Our Credit Cards. – Andrea

Steve Rhode — Tue, 09 Mar 2010 21:48:01 +0000

“Dear Steve,

We are seriously in credit card debt. We don’t believe we owe $42,000.00 on 3 credit cards. We haven’t been getting any of our statements, made payments and they call us at home constantly, call us at our jobs, and say that they haven’t recieved any payments from us. We need help and don’t know what to do. We are considering credit card bankruptcy. Please help!!!!!!

Andrea”

Dear Andrea,

If you don’t think you owe this debt then you might be a victim of identity theft. But it sounds like you acknowledge you may have had accounts with these companies since you said you had sent payments.

How are you sending payment and if it is by check, have the checks been cashed? Are you sending the payments to a collection company or the credit card company? I really need more information.

If you are considering bankruptcy you should click here to find a local bankruptcy attorney and go talk to them. Don’t make any assumptions about bankruptcy. Go get the facts. If you do decide to go the bankruptcy route at least it will stop the collection calls.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: We Don’t Think We Owe All The Money On Our Credit Cards. – Andrea

Suze Orman Suggested I Contact Advantage CCS. – Justine

Steve Rhode — Tue, 09 Mar 2010 21:35:41 +0000

“Dear Steve,

I am married 20 years with 2 teenage children.We have always lived paycheck-to-paycheck. We have never had a savings account with an “emergency fund”.Our income was cut in half when my husband was forced to take an unpaid leave of absence from work from the end of June to mid September then lost his job all together from mid November until Feb 1. During both these periods, he was ineligible to collect unemployment and therefore,basically,I could only afford necessities-mortgage, utilities,gas, food/household items.

Keeping my family together in our home was my only goal. My vehicle was repossessed the week before Christmas, and we are very behind in our credit card payments. We have no family that we can ask for help. We used to have A credit, now I would be afraid to see my credit score. I have collection agencies constantly calling and sending letters, and one attorney has started calling. My husband is back to work now for a month, and I want to try to pay what I owe to everyone if possible and try to get back to a normal life. But everything is on paper, you know, we bring in x per month but it’s not like I get all that the first day of the month and can pay everything then.

I contacted a credit counseling agency (Advantage CCCS) to start a debt management program. On her show, Suze Orman reccommends them over credit settlement agencies. I’m waiting to receive my papers in the mail to sign to be in their program. We have $7,800 in credit card debt plus $1,600 I owe Ford Credit-they sold my truck after repossessing it, this is what’s owed after all that.

ACCCS tells me we can afford to pay $232 a month (this includes their $5 per creditor monthly fee) and it will take 4 years of this to repay the $7,800. I thought debt management was the way we should go until I started doing research on the National Debt Crisis Center and other debt settlement agencies and found your website.

Now I’m thoroughly confused on what is the right thing to do. I am afraid of debt settlement-ACCCS told me that you owe federal taxes on the amount that is negotiated down and that the debt settlement companies don’t start paying the creditors from what you send them until you have paid them their fees. Add to that what I’ve read from your site about them. I thought I didn’t want to file bankruptcy, you know that’s a last resort. But maybe I just don’t really know what bankruptcy is or how it works.

Can you make a reccommendation considering the circumstances I’ve outlined above, what the best course of action would be for us: debt management, debt settlement, or bankruptcy. Also, could you please give a brief explanation of bankruptcy?

Justine”

Dear Justine,

Thank you for writing me. I’m happy to help. Tell Suze I said hello if you talk to her.

We really need to work this problem backwards instead of starting with a solution first. You may see things differently but I think what we need to do is start a solution based on the necessities. For me that that would be meeting your required obligations and building an emergency fund before we even start to look at debt repayment.

Not being able to afford your bills does not make you a loser. We’d all laugh at others that try to say that just because your husband got laid off that makes him a loser. So it is just as unreasonable to say that because he got laid off and income was cut leaving you unable to pay the bills that then makes him bad, inferior or a loser in some way. You’ve juggled things for a long time and it looks like you’ve done an amazing job of making it month-to-month. Now is not the time to feel as if you’ve failed in making-ends-meet.

Frankly the last thing you appear to need right now is a debt management plan by Advantage Credit Counseling Service or anyone else. Debt settlement would be an inappropriate solution as well.

The logical solution is consumer bankruptcy. You should click here to find a local bankruptcy attorney and go meet with them. Meeting with the attorney will educate you about bankruptcy and it doesn’t mean you are going in to file. Go talk about your situation.

Based on what you have described it wounds like you would be eligible to file a Chapter 7 bankruptcy. In a Chapter 7 bankruptcy your unsecured debt and the truck deficiency would be wiped away. Bankruptcy would immediately stop any collection activity, stop any lawsuits for collections, wipe away your debt and give you a fresh start. Now bankruptcy will also result in a negative market on your credit but any solution where you pay less than your original minimum payment will do that as well. And in bankruptcy there will be no tax due on the forgiven debt.

I think the best advantage of bankruptcy for you is that unlike in the Advantage CCS approach that will take four years, with bankruptcy you will get the breathing room you need and a fresh start in a few months. That way you can use the next four years to build that emergency fund and rebuild your credit. Rebuilding the credit is a lot easier than people think it is.

So, don’t feel like you need to commit to filing bankruptcy right now but please commit to exploring it and talking to a local bankruptcy attorney. It sure sounds right in your situation and please let me know what you decide to do.

For a little light reading about bankruptcy you might want to read All About Bankruptcy – Chapter 7 Bankruptcy – Chapter 13 Bankruptcy.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: Suze Orman Suggested I Contact Advantage CCS. – Justine

I’m Bipolar, Disabled and In Debt. – Christinia

Steve Rhode — Tue, 09 Mar 2010 21:14:56 +0000

“Dear Steve,

Declared disabled by Mental Illness a few years ago. Have nearly 20,000 in credit card debt. Currently vollecting ssd and working a menial pt job. Cards were opened before breakdown when i had a good job. Can not work like that any longer. All my pt job money and SSD extra go to paying this debt. Did stupid things like bought daughter a used car and just paid her bills all from in & out of bipolar. Can I at least get it cut down. i am nearly 57 yrs old and don not need a good credit scaore any longer I will never own a house or buy a car. i will be paying this down until I die. It adds to my depression and anxiety.

Can I get debt cut down? I have been paying at least minimum , never missed. It is slowly killing me. I took trip to alaska to say ggodbye to son going back to iraq and see grandkids in 2008…..I try not to use cards anymore. they cut my credit down and raised by interest rates. I am so sad and tired . Can I do anything?

Christina”

Dear Christina,

Some might tell you since you are in a position where creditors can’t seemingly garnish your income to just do nothing, but not me. Seeing how this debt is behind you now I’d rather see you address it by talking to a local bankruptcy attorney. Here’s why. There is no part of your life that is going to be served in a positive way by you dealing with debt which there is no expectation you are going to be able to repay. Collection activity and lawsuits at this point will only serve to aggravate you and your mental health but not result in satisfactory outcome for your creditors.

Because of your financial condition and your disability you may be eligible for free legal help to file bankruptcy, click here for to find a free bankruptcy attorney.

Once you go bankrupt and close the door on this old debt you can then focus on moving forward, living within your benefits and taking care of yourself for a better tomorrow.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I’m Bipolar, Disabled and In Debt. – Christinia

I Owe $150K in Credit Cards Because of My Small Business

Steve Rhode — Tue, 09 Mar 2010 19:24:42 +0000

“I have approximately $150,000.00 in credit card debt. It got that high financing a small business, however the credit cards are personal and business credit cards. I have $50,000.00 l.o.c. with my house as collateral included int the 150k, The rest is unsecured. I am not sure what to do, I don’t want to loose any opportunity to get out of debt. The business was in a warehouse where we were locked in for two years. We did that in October 2007 and then in 2008 the economy went bad and 2009 was horrible.

We are now working out of our home and business is slow but at least we don’t have the overhead. I don’t want to lose the ability to get loans if we need to finance a project, but I don’t see us being able to pay this debt off without working ourselves to death. I will also email you.”

Well even though the credit cards may be business cards I would bet the farm that in the fine print you personally guaranteed the debt. That means that all of the business debt is going to be your personal responsibility even if you decide to close or bankrupt the business.

I know you don’t want to lose the ability to get loans to finance more projects but your issue is you are already drowning in debt. And that’s the result of overcommitments during a time, and for whatever reason, your business could not support it.

Since the line of credit and credit cards are secured with your personal credit, the only real option you have to to consider personal bankruptcy. If the business is a corporation or LLC you don’t need to drag the business into bankruptcy but you will need to tackle this problem debt in a way that is binding on your creditors and stops collectors from hounding you so you can focus on bring the business back to a profitable life.

The other way to retire the debt so you can live within your current business income would be for income to accelerate but I think that might not be a reasonable expectation in your current situation.

If you get the debt under control with bankruptcy you can then live within the income generated by the business as it recovers and that will give you the best chance of continuing the business for a long time to come. As the business improves so will your personal situation.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I Owe $150K in Credit Cards Because of My Small Business

I’m So Embarrassed About My Money Situation. Can You Tell Me The Truth About Debt Settlement?- Gloria

Steve Rhode — Tue, 09 Mar 2010 19:10:39 +0000

Gloria wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.

“Hi Steve,

I am a 23 year old college student and in dear need of finanical help and advice. This is such an embarrassing situation and it is taking a lot of me to ask for help. This is the first time I am speaking about my situation.

I have been on my own since I was 19 years old, going to school full-time and working minimum wage paying jobs.

During the past 5 years I have created about 16k in credit card debt (I have 3 credit cards, 1 from First Financial bank and 2 from Bank of America). I will graduate college in May 2010 and will have to start paying my 10k student loan that have generated about 3k in interest fees (and counting).

As of right now I am about 30k in debt, got laid off from my job this past February and is going through a hardship. Because I was desperate, I turned to a debt relief program (Freedom Debt Relief). I wasn’t serious about it when I first contacted the program but after speaking with a representative, before I knew it, I was in the next step of finalizing my contract. I don’t trust a lot of people and is weary of my trust with this company. I signed on board in April and have made two payments to this company so far and have made none to my credit cards.

The monthy payment I am making to the debt relief program is close to what I would be making to the 3 credit cards – a little above minimum payment. I have been receiving phone calls from the creditors and it is so difficult. I have been avoiding unknown numbers. The company says they will only work with my credit card debt and can work it down to 11k and will be paid off in 2-3 years.

I am recently engaged and my fiance has no clue about my debt situation and that I have signed on with a debt relief program. I just found out that his credit score is down the drain because he defaulted on some credit cards a few years ago (he was going through a divorce) but he is in good financial terms because he has a good paying job. My credit score was in the 700’s in April, when I last checked. I have always paid my bills on time, etc. I just have a lot of debt. I am told that my credit score will hurt badly if I continue with the debt relief program since it will take 2-3 years to settle all of my debt.

I am at a lost on what to do, be done with the debt relief program, pay the late fees I’ve incurred on my credit cards, continue making the minimum payments on them and keep the large debt…. (I will probably pay for the rest of my life)

Or stay with the debt relief program, let my credit go bad, and HOPE I will be debt free in 2-3 years?

I am concerned about my credit score more than ever now because my fiance has bad credit. He doesn’t even have one credit card so right now we are forced to pay everything in cash. I have no problem making the minimum payments to my credit cards, I know I can find a way to make the payments just as I have always done, it’s just the debt is so large. I want to take responsibility for my debt and want to do what is best for myself and my future.

Help…

Should a college student let her credit score go bad for the sake of saving money through an untrusted debt relief program?

Gloria”

Dear Gloria,

Thank you for trusting me to ask your question. I have no vested interest in you choosing any answer I give you and nothing to sell. I’m just offering you advice based on years of experience in helping people.

You appear to be enrolled in a debt settlement program. Debt settlement is a tricky subject. I understand the philosophy behind debt settlement and I’ve seen it work wonders in specific situations.

I am often contacted by groups and people that praise debt settlement and suggest that I speak out to harshly about it. After all, you are told that it will reduce your debt for less than you owe in a short period of time, and that sounds wonderful.

But my point of view is that of a guy that has actually done debt settlements and seen the issues that arise. In general, I think that the problems are greater than the benefits for most.

The problem areas with modern day debt settlement are:

Tax Liability – Forgiven debt is taxable as if you earned that money. You will need to pay income tax on that money at your regular rate. Many people are surprised by this and wind up owing the IRS money. The last folks you want to not be able to pay.
Missed Payments – Debt settlement works by withholding payments from your creditors in hopes they will get desperate enough to take less than the full amount you owe.
Bad Credit – When payments are not being made to your creditors it shows up on your credit report and stays there for seven years. Also, the amount of debt written off will appear as a bad debt on your credit report.
Collection Calls – A debt settlement company has no power to prevent you from getting collection calls when you are withholding payment from the creditor.
Getting Sued – If you are not paying the creditor, they can always sue you. Working with a debt settlement company does not prevent you from being sued. If you are sued, you will lose. What’s your defense, “I was sending payments to someone else.”
No Coordinated Plan – If you have multiple creditors and you don’t reach a settlement with all, then you may be still left in a difficult position. The time to settle is when all creditors agree and then do it with cash on hand in a lump sum payment.
Big Fees – People don’t seem to understand how much debt settlement companies are charging or that the initial money that is paid to the companies is being taken as fees and not saved for creditor payments. Fees range from 15% of the total debt to $5,000.
Many Will Never Settle – Many people will pay debt settlement companies for a while and then bail out. Most, if not all, the money paid to that point will be kept by the settlement company for fees.

I think that many good people are attracted to debt settlement as a way to resolve their debt situation because they are intrigued by the prospect of getting rid of their debts in a short period of time for less than they owe. It’s a natural reaction but it is also a reaction that can lead people into trouble.

In a perfect world I would love it if anyone considering debt settlement would also talk to a bankruptcy attorney. Not to go file bankruptcy, but to better understand all the options available to them and be able to make a better and more informed decision that is right for them.

Sure, bankruptcy attorneys sell bankruptcy, but guess what, debt settlement companies sell debt settlement as a magic cure. Only by listening to both sides can you understand what the truth is.

So where does all of this leave you?

From a practical point of view you’ve got debts you can barely pay now. Soon you will graduate from college, start paying student loans and you are getting married at some point. After you graduate you may find expenses increasing if you move for a job, get a new apartment, start commuting for work, etc.

If you are barely getting by right now, I think that it is more likely than not that with upcoming life changes, any monthly payment plan you can barely meet now will fail at some point in the next two to four years. When that happens, any progress you made to get out of debt will be eroded or eliminated.

Rebuilding your credit is actually fairly easy but first we need to close the door on this old debt first.

I think it would be extremely beneficial for you to pull your consolidated credit report and ask your BF to do the same. Use this consolidated credit report, it’s the one I use and love.

Next, sit down together and review both of your credit reports. If you can share the most intimate parts of your lives, you should be able to share this stuff. Once you are both on the same page with regard to your financial situation, then we can start making plans on what the future path is for both of you. Don’t let the reality of your credit situation take control of your life. Own it. Deal with it.

Based on what you’ve shared with me and the decades of my experience with debt issues, my gut is telling me that any debt settlement or credit counseling approach is probably going to fail based on your situation and time in your life. In order to move forward you may have to consider bankruptcy as a way to end the old debts and turn your attention towards building a better financial future instead of trying to repair your past. Find a local bankruptcy attorney, schedule a free bankruptcy consultation appointment and go talk to them.

Being embarrassed or ashamed about your situation is perfectly normal. When I lived through this stuff I felt exactly the same way. But Gloria, it does not define you, it actually just falls into the bucket labeled “Shit Happens.”

In all my years I have met very few people that set out to intentionally screw their creditors. Most people wind up in a bad situation through a series of events that were never planned.

You can blame yourself all you want to but you’ve got to come to peace with this and take ownership for dealing with it.

From the pain and angst of this situation, some good can come. I want you to always remember what it was like and how you felt to live through these issues and then use those memories to help someone in the future with advice, compassion and consideration. Pay it forward.

Let me know what you decide to do and keep me posted through the comments section of this question.

Big hug.

@GetOutOfDebtGuy

Source: I’m So Embarrassed About My Money Situation. Can You Tell Me The Truth About Debt Settlement?- Gloria

Originally posted 2009-06-04 10:21:09.

I’m an Older Divorced Woman Who Has Not Been Good With Money. – Valerie

Steve Rhode — Tue, 09 Mar 2010 19:10:38 +0000

“Dear Steve,

I am an older divorced woman in her 50’s who has not been good with money. Now I am caught in the Recession, having lost 3 jobs in 15 months. I finally have a good job/career on the horizon (mid-March of this year), but feel I have made many money mistakes and have filed bankruptcy 3 times before (twice discharged and once dismissed).

I have been a single parent and did well for years, but in the last 15 months my financial life has gone to “Hell in a handbasket.” Just 7 years ago I had good credit and some money set aside. Now I have no insurance and no savings and no 401K. I will be making a decent wage but have many bills to pay and am sure I am looking at filing bankruptcy again, because I had so many bills I could not pay for the year plus I was only working part-time.

I feel guilty, like I have failed and that I should be in a much better place than I am now. I know millions of people are scratching just to survive right now but that doesn’t help me fix my problem.

I need your help and I have been following your column, and I am always impressed with how kind and understanding you are with people who write in, You also seem to be very knowledgeable about money and finances.

I am almost finished with my degree, which has been a lifelong dream. I should have my Bachelor’s Degree this year (thanks to student loans), and I feel thankful to have kept a roof over my head with everything going on. Also, I have been divorced twice and had to sell one house and lost another, both due to divorce. I feel like I have started over more times than I can count. I have been called a “Survivor” by my family and friends but I have to tell you this is getting old. I respect your advice and need to know what you think.

With my past history and where I am in life, what is the best to way to prepare for the “golden years” so I can try to retire one day? I have no 401K where I will be working and not a lot of extra money but am willing to save any way I can. I will be making a base salary plus some commissions. I hope you can help me get out of this vicious cycle and turn my financial life around. Please help me, Steve, as I don’t want to be a burden to my only child, who is happliy married with a child of her own.

Valerie”

Dear Valerie,

Thanks for the question. I’m sorry there was a bit of delay in responding. Life got in the way.

In my opinion the issue here isn’t what happened before but what we need to do now. I think there is no sense wasting a good mistake so it’s time to be contemplative about what you feel you screwed up before and not do that again.

My concern is immediately drawn to your impending student loan payments. I applaud your pending completion of your degree but I’m rightfully worried about your financial situation once those loans kick in.

in anticipation of that eventual date you might seriously want to, one more time, go back and talk with your bankruptcy attorney. If you need to find a new one click here to find a local bankruptcy attorney.

Just about now you may be thinking that bankruptcy again is out of the question but the only way we are going to get you aligned to start saving for retirement is to tackle the debt issue now and do it. Time is not your friend here.

So let’s say you draw a line in the sand and tell me you won’t file bankruptcy. That means you’ll spend the next five to seven years trying to dig yourself out here. That’s a third of possibly your remaining working life. We don’t have that kind of time to waste making amends here.

So the game plan is to contemplate bankruptcy, start an aggressive retirement saving plan and do whatever you can to live within your means moving forward.

Sound reasonable to you?

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I’m an Older Divorced Woman Who Has Not Been Good With Money. – Valerie

I’m Trying to Clear Up My Husband’s Credit Report With Citibank. – Shelley

Steve Rhode — Tue, 09 Mar 2010 18:56:24 +0000

“Dear Steve,

I am trying to clear up my husband’s and my credit. However we have one old debt, CitiBank credit card that is giving me problems. We opened this account when we lived in California so sometime between 1997-2001. I don’t remember when I just remember that we lived in California. We also still lived there when we made our last payment to them. So atleast 9yrs has passed. However when I look on our credit report the bill is still there. The open date has changed numerous times and it has yet to fall off. We have made no arrangements to pay and do not speak with the collection agencies because of their rudeness. We just let it go to voicemail or tell them they have the wrong number. I thought that this was called re-aging or something like that and was illegal. If it is how do I get it taken care of. I know these debts are my responsibility but I am trying to pay the ones that actually are still collectible so that my credit score can go up and we can finally buy our first home.

I also tried to dispute this bill with the one of the credit reporting agencies, I think it was experian, listing that the open date had been changed numerous times. But my dispute was denied.

Shelley”

Dear Shelley,

It is possible that the account was reported again by a collection agency with a new start date. That is relatively easy to fix. Rather than “dispute” the debt what you need to do is contact all three major credit bureaus and bring their attention to the date the account was first delinquent. The clock should start running from that time for 7.5 years. It’s not the debt you are disputing, just the default date. I can see how if you sent a letter disputing the debt they may say it’s a valid debt and move on.

If you don’t have a copy of your consolidated credit report showing all three credit bureaus, I’d suggest getting a consolidated report. It just makes it so much easier to deal with when all the information is all in one place.

Now, just because it may no longer show on the consumer credit report has nothing to do with getting collection calls. You may still get collection calls and depending on the statute of limitations in your state you may still be sued to collect on this debt. Even after the statute of limitations has expired to sue you collections can continue forever.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I’m Trying to Clear Up My Husband’s Credit Report With Citibank. – Shelley

My Husband is Now on Depression Medication and Ready to Deal With Our Money Problems. – Donna

Steve Rhode — Tue, 09 Mar 2010 18:43:09 +0000

“Dear Steve,

My husband took over our bills several years ago. During that time he became depressed. To make a long story short, he is now on depression medication and ready to deal with these problems and they are big. We owe about 80,000 including student loans. We refi the house 2 years ago and it didn’t include the taxes. Now we are also 2 years behind on our property taxes. I lost my job in June 2009 and haven’t been able to find work.

My husband makes good money but we are so far gone. Creditors are hounding us. We are not late on our home, car and utilities but can’t afford all the credit card bills, medical bills & Student loans. We have avoided talking with the creditors and since its been so long (8 months) they are selling our credit due to other companys who are now calling us. I started researching bankruptcy, chapter 13 but would rather not do that. Then I looked for credit counseling and who knows who to believe.

We have admitted we have serious debt issues and need help. We want to avoid chapter 13. How do we find a truthworthy credit counseling organization?

Donna”

Dear Donna,

I’m so glad he’s now on medication for the depression. Depression is a serious cause and/or side-effect of financial problems. Once the depressed person seeks treatment for the depression it makes it soooo much easier to tackle the underlying debt issue. Without treatment the depression stands in the way of taking responsibility for the situation, coming up with a plan and implementing that plan.

I’d like to apologize in the delay in answering your question. I’m just backed up with questions. But hopefully I’ve caught you in time before you’ve leapt at a very costly solution for your debt problems.

My big concern is that you took Chapter 13 bankruptcy off the table to begin with. This is going to leave you with credit counseling and debt settlement as more likely options you’ll explore.

At this stage in the game with your delinquent debt you are more likely to be headed for a lawsuit by your creditors. At the very least the collection pressure will ebb and flow but will be stressful. Bankruptcy might seem like an extreme solution but it is the one with the best cost benefit ratio, gives you the most consumer protection, gives you a payment plan that your creditors must accept and allows you a true fresh start from the moment you file bankruptcy.

If you have not done so already, please click here to find a local bankruptcy attorney to talk to and before you jump in to what appears a magical solution, get yourself informed, please.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: My Husband is Now on Depression Medication and Ready to Deal With Our Money Problems. – Donna

Debt Settlement Company Does Apparently Nothing After Taking Mom’s Money And Leaves Her Getting Sued

Steve Rhode — Tue, 09 Mar 2010 16:33:18 +0000

This story is out of New Jersey and a great big thank you to Karin Price Mueller at the New Jersey The Star-ledger for reporting it.

Here are some excerpts from the full story you can read here.

Nearly $60,000 in debt and 12 delinquent credit cards later, Bozza decided to get help. In July 2008, she found Texas-based American Financial Concepts (AFC), a debt-settlement company that promised to negotiate lower payoffs for her debt.

It didn’t exactly work out that way, and by the time she was through, Bozza was sued by creditors and she was out thousands of dollars in fees to AFC with nothing to show for it.

Here was the deal: Bozza would deposit money into a bank account from which AFC would take its fees. Eventually, she’d pay the negotiated debts from that account. After 48 months, she should be debt-free — as long as AFC could negotiate good deals and as long as she kept paying.

On Aug. 11, 2008, AFC took its first of four monthly fees of $733 from the account. Those would be followed by 18 payments of $310. All fees to AFC, no debts paid yet.

“I began to work three part-time jobs,” Bozza said. “The extra money I was bringing in was going toward paying the debt settlement company, with complete confidence that after my four-year plan, I would have paid off everything.”

Time passed. AFC kept collecting its fees, but it didn’t seem to be doing much about her debt, she said.

In March 2009, Bozza asked representatives if she could start paying down debt. Despite her requests, AFC wouldn’t discuss negotiation results via e-mail.
So she called.

“They said they had negotiated two bills about $200 less, and they recommended I not take those settlement offers because they weren’t low enough,” Bozza said. “None of the big bills were ever negotiated.”

That same month, Bozza was sued by Target National Bank, one of the lenders AFC was supposed to negotiate with, over her unpaid $2,000 credit card bill.

That was the last straw. Bozza ended her payments to AFC, out more than $4,400 and now in worse shape with her creditors than before.

The Star-Ledger Does Some Digging

We contacted AFC about Bozza’s experience.

“AFC provides the services to its clients which are contracted for, and in Ms. Bozza’s case this included obtaining substantially discounted settlement offers,” an unnamed AFC representative said in an e-mail.

Bozza said there were only two settlement offers. AFC said there were more, and it produced a long list of contacts it said the company had with Bozza’s creditors, including negotiated settlement offers, dates and contact information.

Bozza said she was never told about these offers, so we asked her to call the creditors directly to see if their records matched those presented by AFC.

Bozza started with a Citi card on which she owed more than $23,000. AFC records said that on Feb. 3, 2009, it negotiated a payoff of $10,530, called Bozza at home and left a message on her cell phone. It said it renegotiated on April 13, 2009, for a settlement of $9,503.

But not according to Citi, she said.

“(Citi) had no indication that there were ever, ever any figures talked about, nothing broken down or offered on the account,” Bozza said, adding the account was sent to a collections company.
She then contacted her Chase card, to which she owed more than $20,000. It, too, had no record of negotiations with AFC, she said, although it had been notified the company would be her debt-settlement firm.

At Sears, there was no record of contact by AFC, Bozza said.

We asked AFC to explain.

“I don’t have an explanation as to why Ms. Bozza would say that she wasn’t notified by AFC of the settlement offers,” AFC representative Joel Knapp said in an e-mail. “As you can see from the documentation, she was contacted with each settlement offer.”

Knapp suggested perhaps Citi did not have access to negotiations that took place between AFC and a collection agency, Academy Collections.

Maybe, but something doesn’t add up.

Bozza was paying AFC to negotiate settlement offers. If the company negotiated with collections agencies rather than directly with the creditors — and settlement offers were reached — why would Bozza say she was never told? Why would three of Bozza’s creditors tell her they have no record of the deals, and why did two of the three have no record of AFC at all?

“AFC takes seriously its reputation for customer satisfaction and its reputation in the business community,’’ the company said.

If that’s the case, AFC should return the fees it collected from Bozza so she can use the funds to get rid of that debt.

@GetOutOfDebtGuy

Source: Debt Settlement Company Does Apparently Nothing After Taking Mom’s Money And Leaves Her Getting Sued

Money Problems Lead to Poor Sleep

Steve Rhode — Tue, 09 Mar 2010 14:48:54 +0000

The National Sleep Foundation conducted a survey recently among different ethnic groups to study a number of sleep related issues. Of particular interest to me were the survey results about money troubles and sleep problems.

I remember from my debt problem days how I never could seem to sleep well. I was always worrying about my debt, creditors, collectors, and, well, you know.

Here is what the study stated:

Blacks/African-Americans report losing sleep every night over personal financial concerns (12%) and employment concerns (10%) at a higher rate than Whites (6% and 7%) or Asians (1% and 4%). Hispanics are almost equally concerned each night about these two issues (11% and 9%, respectively).

Asians report the lowest rates of losing sleep due to personal financial concerns at least a few nights a week (9% versus 22% Hispanics, 20% Whites and 19% Blacks/African-Americans).

Hispanics are the most likely to say they are kept awake by financial, employment, personal relationship and/or health-related concerns.

Overall, at least one-third of Hispanics (38%) and Blacks/African-Americans (33%) report that any of these concerns disturb their sleep at least a few nights a week, compared to about one-fourth of Whites (28%) and/or Asians (25%).

Moreover, about two in ten Hispanics (19%) and Blacks/African-Americans (19%) say their sleep is disturbed every night or almost every night by at least one of these concerns.

“So many people are suffering because of economic uncertainty,” says Martica Hall, Ph.D., Associate Professor of Psychiatry at the University of Pittsburgh. “If you find yourself lying awake worrying, write a note to yourself to work on these issues the next day so you can dismiss those ideas at bed time. Consider using relaxation techniques and focus on calming activities and thoughts. If your problems persist, you may want to seek out a sleep professional.”

Nice quote from the doctor but not what people in deep debt are most able to do. I surely can’t remember a time when I could have simply written down my worries and dropped back into a restful sleep. After all, it seemed like my job to watch overnight infomercials and they finally drift off to sleep around dawn.

The end game of this sleep issue is that the combination of poor sleep, sleep deprivation, stress, and depression from money problems creates a situation where people are not mentally prepared to make a plan to get out of debt that is reasonable. instead, in desperation, they often leap at the first solution that promises magic relief.

If debtors struggling with these issues learned about their debt solution options before making a decision, sought help for their depression and took decisive but sometimes difficult action to intervene in the money troubles, like bankruptcy, they would find that rather quickly life would return to being happier and brighter again. And you know what happens next, you sleep much better.

@GetOutOfDebtGuy

Source: Money Problems Lead to Poor Sleep

I Am Trying to Decide Between Debtmerica and Debt Harmony for Debt Settlement Services. – Stephanie

Steve Rhode — Mon, 08 Mar 2010 21:15:31 +0000

“Dear Steve,

My name is Stephanie. I have about 7200 dollars in cc debt. I spoke with 2 people from 2 different comanies. They want 200 for 25 mos and the other wants 207 for 20 mos. I don’t know what other factors to consider since they are roughly the same amount. I know debt settlement is the route I would like to take. One company is Debtmerica and the other is Debt Harmony. Is there another company you would recommend? I am torn with whom to go to! Thank you so much!

Stephanie”

Dear Stephanie,

I just did a review of the Debt Harmony site for you, click here. Unfortunately I don’t have time right now to do a review of the Debtmerica site right now.

If you are strongly considering a debt settlement program I really think you need to speak with two individuals first. For an independent review of the debt settlement programs and fees they will charge you should talk to Damon Day. To understand all of your options so you can make an informed decision you should click here to talk to a local bankruptcy attorney.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I Am Trying to Decide Between Debtmerica and Debt Harmony for Debt Settlement Services. – Stephanie

Will They Go After My Son for the Car I Co-Signed For? – Dawn

Steve Rhode — Mon, 08 Mar 2010 21:01:39 +0000

Dawn wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

“Dear Steve,

I co-signed for a car for my son. He wasn’t able to make the payments anymore because the engine blew up on the car. I know I’m responsible as a co-signer and all I can afford to do at this time is to turn it back into them.

Is there any protection besides Bankruptcy from the amount I’ll owe after auction and the new engine? Will they go after my 20 yr. old son for the money even if we go bankrupt?

Thank you,

Dawn”

Dear Dawn,

As a co-sgner you have all the financial responsibilities as the borrower but no stake in the asset being financed.

If you do go bankrupt to stop the big bill that will land in your lap following the public auction of the car, they will go after your son for the balance due. He is just as liable as you are for the debt.

Outside of you coming to an agreement to pay the lender back in full for the balance that will be due, bankruptcy is your only form of protection.

I know you were just trying to help him out and do a good thing by cosigning for the car but here is the advice I give everybody. Never cosign for anything, ever.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big hug.

@GetOutOfDebtGuy

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

Source: Will They Go After My Son for the Car I Co-Signed For? – Dawn

Originally posted 2009-09-11 10:36:21.

I’m in Debt and Talked to CCCS and They Said They Could Not Help Me. – Ray

Steve Rhode — Mon, 08 Mar 2010 21:01:38 +0000

Ray wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

“Dear Steve,

I have about $75,000 in credit card debt on 3 cards. I know I have been spending beyond my means and I have already changed my ways. I didn’t have any trouble paying my bills until a few months ago, when several things that needed cash added up.

I have never been late on payment of any kind, and I have continued paying my mortgage and other bills. I have recovered and want to begin repaying my creditors (all three are Chase cards), but they have continued to rack up late fees, increased interest, and now “over the limit” fees, since the interest is so high, it put me above the limits.

The repayment plan they’ve offered is 6% apr and if I start repaying, I will have $27 to live on each month, not counting money to savings and incidentals, like car repairs, periodic child care, etc. CCCS was not able to help me. I make a very good income and I am able to pay my bills, now; I just need a bit of a break on the interest or payment terms, so I can save a bit and get rid of credit cards for good (I stopped using all of them when I no longer could pay the bills).

I’ve talked to two debt settlement companies and I don’t want to go that way. Their BBB ratings are all “F’s” and I know I spent the money I’m fine paying it back under livable terms.

Is there help for someone in my situation out there, or is this the best I am going to be able to get?

Ray”

Dear Ray,

A monthly credit counseling or debt management plan is not going to help you here. You absolutely can’t live on $27 or even with a necessary budget that leaves you with $27. That margin is not safe. Just one unexpected expense will sink the repayment plan.

I’m glad to read that you recognized how you got in this situation and that you are now reformed. There is nothing so educational as clarity. And now it is time for the last step in your education, you need to go bankrupt. Here’s why.

Bankruptcy is the only solution in America that will allow an independent entity, the court, to put together a binding repayment plan that will be based on what you can afford at 0% interest. That part of your debt that the court feels you can’t repay, will be discharged. But even if it is discharged, you can still repay your creditors if you feel you have a duty to do so. Highly moral people can go bankrupt and repay their full debt. It is just that bankruptcy gives you protections as a consumer and a debtor that you otherwise don’t have.

Find a local bankruptcy attorney, call to schedule a free bankruptcy consultation, and go learn what bankruptcy will mean for you. It might be painful, but in your situation it is necessary.

Big hug.

@GetOutOfDebtGuy

Source: I’m in Debt and Talked to CCCS and They Said They Could Not Help Me. – Ray

Originally posted 2009-04-22 08:40:46.

I’m in a Debt Settlement Program with CNI and I Got Sued by Amex. They Told Me to Ignore It. – Mary

Steve Rhode — Mon, 08 Mar 2010 21:01:37 +0000

Mary wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

“Dear Steve,

I am already undergoing debt settlement with CNI. CNI has paid off a couple of my credit card debts. I received a lawsuit from American Express 6/30/09, and sent that in to CNI . CNI told me I dont have to do anything.

Do I have to put something in writing to the courts to at least tell them that I am acknowledging the debt and am working with CNI to get this settled? Do I have to hire a lawyer? Any advice is appreciated. Thanks!

Mary”

Dear Mary,

I am assuming that CNI is Century Negotiations Inc. from North Huntingdon, PA.

If what you are saying is true that CNI told you to disregard a lawsuit by American Express that is the worst advice I think I’ve ever heard. Not only should you not disregard the suit but you better get yourself to a lawyer, today! Time is about to run out on your response date.

CNI knows better than to tell people to avoid a lawsuit by a creditor. In fact they even tell people about it on their website on their hidden disclosure page.

Here is what CNI hides but discloses on their site.

I want you to read number 4 that I bolded for you closely.

Century Negotiations, Inc. is a member of The Association of Settlement Companies (TASC) and as such has agreed to publicly disclose the following on each of their website and as part of their contract with consumers. Should you wish to comment on their use or avoidance of this disclosure please email with your contact information and the nature of the complaint. A TASC board member will get in touch with you in short order.

Disclosure Statement

Century Negotiations, Inc (CNI) provides consumers with a method of debt resolution known as debt settlement. Debt settlement is an aggressive method of debt management, which depends on the negotiation of mutually agreeable settlements between the consumers and the creditors. CNI wants you to understand both the potential benefits and pitfalls that may arise out of the debt settlement process and to have reasonable expectations regarding the outcome.

BY SIGNING BELOW, YOU ARE STATING THAT YOU UNDERSTAND ALL THE ISSUES BELOW:

1. You are enrolling into a debt settlement program after voluntarily seeking the assistance of CNI. The goal you have set is to have CNI negotiate mutually agreeable settlements between you and your creditor(s) for payment of certain unsecured debt(s) described as Enrolled Debts. No specific results can be predicted or guaranteed.

2. You will be responsible for saving sufficient funds that you control to fund debt settlements that CNI will endeavor to negotiate on your behalf. You and only you will be in control of all settlement funds and under no circumstances will CNI have custody or control of the funds you set aside to fund debt settlements.

3. The savings program that you have made to reach your debt settlement goal is detailed in your Client Agreement. Summaries of the total settlement amount, monthly savings, and the period needed to reach your goal were prepared based on the goal you selected. Those summaries reflect the minimum amount that we have estimated you will need to save to put yourself in a position to reach your goals. Actual settlement amounts, necessary savings and the period required to reach your goal may vary based on creditors actions and other factors that may affect or prevent the realization of your goals.

4. Most creditors and collectors negotiate with Debt Settlement Service Providers, but CNI cannot force the negotiations and cannot force creditors to accept a settlement. CNI does not make regular monthly payments to your creditors. Your creditors may continue collection efforts on delinquent accounts while you are enrolled in a Debt Settlement Program. Such collection efforts can include phone calls and letters to you, charging off the account, sending accounts to collection agencies or attorneys, lawsuits and even garnishments of your wages if a judgment has been obtained CNI makes no claim that it will be able to stop these collection activities. These activities may continue while CNI is making its best efforts to negotiate your debt.

5. Your Debt Settlement Program assumes an effort that will continue for many months. The time needed to produce a settlement depends on a number factors. These may include: (a) your financial hardship, (b) the age and balance of the accounts that you owe your creditors, and (c) the funds you have available to pay for a settlement; and (d) the willingness of individual creditors to enter into debt settlement negotiations. While no guarantees can be given, generally the quicker you save money the sooner you will be in a position to reach your goals. Increased savings will provide you with the option to accept lesser discounts and will also enable you to accumulate funds to reach your debt settlement goals more quickly. However, any settlement must be acceptable to both you and your settling creditor.

6. The fees paid to CNI are intended to compensate the company for its efforts and will only be refundable to the extent they have not been deemed to have been earned in the manner described in the Client Agreement. Those fees are not being set aside or held in escrow to fund debt settlements. Fees paid to a Debt Settlement Services Provider such as CNI for its services will not be available to pay creditors.

7. Communications with creditors are handled on a case by case basis. In some instances creditors may not be contacted until several months after you enroll.

8. You have stated that, because of circumstances beyond your control (hardship), you are unable to meet the minimum payments required by your creditors. If you do not make required minimum payments to your creditors you may be breaking the terms of your agreements with them and your actions will probably be reported to consumer reporting agencies as late, delinquent, charged-off or past due balances. Your creditor may also raise the interest rate on your account and impose other penalties. Your account balance may continue to grow as your creditor adds accrued interest, late fees, over-limit fees and penalties. Your balance may continue to grow until a settlement is reached with your creditor; and, if negotiations are unsuccessful, you could be called upon to pay the entire balance. After settlement your creditor may comment that the account was “settled for less than the full amount” on your credit report. A Debt Settlement Program may have an adverse effect on your credit report and credit score.

9. When your creditor settles your debt, a savings of $600 or more off what you owed may be reported by your creditor to the IRS as Discharge of Indebtedness income. You may wish to consult your tax advisor to determine whether your individual circumstances may permit you to exclude any such Discharge of Indebtedness Income from your reportable income due to insolvency. For more information on tax ramifications to you personally you may also wish to consult a CPA or Tax Attorney and to refer to the IRS website www.irs.gov IRS Publication 908- “Bankruptcy Tax Guide” and IRS Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness available on the IRS website.

10. You acknowledge that CNI is not a law firm and cannot provide legal advice.

11. You understand that you have the responsibility and the right to communicate my comments directly to the company’s management using the information provided below:

Company: Century Negotiations, Inc.
Address: 1061 Main Street Banco Park North Huntingdon, Pa. 16542
Manager’s Name: Heather Longo
Manager’s Phone Number: 1-888-913-8784 ext 3040
Manager’s email:

Furthermore, upon request you will receive a letter from the Company describing the grievance policy and the refund procedure. Finally, you have a right to report any concerns directly to TASC via email:

To summarize, Each case is unique and results may vary: A Debt Settlement Program can be a very effective way to resolve your debt, but it is not a painless process and no guarantees can be given because the process is subject to factors that neither you nor your service provider may be able to control. As with any type of debt repayment plan, failure to complete a Debt Settlement Program is likely to have negative consequences on your financial situation.

Working with a debt settlement company does not prevent any creditor from enforcing their legal contractual rights in court. Your election to pay a debt settlement company instead of the creditor is not an excuse. Based solely on the facts at hand, you will lose and American Express may go so far as to garnish your wages.

I suspect that by the time you leave the office of the local lawyer you need to go see ASAP that you will want to use the following link for the Pennsylvania Attorney General and file a consumer complaint online against CNI.

Big hug.

@GetOutOfDebtGuy

Source: I’m in a Debt Settlement Program with CNI and I Got Sued by Amex. They Told Me to Ignore It. – Mary

Originally posted 2009-07-10 09:37:41.

Debt Harmony Review

Steve Rhode — Mon, 08 Mar 2010 21:01:36 +0000

This review is the result of a question I received asking me about this company.

Address:

Freedom Business Group, LLC
3370 Capital Circle NE
Tallahassee, FL 32308

Website:

DebtHarmony.com
The domain name was originally registered on April 11, 2007.

Description:

Debt settlement company.

Management

James K Steinmetz
Jacqueline N Steinmetz

Contacts

Krista Setinmetz –
Kyle Steinmetz –
Phone Number: 1-866-448-2014
Email –

Relationships

jckc.us
consolidation911.com
fbg.org
DebtHelpForMom.com
ListMyDebt.com
USAdebt.net
JustDebt.net

Interesting Points

I found the information on their site about bankruptcy to appear to misrepresent the facts about bankruptcy.

Bankruptcy should always be a last resort as it could have a long-term negative effect. There is also a monetary cost associated. You could be required to go to court and possibly face some of your creditors. Bankruptcy will remain on your credit history for up to 10 years and can impact your ability to get credit, or possibly employment. Additionally, a bankruptcy history can impact the cost insurance and your lifestyle. – Source

Bankruptcy is an appropriate solution in any situation where the consumer wants to stop collection activity, avoid lawsuits and resolve their debt is a reasonable manner. While there is a monetary cost associated with bankruptcy it is usually less that the cost of debt settlement and the added fees and penalties debt settlement clients incur. While a Chapter 7 bankruptcy will remain on your credit report for up to 10 years, a Chapter 13 bankruptcy will be reported for 7 years just like the bad debt created by debt settlement. There are very few people that are actually prevented from getting a job as the result of bankruptcy, I would estimate the percentage of people that have a tougher time getting a job or security clearance as the result of debt settlement would be higher. Bankruptcy can impact the cost of insurance but debt settlement can as well due to the lower credit score one would have once their accounts go into default and debt is forgiven and reported as a bad debt. You would think that Debt Harmony would know better since James Kyle Steinmetz filed Chapter 13 bankruptcy in 2003.

Debt harmony says collection calls will slow.

Most of your collection calls will begin to dissipate if you apply the techniques we will provide to you. However nobody can guarantee that you will not receive any harassing creditor calls. – Source

Collection calls actually accelerate. As your debt become delinquent when you enter the debt settlement program you should expect collection calls to accelerate. No debt settlement company has any control over preventing calls from any original creditor that owns your debt. The reason nobody can’t guarantee you won’t get collection calls in a debt settlement program is because you will get them.

I stopped pointing out misleading messages on the site at this point. Overall the site seems to be a marketing portal to encourage people to signup for their debt settlement services without providing a comprehensive review of the tax consequences of settling debt, warnings about lawsuits from creditors when settling debt or a discussion about the effectiveness of debt settlement as a solution. You might want to read The Truth About The Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy.

BBB Reviews & Ratings

BBB review on the day I wrote this rating.

Complaints

None found.

Picture of Web Site

Is This Your Company?

If this is a review is about your company and you would like to respond to the information I’ve presented here to possibly put it into a broader context or make a correction, please feel free to post your response in the comments section below.

Source: Debt Harmony Review

SwiftRock Financial Services and Clear Your Debt Slammed in Texas Article

Steve Rhode — Mon, 08 Mar 2010 19:24:13 +0000

Out of Austin, Texas today comes the following warning to consumers.

Two Austin debt-settlement firms have been sued by the Illinois attorney general, which alleges that they use deceptive marketing practices, charge excessive fees and do little to help consumers get out of their financial trouble.

The Better Business Bureau of Central Texas has given Clear Your Debt and SwiftRock Financial Services their lowest rating, an F.

The bureau said it had received consumer complaints about the companies. The bureau said the companies responded by “citing their respective contracts and related disclaimers.”

The Illinois lawsuits, filed last month, name Clear Your Debt, SwiftRock and Orion Processing, which operate in Austin and Lago Vista.

Attorney General Lisa Madigan also sued Debt Consultants of America, based in Dallas; Endebt Solutions, in Long Beach, Calif.; American Debt Arbitration, based in Clearwater, Fla., and Nationwide Asset Services, in Phoenix.

The Better Business Bureau says the companies offer to help consumers settle debts by debiting their bank account a fee each month. But some consumers told the bureau that the companies had not lowered their debt and that they continued to get calls from creditors demanding payment.

One woman said she was forced into bankruptcy because SwiftRock didn’t live up to its promises.

Source

@GetOutOfDebtGuy

Source: SwiftRock Financial Services and Clear Your Debt Slammed in Texas Article

I Left an Abusive Boyfriend 9 Months Ago and I’m Trying to Start Over. – Jen

Steve Rhode — Mon, 08 Mar 2010 19:04:36 +0000

Jen wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

“Dear Steve,

I’m on disability. I left an abusive boyfriend 9 months ago and I’m trying to start over again.

I already have student loans I can’t pay back. Which I will have to deal with as I can. I ended up leaving school due to illness.

I’m worried mostly about the credit cards I got in my name and the ex used, because they’re the only ones I can do anything about right now. My doctor has suggested I try to take a proactive step here, the stress about everything is worsening my condition.

So I’ve been considering bankruptcy, but I can’t afford to pay a lawyer. Things are looking bleak.

Is it possible to get a pro-bono lawyer? How do you find one?

Jen

PS- I love your site, you’re always so nice and so helpful. Thank you in advance.”

Dear Jen,

I’m so sorry to hear about your situation. Nobody should have to live through an abusive situation.

If they are government backed loans I would suggest you look into the Income Based Repayment (IBR) program. If you are on full and permanent disability there are some other programs to deal with student loans that might actually discharge your loans.

Regarding the bankruptcy, there is a pro-bono resource website you can visit for a list of lawyers that might be able to help you for free.

I agree with your doctor that taking some control over your situation will be the first step back up. It will empower you to no longer be the victim in this financial mess and to start acting, instead of simply reacting. Bankruptcy will improve the quality of your life because it will reduce your stress and constant worry. That can go a long way to helping you live a better life.

Please let me know what you decide to do and keep me posted along your journey. I really want to be there as you recover.

Big hug.

@GetOutOfDebtGuy

Source: I Left an Abusive Boyfriend 9 Months Ago and I’m Trying to Start Over. – Jen

Originally posted 2009-07-17 10:56:45.

I Was Looking at The Debt Answer Instead of Impact Debt Relief for Debt Settlement. – Oscar

Steve Rhode — Mon, 08 Mar 2010 19:04:35 +0000

“Steve,

I have unsecured debt of about $20,500.00 and have been looking at debt relief via a debt settlement company. I’ve been doing some online research on a few companies and I’d like to get your opinion on the company The Debt Answer. I read your review on Impact Relief and it just keeps getting worse for this option.

Is this the absolute last option? I’ve been through bankruptcy before and I don’t want to go through that again, especially with the new laws that have been implemented to make it harder. I lost my job and was unemployed for a couple months. We lived off my retirement money and my wife’s salary, but I found a job in California and had to move from Arizona. This meant my wife had to give up her job and now she’s unemployed.

I am trying to reduce our unsecured debt and sell one of our vehicles so we can have some breathing room. I have a school loan, rent, our twins monthly tuition payment, two vehicle payments, and utilities. I need to do something with our unsecured debt because those payments are about $700.00/mnth.

Please help!!

Best regards,

Oscar”

Dear Oscar,

I did a recent review that included The Debt Answer. You said you already read my other review on Impact Debt Relief.

I understand you’ve been through bankruptcy before and want to avoid it but you need to know bankruptcy is the ONLY consumer debt solution that will stop collection calls, block or kill lawsuits and eliminate your debt is a reasonable fashion that is binding on your creditors. If that’s the kind of solution you are looking for, your options are limited.

You might want to read my article The Truth About The Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy and read how effective debt settlement really is.

If you want a second opinion about debt settlement and if it is right for you in your situation, contact Damon Day and talk it over with him. My opinion is in your current situation bankruptcy gives you more protection and a resolution for less money that a debt settlement approach would cost.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I Was Looking at The Debt Answer Instead of Impact Debt Relief for Debt Settlement. – Oscar

I Was Just About to Sign a Debt Settlement Contract With Lloyd Ward & Associates. – Paula

Steve Rhode — Mon, 08 Mar 2010 16:13:37 +0000

“Dear Steve,

Just found your site in the nick of time as I was about to sign a debt settlement contract with Lloyd Ward and Associates.

My husband and I are self employed and our businesses had a hard time since 2005, but then bit the dust in 2009. We went from staying current with everything, including large credit card balances to falling behind on everything.

We just managed to negotiate two home loan modifications, for our two mortgages, in the last month. Meanwhile, the credit card balances with interest and penalties hit the roof.

Now we face our huge credit card debt, close to $100,000. Unbelievable I know. One account, Citibank, just served me a summons.

I had really hoped to be able to do a debt settlement and also have contacted Damon Day for a personal consultation.

Can you give me any information on declaring bankruptcy? I would hope that we could manage a chapter 13 so that we could at least keep our home. Our first mortgage which we took out in 2001 is for $220,000.

Our businesses are starting to bring in more income but we cannot afford $1,000 to $2,000 a month for settlement. Do creditors ever take smaller amounts monthly rather than going to court?

We have four daughters and wanted to show them a good example of paying our debts, but this may not be possible.

Thank you,

Paula ”

Dear Paula,

Thank you for contacting me. I hope I can get you going in the right direction and alleviate your fears.

I’m glad you contacted Damon Day for an independent review of debt settlement. He’s a good guy and I’m impressed with his honest advice and from the heart direction he gives people.

Your comment, “We have four daughters and wanted to show them a good example of paying our debts, but this may not be possible”, caught my attention.

May I humbly suggest that the most beneficial lesson you can teach your daughters is that of accepting responsibility to address a situation and putting a realistic plan in place to deal with it. You certainly don’t want to get in the situation where you might, for example, blame farmers in the Dust Bowl in the 1930s for being failures and losers because they walked away from their farms sought another solution other than farming. What I’m probably trying unsuccessfully to say is that it is possible to do the right thing in many different ways.

I would argue that if you put yourself in a situation where you are unable to save money, don’t have an emergency fund, and cough up every spare dollar in an attempt to meet your creditor demands, it is not a responsible thing to do. I would also say that if the example is the mission here that an example of paying back a portion with debt settlement is half an example.

Consider this, it is still possible to repay your debts after bankruptcy if you want to prove a point. But bankruptcy would give you significant protections, avoid and stop lawsuits, and stop collection activity. A Chapter 13 bankruptcy that would let you keep your house and would give you a monthly payment plan based on what you can afford, rather than what the debt settlement or credit card company wants.

The only way to force a creditor to accept a smaller amount if they don’t want to is through bankruptcy. I would suggest that you click here to find a local bankruptcy attorney. Make sure you like your bankruptcy attorney. If you don’t, get a second or third opinion.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I Was Just About to Sign a Debt Settlement Contract With Lloyd Ward & Associates. – Paula

What Do You Think About the MLM Product Move My Net Worth Offered by The Credit Exchange? – Paul

Steve Rhode — Mon, 08 Mar 2010 15:38:50 +0000

“Dear Steve,

The Credit Exchange Corp is now selling a Multi Level Marketing product to clients and their employees. See www.movemynetworth.com. Would love your input on this product that is being sold along side of a DMP. $150 start up cost, $150 distributor fee, $50 a month locked in for 4 years to be a member!!! WAY too much money to pay for a site that you cant get for FREE elsewhere like mint.com or several others. Its causing quite a stir. Please review

Paul”

Dear Paul,

Thank you for sending me your tip and request on this product.

I did spend some time on their demo and thought most of the information was presented in an easy to read format and I like the credit report and score section as well but sites like CreditKarma offer a better credit report and credit score service for free.

However, I was shocked when I got to the debt center section. The Credit Exchange has been mixed up with some rather dubious players in the debt settlement world and has unhappy customers as a result of their referrals to companies that have now been shut down by state regulators and courts.

Rather than just a straight forward presentation of your debt on the site, the visitor is presented with essentially a sales pitch on debt settlement with the graphic shown at the top of the screen.

Click graphic for larger view.

Now on one hand they might argue that it is not a sales pitch but a presentation of facts, but it’s not. It is not a true comparison at all. All you have to do is read The Truth About The Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy to know that a minority of people would ever achieve those results with debt settlement.

At one time I developed and offered an online budget tracking tool that had many similar features and one thing I learned from that experience was that few people actually continued to utilize the product after an initial interest in it. After a few months they stopped entering data and using the product. Thankfully our online tool was FREE as compared to what I would, in my opinion, call ripoff rates to use the Move My Net Worth service and site.

I can’t see any single reason to justify paying $150 setup fee and $50 a month for four years. – Source. That means this tool would cost you $2,547 for tools and options that available for a tiny fraction of that. On top of that if you want to cancel early you have to pay a $200 early termination fee. It sure seems like an utter ripoff to me especially since there is almost nothing to setup and nothing involved in canceling the customer.

The MLM Sales Pitch

The Winning Formula

Let’s use our winning formula of sponsoring 6 Members, 3 of which also want become Member/Promoters. For each Member you sponsor, you will receive $50 of Fast Start money, or $300 for 6 members (in this example). With an average subscription fee of $59.95 you would receive $5.99 in residuals, or $35.97/month (in this example). Assuming 3 of the 6 Members you sponsored also become Promoters and they each sponsor 6 more Members, that’s 18 more members, each of which would earn you $40 of Fast Start money, or $720. The residual earned for these members would be $107.91 (or $5.99 x 18). This simple achievement brings your cumulative Fast Start bonus to $1,020 and your Residuals to $143.88/month. Below are charts of what it looks like going all the way to the 8th level with the idea of 3 referring 6, 3 of which refer 6 more all the way to the bottom. – Source

Click on image for a larger view.

So part of your payment to use this service each month is split up and spread out to people up to eight levels above you. I get the idea behind multilevel marketing. What I don’t understand is how it is in your best interest, if you are digging out of debt, to overpay each month for a service just so you can help fund people eight levels above you. And the “income opportunity” is pitched for you to sell this service to others but let’s be real here, do you really see yourself as a successful promoter and marketer of the service? Are you willing to pay an additional $150 a year just for the privilege of selling this service? Seriously? – Source

Let’s cut to the chase here. I just can’t seem to shake the impression this is just another get poor quick scam for the consumer and a get rich quick scheme for The Credit Exchange.

It also really bothers me that this product is being sold alongside a debt management plan as you mentioned. I’d much rather see people use one of the many free products to accomplish similar budget awareness and put the $50 a month into a savings account to build up an emergency fund. If you did and opted not to fall for the MLM promoter pitch you’d have the $2,547 plus $600 in promoter fees or a total of $3,147 in your savings account. It’s your call.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: What Do You Think About the MLM Product Move My Net Worth Offered by The Credit Exchange? – Paul

Beware of Offers to Help Settle Debt Says Wisconsin State Journal

Steve Rhode — Mon, 08 Mar 2010 14:31:19 +0000

An excellent article by Chris Rickert out of Wisconsin exposed a very interesting bit of news from The Association of Settlement Companies (TASC) reveling how ineffective debt settlement is for most people.

When I first wrote my article “The Truth About The Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy“, TASC was officially saying that 45-50% of consumers in debt settlement programs settled some of their debt. In this recent article David Leuthold the executive director of TASC is sourced as saying that now only 34% of people are settling any debts. – Source

Here are some interesting parts of the longer article you can read here.

Excerpted:

Faced with $20,000 in credit card debt, rising credit card interest rates and an uncertain employment future, Ruth Cole of Middleton succumbed to the “very persuasive” pitch the caller from PDM International made in the fall.

The Texas-based financial services company with an F rating from the Better Business Bureau told Cole that for an up-front payment of $1,490, it could lower the interest rates on her cards, ultimately saving her thousands of dollars and more than making up for the initial fee.
Caught at a vulnerable moment, Cole handed over the $1,490.

She said she was told if she wanted to back out of the agreement, she could do so for a $199 cancellation fee. But two and a half weeks later, when she tried to do just that, the company changed its story and refused to refund her any of her money.

“In some sense, what they’re saying is logical,” Cole, 66, remembers thinking at the time. “I feel like I was gullible.”

Tough-to-find firms

Plale said her agency assigns complaints about adjustment service companies to one of four examiners, who try to contact the company and, if it’s not licensed, issue a stop-work order.
DFI has the power to take the firms to court and get refunds for their customers if the firms acted unethically, Plale said.

“In some cases we’re successful in getting money refunded to the customer,” she said. “I don’t know if it’s even half the time.”

Part of the problem is finding the firms, she said. Some close up shop before DFI becomes aware of them.

Janet Jenkins, administrator of the division of trade and consumer protection with the state Department of Agriculture, Trade and Consumer Protection, said that beginning in fall 2008, her department “began to see a lot more” complaints about foreclosure consultants, which promise to work with customers’ lenders to save their homes from foreclosure.

The increase played a part in legislators’ decision in March to pass a law that allowed DATCP to regulate the firms, although DFI still has jurisdiction over their practices.

In October, the state attorney general filed suit against California loan modification company 21st Century Legal Services, accusing it of misrepresenting itself to consumers and failing to provide them with signed copies of sales agreements, among other allegations. Jenkins said there were about 20 consumer complaints against 21st Century.

‘These are scams’

While firms out to scam indebted consumers typically operate under a pretty simple scheme – take their money but don’t provide any service in return – debt settlement firms have a multistep modus operandi that is described similarly by detractors and advocates.

The firms offer to cut your debt – almost always on credit cards – by negotiating with a creditor for a lower lump sum payment to wipe out your bill.

The downsides are that while the debtor is paying into an account to build up that lump sum, his credit rating can falter and the total debt he owes continues to rise. The upside, according to the industry, is that you can cut your total debt by far more than if you negotiate yourself.

“For the most part, these are scams,” according to Paul Egide, director of consumer affairs for DFI. “The customer doesn’t really understand what they’re getting themselves into.”

But David Leuthold, executive director of The Association of Settlement Companies, said debt settlement is an important option for consumers who have few others for getting out of debt.
“What you have to do is look at the alternatives for the consumer,” he said.

They could try to negotiate directly with their creditors, he said, but will likely end up owing more in a shorter period of time than they would had they worked with a debt settlement firm. On average, TASC members have been able to negotiate settlement payments to clients’ creditors of about 42 cents on the dollar, he said.

He acknowledged that only about 34 percent of clients stick with the program long enough to achieve such results but contended that’s more than other debt-help programs.

@GetOutOfDebtGuy

Source: Beware of Offers to Help Settle Debt Says Wisconsin State Journal

My Mother-In-Law Does Not Want to Go to Court. – Candy

Steve Rhode — Mon, 08 Mar 2010 03:55:12 +0000

Candy wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

“Dear Steve,

This is really on behalf of my mother in law. she has been served a summons for an old credit card debt. With penalty and interest fees, the debt is now at over $20,000.

Her only income is widows benefits which is around $1100.00 per month. She’s only got 8 more days before her time to answer the summons is up. She does not want to go to court if possible. Any suggestions?

How can we resolve credit card debt without going to court after a summons has been issued?

Candy”

Dear Candy,

She should go to court and explain her situation. Take proof that her only income is retirement benefits. Not going to court does not change anything except she will be guaranteed to lose. While going can be scary and stressful, it is her only opportunity to provide her side of the story and her situation.

The court may rule in favor of the creditor simply as a matter of law, but then again the judge could tell the creditor to take a hike. You have everything to lose by ignoring this and nothing to lose by responding and going.

Otherwise, she can always pay the bill in full before the hearing or negotiate a mutually satisfactory payment with the lawyers.

Big hug.

@GetOutOfDebtGuy

Source: My Mother-In-Law Does Not Want to Go to Court. – Candy

Originally posted 2009-04-22 09:52:52.

I Just Signed Up With The Credit Exchange and The Johnson Law Group for Debt Settlement Services. – Shawana

Steve Rhode — Mon, 08 Mar 2010 03:55:12 +0000

“Dear Steve,

Signed up with the credit exchange a week ago and was told it would NOT have any negative impact on my credit. I’m not behind just wanted to get them paid off at a lower interest rate. I received a “welcome” letter from The Johnson Law Group and it stated my creditors may show my particiation int the program which could affect my score. It’s only around $8000 but some interest rates are 29.99%.

What is your opinion of The Credit Exchange and/or The Johnson Law Group. Can I cancel? What should I do to reduce my debt/interest rates without hurting my credit?

Thanks!

Shawna”

Dear Shawana,

From what other people have said, I have deduced that The Credit Exchange seems to be primarily a marketing group that then refers consumers for debt settlement services to another party to deliver the actual services. In the past these other companies have been the Hess Kennendy Law Firm in Florida and Allegro Law in Alabama, both of which were subsequently shut down by state regulators.

I had never heard about the Johnson law Group until your question. The Johnson Law Group on their site states they are “a multi-state law firm, with offices in Nevada, California, and Florida, and affiliated attorneys in many other states.”

My radar goes off when I hear similar claims from debt settlement providers because the groups that have been previously shut down offered similar statements and made similar claims. Now, it could just be that the Johnson Law Group is coincidently operating in a fashion that makes it appear to be similar to these groups.

If the Credit Exchange specifically told you that debt settlement would not have any negative impact on your credit. That was a bold faced lie. Not only will it have a negative impact on your credit but it can also result in you getting sued by your creditors and a big tax bill from the IRS. Debt settlement is not a magic wand. It most definitely has consequences.

If you want to get out of debt and maintain your credit rating or improve it then you need to pay your debt off in full or make at least your regular contractual monthly minimum payments. Anything that is not in compliance with your agreement with the creditor can and will be reported on your credit report.

Regarding cancellation, you should refer to the contract you signed for services. But I would strongly urge you to call the Johnson Law Group and discuss the cancellation process with them. They should be receptive to your call and questions and provide you with a refund since no services have been delivered to you to date.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big hug.

@GetOutOfDebtGuy

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I Just Signed Up With The Credit Exchange and The Johnson Law Group for Debt Settlement Services. – Shawana

Originally posted 2009-10-05 07:26:24.

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