If You Hire A Debt Settlement Firm, Be Ready For Credit Card Debt Collector Phone Calls.
Debt settlement firms want you to have at least $10,000 in credit card debt. They want $1500-2000 of that $10,000 in fees paid first before they begin working on settling your debt. They tell you to stop paying your credit card and to send those payments to them for their fees and to save for a lump-sum settlement.
What happens if they cannot settle with your credit card bank? What happens to the money you have paid them? What happens to your credit card account that is in arrears? What happens to your credit rating? How long will it take you to save $7000, $2000 for the debt settlement firm and $5000 for a 50 percent lump sum settlement?
To bank $7000 you will need to save $500 per month for 14 months. At that rate, it will be over a year before you can settle that $10,000 of debt for 50 percent. The credit card companies typically charge off unpaid debts after six months. They often sell those charged-off debts within the year.
If that happens to you, that means some junk debt buyer has bought your debt for 10 cents on the dollar before it has been negotiated. At that point there is no reason for the bank to remove the charged-off debt’s bad mark from your credit report, which means it will be there for seven years.
If you are prepared, you can handle the junk debt buyer?s collection efforts, according to the Credit Card Debt Survival Guide. But if you have placed your trust in the debt settlement firm, you can be blindsided by a junk debt buyer and threatened with a court summons and possibly even be served one.
So, the debt collectors are at the door. That debt is obviously not settled. The settlement fee is used up. Your credit is tarnished. But, you still have $5000, if, and a big if it is, the settlement firm put the money in a third-party escrow account.
Matt Highlander spent months researching strategies for credit card debt relief. Read the complete 230-page Credit Card Debt Survival Guide
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