Dealings with a Debt Sollution Company ?

Discussion in 'Social Club 2011' started by X-Tennessean, May 20, 2009.

  1. X-Tennessean

    X-Tennessean Member

    565
    Nov 18, 2008
    Sikeston
    Just curious if any members have had any dealings with one of these companys and could offer some info, either good or bad. I understand if its to personal or if we could talk U2U me cause I've got some questions, anyone with legal knowledge would be appreciated also, ( an attorney is what I'm getting at I guess ). Sister and Bro-n-law are having some tuff times. Thanks Randall
     
  2. Swampy

    Swampy New Member

    tell them to save the money they will pay those sharks and use it to pay down on debt. Go to DaveRamsey.com and do some reading on what they should do.
     

  3. Longbow26

    Longbow26 New Member

    Feb 5, 2005
    Farmington, MO
    The fees those plases charge are often more then the minimum curently on the cards.


    The exsposee the news did on them componies a few months ago was frightning. CDustomers wiht thos componies for 5 years and there balences were no lower tehn when tehy started. Reason being the dept solution componie was taking the monie for fee this fee that and not enouf going to teh credit card it self. And get this. The credit card componies own teh dept solution componies, go figer.




    If its a case that they can pay dome of there card they can call the card it self and ask for the hardship program. It will be reduced interest rate for 6 months to a year or longer. They ahve to have there acount put on hold so they cant use it. BUt it stops any late fees or added charges. And most inportly it stops the phone calls and colection efferts.
     
  4. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    [rquote=1269880&tid=88934&author=Longbow26] The credit card componies own teh dept solution componies, go figer..[/rquote]

    wrong
     
  5. marshallgrn

    marshallgrn New Member

    Apr 20, 2008
    in hiding
    [rquote=1269882&tid=88934&author=Rebel][rquote=1269880&tid=88934&author=Longbow26] The credit card componies own teh dept solution componies, go figer..[/rquote]

    wrong[/rquote]


    plus 1
     
  6. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    There are two types of those companies out there:

    a. Fraudsters who make a profit
    b. Non-profit companies that assume risk using their name and work with the creditors to lower fee(s) and APR(s).

    Simply put, if the hardship is for more then one bank, they need to contact a non-profit cca.

    :cheers:
     
  7. UrbanHunter

    UrbanHunter Well-Known Member

    Regardless. Swampy's right. Debt solution companies take income from the indebted. They must make money somewhere. The lenders sure ain't gonna pay them.
    Dave Ramsey teaches how to take your own income and pay off debt.
    JMAO
     
  8. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    Ps.. i sent you a u2u tennessean.. :cheers:
     
  9. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    [rquote=1269888&tid=88934&author=UrbanHunter]Regardless. Swampy's right. Debt solution companies take income from the indebted. They must make money somewhere. The lenders sure ain't gonna pay them.
    Dave Ramsey teaches how to take your own income and pay off debt.
    JMAO
    [/rquote]

    Dave Ramsey is as bad as most of the diet programs you see on tv...

    just my opinion of course.

    And the true cca do NOT receive income from those they assist. they DO receive $$ from somewhere, not from the people they help, not from the banks, but from somewhere... wont say where publicly ;)

    As with anything their are good and bad companies.
     
  10. UrbanHunter

    UrbanHunter Well-Known Member

    Reb, I can't see where advice telling you to get out of debt and stay out of debt is bad thing. Ramsey's giving the same advice those who lived through the depression (with assets intact) would give.
    True CCA's source of income is a secret? C'mon. I didn't crawl into the duck blind last night! I'm a big boy. I can take the REAL info! :rof2::rof2::rof2:
     
  11. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    Sure, buy dave ramseys tapes

    spend more money

    :claphands:
     
  12. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    make sure if you buy the tapes to put it on your credit card

    :eek:
     
  13. X-Tennessean

    X-Tennessean Member

    565
    Nov 18, 2008
    Sikeston
    I've researched a little on the net and seems that not all are a hoax, the catch is these company's figure a payment you can afford to pay and act as a savings acct. They "pool" this money not making any monthly payments to the creditors so they can try and settle with a lump sum payment, of course taking their setup fee and monthly charge (max of 49/month)out first. Well that being said your chances of being sued are still possible, which is what has happened. Its a contract deal and as with any contract you breech you loose, so the money he has paid he has lost, is what there telln him.
     
  14. I'm torn here . . . . . . I don't use credit cards and would recomend others to do the same (learned my lesson the hard way, still paying for that $.50 pack of gum I bought 10 years ago). At the same time I sure do enjoy hunting over nice deks owned by those who are employed by the debbil.;)
     
  15. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    [rquote=1269914&tid=88934&author=mathewshutr]I'm torn here . . . . . . I don't use credit cards and would recomend others to do the same (learned my lesson the hard way, still paying for that $.50 pack of gum I bought 10 years ago). At the same time I sure do enjoy hunting over nice deks owned by those who are employed by the debbil.;)[/rquote]

    I def understand, once bittin twice shy. I never got bit, so its hard for the reb to say no to it, and that i work for a bank :D

    But, if you are avid about it, you can make a cc work for you.. i got 1200 back last year from my cc

    :D
     
  16. Swampy

    Swampy New Member

    [rquote=1269908&tid=88934&author=Rebel]make sure if you buy the tapes to put it on your credit card

    :eek:[/rquote]

    You cannont use a credit card to buy from Dave Ramsey. I think his book costs at most times $10 on his site. In fact most people could get by with just reading the info on his site for FREE and listening on the radio to him for FREE. He is in business like most folks to make money, same reason most of us have a job. His job is to help people get out of and stay out of debt. The price for a book and a 13 week instructional course is probably less than 10% of the average Americans yearly interest payment to Credit Card Companies.

    Mathwshuntr I hunt over better decoys than most folks and have not had a CC for years. IMHO if you cannot pay for it outright then you really don't need it.:rock:

    Tennessean you have them look up Ramsey and read about it or listen to him on the radio. If they want to go through with his plan I'll buy them the book as a gift. It is not easy sticking to a budget initially but if they are serious about making a go of it then they are better than a lot of folks.
     
  17. Big L

    Big L Trapper Groupie

    Aug 8, 2008
    Bonne Terre
    Just send the cc companies a payment every 3 months so they dont turn it over to an outside collection agency,if ya do this long enough they will give ya a lump sum payoff.I heard about a guy doin this and he owed like 9k and kept jerking them around and they finally told him to send $2,500 and they called it even:roll2:
     
  18. Longbow26

    Longbow26 New Member

    Feb 5, 2005
    Farmington, MO
    [rquote=1270056&tid=88934&author=Big L]Just send the cc companies a payment every 3 months so they dont turn it over to an outside collection agency,if ya do this long enough they will give ya a lump sum payoff.I heard about a guy doin this and he owed like 9k and kept jerking them around and they finally told him to send $2,500 and they called it even:roll2:[/rquote]


    My sister inlaw payed a lump sum to her card. It was half of origional amount. The cc compony said that would make them clear. They now trying to collect the other half they suposivly wrote off via a colection componie.
     
  19. ross331

    ross331 Active Member

    Oct 15, 2008
    richmond
    i have heard even dave ramsey say on the radio that sometimes your best bet is to settle your cc debt. you know if you have more money going out then you do coming in. i will keep paying for the things they wil can come and get and let the others slide.
     
  20. Roscoe Dog

    Roscoe Dog Active Member

    Apr 15, 2003
    Maryland Heights,Mo
    Its funny when people get butt deep in debt with credit cards and then complain about its the credit card companys fault why they cant get it paid off. Goobers have $10 and spend $50. And do it over and over again until they finally say we are screwed, but then blame someone else for there stupity. Had a friend that was over $20k in debt by doing crap like that but he had all the best hunting and fishing equiptment. If ya dont have it dont spend it.