It's hard to distinguish what is and is not real sometimes. Your debt and monthly bills certainly are. So is what you earn every month... and when those two get out of line it may seem like there is nowhere to turn but bankruptcy.
Before you decide to place a black mark on your credit for the next 10 years take a second to read this.
Have you thought about debt settlement? There are so many companies that say that they can settle your debt... but is it true? If they are attorney based with 30 years of experience in State and Federal consumer law then maybe you should stop a minute and consider that this debt elimination law program may very well be for you. The majority of TASC affiliated (non-attorney) companies that have just sprung up during this hard time in the economy will not tell you that many of these "settlements" actually turn into judgments and liens. The Problem here could be a major one if you don't have legal representation. What will you do if you get handed a subpoena? When this happens these companies may then just DIRECT YOU to an attorney that you can pay separately AFTER they have already taken your hard earned money.
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Sometimes they take as much as your first 3 payments and then charge you a "service fee" anywhere from $29-$85 a month. In addition, they also don't tell you that what makes them "CERTIFIED" is that they just take a short online course, pay their fee to TASC and that's it. Does this make them CERTIFIED to handle and negotiate the settlements on YOUR DEBT? Not to disparage TASC companies as they surely do have qualified individuals but do you know if they have been doing this for two years or two weeks?
Wouldn't you feel more comfortable with someone who has actually been in a courtroom and knows your rights?
* They will issue "cease and desist" letters to stop the harassing phone calls.
* They will Validate your debt and make sure that there were no deceptive practices or violations of law with your contract. (your credit card application and fees)
* They will get "satisfaction letters" from your creditors stating that your balance has been settled.
* Most importantly is that if there is any attempt to freeze your checking account, garnish your wages, judgments or liens filed against you that they are there to help you on the spot.
Most attorney based companies offer convenient and affordable payment programs from 12-60 months.
Your escrow account is held at a major financial institution and no settlement is reached until you give the ok. You may leave the program at any time with no penalty and receive all monies not intended for the attorney or already used for a prior settlement. There are no large monthly "maintenance or service fees" like the majority of TASC companies charge". Typical settlements are as low as 30% of what you owe.
To be upfront our attorneys take 25% but that's over the entire term of your program. Its better than having to pay a large retainer for them to bill against and most attorneys charge up to 33% so 25 is a pretty good deal. There aren't too many companies out there that are willing to wait as long as 60 months to get paid. Over the entire term you will get settled with all fees included at 55 cents on the dollar.
Full Legal Representation with no large retainer fee? Simple conclusion to make.
Things you should absolutely 100% without a doubt fully understand.
BEWARE OF ANY COMPANY THAT TELLS YOU TO STOP PAYING YOUR CREDITORS OR TELLS YOU THAT THIS WILL NOT HURT YOUR CREDIT!
Not that this needs to be said but if clients could afford their payments to begin with then they wouldn't need help. Additionally, if they could afford to make those payments AND pay into a program then the same also applies.
* All debts in the program WILL go to collections
* Settlements do have a negative impact on your credit the thing is that if you settle rather than file bankruptcy you would still have a large jump start at rebuilding your credit.
* ATTORNEYS ONLY MAKE PAYMENTS on Your Behalf AS DEBTS ARE SETTLED
*NO ATTORNEY CAN GUARANTEE RESULTS IN LITIGATION
If you have 10 credit cards, each and every one will negotiate with different results your average including fees will typically be at or near 55 cents on the dollar.
* A 1099D MAY BE FILED ON ANY DEBTS SETTLED IN THAT TAX YEAR ON SETTLEMENTS OVER $600.
DISCUSS WITH YOUR TAX ADVISER***
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