FIB - Scams 101

Debt Negotiation

Posted By: Robert
Date: Thursday, June 7, 2007, at 1:34 p.m.(pst)

In Response To: Re: Debt Relief help....... (Alex F.)

You're confusing debt negotiators with credit counselors. Sure you can reduce the interest in some cases, but negotiating the balance requires a lot of expertise, especially since many times the debt must be sent to debt collector first before negotiation is even possible. As you pointed out yourself, dealing with collectors can be very difficult and stressful.

There are a lot of good companies out there. You just have to do your research with the BBB before you enroll anywhere.

>> Frankie:

>> Those companies are ALL out to get your money. You can do exactly the
>> same thing they do on your own.

>> Simply call your credit card companies and tell them you simply can
>> not make the minimum payments and that you need help. Credit card
>> companies have plans to help you out.

>> Some years ago I was in the same boat, I could not make my credit card
>> payments and fell behind. I told the CC companies that they either have to
>> lower the interest and minimum due or they simply won't be seeing a
>> payment.

>> SOme eliminated the interest for 6 months and let me pay $50/month for
>> those 6 months. And the biggest debt I had, they dramatically lowered my
>> interest rate for a full year and let me pay a monthly amount that I could
>> afford for that year.

>> You simply have to be honest and negotiate these debts. Credit card
>> companies are NOT rude like third party debt collectors, so you should be
>> able to talk to them in a calm and civilized manner.

>> The last thing you want is for these debts to be sold to a debt
>> collector. It's a million times harder to negotiate or even talk sense
>> with those knuckle heads so try your best to deal with your creditors as
>> soon as possible before the debts are sold.

>> Here's more info for you....

>> http://businessmajors.about.com/od/studentfinances/a/DebtReduction.htm

>> Again, think twice about signing up for one of those "debt
>> negotiators". They're expensive and not worth it in my opinion.

>> Best of luck to you.

>> Alex

Debt Relief

Messages In This Thread

• Debt Relief help.......
  Frank -- Sunday, March 4, 2007, at 8:28 p.m.(pst)
  • Talk with your bank
    Mel. White -- Sunday, March 4, 2007, at 9:56 p.m.(pst)
  • Re: Debt Relief help.......
    Alex F. -- Monday, March 5, 2007, at 2:25 p.m.(pst)
    • Debt Negotiation
      Robert -- Thursday, June 7, 2007, at 1:34 p.m.(pst)
      • Re: Debt Negotiation
        Sandi Bowman -- Thursday, June 7, 2007, at 3:08 p.m.(pst)

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