Comments on: Debt Elimination Scams

By: RF

RF — Wed, 14 Jul 2010 17:43:24 +0000

From what I’ve read here, it seems that you are, at the very least, a bit uninformed. Granted, many debt settlement companies are scams, but at least a few companies that guarantee the elimination of debt are in fact legitimate. They help the consumer exercise his rights as defined by the Fair Debt Collection Practices Act (FDCPA). Collectors frequently take advantage of the fact that most consumers are unaware of these rights and violate them, and these violations can head up the case against them.

The advice I’d give to consumers? Know your rights. Look up the FDCPA and educate yourself on your entitlements as a consumer.

By: Multimastery@Credit Card Debt

Multimastery@Credit Card Debt — Wed, 28 Apr 2010 16:40:23 +0000

Great advice, there are so many debt elimination scams going around that it’s ridiculous! Thanks for doing a great service to warn the public.

By: admin

admin — Thu, 03 Dec 2009 08:04:54 +0000

Sorry, we don’t.

By: Joseph B Moran

Joseph B Moran — Wed, 02 Dec 2009 03:48:08 +0000

Do you have list of companies under license and without license?

By: Aubrey

Aubrey — Sat, 07 Nov 2009 23:19:07 +0000

So what your telling me is that if I stop paying a credit card debt that the bank legally cannot sue me? That’s ubsurd because they can and they will. Also if I do not pay they will destroy my credit report

By: debtbuster

debtbuster — Wed, 27 May 2009 22:05:13 +0000

i like the do it yourself approach. why pay expensive fees to settlement companies when you can contact the creditors yourself to request a settlement? or at least if you hire a settlement company do your research on them first before paying a hefty fee. i have some notes at how-to-negotiate-debt.com

By: Expert

Expert — Wed, 20 May 2009 07:26:04 +0000

Here is a plan that will work but takes time, dilligence and discipline.

Cut up your credit cards…. don’t cancel the accounts… just cut up the cards.
Credit Card Debt: Start making twice the minimum payment on the card that has the highest balance and highest interest rate.
If possible pay as much down on this card as you can. Keep making min. payments on the other cards. Once the first card is paid off apply those payments to the second highest cards and add the min. payment you already pay on that card… and so on until they are all paid off.

This can take years… but it was you that spend that money and nobody but you got you into this mess.

While you are trying to pay down your debt it is important that you have a strict budget.

Sit down and write down the following:

Monthly Income
minus fixed bills (rent, utilities, set amount paid towards credit card debt, etc. AND fixed amount that goes into a savings account, even if it is just $25 a month.
What is left is your discretionary income and you divide this by 4.
Now you have the amount left that you can spend during the week on food, gas and whatever else you need.

Besides the set amount for your savings account you also need to set aside on a monthly basis any money you need for bills that come due only once or twice a year… car insurance, taxes due for property, etc.

By: michael pacey

michael pacey — Tue, 05 May 2009 21:53:43 +0000

i was contacted by a company offering me and telling me all loans/credit cards taken out before 2005 was legally legistated incorrectly and with a payment fee of £500 all depts could be elimnated., and the whole process would take 12 weeks, how do you know ehich ones are the scams, i guess check out the company if you can, your comments will be much appreciated.

By: Blah Blah

Blah Blah — Thu, 02 Apr 2009 16:52:22 +0000

This is all bogus. Everyone who gets a credit card knows or should what they’re getting into. You agree to use someone else’s money to buy a flatscreen TV. You agree to pay back the money with interest. That simple, folks, and trying to get someone else to pay is called, “irresponsible.”

There, I said it. That’s it.

By: Paul

Paul — Tue, 17 Feb 2009 01:47:20 +0000

The Internet is full of scammers. Marketing companies that sell “snake oil”and hand the suckers off.

llinois is the home of crazy govenors and scammers.
These sweet talking sales liars talk you out of your money promissing debt elimination, invalidation and resolution.
They add no value and deposit you to a company who will give you worthless tactics which lead to judgments and bankruptcy.
They provide worthless delay tactics which get you deeper in the hole
There happens to be a class action law suit against this group.
I can provide more support to help you survive their nonsense
contact.:
creditdefenseleague@yahoo.com