Posted on
January 11, 2010
at
12:46 am
How are the fees for a debt settlement program collected?
Posted on
January 11, 2010
at
1:12 am
Fees for debt settlement as in the structure? It can be spread out over 18 months or actually it depends on the company - do do ask them what their fee structures are.
Posted on
January 11, 2010
at
1:49 am
I agree, I know a company that has this for a debt settlement fee structure -As the previous poster said, it's spread out over the first 18 months -- broken into two parts – Retainer Fees and Service Fees. Many wonder why the creditors don't get anything on the first few months of the program - and so they quit. What happens to your payment? The first three payments go to covering the Retainer fees, and then the rest go to service fees until the 18 months is up.
Posted on
January 11, 2010
at
1:50 am
How much are the debt settlement fees again?
Posted on
January 11, 2010
at
1:53 am
The industry standard is 15% of the total debt amount spread over 18 months or the settlement company would take a percentage of the settlement amount (20-25%)
Posted on
January 11, 2010
at
1:55 am
Do settlement companies take into consideration the consumers level of hardship? What happens to the interest and late fees? And how about with impending lawsuits? Are the fees affected by them?
Posted on
January 11, 2010
at
2:31 am
In terms of acceptance in the program you mean? Or the amount that they can pay?Until the accounts or an account is settled, interest & late fees continue.
Posted on
January 11, 2010
at
2:35 am
And how about with impending lawsuits? Are the fees affected by them?I wonder what this means but if you mean - would the creditor still sue even if you're already in the program and would that affect the settlement amount - the answer is they might sue you for non-payment but knowing that you have an intention to pay (that it's just a matter of how much) chances are you might not get sued.
Posted on
January 11, 2010
at
2:37 am
How are the fees for a debt settlement program collected?There are two ways - you'd save from your savings account or the company will set up an escrow account for you (which they won't touch) as it's in your name.*somebody correct me if I'm wrong.
