Posted on
February 24, 2010
at
3:41 am
I am looking for some help with my bills - i see a lot of debt relief business out there but I am afraid to even approach one. Or respond to ads. I just don't get the whole thing. How would debt relief help me? And can you recommend one? thanks!
Posted on
February 24, 2010
at
3:42 am
I am looking for some help with my bills - what sort of bills? Credit card? How muchwould your total be and also, are you current?
Posted on
February 24, 2010
at
4:56 am
I am looking for some help with my bills - there are two debt relief options for youif your debt is unsecured. Credit counseling if your balance is less than $10,000 and ifyou are still current (with a steady stream of income for 3-5 yrs). Debt settlement if it is$10,000 or more and you haven't paid for months. These debt relief programs, if you seethem through can really help you reduce or even eliminate your debt.
Posted on
February 24, 2010
at
6:17 am
In a way if you enroll in one of those programs - your "looking for helpwith bills" situation is going to be answered - as their monthly fees are more affordable than your normal/regular monthly fees.Credit counseling (DMP) would cost you $25/mo for 3-5 years.
Posted on
February 24, 2010
at
6:32 am
Debt settlement on the other hand would ask of you15% of your total debt amount (spread out over 18 months)or 20-5% of the settlement amount. If for example you owe$10,000 then your monthly fee is $150.
Posted on
February 24, 2010
at
6:33 am
I see.. thank you! But what if I owe more than $10,000 but my accountsare just 3months behind..I fear that the creditors are going to sue actually..what's the worst thatcould happen?
Posted on
February 24, 2010
at
6:36 am
Well if you're wondering if you'd go to jail for non-payment, the answer is no.The worst that could happen is they sue your for judgment. A judgment couldbe anything from wage garnishment, property lien, or bank levy. And youwould benotified.
Posted on
February 24, 2010
at
6:37 am
As for qualification on a settlement program, I'm sure they'd still admit you,but don't be surprised if they advice you to stop payment all together. You're alreadybehind by 3 months, they'll probably ask you to stretch it to 5-6 months untilyour account charges off - hopefully without the creditors taking a legal action against you.
Posted on
February 24, 2010
at
7:25 pm
If you're worried about your creditors come knocking on your door, I found a couple of YouTube videos you may be interested in:1. Debt Collection - Tactics used by Debt Recovery companies - http://www.youtube.com/watch?v=sctOZfm32Fg2. 10 Ways Debt Collectors Break The Law - http://www.youtube.com/watch?v=8gVbDk_HcnUI've received phone calls from these guys in the past. One thing that helped was that they inspired me to get a second part time job to supplement my income. It also got me going on developing my first website to generate some residual income. Not only was I able to pay my own bills off faster, but I was finally able to sleep better as well.
