Posted on April 28, 2010 at 2:39 am can you explain the stimulus package to get out of debt scam? is there a not scam version?

Posted on April 28, 2010 at 4:18 am can you explain the stimulus package to get out of debt scam? is there a not scam version?-- Hi Big Fish, the term could be referring to many modus operandi (mode of operation) , it's basically riding on the Obama economic stimulus package (which was for the banking or lending sector, and not the individual consumer). The scam is about getting money from consumer by several ways - like acquiring personal information (identity theft) like name, address, social security number and banking information.

Posted on April 28, 2010 at 6:48 am Right and it's a scam because there is no official stimulus package to get out of debt from the government. There are, however, private debt relief programs, that would help you be debt free in 1 to 5 years - depending on your balance and account status.

Posted on April 28, 2010 at 6:50 am Adding to the previous post, if you owe $10k or more and you are past due on payments, you can enroll in a debt settlement program. Debt settlement aims to cut your balance into more or less half and help you be debt free in a year to three.

Posted on April 28, 2010 at 6:56 am You can sign up for a Debt Management Plan, if your debt amount is not that high (less than $10k), you have a steady stream of income for 3-5 years (the duration of the program) , and your account is still current. DMPs are run by credit counseling agencies. Choose wisely. The dropout rate for the DMP program is high, so if you wish to succeed, do your homework.

Posted on April 28, 2010 at 7:03 am Scams like that stimulus package to get out of debt thrive because there are consumers that are too trusting. I guess it's safe to say that if you are in need of debt relief you're going to seek it (call the company, inquire) and not the other way around. If it's pursuing you, beware. And if you're wondering where you can find legitimate debt settlement companies http://www.tascsite.org/index.cfm?event=Members and credit counseling agencies http://www.justice.gov/ust/eo/bapcpa/ccde/cc_approved.htm

Posted on April 28, 2010 at 7:06 am I see , thank you all! One last question, how would I know if the settlement company or credit counseling agency is right for me ? Why can't i just file bankruptcy?

Posted on April 28, 2010 at 7:09 am With regards to what to look for in a debt settlement company - When you give them a call, the debt settlement company should offer free consultation. They should not promise or guarantee that enrollment in their program would stop all collection calls. Observe their customer service, and ask about their negotiators - the company should have skilled, informed (current with the debt relief industry trends), certified, and personable. == and about bankruptcy, basically if your debt is unsecured, you may want to spare your credit from the impact of bankruptcy. 20 years on your public records, 7 years on the report (ch.13) and 10 years (ch.7)