2/19/2010 3:47 PM (PST)
Maisha,
Debt settlement companies are the quickest path to the Bankruptcy Court. They'll tell you to stop paying your creditors and instead send them money each month. Guess what happens when you stop making payments? You guessed it, the creditors file suit against you and turn the accounts over to collection agencies. In the meantime, the balances keep rising because of late fees, interest and other charges.
The company won't begin to negotiate until you've saved up enough to make a cash offer. You can't do that quickly, because their fees come off the top.
Odds are you'll be forced to file bankruptcy to rid yourself of the suits and collection actions. (These companies can't represent or defend you with the lawsuits).
Don't make the mistake of getting involved with these businesses.
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2/23/2010 9:05 AM (PST)
Hello, sounds like very good advice to avoid this type of company.
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2/23/2010 1:31 PM (PST)
Sounds like both you guys are duch bags and have no idea about the down turn in this economy. Especially this SERGEANT Bill M., why would he want to hep the community?? He is being payed very well by this public forum and privately owned entity that only gives CONSOLIDATION companies good ratings cause the OWN THEM!!! Of cause there company's have an A rating and are accredited. The truth of the matter is that the explanation you reveived sounds to be about the same as the program i have been in for about 2 years a little bit more now. The company i am using is opperated by an attorney and has already settled out 4 of my accouts at around 40% of the balance i had to begin with. It is a little agressive but it will not blemish the credit report with remarks such as ACCOUNTS MANAGED BY DEBT MANAGMENT PROGRAM as a CONSOLIDATION PROGRAM WILL DO JUST THIS, then be mistaken for a bankruptcy one day while you are trying to get a loan. I once started in a consolidation program but withdrew because they werent paying on time anyway so I went wit h the savings. If you want a reputable company contact Robert P. at Saving Tomorrw Financial (888)688-1709 Ext. 2120
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6/24/2010 1:43 PM (PST)
Hello Chelsea,
While I am not doubting your experience, the company that you seem to be recommending is Consumer Debt Counselors Group. I found a very disturbing ad they are running for sales people.
WE ARE LOOK FOR CLOSERS!!
Apply Now
Company: Consumer Debt Counselors Group
Location: Boca Raton, FL
WE ARE LOOKING FOR CLOSERS! ARE YOU TAKING ADVANTAGE OF YOUR EARNING POTENTIAL? ARE YOU SICK OF EMPTY PROMISES AND NOT HAVING THE ABILITY TO MAKE MONEY DUE TO LACK OF LEADS? WE HAVE YOUR SOLUTION! WE DO NOT HIRE OFTEN AND HAVE SOME OPEN SALES POSITIONS. THIS IS A ONCE A YEAR OPPORTUNITY TO GET YOUR FOOT IN THE DOOR AND WORK FOR A COMPANY THAT HAS YOUR BEST INTEREST IN MIND. THE EARNING POTENTIAL IS UNLIMITED AND SO ARE THE LEADS! SEND YOUR RESUME TO: DEBTCLOSERSONLY@GMAIL.COM (IN THE SUBJECT LINE-TYPE CAREERBUILDER AD) MUST BE RELIABLE WITH EXCELLENT PHONE SKILLS -SELF STARTERS WITH AN ABILITY TO LEARN NEW PRODUCTS -DEBT SETTLEMENT AND DMP EXPERIENCE A PLUS, BUT NOT NECESSARY...
I don't know about anyone else, but I certainly wouldn't want to take financial advice from a "CLOSER" I would prefer an actual person with education and experience in the area of finance. My gut says stay away from these guys. I would also be curious to know if they front load their fees like most rip off debt settlement companies.
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