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Question: Suggestions for Debt Settlement Negotiations (Part 1 of 2)?

BACKGROUND
My wife and I had the “pleasure” of working with many Debt Collectors last year. We started with 8 delinquent accounts in early 2009 and we’re now down to 2 and anxious to close this painful chapter in our lives. This question covers the smaller of the two remaining accounts.

ACCOUNT DETAILS
Amount Due: $12,000.

Delinquent Since: January 2009.

Correspondence Summary: None at all, every, from anyone.

Telecon Summary: No calls from the Original Creditor. A few calls from Mann Bracken in August 2009. That’s it. No other calls from anyone since then.

There has been an eeerry silence on this account. Other than the phone calls from Mann Bracken in August, nothing! What am I to make of this? I have funds available to settle this account, but how do I proceed? Do I take the intiative and contact the original Creditor (again assuming it’s not been sold), or based on the lack correspondsence or phone calls, do I sit and wait?

Answer: I can answer why you’ve heard nothing: Mann Bracken recently went out of business and filed for bankruptcy.

http://mddailyrecord.com/2010/01/14/mann-bracken-ordered-to-cease-collections/

I would strongly advise to sit still and not stir up trouble for yourself. If you try to settle with a firm that’s in bankruptcy you’d be flushing your money down the toilet. If you’re lucky the debts will die with this firm. Absolutely do not contact the original creditor….they sold your account to a 3rd party and they are no longer entitled to receive any payments on this debt.

A more likely scenario is that Mann Bracken’s assets will be sold in bankruptcy court and your account will go to a new collection agency in the future. Until you find out what has occurred, don’t contact anyone. If a new collection agency contacts you about this debt, make them come up with a copy of the original signed application as validation…they may not be able to furnish this.

If you do get contacted by Mann Bracken, it will likely be from a desperate collector trying to squeeze every last penny they can get before the lights go out. Tell them to submit their claim in bankruptcy court and tell them to get lost.

Credit Card Debt: You Can Run, but You Can’t Hide!

Credit Card Debt: You Can Run, but You Can’t Hide!

You shouldnt pay a debt collector a penny, and thats that!

Question: Anyone have any horror stories from using a debt consolidation company?

I am single guy, with a house, looking to lighten the load on my wallet. I was hoping to combine a small loan, an old credit card bill and my mortgage into “one lower monthly payment” like all the ads claim, but I want to know if there is a down side. Also, I am about as financially challenged as they come so keep any responses in easy-to-understand terms. Thanks!

Answer: I have two stories….
one is a family did this and they ended up in much worse trouble a year later….they had to get in touch with an attorney and the attorney general to get them out of the bad consolidation companies grasps…and then they went with a company the attorney helped them get…

and now the second story, is also from the first story…they had more debt after the first company messed with their credit and added much more charges onto the families bills…but the one the attorney helped the family get…LOWERED the monthly outlay of money for the family and it is working fantastic for them NOW….
so please be careful, very careful on who you work with….email the Attorney General and ask about the companies you are thinking of using to see if they are OK to use…not all are good to use…
do your home work first, and before you sign, make sure you know what your getting into, they will all try to sweet talk you into signing their papers…

good luck

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Debt Consolidation Loan – merchantcashadvance.Com

Question: Debt settlement agencies negotiate better w/ credit card companies than if I do it on my own?

I was told debt settlement agencies know how much a creditor is willing to settle for and so they are better negotiators.

Should I just use my debt settlement agency since I don’t know how to negotiate with my credit card companies?

Answer: If your smart enough to post on Yahoo Questions you are smart enough to settle your own debts. This can save you thousands by the time it is over and it will teach you how to be in control of your finances.

Finding out the minimum amount each company settles for is going to be the hardest part but there are forums that have great information on it and even examples of what to say when you are on the phone. Generally most banks will settle for 50% or under. Also most banks hold on to their bad debt for about 6 months before they charge it off. They will be more acceptable to an offer as that time window gets closer. It is definitely worth the extra steps to do it on your own. Open a new bank account and start saving for your settlement offers on your own.

Matthew

Complete Crisis Coordination

The subprime debt issue of 2007 blossomed into a global credit crisis. Likewise, the Dubai sovereign debt issue will blossom into a global sovereign debt crisis in similar pathogenesis. The start and end points are located in the Untied States and Untied Kingdom .

Debt Negotiation

Question: Help..Confused Debt settlement or Debt Relief?

I am working with US Consumer Advocate on my 76,000 debt on credit cards. Started last week to work for a settlement. For the past two days I am getting calls from a guy at Federal Debt Relief Systems fdrs.org. He promises to do a better faster job then USCA and repair my credit (yea right) and no lawsuits involve or any bad debts turn in to IRS. I am confused! Has anyone worked with any of them or have used a debt settlement co or this FDRS. I feel now that I made a mistake…but at the same time I don’t. Please help me!

Answer: aztecatx60, Debt relief is a common issue many americans are now experiencing. Every legitamate debt relief service providers will consult with you for free. http://www.debtreliefreview.com Try contacting serveral debt relief services and inquire about your questions and compare thier answers. You should be able to tell which ones are providing useful advice.

Good Luck.

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Sales of new cars and trucks are expected to increase by as much as 7% in December, giving hope for a recovery.

Debt Relief & Management Tips : How to Apply for Free Government Grants, Loans, & Scholarships

Having multiple credit card debts is a very real and frightening problem that will only get worse if not taken care of quickly. Even if you do stop charging, which is a first and important step, the notoriously high interest rate of credit cards still makes finding the end of debt a problem. This is where credit counseling, and possibly consolidation loans for credit card debt come in. You can get out of credit card debt with patience and good credit counseling.

The advantages of a consolidation loan will be a lower interest rate, which shouldn’t be hard with credit card debt, and the ability to make one monthly payment. When looking at companies watch out for consolidation loan fees, make sure the fees are manageable for you and comparable to other companies.

If you have good credit you can look into unsecured consolidation loans, though these will typically still have higher interest rates than secured loans. If you can use your home or vehicle for collateral you can look into secured credit card consolidation loans which will have lower interest rates, but be aware that if you fail to make payments your property can be repossessed.

A popular option for credit card consolidation that should be considered with extreme caution is credit card balance transfers. In some situations people can obtain a new credit card with an introductory low rate. You can then transfer the balances on your high interest cards to the new low interest card. However, in a few months when the interest rate rises you are back in trouble and may have damaged your credit further, making your other options more limited.

Whatever you decide to do with your credit card debt it’s important to consider the short and long term possibilities. Credit card consolidation loans can be a good option for a lot of circumstances, evaluate carefully.

Alcoa Finishes 4Q 2009 Strong; Free Cash Flow Positive, Revenues Up 18%

NEW YORK—-Alcoa today announced it finished its fourth quarter 2009 free cash flow positive, the first such quarterly achievement since the second quarter of 2008 when the economic downturn began to impact results.

Debt Consolidation Options Video | Bills.com