I need some answers about debt settlement and companies who do debt settlements.?
I have some serious debt issues and need some help. I talked to a debt settlement company, but I can’t find any specific information about them. Does anyone know about American Financial Services or Axiom Financial Solutions? And does debt settlement really screw up your credit as badly as some would have you believe? It seems to me if you have unsecured debt you can’t pay that would damage your credit just as badly. Help! I need info from somebody who knows about these things.
Tags: about, Answers, companies, Debt, Need, settlement, settlements., Some
December 10th, 2009 at 11:43 am
Every attempt to consolidate the multiple debts of a debtor fails because the action is not set in a well planned manner. Debt is a serious issue and demands to be dissolving with rational policies, and considering the debt management program is one of such deliberate advice that concentrates to dispose the debts to zero. The earlier steps taken regard them past, and approach for the debt management program for a rewarding and effective resolution. The objectives and principles of debt management program are adopted after assumptions and speculations which can stabilize or aid to rebuild the badly affected financial score in a sparing manner. Tactically and subtly, the policies are fused and carried out in a managerial way to consolidate the single or multiple debts as they are stronghold enough. Being a debtor is not a wrong sign; in order to qualify all the varied financial needs, inadequacy of required finance compels a person to take monetary support in the form of loans. However taking debt is considered bad in the society. Debtors, gradually, go in fix of debt trap due to mismanagement of repayment planning. Considering the fact of the matter, the lending authority has come up with the generous provision of bad debt management. Under the plan, debt elimination process is worked out.
Debt management program can be subscribed in a straightforward procedure. The practice of advancing debt management program is traditional and online, but the later is given the preference as it provides instant results to the applicants. While applying for a debt management program furnish data in an elusive manner and accurately in order to avoid delay. The services of debt program management reinstate and assist to supervise the future debts along with realizing demands.
Some people do not know how to manage their money. Others turn a deaf years despite warning signs of poor money management. However, getting out of debt is a function of learning and consistently applying good money bad debt management practices.
First of all, individuals must truly acknowledge they need help managing their debts. Once they truly decide to do something about their debts, they need a plan. Subsequently, figure out exactly how much they have owed. Write down all on a piece of paper. If unable to understand, then it is better to take help of any financial expert available nearby.
In prospect of providing a good bad debt management service, there are many lenders available in the money market for this generous cause. However with the advent of the internet, availing bad debt management has become very simple and easy. Henceforth, debtors have to fill in simple application forms available right online. Thereafter, a lender works for the debtor.
The lender gives entire of the debts into a single entity name, and calculates the amount and interest rates thereupon. After matching your dues and the amount you have, the lender makes a single monthly repayment scheme considerably. In such a way that both the creditors and the lender may not have to bear up any financial burnt. Debtors find their elimination of their debts under the provision of bad debt management very easy and simple.
The results of this debt management program are creditable. In short, the explicit advice deducts the monthly burden which you are obligated to different lenders. Multiple debts will be cut down to a single and debtors will have to be answerable to a particular creditor adding to the shedding of mental stress. In the market, the service of debt management program is provided by finance lending institutions in an easy way and the eligibility criteria is to be a victim of debts. The debt management program is released or functioning under different names, debt management service, debt management advice, debt consolidation program, debt consolidation advice and such, so that debtors can easily consolidate the debts. With the sustenance of such program debtors can also spot a lender who allocates finance at marginal rate of interest.
December 10th, 2009 at 12:36 pm
Rachna gave a good answer, the old true meaning of debt consolidation, one company paying off debts if you qualify, but the terminology of debt settlement companies and debt consolidation companies has become confused, much to the liking of the debt settlement companies.
The question is about debt settlement companies, companies that tell you to cease communication, and paying your creditors. If in a short period of time, the Natl foundation for credit counseling http://www.nfcc.org will reccomend one of these companies, if small debt and no upfront fees, fees paid after services completed. Most debt settlement companies, that take up front enrollment fees and setup fees, don’t tell you about the approx 1/3 additional fees, if they settle any of your accounts. Put 10 grand in their program , 1,300 dollars general “set up” fees plus 49 dollars a month to transfer your funds from your checking acct. to your “debt savings acct”, now lets see they say they usually save you 40% of what you owe…….but if they settle the 10 thou for 6 thou, you pay the 6 to the creditor, owe them two for settling (which you can do yourself) and the 1,300 setup fees, at 9,300 now, and we haven’t counted the monthl “transfer” fees. When you get the paperwork after the salespitch it says you won’t pay more than you owed. What if you get sued? They rely on you violating the terms of the agreement which require no contact w/whom you owe, but most people when a garnishee is placed on their wages, start panicking, call the debt settle co. and they will not return your calls, knowing you will communicate w/attrny, trying to sue you, uh-oh cancallation fees, you violated terms, most are considered scams and states are beginning to ban them from doing business, most recently New York, and many go out of business. Search the forums (consumer related) and read the horror stories these companies have created for people. If you owe $15,000 and a creditor knows where you work, own a home, and where you bank, the creditor won’t sue you? When these firms contact you hang up, read their claims on their advertisements, yes settlements are possible, you can do them yourself, even after judgement, if the judgement has not been executed.
Debt settlement companies prey on the uneducated and the educated gent who posted above I think misunderstood your question, if you qualify to consolidate loans to one pmt, great, but I think you were asking about debt settlement programs, and from them,,,,,,,,,,,,,run, don’t walk away. Get educated, learn combinations of credit counseling, debt settlement, and credit repair, and implement them on your own, if you can’t consolidate, under the true meaning of consolidate, as posted above.
December 10th, 2009 at 1:29 pm
Ive mentioned this before on one of these threads i used a company called Aftersense and they offer various financial services. They helped me obtain a loan when i had hardly any income. I think they also offer Debt Management aswell. you can fill in a form on their website and they will give you a call back. Hope this sorts your problem out.
December 10th, 2009 at 2:21 pm
Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://d6b0.easyurl.net
March 27th, 2010 at 9:48 pm
You make your own factors effectively however I still am not won over yet.
April 2nd, 2010 at 9:29 pm
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