Comments on: Debt Settlement Sales Claims http://www.zipdebt.com/blog/debt-settlement-claims Straight Talk by Charles Phelan on Debt Settlement & Other Debt Reduction Strategies Thu, 04 Dec 2008 20:10:42 +0000 http://wordpress.org/?v=2.6.1 By: Jim http://www.zipdebt.com/blog/debt-settlement-claims#comment-15053 Jim Tue, 07 Aug 2007 14:27:40 +0000 http://www.zipdebt.com/blog/?p=58#comment-15053 Ok, so I have been with a debt settlement company for about 9 months now. Now I am concerned that it may be better to get out and try to do it on my own. I am not asking for legal advice, but just checking to see if anyone has been in my situation and has some person to person advice for me. I have already paid 750 in fees and they charge me about 80 a month in fees as well.. Not sure what to do as I feel like I am still sinking in debt. Jim Ok, so I have been with a debt settlement company for about 9 months now. Now I am concerned that it may be better to get out and try to do it on my own. I am not asking for legal advice, but just checking to see if anyone has been in my situation and has some person to person advice for me. I have already paid 750 in fees and they charge me about 80 a month in fees as well.. Not sure what to do as I feel like I am still sinking in debt.

Jim

]]> By: Charles http://www.zipdebt.com/blog/debt-settlement-claims#comment-14975 Charles Tue, 15 May 2007 19:42:28 +0000 http://www.zipdebt.com/blog/?p=58#comment-14975 The above comment by Chris points out exactly what I've been saying about debt company fees. They are at the WRONG end of the program. In the old days, we used to charge a very small retainer up front, but the main fee was based on a percentage of the savings achieved during the negotiation. So the fees were based on success, and did not interfere with the client's ability to accumulate funds for some early settlements. Nowadays, it's a rare company that operates this way, and the result is that very few settlements take place during the first 12 months clients are enrolled in a third-party debt settlement program. Skip the fees! Learn how to do this yourself. You'll be out of debt faster, and you'll have more control over the process. The above comment by Chris points out exactly what I’ve been saying
about debt company fees. They are at the WRONG end of the program. In
the old days, we used to charge a very small retainer up front, but
the main fee was based on a percentage of the savings achieved during
the negotiation. So the fees were based on success, and did not interfere
with the client’s ability to accumulate funds for some early settlements.
Nowadays, it’s a rare company that operates this way, and the result is
that very few settlements take place during the first 12 months clients
are enrolled in a third-party debt settlement program. Skip the fees! Learn
how to do this yourself. You’ll be out of debt faster, and you’ll have
more control over the process.

]]> By: Chris http://www.zipdebt.com/blog/debt-settlement-claims#comment-14974 Chris Tue, 15 May 2007 17:08:41 +0000 http://www.zipdebt.com/blog/?p=58#comment-14974 It's true you don't need an attorney. I have settled two debts in 10 months, using Charles' program. Have two more, and the natives have stopped drumming (i.e., quit calling) making me a bit nervous, but I'm way ahead of the game just paying off those other two. If I'd used a debt settlement company, I wouldn't have had the cash to pay off those other two (huge) balances. It would have gone to the fees that the debt settlement companies take UP FRONT and right off the top. It’s true you don’t need an attorney. I have settled two debts in 10 months, using Charles’ program. Have two more, and the natives have stopped drumming (i.e., quit calling) making me a bit nervous, but I’m way ahead of the game just paying off those other two. If I’d used a debt settlement company, I wouldn’t have had the cash to pay off those other two (huge) balances. It would have gone to the fees that the debt settlement companies take UP FRONT and right off the top.

]]> By: Charles http://www.zipdebt.com/blog/debt-settlement-claims#comment-14962 Charles Mon, 07 May 2007 23:19:08 +0000 http://www.zipdebt.com/blog/?p=58#comment-14962 Sure, there are debt settlement law firms out there, and some of them are very good at what they do. However, some of these firms charge 25% or more of the enrolled debt. Many, if not most, consumers simply can't afford to pay fees of this magnitude. Also, being an attorney in one state does not offer any special protection to a consumer in another state where that attorney is not licensed. It's simply not necessary to hire an attorney to settle your debts. Most consumers can handle it on their own with a little training and coaching. Sure, there are debt settlement law firms out there, and
some of them are very good at what they do. However, some of these firms
charge 25% or more of the enrolled debt. Many, if not most, consumers
simply can’t afford to pay fees of this magnitude. Also, being an
attorney in one state does not offer any special protection to a
consumer in another state where that attorney is not licensed. It’s
simply not necessary to hire an attorney to settle your debts. Most
consumers can handle it on their own with a little training and
coaching.

]]> By: Steve "The Debt Settlement Man" B http://www.zipdebt.com/blog/debt-settlement-claims#comment-14960 Steve "The Debt Settlement Man" B Mon, 07 May 2007 20:51:13 +0000 http://www.zipdebt.com/blog/?p=58#comment-14960 You are right in many cases. One thing you forgot to mention is that there are law firms that practice ebt settlement as well. So whats the difference for one a law firm can keep the collection agencies off of your back, two they are alot more reputable than your standard "debt settlement company" they must compy with the bar association of their state. However you are right there is no such thing as clumping all of these debts together this is just not the case. But the creditors do speak much differently to a professional negotiator than they do with the average consumer and can usually get a very nice settlement You are right in many cases. One thing you forgot to mention is that there are law firms that practice ebt settlement as well. So whats the difference for one a law firm can keep the collection agencies off of your back, two they are alot more reputable than your standard “debt settlement company” they must compy with the bar association of their state. However you are right there is no such thing as clumping all of these debts together this is just not the case. But the creditors do speak much differently to a professional negotiator than they do with the average consumer and can usually get a very nice settlement

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