Debt Settlement WARNINGS! (Plus 3 Rules to Avoid Trouble)
*** Debt Settlement WARNING! ***
+ Shopping around?
+ Getting quotes from different companies?
+ Filling out forms on the internet, looking for help?
Tempted by lower payments?
Don’t be fooled…
DO YOU HAVE ACCOUNTS WITH ANY OF THESE CREDITORS:
Citibank, Discover or Bank of America? (Are you sure?)
JANUARY 2009 UPDATE: Target and Kohls have both become highly aggressive. Your program must account for the higher cost and possibility of lawsuits to be successful. Only work with professionals who require statements for quotes and pass the test below…
BUYER BEWARE:
If you receive quotes from anyone who does NOT ask you who your creditors are, you better RUN!!!!
With so many people in a financial hardship these days, many unscrupulous, untrained or ignorant people are jumping onto the debt settlement bandwagon… unfortunately this could mean big trouble for you!
Did you know Citibank, Discover and Bank of America are much more likely to file a lawsuit against you if you make the mistake of enrolling into a bad debt settlement program over 24-30 months. Or, in some cases, even if it’s longer than 12 months?
It all depends on how much debt you have with “aggressive creditors†like Citibank, Discover and Bank of America.
You may have accounts disguised as other creditors, but and are actually owned by these same nasty creditors, like…
* AT&T Universal (Citibank)
* Most gas cards (Exxon, BP, Citgo, Chevron… ALL Citibank)
* Sears (Citibank)
* Sometimes Lowes & Sams (Discover)
* FIA (Bank of America)
* Plus many more common names you might know all too well, but didn’t know were ticking time bombs in your financial plan.
In fact, if you have too much debt with Citibank, Discover or Bank of America, then debt settlement MIGHT NOT WORK for you at all!
JANUARY 2009 UPDATE: Citibank has recently become much easier to deal with, settling account for much less and backing off on legal action. In fact, many creditors are softening. I believe this is due to the economy. Creditors want something instead of nothing, ASAP. This is GOOD NEWS for you! These rough economic times are indeed the very best time for you to get out of debt for as little as possible, AS SOON AS POSSIBLE! A friend of mine recently had $75,000.00 of his personal credit card debt with bank of America settled for only 10% ($7,500.00).
Take advantage now if you’ve been affected by the economy and are struggling with serious debt. My elite team and I work independently of any service, solution of company. We work for you, as your trusted advisers and coaches to guide you through the process of achieving a GOAL we share together: YOU, DEBT-FREE ASAP! Use my free Debt Relief Guide Online to make your most financially intelligent choice, then move forward with the help of trusted, proven experts specializing in the solution(s) YOU CHOOSE. OK? Ready? Go! If you’re not already a subscriber, just enter your name and email in the green box at the top right-hand corner of THIS PAGE, to have this for free.
What if you enrolled in one of these debt settlement program who DID NOT account for these “aggressive creditors†(like most debt settlement companies offer today)?
If you’re like one of the many clients I’ve attempted to help when they came to me after dropping out of one of the many debt settlement programs like this, then you too would just get ripped off and left to deal with nasty creditors on your own. You’d be a year or two into a debt settlement program that was destined to fail from the start, with a LOT more debt 9higher balances due to interest and fees piling up), a whole bunch of nothing for a lot of money paid in fees to an unresponsive debt settlement company with a long list of complaints… and your accounts will be too far gone for a legitimate debt settlement company to do anything for you that you could possibly afford. it usually takes a large LUMP SUM at that point, roughly 65% of your total debt, to avoid bankruptcy or worse…
Watch out for the “smoke and mirrors†most debt settlement companies are trying to pull these days.
Watch out for high pressure sales people or slick-sters trying to sell you on the lowest monthly payment without even looking at your specific situation.
“Three Rules†…Make That, “Four Rules†To Avoid Costly Debt Settlement Mistakes:
RULE #1. Only get quotes from a debt settlement company who requires statements.
RULE #2. Only work with a debt settlement company who has been in business over 5 years. If 90% of businesses fail in the first five years, why would you ever trust your financial future with an unproven start up company? Stay away from start ups. Choose a company with a proven track record over time.
RULE #3. Only work with companies with a clean BBB Reliability Report. Stay away from companies with a long list of complaints… This is a sure sign they over-promise and deliver poor results, probably getting their clients sued unnecessarily. Bottom Line: Learn what a “satisfactory recordâ€* with the BBB means and require it from any company you consider trusting with your financial future.
*JANUARY 2009 UPDATE: Because of the many unscrupulous operators in the debt management industry mentioned above, the BBB has recently rescinded Membership for many debt management and debt settlement businesses in many areas of the country. It’s a case of a few bad apples spoiling the barrel. Few parts of the country still allow membership to debt settlement companies. In addition to this, the BBB has issued “D†ratings to companies just for being in the debt settlement industry, even with no history of complaints or problems with consumers. There is currently no criteria recognized by the BBB to distinguish good companies from bad, other than the length of time in business and the number of complaints.Â
* Better Business Bureau Membership and Rating NO LONGER have any meaning. instead, look at time in business and amount of complaints.
FreedomDebt.com, for example, was an Accredited Member of the BBB until summer 2008 when the company’s membership was rescinded because the industry the company is associated with in the state of Texas. This, we were assured, had nothing to do with company, its performance or service to customers. Maintaining a good reputation and trust with our clients since 2002, we’ve been regularly invited back to news programs and talk shows for live TV interviews all over the country. FreedomDebt.com (Debt Freedom, Inc.) services many thousands of clients nationwide, and still maintains an outstanding track record with the BBB (one single complaint in two of the company’s entire eight-year track record in business).
* The BBB’s credibility has come under mass-scrutiny. The BBB is not a government organization, but private entities who have amassed major influence over consumer buying decisions, but have become unfair and corrupt in their own business dealings. More here: ConsumerAffairs.com/news04/2009/01/bbb.html
RULE #4. Thanks to several gracious subscribers who brought it to my attention, here is an important fourth rule to avoid fly-by-night debt settlement companies: Only work with debt settlement companies who are members of TASC, The Association of Settlement Companies. TASC is the leading debt settlement industry organization, only allowing membership to companies with documented good practices and denying membership to companies with a history of complaints, unlike the other industry organizations. Steer clear of any company or sales person who attempts to enroll you into a program without covering everything included in the TASC Standard Disclosure. Only enroll into debt settlement programs offered by members of TASC.
* Rule #4 ONLY applies to non-attorney based debt settlement programs. Debt settlement lawyers and attorney-based debt settlement programs are regulated by the Bar Association. Check with the Bar Association to do your due diligence on debt settlement lawyers or attorney based debt settlement programs. . Of course, receiving personal service and expert knowledge are also nice, especially in the sea of ignorance and desperation swarming the debt settlement industry these days. Make No Mistake, Debt Settlement *may* be the Best Option FOR YOU, by far, if you’re facing financial hardship…
…But *only* if it’s a quality program that will work for you, in YOUR SPECIFIC SITUATION, and offered by a trusted representative of the small handful of reputable debt settlement companies. .
REMEMBER: You can do debt settlement yourself. While there are many benefits to having a professional negotiator or debt settlement lawyers do it for you, there are also some great do-it-yourself debt settlement resources. I have written a very popular do-it-yourself article to settle your own debts step by step.
Being in the debt settlement industry myself for over seven years, working with most of the major players and watching bad companies come and go, I SEEING THE NEED FOR THESE DEBT SETTLEMENT WARNINGS FIRST HAND.
It’s not only inspired me to write this article, but has also driven me to spend the past three years developing and creating a life-changing financial education program to help smart people like you make your best choice to get out of bad debt, and avoid these costly mistakes and the devastating consequences many fall victim to.
About the Author
Hi! I’m Jesse Niesen of DebtGoToGuy.com, author of “Debt Free ASAP!”
For a limited time I’m offering the 29-page, full-color “Debt Relief Analysis” & Guidebook I sell online at DebtReliefAnalysis.com for $27.00 as a free gift for all new subscribers to the Debt Relief Guide Online.
Get free instant access now and Debt Relief TODAY at http://DebtGoToGuy.com.
Here to Be an Asset to You,
Jesse Niesen
DebtGoToGuy.com
888-928-DEBT
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