Comments on: Debt Reduction? http://creditopics.com/creditbuzz/credit/debt-reduction/ Credit and Financial Topics that Matter to You! Fri, 12 Mar 2010 18:04:45 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Studly http://creditopics.com/creditbuzz/credit/debt-reduction/comment-page-1/#comment-10 Studly Fri, 01 Aug 2008 18:48:45 +0000 http://creditopics.com/creditbuzz/credit/debt-reduction/#comment-10 This one line in your question already gives you the answer. "....the Debt reduction company will try and settle with my creditors..." You are taking one heck of a risk with this company. Try this....see if they will sign a written guarantee that they will reduce your debt by a certain percent, and there will be no legal obligations or hits adverse effects to your credit. If they sign such an agreement then you are home free. If not, RUN AWAY! This one line in your question already gives you the answer. “….the Debt reduction company will try and settle with my creditors…”

You are taking one heck of a risk with this company. Try this….see if they will sign a written guarantee that they will reduce your debt by a certain percent, and there will be no legal obligations or hits adverse effects to your credit.

If they sign such an agreement then you are home free. If not, RUN AWAY!

]]> By: Brandon G http://creditopics.com/creditbuzz/credit/debt-reduction/comment-page-1/#comment-9 Brandon G Fri, 01 Aug 2008 15:00:19 +0000 http://creditopics.com/creditbuzz/credit/debt-reduction/#comment-9 You are required to pay the credit card companies per the agreement that came with the card. The only time you are allowed to not pay a credit card company is using a federal "withholding law" (Fair Credit Billing Act, 15 United States Code sections 1666 and 1666i, and Federal Reserve Regulation Z, 12 Code of Federal Regulations sections 226.12(c)and 226.13), which means that you purchased some consumer product or service and it didn't come as you expected. You must first try to resolve the dispute directly with the seller, if you can't resolve it, then you must inform the credit card company in writing that you are withholding payment due because of the problem. The best bet is to pay your credit card bills. If you own your own home, you may want to look into an equity loan to pay them off (I'm pretty sure the loan is tax-deductible up to $100K). If you don't they will send them to a collection agency, your credit will be ruined, all in the hopes that a debt reduction program will be able to settle with the collection agency. You are required to pay the credit card companies per the agreement that came with the card. The only time you are allowed to not pay a credit card company is using a federal “withholding law” (Fair Credit Billing Act, 15 United States Code sections 1666 and 1666i, and Federal Reserve Regulation Z, 12 Code of Federal Regulations sections 226.12(c)and 226.13), which means that you purchased some consumer product or service and it didn’t come as you expected. You must first try to resolve the dispute directly with the seller, if you can’t resolve it, then you must inform the credit card company in writing that you are withholding payment due because of the problem.

The best bet is to pay your credit card bills. If you own your own home, you may want to look into an equity loan to pay them off (I’m pretty sure the loan is tax-deductible up to $100K). If you don’t they will send them to a collection agency, your credit will be ruined, all in the hopes that a debt reduction program will be able to settle with the collection agency.

]]> By: BluAppleBabe2 http://creditopics.com/creditbuzz/credit/debt-reduction/comment-page-1/#comment-8 BluAppleBabe2 Fri, 01 Aug 2008 02:38:13 +0000 http://creditopics.com/creditbuzz/credit/debt-reduction/#comment-8 I'm afraid I don't have very much experience with this, and when I tried googling a solution I got back a lot of ads for debt elimination programs. But I found this article (in the link below) and I hope it helps to shed a little light on your situation. Best of luck to you. I’m afraid I don’t have very much experience with this, and when I tried googling a solution I got back a lot of ads for debt elimination programs. But I found this article (in the link below) and I hope it helps to shed a little light on your situation. Best of luck to you.

]]> By: Sativa http://creditopics.com/creditbuzz/credit/debt-reduction/comment-page-1/#comment-7 Sativa Tue, 29 Jul 2008 16:32:02 +0000 http://creditopics.com/creditbuzz/credit/debt-reduction/#comment-7 That sounds very shady. It does make sense to me to have your accounts fall delinquent only to pay them again. Try this site, they have centers set up to where you can talk to someone in person. They have one at my local YMCA and they seem pretty knowledgable. That sounds very shady. It does make sense to me to have your accounts fall delinquent only to pay them again.

Try this site, they have centers set up to where you can talk to someone in person. They have one at my local YMCA and they seem pretty knowledgable.

]]> By: bella_4624_19 http://creditopics.com/creditbuzz/credit/debt-reduction/comment-page-1/#comment-6 bella_4624_19 Tue, 29 Jul 2008 04:22:44 +0000 http://creditopics.com/creditbuzz/credit/debt-reduction/#comment-6 this will ruiin your credit. if you wait to long before settling the account, they can take legal action against you. this will ruiin your credit. if you wait to long before settling the account, they can take legal action against you.

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