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clipperskipper
Posts: 87
Registered: ‎02-21-2009
0

Credit card relief companies

I see ads daily on t.v. and youtube promoting credit card debt relief where

they say they will reduce your total debt to one half and eliminate interest.

Do these work or is it a scam? If it does work, isn't it a charge off? Thanks!

Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
0

Re: Credit card relief companies


clipperskipper wrote:

I see ads daily on t.v. and youtube promoting credit card debt relief where

they say they will reduce your total debt to one half and eliminate interest.

Do these work or is it a scam? If it does work, isn't it a charge off? Thanks!


Hi clipperskipper!

 

Companies that claim to settle your debts for less than you owe, or that make other promises that sound too good to be true almost always are-- too good to be true, that is. Most of these companies are so despicable, unethical & damaging to your both your credit & your financial health that we don't even talk about them 'round these parts.

 

I'd advise reading the following: Knee Deep In Debt for very timely information about what to do when your financial ship is taking on water. It talks a little about the so-called 'debt negotiators'/debt settlement companies, that you should steer clear of. It also talks about helpful options that you might well want to consider.

 

Good Luck! And please feel free to post any specific questions that you might have. Our members here are a wealth of information. :smileyhappy:

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Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: Credit card relief companies

Stay away from those companies.  What they do can be done by the cardholder themselves. 
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Credit card relief companies

These companies are very expensive.   Some credit card companies settle for more money since they know you can afford to pay for the representation. 

 

Been there, done that.   Cost me more than if I did myself. 

Contributor
clipperskipper
Posts: 87
Registered: ‎02-21-2009
0

Re: Credit card relief companies

Thanks I was trying to find an alternative for my Sister who has managed to strap herself with

60K in plastic and is about to file. She refuses to follow one of Dad's rules about money; #3 I

think it was; 'you can't spend more than you make'. She keeps hawking her house then charging everything

and I'm not bailing her out, that's it. She claims that none of the CC companies will work with her and

I should help. Sure I've made some smart moves like writing a 10 year mortgage in 1993 when rates were low,

buying bank owned properties and putting HUD tenants in them, and building my own investment portfolio at T.D.

She has the 2008 Prius (yupporamma!) with payments, I just bought a 2004 Corolla with cash. 

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: Credit card relief companies


clipperskipper wrote:

Thanks I was trying to find an alternative for my Sister who has managed to strap herself with

60K in plastic and is about to file. She refuses to follow one of Dad's rules about money; #3 I

think it was; 'you can't spend more than you make'. She keeps hawking her house then charging everything

and I'm not bailing her out, that's it. She claims that none of the CC companies will work with her and

I should help. Sure I've made some smart moves like writing a 10 year mortgage in 1993 when rates were low,

buying bank owned properties and putting HUD tenants in them, and building my own investment portfolio at T.D.

She has the 2008 Prius (yupporamma!) with payments, I just bought a 2004 Corolla with cash. 


That's the number one showstopper that leads to filing BK.  

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Credit card relief companies

Actually, the number THREE showstoppers for BK are medical bills, unemployment, and divorce.

Obviously, I'm not defending personal irresponsibility.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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newstart2010
Posts: 663
Registered: ‎01-08-2010
0

Re: Credit card relief companies

Tell her to come here and learn some to see if it can help her before filing.

 

We thought we were going to have to file jsut to keep the phantom debts from reappearing, and to settle debts that seemed outrageous.  I have learned a ton, increased the scores a lot (from the low 500's two years ago) and am close to the 600s finally with the new secured cards we are getting.  We also see the light at the end of the tunnel and we will not have to file at all.  Nothing wrong with filing, but if it can be helped its better.

 

Maybe being here will also help her to be more responsible too.  :smileywink:  if its one thing you learn when fixing your debt and credit its how to never ever ever get back into that position.  lol  Too much work!!

I live my life like I type, fast and with a lot of mistakes.

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