Debt Relief

[Anonymous]

Can anyone tell me about debt relief programs.  I have appx 50k on two credit cards with rates of 27-29% due to what they say is debt to income ratio.  I have never missed a payment and have always been on time. I am about to turn it over to a debt relief company who says they can negotiate to 28k with a payment of less than 1/3rd of my current minimum.  I understand there is an initial adverse effect on my credit, but am really stressed on current payments.  Thanks

[acadia11]

Have you tried talking to them?  Explaining, they can either reduce the interest rate or risk you defaulting on the card?  Find someone higher up in the food chain, to talk too. ... that's just usary charging 28% and 29% on what is essentially 50K loan, that's beyond absurd.  When a debt relief company says 1/3, yeah, right ... they probably have you go into collections, charge off, and then sure your Creditors will settle then, once they think they can't ever get their 50K back.

Furthermore, make sure this "debt relief" company is not fraudalent or a scam.  Alot of fraudulent "debt relief" companies are popping up now with the sub prime fiasco going on, preying on people who are already been preyed upon, by predatory lenders.  Really someone needs to step on with this stuff? You can't save people from themselves, but these are real problems.

Remember, anything that sounds too good to be true, probably is.

Message Edited by acadia11 on 09-06-2007 04:38 PM

[Anonymous]

If all else fails seek out your local Untied way.  They have DMPs and will negotiate for you.