has anybody done debt settlement

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nepalkochoro2008

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I would like to know if anybody has done debt settlement? I have around $20,000 in credit card debt which I want to clear off.

walkahead

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man i have been stuck with the debt collectors as well.. wht are the steps we should take before sending them the check>>

बैरागिकाइलो

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They buy it for less than 20 cents for a dollar and not sure they will negotiate?

OC101

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7 barsa kurnus sabai tik hucha

zingkira

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I am trying, got layer, have 70K in CC. paid 3.5k fees, expect to settle everything for 23k. Wish me.

Be very very careful about the agent. Good Luck.

nepalkochoro2008

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OC101 : 7 barsa kure pachi chai ke huncha ni???????????

zingkira : which agent r u working with?

Are the banks going to give you written statement saying that the debt is cleared?

How much did u pay in fees to the agent?

Let us know how ur process goes. Guide us a little bit if you feel comfortable.

Many many thanks.

zingkira

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Ok Nepalkochora2008.

Cant give you specifics, but the way it goes is, whoever this lawyer is, takes 5% of fees, mine came lil over 3k. You will have to get google phone because you expect a lot of collection calls but you dont want to change your phone number often (you can block the numbers in Gphone if you know its from collection by googling the number) after 3-6 months of unpaid bills, bank sell the bad account to collection in about 7-10% of the balance. until then you get collection calls etc. once the account is in hands of collectors, this lawyer goes in and negotiates with them for 20-25%. so overall you will be paying 30% of total debt. its not worth it if you have less than say 30k coz the fee turns out to be too much. And the final condition for lawyer to close the deal is get the statement from creditors that the debt has been settled and can be removed from beaurau reports. Still keeping my figures crossed. Oh ya you need to get PO Box as well. And dont worry this is legal and there are laws to back these.

syanjali

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Once I get the job in debt collection agency, will let you know.

OC101

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after 7 to 10 years your history will be deleted, means you will be back to zero, not negative but remember within this period, don't apply any kind of loan, or credit.

OC101

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how do I know, I'm a collection manager for big collection company!!!!!!!!!!!!!!!

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