Debt solution

Questions and Answers

Debt solution companies make claims to reduce your debt?

Q) How do they do this and what are the drawbacks?

A) 2 ways - 1 they liase with your debtors and get them to reduce / freeze interest. 2 they get you to do an IVA which is like becoming bankrupt, but not as bad, and you pay off some of what you owe, with them taking a management fee. DONT pay them up front with your credit card, because technically it could be classed as fraud to put things on your credit card once you have decided to go into one of these arrangements. drawbacks, either way destroys your credit history, so you might be debt free after 5 years, but with a crappy credit history.

i have credit card debt problem will it effect my credit scoring if i call debt solution people?

A) not if you go to the right people, see this http://debt-consolidation.50webs.org

has anyone ever heard of or currently have a Trustdeed? (debt solution) Can you tell me if it is good or bad?

A) doesn't sound too good to me. (sounds like they can take whatever they want, to hell with your kids, and you're dead, so what can you do ? Go to someone else.)

bad debt whats the best solution?

A) Don't borrow what you can't afford to pay back ................... Been there, seen it, got the t-shirt, never going there again

getting out of debt, is there a solution?

A) Yes. You pay what you owe.

Promise debt solutions.....has anyone been with them, if they say you will be out of debt in 4yrs?

Q) if they say you will be out of debt in 4yrs and you have it in black and white from them, is this true?

A) Hello, sorry to say but there is always the small print and the company will have a get out clause, they will only promise you will be out of debt in 4 years if you promise to make all the repayments. Remember they are not doing you a favour they are making money. good luck.

is advance debt solutions ok to use?

Q) thinking of useing this company has any one heard of them or used them

A) Probably... No. Instead look for a non-profit organization that helps consumers with debt. Such an organization exists here in the U.S.. I believe the equivalent organization in the UK is: http://www.insolvencyhelpline.co.uk/ You should double-check that they really are who I think they are (since I'm not from the UK), but I believe they are where you want to start. Their website is loaded with helpful FREE advice. Beware of any organization that offers to "consolidate" debts for you. You may really just be getting a loan from them that gathers all your debts together so that THEY can profit off your pain!

Has anyone who's been contacted by recover debt solutions ltd heard from them recently or got thier money yet?

Q) They are supposidly able to get your bank charges back, thier web server seems non existant.

A) You don't need a bank charges claims company to get your charges back, there is nothing they can do that you can't do yourself! I would never use any company that cold calls you. Use the steps below, and the template letters on my site and you should have a good chance of getting a full refund of your charges. My site tells you everything you need to know, and sets you up to be in the best possible position with your claim. The full process and timescales for claiming back your charges is: 1) Write to the bank and ask them for a copy of your charges for the last 6 years, or alternatively a set of statements for the same period. You do this by making a "Subject Access Request" under the Data Protection Act, enclosing a cheque for £10 made out to the bank. This by passes the banks normal charges for statements which is normal a large amount for 6 years worth. The bank have 40 days to send you the data. 2) Write to the bank asking them to refund your charges, giving them 14 days to reply, attaching a "Schedule of Charges" (a list of the charges you are claiming for). 3) Send the bank a "Letter before Action" giving the bank one last chance to refund your charges before you take court action. They have 14 days to reply. 4) File a claim online using the Money Claim Online web site run by the UK Court Service. The claim is served on the bank 5 days after its submitted. The bank has 14 days to acknowledge the claim. If they don't you can request a "Judgement by Default" and you win the case, and get your charges, statutory interest at 8%, and your court fees. If they do acknowledge the claim, they then have 14 days to submit a defence (making 28 days in total from the date the claim was served). If they don't then you can again request a "Judgement by Default", and get back your charges, interest and court fees as above. If they file a defence, then you and the bank get an "Allocation Questionnaire" to fill in. Some judges dismiss the case at this stage, as the bank can't win, so again you win. If this doesn't happen, a hearing date is allocated. The bank will most likely either back out before the hearing, or won't turn up in court. Again you win the case and get your charges, interest and fees. Follow the correct procedures and you stand a good chance of getting your charges back! Its important to send all letters to the bank and courts by recorded delivery, so you can prove they were received, and more importantly when they were received (which you can find from the tracking section of the Royal Mail web site). Also make sure that you send all letters to the banks head office, and not your local branch. Don't phone the bank either, as this can delay things and you have no proof of whats been said. Have a look at my site below which has detailed step by step guides to the whole process of claiming your charges back. It also has template letters you can put your details into and send to the bank, and forums for one to one advice. We also have a guide to filing your claim in court online, which is unique to the site. The site is free to use!

Mobile Phone Debt - help needed?

Q) HI, In December 2003 I was so stupid (I think I'm much better now) that I signed a contract with T-Mobile and since this time with premeditation I have not paid even one bill. In couple weeks time I went abroad for 6 months and forgot about the whole thing. Since this time I've changed my bank account, address, employer etc. And today I've received a letter from T-Mobile, that on 15 September 2006 my debt was sold to Debt Collectors and I owe them over £200 :(. I really regret what I've done but is any chance, that my debt can be treated as "prescribed debt" due to 3,5 years after signing the contract? I don't know what should I do now? Contact them, ignore the letter (probably this is not a solution) or what? Apologetic Criminal Tom Thanks for advice. I'll phone them up and try to pay as less as I can/they 'll agree

A) If you intend to pay it off, you can always call or write the collector and settle the debt. Remember, debts are bought from collectors at much lower than what you owed. You might be able to pay half and be done. Once you have reached a settlement make sure you get it in writing that is will show as Paid As Agreed. Get it in writing from them first and pay whatever arrangements you come up with. This way your negative now turns into a positive paid account. Hope that helps. http://www.ficocounselors.com

will debt companies trace me?

Q) as soon as i turned 18 everything went wrong.... now at the age of 27 i'm in debt and not able to pay a penny back i have 3 children and live with my partner in his house, he has the mortgage i don't think i'd get accepted astually i'm pretty sure i wont. Someone told me the other day that when i get married in august the debt companies wont be able to trace me as my name would have changed anyone know if this is true? i know it's not the best solution but there is no money spare at the end of the month to even start paying off my debts......

A) Actually, they can still trace you via your personal data like Date of Birth, etc. Also, when you apply for any credit, they ask for previous addresses if you've lived at your current address for less than 3 years, so am not sure how you would hide all this. So maybe the best thing is not to apply for credit, and lay low for about 3 years. Or how about consulting a debt management company and working out a budget to repay loans, etc?

Which Debt Solution is Best for Me?

Q) I am not sure which debt solution is best for me, I have entered my information on several websites. They have shown me that IVA and debt management are the best options in my case but I can’t decide what I want to do. If I do an IVA how long do I have a bad credit rating for? Also, I would like to buy a house in the next 4-5 years will this be effected by any of the two debt procedures? Please can someone advise me on what I should do. Thanks

A) Hi, Unfortunately without seeing your exact income and expenditure form, and your assets and liabilites, it would be difficult to say which debt solution would be best for you. As you would understand, going into an IVA must not be taken lightly and it does depend on your exact finances. It has been two years since I entered into an IVA agreement and I used the internet to help with my decision. I must recommend to you an amazing website that I used called www.cleardebt.co.uk. It has many useful resources and information, that I found invaluable in making my decision to go into an IVA. If you take the time to read through this information, it should help you enormously. Their debt analyser is very helpful, and after you have done that they could call you to help you through your decision. This is what I did and I am hugely grateful. Regarding your credit rating, going into an IVA may impair your credit rating, but if you stick to the 5 year IVA, then that would stand you in good stead. I hope this information helps you. Good Luck!

Has anyone had any experience with Clear Debt Solution?

Q) I would like to hear about any experiences people have had with a company called Clear Debt Solution for debt relief. Their website is cleardebtsolution.com. Also, if you've had experiences with other debt relief companies, I'd like to hear feedback about them. Thank you.

A) No, but please know that no company can do anything for you that you can't do yourself. You are entitled to a free credit report from each of the credit bureaus (there are 3) each year. Get a copy and make sure everything is correct. You might find some errors on your report and you can contest those errors by writing the credit bureau and asking them to investigate it because you are disputing it.

can i enroll in a debt solution program?

Q) i don't have any credit cards, but i do have student loans and medical bills. can i enroll in a debt solution program?

A) You can in fact enroll in a debt solutions program, however I do have one question are your student loans Federal Student Loans? The reason I ask is because it concerns me that you would be considering combining your Federal Student Loans with your "other" debt. Your Federal Student Loans hold with them a number of privileges that, if combined with your existing debt other than Federal Student Loans, will be lost. The best course of action for you in particular would be to consolidate your Federal Student Loans through the FFELP Consolidation Program. In doing so, you would assure yourself the lowest possible interest rate on your Federal Student Loans as well as keep all of your Federal privileges carried with those loans intact. In addition, you would also retain your Forbearance eligibility on your Federal Student Loans. This means that the Government would be willing to work with you if you are unable to make your payments for a total of 36 months by temporarily suspending your payments if need be. Good luck with everything, I hope this helps you out if only a little. For more information on what specific privileges your Federal Student Loans hold as well as more information on the FFELP Consolidation Program itself please visit the source below.

what are the (1)problem (2)cause (3)solution of eliminating credit card debt?

Q) for a persuasive speech, i need to persuade my audience to eliminate their credit card debt, i need: 1. describe why credit card debt is such a huge problem 2. the cause of why people have so many credit card debt 3. solution of eliminating credit card debt please give me some ideas and where i should go to research this

A)

Would using a debt solution co. help settle your credit cards? Like United Debt Solutions.?

A) yeah, if you find the right pople. See this for one http://debt-consolidation.50webs.org

Is there a ligitimate debt solution company called coast to coast debt solution?

Q) dept consolidation and settlement

A) I tried to look it up and found nothing. i have worked in this industry for 4 years and have never heard of them.

Which is the best debt solution company? If there is any.?

Q) I do not have bad credit or anything but I owe a couple thousands on my credit card. I also have another bill which I owe like $2500. The problem is that their interest rates are crazy and high and I have like four or five years trying to pay it off and well I give payments on time and all but the amount doesn't seem to go down at all. I would like to like to get those to bills and make one. Like get a loan and hopefully having one bill instead of two will help pay those debts out. Please if you have any advice on these, share it because these bills are just a pain. Thank you for you help.

A) Since it sounds like you have been keeping on top of the payments and you say you don't have bad credit, why not check with your bank or credit union for a "personal loan". I don't know your credit history (other than what you mentioned) or what interest you are paying on the card and the other bill, but I'm sure your bank or credit union can easily cut that interest down significantly. Then you would finally see some headway with your payments. I wouldn't advise bankruptcy or the consumer counseling service if you want to keep your credit in good standing. Both of those will seriously ding your credit. And, refinancing or getting a 2nd mortgage would kind of defeat your purpose because you would have to pay the costs associated with it. Which would probably about as much as one of the bills you are trying to pay off now.

Has anyone went through the debt solution programs where your insecured debt is paid in 12 to 36 months?

Q) Wondering if program is a good idea?

A)

Which is the best debt solution company to go with?

A) Before you go that route, plese read the link and information below. Credit repair and debt counseling agencies are mostly a scam. They will charge you a huge fee to do the exact same things you can do. Read the files...at least if you go that route it will be with your eyes open.

is it a good idea to go with a debt solution company like "Credit Solutions" to get out from under cc debt?

A) I watch Suze Orman alot and she says not to utilize these companies. Your FICO score will take a beating during the whole time your paying back the consolidated loan. Try to make minimum payments while looking for ways to lower rates, either by contacting your CC company or doing a balance transfer to a 0% card during an introductory offer. Good Luck!