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National Debt Relief?

Author : tro

Submitted : 2018-01-09 05:58:23    Popularity:     

Tags: National  Debt  Relief  

Are they a scam or not? I looked at the reviews and they're all good looking to me

Answers:

I expect this answer will be flagged as inappropriate if a debt settlement company sees this. It has happened in the past. The following isn't my opinion. It is based upon researching how debt settlement companies work. Debt settlement is 1/2 step below a BK. It's just that the BK court isn't involved and you don't have the protections of the BK court. Your creditors can still sue you (not so with a BK filing). I went to their website and there's one passage that would bother me:

"The ultimate goal of these negotiations is a single, lump-sum payment that eliminates all included debts once and for all."

Where is this lump sum payment coming from? YOU. How do the funds for this lump sum payment accumulate? If your money is tight, you might have to quit paying your debts and send the money to the debt settlement company. (If money is not tight, why would you need the services of a debt settlement company? rhetorical question). While you quit paying your debts, your credit tanks. Over the next 24-48 months, they accumulate funds. After they take their cut from your money, they use what money is left (if any) it to extort a debt settlement from your creditors.

Do some research on your own and have a battery of tough questions to ask. Their website does tell you what debts they might be able to settle and debts that can't be settled. Mostly these debts are consumer type debts (credit cards and unsecured loans; not mortgages and auto loans).

there are some gov't plans that are valid

If "all" the reviews of a business are good, that means that the reviews are probably fake. A real business will have some negative reviews -- especially in a field like debt relief, where it is usually impossible to do what the customer wants, so most of them will be disappointed.

In my opinion, ALL debt settlement companies are scams.

You pay them hundreds of dollars only to find out most of your creditors will not deal with them. Creditors are under no obligation to deal with debt settlement companies and most refuse to do so.

The problem is, when you do that, your creditors get screwed. The people who trusted you, you are just saying "too bad". And it makes it official that you are a deadbeat. If none of that stuff matters to you, go for it.

scam

Go ahead, what could go wrong?



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