Sep
14
concerned cc holder asked:
I see all these ads to help consumers get rid of their credit card debt from these companies that say u can do it legally. Also most say that debt can be instantly reduced by 40-70%. Can this be for real, I don’t see how it is possible without reprecussions. Can u do it on your own?
I am not behind in my accounts…yet!! But I dont know how much longer I can keep making the payments. Just trying to get some relief from these huge payments, takes up almost 50% of my take home pay right now!!!
BURTON
I see all these ads to help consumers get rid of their credit card debt from these companies that say u can do it legally. Also most say that debt can be instantly reduced by 40-70%. Can this be for real, I don’t see how it is possible without reprecussions. Can u do it on your own?
I am not behind in my accounts…yet!! But I dont know how much longer I can keep making the payments. Just trying to get some relief from these huge payments, takes up almost 50% of my take home pay right now!!!
BURTON
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2 Responses to “can u legally reduce credit card debt without being sued?”
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FREDERIC
You don’t actually NOT pay for what you bought, you just pay more during each month so the interest doesn’t stack up as much. So it is completely legal.
STEVE
THese companies are basically cutting a deal with your creditors. They say, look, X amount is fines and interest, our client is a borderline deadbeat and will agree to pay X amount (way less than what you owe usually), we’ll set him up on an accelerated payment plan so you get at least a portion of your money quickly. Then this usually shows up on your credit report as a pay off or whatever, and it starts rebuilding. However, I’ve only seen these types of things work when a person has an account that’s been sold a couple times to collections agencies or they are so behind that the creditor is going to sell the account or persue other legal investigations.