Akin (akin) wrote in debt_support,

Debt Elimination?

Anyone know anything about debt relief outfits?

Since the overtime at work has dried up (it was virtually unlimited for the past five years), I've been thinking seriously about doing something about my freaking credit cards. Yeah, I know, I should know better than to even have any, but stuff happened back when and now I just want them gone... it’s not like I ever use the damn things anymore these past few years, but the balances are barely going down at all. Naturally.

I just tried for a consolidation loan from my bank, but they denied me 'cause I have too many cards. Okay, you send me an offer to get a consolidation loan to get rid of my credit cards, and when I apply, you won’t give it to me because of my credit cards. Ummm, if I get the loan, the cards will be gone!!! WTF?!?!?

Anyway, this one debt relief place I’ve been thinking of going with (http://www.abcdebtrelief.com/) certainly has a good spiel. Supposedly, the way it works is that you sign up and stop paying your credit card companies and start putting a reduced amount of money aside in a savings account. That part wouldn’t be hard for me... I just tell the credit union to open a new savings account and take the set amount out of each paycheck. They warn you that you MUST be saving the money as agreed. I guess some people skip that step...

Then they begin negotiating with the credit card companies and when agreements are reached to settle for amounts they claim will be around half of what I owe, I either write a check for the amount (if there’s enough built up in the account at the time) or begin making payments from the account for an agreed-upon amount, and when it is paid off the credit company reports it as “paid off zero balance”. Supposed to be able to get rid of all my debt within three years and save me damn near half of what I owe and would probably take a decade or more on my own...

Has anyone ever heard of this kind of thing, or this outfit in particular?

I know that settlements can be negotiated with credit card companies... a guy I worked with back in the nineties had done that exact thing when he got in over his head. I’m barely keeping my head above water these days, and I really would like to be able to eat out once in a while or maybe catch a movie from time to time again...
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