Credit counseling service for credit card and unsecured debt.
Credit counseling and debt settlement services for credit card debt and other unsecured bills.
Can't pay the minimums on your credit cards?
Consistently late paying one or more of your regular bills?
Being harassed by creditors and collection agencies?
Can't reach reasonable repayment plans with creditors?
Don't know if you should choose credit counseling or debt settlement?
Get a free, no-obligation quote.
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Both programs offer consumers a way to repay their unsecured debt. To decide which program is best for you, apply for both and review each one's plan specifically designed for your unique circumstances. Read below to review the differences between debt settlement and credit counseling:
About debt settlement:
Debt settlement may impact your credit; however, if your credit is already bad and if you don't think you'll be able to endure the longer debt repayment plan of credit counseling, then debt settlement may be best for you.
About credit counseling:
With credit counseling, you have the opportunity to improve credit if you can stick with the program. Debt counseling typically takes longer to repay debt or has a much higher monthly repayment plan.
Get your finances under control without credit counseling:
Look through your checkbook, statements, and receipts. Start gathering information on where, and how much money you spend in various categories on a weekly or monthly basis.
Just knowing where your money goes is a terrific education in and of itself. You will be amazed, and learn things about yourself you didn't realize. And right away, you'll get some great ideas on how to curb spending. This is the first step towards do-it-yourself credit counseling.
Don't know which debt program is best for you? Compare credit counseling vs debt settlement to help you decide which one offers the best benefits for your situation.
Whether you choose a credit counseling agency or a debt settlement company, either program can only help you with unsecured debt. Find out what types of unsecured debt qualify.
I
received an offer from an entity promising to eliminate certain debts that I
owe. An OCC complaint form was included in the information they sent. I was
asked to sign it but provide no additional information. Is this a legitimate
offer? No. You should contact your bank or lender if you have any questions
about the debts you owe. Your lender is in the best position to work with you to
correct mistakes or create a workout plan. If you need to modify your
obligations or request that a lender not exercise its rights with respect to a
debt (for example, its right to foreclose on mortgage property if you are in
default), you should contact the lender directly to discuss whether mutually
satisfactory arrangements can be made, without delay.
I
received an offer from an entity that stated it could eliminate certain debts
that I owe. I am having trouble making payments on my debts. I have the money to
pay the fee they are requesting. Why shouldn't I accept the offer? You
should not accept the offer because this is not a legitimate method of
satisfying debts. The offers have no substance in law or finance. You cannot
eliminate an obligation to pay a debt, simply by paying someone a fee regardless
of the amount you owe. Your lender will not recognize these arrangements as
legitimate and may take legal action against you. You should contact your lender
directly if you are having trouble making payments.
I
am current on all of my loan payments. Why would an entity other than my bank or
creditor offer to help me eliminate my debt? These companies focus on
consumers who are current on their debts as well and those who may be facing
foreclosure. The perpetrators claim that they can eliminate or cancel various
types of debt, including mortgages, credit card balances, student loans, auto
loans, and small business loans. All are designed to take your money by
collecting fees for doing nothing, stealing your identity, or both.
If
they steal your identity, they could run up substantial debts before you become
aware of it. Someone with years of good credit history can have it ruined very
quickly by using one of these companies.
I
am in financial trouble. What are the legitimate options for satisfying my debt?
There are three basic methods for satisfying all debt owed:
*
Pay the debt in full.
*
Negotiate new terms directly with the lender.
*
Declare bankruptcy in a court of law.
Keep
in mind that bankruptcy will be reported on your credit history for ten years
and may make it very difficult for you to acquire credit in the future.
Who
should I contact to report a fraudulent debt relief scam? The following is a
list of law enforcement agencies you can contact for assistance:
*
All debt elimination scams should be reported to the Federal Trade Commission
(FTC) by telephone at 1-877-FTC-HELP or via an electronic online complaint form,
which can be completed on their website at www.ftc.gov. If the fraudulent scheme
is presented via the Internet or e-mail, contact the Internet Crime Complaint
Center (IC3) at http://www.ic3.gov.
*
If the fraudulent scheme is presented by an individual or at a seminar, you
should contact the local office of the Federal Bureau of Investigation (FBI) or
the local financial fraud law enforcement organization.
*
If the fraudulent scheme is presented via the U.S. Postal Service, you should
file a complaint with the U.S. Postal Inspection Service, 222 S. Riverside
Plaza, Suite 1250, Chicago, IL 60606-6100 or via email at https://postalinspectors.uspis.gov/forms/MailFraudComplaint.aspx
For
addition detailed information on Debt Elimination Schemes, please visit our
website at:
Review Disclaimer:
Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
NationalDebtResolution.com Review - Copyright 2010 - All rights reserved - National Debt Resolution
Many working Americans need debt relief and the number is growing every day. Debt settlement is the quickest answer you may be looking for to reduce* credit card and other unsecured debts!
* Use debt settlement to reduce your balances
* Easily manage with one small monthly payment
* Alleviate creditor harrasament and let someone else do the work
* Save $100's of dollars in debt relief costs
National Debt Resolution has been helping good people like you discover debt relief for many years. From the first client we helped with debt settlement to the thousands of families now debt free since; we've grown to become the most trusted name in debt relief across the country.
National Debt Resolution has developed relationships with every major creditor in the United States; valuable relationships saving you thousands of dollars in outstanding balances when using our exclusive debt settlement service.
NDR is a member of IAPDA meaning we continually provide the relief you need and the satisfaction you deserve!
What Can Debt Settlement Do For You? After helping so many people in every kind of situation, we understand what you're up against and what it takes to help you break free. Here's what you'll enjoy with National Debt Resolution...
Imagine what you'll do with the money saved after getting out of the debt you're faced with now.
* Stop giving your paycheck to creditors and start watching your bank account grow.
* Get out from underneath the stress and start feeling free again.
* A viable alternative to bankruptcy*, costly legal battles without guilt or the bankruptcy stigma.
* Stay clear of consumer credit counseling keeping you in total control of your money.
Debt settlement is not consumer credit counseling. It is not intended for those consumers who do not know how to manage their money or pay their bills on time. It is simply a means of reducing or eliminating unsecured debt, an alternative to bankruptcy or other complications. It is considered to be the first step in seeking debt relief, because if you can avoid a 3rd party assisted option, you will get yourself back on your feet much more quickly and without a long term affect on your credit profile.
Because of this, the following things must happen…..and this is true of many debt settlement programs:
You must be delinquent on the accounts before your creditors will consider and recognize your hardship and negotiate your balances.
There’s no viable way around it. On a positive note, by eliminating the debt, you will be able to turn around your debt to income ratio and help restore your purchasing power.
Your creditors will not negotiate the balance until you have enough money to do so. This is a business transaction for them. Cash flow is important and they will typically require settlement payment within 24-36 hours.
Occasionally, a large balance will be negotiated over 3-4 payments, and in that case, the negotiation is started sooner. This is not typical, but there is a possibility is can happen.
Save, save, save... Typically, most settlements are estimated around 40% of what you owe, so you need to save that much BEFORE anyone can really start working on the balance. That’s why you’re put on a monthly savings plan.
This doesn’t mean that your creditors won’t know you are in the program; they will all be notified of your hardship and your intent to settle your balances just as soon as you start the program.
Often your settlement percentages may be lower than 40% of the balance owed, in which case any additional funds left in your settlement account will simply be saved for the next settlement.
It is not uncommon to complete your program earlier than expected because of our strong relationship with the creditors.
Balances will be settled one at a time. We begin with the smallest balance first, making sure that you gain confidence in the program by seeing the results right away.
Any reputable debt settlement companies will take the time to make sure that the program is suitable for your situation.
Flexibility is an important factor, due to the nature of “life”.
Communication is the key. We will make sure to work with you to complete the program, even if you should experience any additional hardship.
Your original creditor always has the legal right to contact you. There’s no way around this. Some creditors will ignore the limited power of attorney that is sent to them and will keep contacting you throughout the program. Some will respect that request to cease communications with you and will start communicating directly with your negotiator. Regardless, it is not your job to speak to them. It’s your job to communicate with your negotiator or customer service representative that you’re being contacted and by whom.
If and when the account has been charged off and sent to third party for collection, those calls will be easier to handle.
Once a settlement has been reached with your creditor, you must approve it. You will be notified of any settlement 50% or less. Of course, recommendations will be made, based on what is known about your account and your individual creditor. You have veto power at all times.
If you approve a settlement, an agreement will be obtained, in writing, from your creditor, detailing the agreement and how the transaction should be made. Once that transaction has been completed, a settlement in full (SIF) letter will be obtained, in order to document and confirm that you have settled and closed this account at zero balance and that the remaining balance has been forgiven.
National Debt Resolution, a division of NDR, Inc.
10000 N 31st Ave.Suite C-310
Phoenix, AZ 85051
Toll Free: (866) 553-3328
Review Disclaimer:
Review information was gleaned from the website, and is neither an endorsement by us nor an confirmation of content nor a warranty of any promises made by the website. Use the review information at your sole discretion and sole liability.
Nobody wants to remember a deceased family member by the debt they left behind, but many creditors certainly make it difficult to forget.
Denise Townley was appalled when she received a letter from her mother's credit card issuer less than two weeks after her mother passed away.
Confused and concerned that she was on the hook for her mother's debt, Townley called Discover. When she asked a probate specialist there how they knew her mother had passed away, she was told that Social Security furnished the information.
"I find this not only ethically abhorrent, but also irresponsible and insensitive on both parties' parts," said Townley.
But while it may be "ethically abhorrent," it's not illegal. Banks are within their rights to seek payment for debts owed by a deceased borrower, and the estate is liable for the debt if it has enough money.
"We understand that settling the affairs of loved ones is difficult," a Discover spokesman said. When contacting family members about the unpaid debts of deceased card members, Discover states upfront that payments on behalf of a deceased relative are voluntary, not required, he added.
How soon is too soon? Financial institutions typically receive notice of a person's passing from the Social Security Administration within a month or two, according to a recent review of the agency conducted by the Social Security Administration's Office of the Inspector General. Yet, in some cases, banks find out even earlier than that.
Because it's likely the deceased carried multiple debts, creditors often race to be the first to collect money from the next of kin or the estate before it has all dried up, said Gerri Detweiler, a debt specialist at credit card research and comparison site Credit.com.
Hey Social Security, I'm not dead! "The longer a creditor waits to get paid, the less their chance of getting paid," she said. "And unfortunately, they may find that it's easiest to elicit payment when bereaved relatives are still trying to sort everything out."
During her husband's wake, Deborah Crabtree said she had set up an answering machine and put it on speaker phone so that loved ones could leave their condolences, according to the complaint she filed against Bank of America.
But instead of hearing only the voices of friends and family come through the speakers, she said a debt collector from Bank of America Home Loan Servicing called every 15 minutes and left harassing messages about the debts her husband had left behind that everyone in the house could hear.
Even after the wake, Crabtree said Bank of America collectors called her as many as 48 times a day -- and even threatened to foreclose on her home, according to a lawsuit she filed last month against the bank.
Crabtree, who lives in Honolulu, said she had told the bank that she would pay the debt as soon as she received her husband's life insurance check. However, the agents told her that since the calls were computer-generated they couldn't stop them until the debt was paid.
Extreme debtors: Crabtree's lawsuit claims that Bank of America violated state debt collection laws. Her lawyer, Gary Shigemura, said the bank has not yet responded in court.
For its part, Bank of America declined to comment on the particular case, but a spokeswoman said that in general, the bank informs family members when they aren't responsible for the debt of a deceased relative.
The Federal Trade Commission recently declined to impose a "cooling off" period after a death, during which creditors wouldn't be allowed to go after a debt.
The FTC said it was unnecessary, since its rules under the Fair Debt Collection Practices Act already prohibit third-party debt collectors from collecting debts at "inconvenient times" and harassing customers.
Yet, the FTC only governs third-party debt collectors, not the banks -- which are regulated by individual states. And while many of the states have laws similar to the FTC's, the terms "harassment" and "inconvenient times" can be interpreted very differently by consumers and creditors, said Detweiler.
Do you owe money for the deceased's debt? Often mourners don't have enough time to grieve their loss, let alone assess the debts owed by the deceased -- and whether or not they're on the hook to pay for it.
Some debt collectors make family members feel responsible for debt owed by the deceased by asking them questions about whether they were the one who paid for the funeral or took care of other business related to the person's death, said Detweiler.
"They don't necessarily state that you are liable for the debt, but they blur the lines to make you feel like somehow you are responsible for it, even if it's just a moral responsibility," she said.
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What is Mini Miranda debt collector statement? One thing debt collectors are required to do when they contact you about a debt, is to read you a mini Miranda statement. In their initial communication with you, whether that communication is made in writing or over the phone, the collector must state that they're attempting to collect a debt and any information obtained will be used for that purpose. In every other communication, they must let you know that they're a debt collector. This warning is called the mini Miranda because it's similar to the Miranda rights that law enforcement must use to warn suspects of their right to remain silent, the right to an attorney, and the right to a court-appointed attorney if the suspect can't afford one. This part of the Fair Debt Collection Practices Act is covered in Section 807 Part 11 and isn't officially called the mini Miranda.
