posted on Dec, 10 2006 @ 05:15 AM
Have you heard of businesses offering credit card debt negotiation? It's a fairly new practice completely apart from debt consolation, that only
offer you a new loan with lower payments or debt counseling that teaches you financial responsibility, while managing your payments for you. This new
practice promises to get your credit card balances lowered to 50% or less!
Has anyone tried this? I know somebody who almost signed their money away to a debt consultant company claiming a law firm did all the negotiating
with the banks. But after some investigating it was discovered although the attorney named was valid and registered, the law firm he supposedly
represented didn't exist.
My theory is, this paticular debt consultant probably does all the negotiating himself. Yet by claiming a licensed attorney is doing the work, he can
justify charging the outrageous fee of 15% of your total debt, despite no guarantee of results.
What a scam! I understand there are other companies that don't charge a fee unless negotiations are successful though! !