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Debt Negotiation?

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posted on Dec, 10 2006 @ 05:15 AM
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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! !




posted on Dec, 10 2006 @ 07:28 AM
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Are you talking about debt with credit cards you are still using, or debt with old credit cards that you haven't used in some time and have been written off or sent to a collection agency?



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