Comments on: Credit Card Debt Settlement? Don’t Get Swindled… http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/ our rants and raves about credit card and financial news... Sun, 12 Feb 2012 19:01:11 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jacinta http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/#comment-24809 Jacinta Sun, 02 Oct 2011 16:18:54 +0000 http://creditcardforum.com/blog/?p=601#comment-24809 Thanks for the important info. I am in the process of making decisions about signing up with a debt reduction company, BUT you have persuaded me because I found some of the info you provided in the contracts of these companies.. I refused one company because they wanted an up front fee of over $6000.00 and 15% of the savings I would get. Another company wanted 20% of the total debt. I spoke with my banks and some of them offered reduction on the debt with 0% and no late fees but guess what? Debt reduction company said they could get me a bigger reduction! I am planning to accept the settlement with my bank since the interest and fees will be growing when I go with the debt settlement company. Thanks again for the advice. I won't make the colossal mistake as Julie did!(sorry it happened yo you). A good thing I read the contracts ! Thanks for the important info. I am in the process of making decisions about signing up with a debt reduction company, BUT you have persuaded me because I found some of the info you provided in the contracts of these companies.. I refused one company because they wanted an up front fee of over $6000.00 and 15% of the savings I would get. Another company wanted 20% of the total debt. I spoke with my banks and some of them offered reduction on the debt with 0% and no late fees but guess what? Debt reduction company said they could get me a bigger reduction! I am planning to accept the settlement with my bank since the interest and fees will be growing when I go with the debt settlement company. Thanks again for the advice. I won’t make the colossal mistake as Julie did!(sorry it happened yo you). A good thing I read the contracts !

]]> By: Julie Moore http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/#comment-3987 Julie Moore Thu, 11 Mar 2010 21:13:21 +0000 http://creditcardforum.com/blog/?p=601#comment-3987 I have paid almost $5000 in 4 months to my debt settlement company and they said that this all is going toward their fees. Fees are paid first and then they will negotiate with my creditors when I have saved enough for them to negotiate. I will still only be saving $200 a month for 10 more months as $800 of it will still be going to their fees. My creditors have contactetd me and want to negotiate with me NOW. I want to cancel with settlement company but they have my money and say that they can sue me for not completing the contract. They have done NOTHING for me. I have paid almost $5000 in 4 months to my debt settlement company and they said that this all is going toward their fees. Fees are paid first and then they will negotiate with my creditors when I have saved enough for them to negotiate. I will still only be saving $200 a month for 10 more months as $800 of it will still be going to their fees. My creditors have contactetd me and want to negotiate with me NOW. I want to cancel with settlement company but they have my money and say that they can sue me for not completing the contract. They have done NOTHING for me.

]]> By: Jonathan Blum http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/#comment-3966 Jonathan Blum Sat, 22 Aug 2009 04:15:54 +0000 http://creditcardforum.com/blog/?p=601#comment-3966 I used Ontrack Financial Group llc to settle some collection debts I had. They charged me a 6% flat fee and took payments on their retainer. I used Ontrack Financial Group llc to settle some collection debts I had. They charged me a 6% flat fee and took payments on their retainer.

]]> By: tanner http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/#comment-3965 tanner Wed, 19 Aug 2009 19:15:05 +0000 http://creditcardforum.com/blog/?p=601#comment-3965 sounds like a scam sounds like a scam

]]> By: Nick K. http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/#comment-3964 Nick K. Fri, 14 Aug 2009 18:47:05 +0000 http://creditcardforum.com/blog/?p=601#comment-3964 I just canceled my debt settlement lawyers and instead got put on my--banks--plan. Call your card issuing institution and see what they can do for you . My bank did a financial analysis of my take home pay and ALL of my expenses, even things like gas and cellphone bill can be added into your expenses. They closed my credit card, and basically turned my credit card debt into a loan. My interest rate was 17% with my credit card but with this plan my interest rate is 4.5%!! My monthly payment is low and manageable. I finally feel like I'm on the right track. What are you waiting for? Go and call your credit card company and see what they can do for you!! I just canceled my debt settlement lawyers and instead got put on my–banks–plan. Call your card issuing institution and see what they can do for you . My bank did a financial analysis of my take home pay and ALL of my expenses, even things like gas and cellphone bill can be added into your expenses. They closed my credit card, and basically turned my credit card debt into a loan. My interest rate was 17% with my credit card but with this plan my interest rate is 4.5%!! My monthly payment is low and manageable. I finally feel like I’m on the right track.

What are you waiting for? Go and call your credit card company and see what they can do for you!!

]]> By: SEIR http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/#comment-3963 SEIR Wed, 12 Aug 2009 18:20:52 +0000 http://creditcardforum.com/blog/?p=601#comment-3963 It's only a matter of time before the government cracks down on these crooks and runs them out of town. It’s only a matter of time before the government cracks down on these crooks and runs them out of town.

]]> By: Kara http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/#comment-3962 Kara Wed, 12 Aug 2009 17:20:11 +0000 http://creditcardforum.com/blog/?p=601#comment-3962 I tend to agree with Bruce and Susie. Debt settlement is not evil just because there are a few companies out there that give it a bad name. You really just need to do your research before you pick a company. I tend to agree with Bruce and Susie. Debt settlement is not evil just because there are a few companies out there that give it a bad name. You really just need to do your research before you pick a company.

]]> By: Doug http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/#comment-3961 Doug Wed, 12 Aug 2009 03:27:24 +0000 http://creditcardforum.com/blog/?p=601#comment-3961 These are evil evil evil companies that need to be shut down. The fact that they are milking money from the people that need it the most is a sin. These are evil evil evil companies that need to be shut down. The fact that they are milking money from the people that need it the most is a sin.

]]> By: Susie http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/#comment-3960 Susie Mon, 10 Aug 2009 14:07:09 +0000 http://creditcardforum.com/blog/?p=601#comment-3960 I noticed you use Debt consolidation and Debt settlement interchangeably in this article. These are two totally different debt relief options. Debt settlement is the negotiation of debt between an unsecured creditor and a consumer experiencing a financial hardship. Unsecured debt includes credit cards, retail store charge cards, gas cards, medical bills, cell phone bills, repossessions and more. As part of the negotiation, creditors are willing to forgive a portion of your debt in exchange for expedited payment of the negotiated balance. Debt settlement is not right for everyone, but for an appropriate financial profile, it can be the least expensive and fastest alternative to bankruptcy with the shortest long-term effect on your own credit viability. I noticed you use Debt consolidation and Debt settlement interchangeably in this article. These are two totally different debt relief options.

Debt settlement is the negotiation of debt between an unsecured creditor and a consumer experiencing a financial hardship. Unsecured debt includes credit cards, retail store charge cards, gas cards, medical bills, cell phone bills, repossessions and more. As part of the negotiation, creditors are willing to forgive a portion of your debt in exchange for expedited payment of the negotiated balance.

Debt settlement is not right for everyone, but for an appropriate financial profile, it can be the least expensive and fastest alternative to bankruptcy with the shortest long-term effect on your own credit viability.

]]> By: Bruce McCarthy http://creditcardforum.com/blog/credit-card-debt-settlement-dont-get-swindled/#comment-3956 Bruce McCarthy Sun, 09 Aug 2009 21:34:34 +0000 http://creditcardforum.com/blog/?p=601#comment-3956 I agree with many points you make but I'm forced to remind you just because there a few bad apple out there doesn't mean that everyone is out to defraud you. I'm going to tell you upfront that I work for a debt settlement company. Mine is rated A with the BBB . I can respond each and every objection brought forth on this blog if you wish to discuss this with me email me at Your conclusion is faulty in that people in trouble with their credit rarely if ever will qualify for a 0% APR credit card. Bruce McCarthy I agree with many points you make but I’m forced to remind you just because there a few bad apple out there doesn’t mean that everyone is out to defraud you.

I’m going to tell you upfront that I work for a debt settlement company. Mine is rated A with the BBB . I can respond each and every objection brought forth on this blog if you wish to discuss this with me email me at
Your conclusion is faulty in that people in trouble with their credit rarely if ever will qualify for a 0% APR credit card.

Bruce McCarthy

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