When figuring out your offer-do I take what I originally owed and go 30 percent of that, or the amount I owe now with all the late fees and over-limit fees? Thanks for the help.
Very good question. You should try from the original debt first. Sometimes that will fly, other times it won’t. But it never hurts to ask. Let me know how it goes. In 10 states, if I live in that state I can not have a settlement company represent me? But I can still represent myself? Where do you find these laws anyway? It seems to me that there are way to many differences state to state, it is so confusing and I’m starting to believe they want it that way. I would call my state attorney, but I don’t even know what to ask them let alone if I’m calling the right office. Thanks.
If you live one of the states that have recently passed laws barring for-profit companies (which all debt settlement companies are) it is illegal for any debt settlement companies to settle your debts….
even if they are in your own state.
Of course, that stop most companies from trying anyway. If you do go with a company you run the risk of the FTC shutting them down and leaving you high and dry…and the FTC will shut them down. They have a long history of doing this.
You can still do a settlement yourself, or you can use an attorney to do settlements for you.
Watch this video with some tips:
A word of caution, there are some debt settlement companies out there that say they are an attorney, but really aren’t. An attorney may lease out his name for the purpose of the company, but it will NOT be an attorney that settles your accounts. Also the attorney has to be liscensed in your state. Most attorney debt settlement companies do not have licensing in all 50 states.
My advice is, if you use an attorney make sure you can physically walk and talk with him/her.
Of course this is a very expensive route. Better to do it yourself.
Every state does have different laws when it comes to debt. Even though bankruptcy a federal mandate, there are still state laws that govern these procedures.
CAs are not only mandated federally but in the states themselves (not every state though) despite the advice that has been posted here to the contrary.
You must understand that banks have only one purpose: That is to put you in debt. And legally they have only one responsibility…
To make as much money as they can.
So, they accomplish this purpose with two agenda:
…to figure every way they can to PUT you into debt, and
…to figure out every which way to KEEP you in debt.
The new bankruptcy law was bought and paid for mostly by BoA. By one report I read BoA spent over $140 billion dollars themselves. This money went to your congressman/woman. Your representatives are getting rich because you voted them into office.
These states laws are just extensions of that.
Factually, by passing these new laws in these states, your congress is basically saying that they want you to stay in debt…brutal but true. Your congress is not working in your best interest.
The good thing is that laws can be changed and/or repealed. But you will need to step up. Remember we fought for this country’s freedom because of unfair taxation…is this any different?
Maybe this is not the best news, and I am sorry. But there are things that you can do. Don’t vote for those that will rob from you, and do the settlement yourself.