Comments on: Tell Debt Settlement Co’s to Kiss Your Ass http://debtprison.net/wordpress/134/tell-debt-settlement-cos-to-kiss-your-ass/ Financial Opinion.... with a hint of Free Market Politics Wed, 18 Nov 2009 21:59:23 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Tatiana http://debtprison.net/wordpress/134/tell-debt-settlement-cos-to-kiss-your-ass/comment-page-1/#comment-10333 Tatiana Fri, 06 Nov 2009 03:29:32 +0000 http://debtprison.net/wordpress/134/tell-debt-settlement-cos-to-kiss-your-ass/#comment-10333 Dear readers! All of you that need help with their credit card debt, please read carefully. And I want to apologizez upfront for typos, i usually type fast=) I dedicate 12-15 hours of my time almost every day to debt settlement, and I know quite a bit! First of all lets start with Cease and Desist letters....If you read a semple of that letter carefully, you will notice that those are intended for collection attorneys or companies, and reason is because when you get a line of credit with the bank, you sign or verbally agree to a contract for that credit line, when you and the bank are first parties, you debt settlement agency is the third party in this case, so they can not prohibit the original account owner from contacting you. They can sent any type of letters all they want, but if the bank wants to call you, they have all legal rights. Sometimes though I have to admit that those letters work with an original bank, but mostly when your account is in internal collections already, which will not happen untill after you are 60-90 days late. The Power of Attorney that you signed gives a debt settlement company a right to communicate on your behalf on the account, but not to prohibit the first party from calling you. Now the collection company where the account goes after charge off is a third party in this case as well, so thats why Cease and Desist letters can stop their calls. Its like if someone owes you money, and here comes Joe Shmoe and tells you not to call that person anymore, will you really stop calling for YOUR money??? same with the banks. Now about the WaMu story....If your line of credit is attached to your account (for example, you opened a bank account and then got a credit card with them also at the same time or a loan) or if you had automatic payments set up with them, they CAN and most likely WILL go into your bank acount and deduct your monthly payment if you miss it. They are allowed to do that, so your debt settlement company was not misleading you. Now if it was some other bank trying t deduct from your checking that is not with them, and you never had automatic payments set up with this account for that card, it would be pretty illegal for them to do so, but not in the ase discribed above. Also, there is no way the debt settlement company can protect you from being served summons or a creditor obtaining a judgement, unless they settle this account. Same thing is also true if you settle on your own. If your account goes to the collection attorney (and only the attorney that practices law in your state can sue you on the debt), they have a period of time to try and collect on your account, doesnt matter what promises you gonna give them to come up with some money in few months, if that period of time for collecting payment is up, they will forward your account to their litigation department, unless you make a payment of course. Third, it is illegal for any vompany to tell you not to pay your creditors or not to talk to them. They can suggest it in undirect manner, but they cant just tell you to do so. The reason they suggest that is because once you miss a payment, most of the poeple you will talk to from the banks will tell you nothing but lies. Let me tell you a story about my own case. I work for a debt settlement company, (and No, I am not here to advertise our business, that is why you will not find a name of our company in any of my articles or any contact info. the only reason I am writing this is to make sure that people KNOW THE TRUTH) I have enrlled my own debt into the program with they company I started working for. Sure enough i sent out engagement letter for my accounts, POA, etc. Few days later I called as a representative from my company, not the account holder, to confirm they processes the paperwork and it has posted on file.Cinfirmed, great!!! sure enough shortly after that i get a call from one of the creditors stating that debt settlement is not a good option, most of the companies are scam, i said--hey, they sent you paperwork! She replied--no, we never got anything from them ! :-0 shortly after they feed you that bunch of crap (excuse my language, but I have no other word for what they say), you will notice that they will try to scare you first and then pretend like they are actually the good guys and they can put you into this great affordable payment plan!!! Ha, my point exactly! THEY JUST WANT THEIR MONEY!!! no matter how many lies it takes to get them....see, when your account becomes delinquent, it goes to the department where there is a bunch of people sitting in their cubicals with a list of poelle who didnt make a payment this month on their creen, and the actual computer dialing those numbers for them. If they get someone on the phone, they have a script to say, simple as that. Thats why you might notice that you might have different creditors, but when you talk to them, all say the same thing. Banks will do their best to persuade you that the debt settlement company is a bad guy, and they are the good guy, wanna know why????Cause they inderstand that not only will they not get paid 100% of what you owe them, but they also know that they are loosing lots of money in potential interest that they can collect from you. Wanna know exactly how much interest they are taking from each payment that you make? take your ttal balance, multiply by your interest rate percentage, devide by 12, and here is what you pay in INTEREST ONLY every month. So lets say you owe $10,000 and its with 20% interest. 10000x20%=2000. devide by 12=$166.66, so out of every payment that you make, which is probable 2 or 2.5% of your total, which is around $200 in this case, $167 is going towards interest only, and only $33 is going towards paying that debt off. so do you think they are the god guys???? did it really cost you that much whatever you bought with that $10000???So if they shamelessly taking your money like that and profiting big time, why do you think they shouldnt keep on feeding you stories to keep you on board??? ghm ghm, if they keep n losing customers like you and me to debt settlement, someone's daugfhter might not get her BMW on her sweet 16, terrible! excuse my sarcasm of course, but talking to those people every day makes me angry, cause nobody can forsee a financial hardship of a job loss, and they cant just go left and right increasing APRs and lowering credit lines cause everyone is doing it. Even though I work for a company that you are all so against, I am not here to advertise the business, believe me, there are companies out there that know what they are doing and do not mislead clients, but I am here to mostly share what i know. Yes, again, there are scammers in this industry, and before you sign up, you have to make sure that the company is a member of USOBA (United States Organization for Bankruptcy Alternatives) this organization makes sure that the company is acting in compliance with the federal and state laws. Make sure that their arbitrators are licensed with IAPDA. Do some research on them. Make sure that your funds go to the account that is on your name ONLY and you have 24/7 access to it. DO NO SIGN anything, unless you see a detailed breakdown of all the fees they charge, like the actual payment schedule and how much of each payment is going where exactly. Make sure that they dont keep first 3,6,7, pmts on the row at any point during the program. There is a way for those companies to break down their fees throughout the life of the program, so you are accumulating funds at all time. I work for a debt settlement company, and i am enrolled with one because: A) i have 13 accounts and communicating with all of them will be a second full time job. B) Like most people I feel responsible for not being able to make future payments, and I understand that i might take the offer that is not lowest. For example, when the debt settlement is dealing with your creditors, they know its debt settlement company, if they are not able to get a hold f you, they have no choice but to negotiate with the person that will pay them at least something, cause its still money we are talking about. But let me ask you when you do it yourself, what will you answer when you offer your bank lets say 35% settlement which is lets say 700, and they come back with an offer to put you in a program at $40/month. What will you answer when they ask you---hey, so you wanna tell me that you can pay me $700, but you cant afford $40/month? C) With the emotional responsibility envolved, you will rpobable average all your deals at the same range that what your debt settlement company quoted you including their fees, cause by the time you settle at 40-45% of current ballance, that will come out to be 55-65% of the ballance when you stopped paying (or which would be when the debt settlement company would have quoted you) If you have time on your hands to negotiate and do research and learn about debt settlement process and laws, I have nothing against do-it-yourself approach, but Ill tell you one thing--it has many factors to it. I personally got my lowest settlement for the client at 14.5%, when I tried settling my own accounts, the lowest i got was 37%, which is still not bad, cause i know thetricks and tactics they use on people. Now about that very "descent" attorney woman who called ylou for your Chase account, she called to get a payment out of you, and when she noticed that she could talk to you and you were upset with your debt settlement company, she figured that getting YOU to work with her will be no problem, she just has to pretend to be a good guy, thats all. Poeople react better to requests when they are done in a nice way, especially if you has million calls from nesty collectors, whom will you trust---the next nasty one who calls you or the one that will be very polite and pretend to care? thats exactly what this lady did. Chase does not contarct attorneys, they keep their accounts in the house for up to 180-210 days, after that there is a charge-off, and then they sell it. The only banks I know of that contract collectors are Citi and Target Nstional Bank. And btw, even though Citi might tell you they will hnot work with third parties, today i got a settlement on their account with a collection agency for 35% on almost $20000 account. Thats why its important that thecompany sets you up with an escrow account that is on your name only, cause the company i spoke to today didnt care, they knew Citi would never find out who they made arrangements with cause the name on the account is client's name and ours is not there....so they would rather take my offer and get paid than be left with nothing...In general, settlement amount depends on many things like how long the account has been opened for, how much interest bank made on it, how many payments client made, if there were any purchases or cash advances, etc. If any of you want t know more about negotiation, or how low some of the banks can go, you may chose to contact me, I provided my personal, work unrelated email to the page owner, if not, then j8ust write me here. There are just so many details to this business, and i know that some of you have been burned with debt settlement companies, cause there are scumbags everywhere, but i just come to work every day and I love it there, causer i know that we are actually helping people and will not be sued or closed down next month for misleading clients.... there are descent people out there, you just need to do your research. and again, if there is anything I can answer, please feel free to ask, I would be more than happy to share my knowladge, since I see how many people have been fooled and dont really know the whole picture.... Best regards to all, Tatiana Dear readers! All of you that need help with their credit card debt, please read carefully. And I want to apologizez upfront for typos, i usually type fast=) I dedicate 12-15 hours of my time almost every day to debt settlement, and I know quite a bit! First of all lets start with Cease and Desist letters….If you read a semple of that letter carefully, you will notice that those are intended for collection attorneys or companies, and reason is because when you get a line of credit with the bank, you sign or verbally agree to a contract for that credit line, when you and the bank are first parties, you debt settlement agency is the third party in this case, so they can not prohibit the original account owner from contacting you. They can sent any type of letters all they want, but if the bank wants to call you, they have all legal rights. Sometimes though I have to admit that those letters work with an original bank, but mostly when your account is in internal collections already, which will not happen untill after you are 60-90 days late. The Power of Attorney that you signed gives a debt settlement company a right to communicate on your behalf on the account, but not to prohibit the first party from calling you. Now the collection company where the account goes after charge off is a third party in this case as well, so thats why Cease and Desist letters can stop their calls. Its like if someone owes you money, and here comes Joe Shmoe and tells you not to call that person anymore, will you really stop calling for YOUR money??? same with the banks.

Now about the WaMu story….If your line of credit is attached to your account (for example, you opened a bank account and then got a credit card with them also at the same time or a loan) or if you had automatic payments set up with them, they CAN and most likely WILL go into your bank acount and deduct your monthly payment if you miss it. They are allowed to do that, so your debt settlement company was not misleading you. Now if it was some other bank trying t deduct from your checking that is not with them, and you never had automatic payments set up with this account for that card, it would be pretty illegal for them to do so, but not in the ase discribed above. Also, there is no way the debt settlement company can protect you from being served summons or a creditor obtaining a judgement, unless they settle this account. Same thing is also true if you settle on your own. If your account goes to the collection attorney (and only the attorney that practices law in your state can sue you on the debt), they have a period of time to try and collect on your account, doesnt matter what promises you gonna give them to come up with some money in few months, if that period of time for collecting payment is up, they will forward your account to their litigation department, unless you make a payment of course. Third, it is illegal for any vompany to tell you not to pay your creditors or not to talk to them. They can suggest it in undirect manner, but they cant just tell you to do so. The reason they suggest that is because once you miss a payment, most of the poeple you will talk to from the banks will tell you nothing but lies.

Let me tell you a story about my own case. I work for a debt settlement company, (and No, I am not here to advertise our business, that is why you will not find a name of our company in any of my articles or any contact info. the only reason I am writing this is to make sure that people KNOW THE TRUTH) I have enrlled my own debt into the program with they company I started working for. Sure enough i sent out engagement letter for my accounts, POA, etc. Few days later I called as a representative from my company, not the account holder, to confirm they processes the paperwork and it has posted on file.Cinfirmed, great!!! sure enough shortly after that i get a call from one of the creditors stating that debt settlement is not a good option, most of the companies are scam, i said–hey, they sent you paperwork! She replied–no, we never got anything from them ! :-0 shortly after they feed you that bunch of crap (excuse my language, but I have no other word for what they say), you will notice that they will try to scare you first and then pretend like they are actually the good guys and they can put you into this great affordable payment plan!!! Ha, my point exactly! THEY JUST WANT THEIR MONEY!!! no matter how many lies it takes to get them….see, when your account becomes delinquent, it goes to the department where there is a bunch of people sitting in their cubicals with a list of poelle who didnt make a payment this month on their creen, and the actual computer dialing those numbers for them.

If they get someone on the phone, they have a script to say, simple as that. Thats why you might notice that you might have different creditors, but when you talk to them, all say the same thing. Banks will do their best to persuade you that the debt settlement company is a bad guy, and they are the good guy, wanna know why????Cause they inderstand that not only will they not get paid 100% of what you owe them, but they also know that they are loosing lots of money in potential interest that they can collect from you. Wanna know exactly how much interest they are taking from each payment that you make? take your ttal balance, multiply by your interest rate percentage, devide by 12, and here is what you pay in INTEREST ONLY every month. So lets say you owe $10,000 and its with 20% interest. 10000×20%=2000. devide by 12=$166.66, so out of every payment that you make, which is probable 2 or 2.5% of your total, which is around $200 in this case, $167 is going towards interest only, and only $33 is going towards paying that debt off. so do you think they are the god guys???? did it really cost you that much whatever you bought with that $10000???So if they shamelessly taking your money like that and profiting big time, why do you think they shouldnt keep on feeding you stories to keep you on board??? ghm ghm, if they keep n losing customers like you and me to debt settlement, someone’s daugfhter might not get her BMW on her sweet 16, terrible! excuse my sarcasm of course, but talking to those people every day makes me angry, cause nobody can forsee a financial hardship of a job loss, and they cant just go left and right increasing APRs and lowering credit lines cause everyone is doing it.

Even though I work for a company that you are all so against, I am not here to advertise the business, believe me, there are companies out there that know what they are doing and do not mislead clients, but I am here to mostly share what i know. Yes, again, there are scammers in this industry, and before you sign up, you have to make sure that the company is a member of USOBA (United States Organization for Bankruptcy Alternatives) this organization makes sure that the company is acting in compliance with the federal and state laws. Make sure that their arbitrators are licensed with IAPDA. Do some research on them. Make sure that your funds go to the account that is on your name ONLY and you have 24/7 access to it. DO NO SIGN anything, unless you see a detailed breakdown of all the fees they charge, like the actual payment schedule and how much of each payment is going where exactly. Make sure that they dont keep first 3,6,7, pmts on the row at any point during the program. There is a way for those companies to break down their fees throughout the life of the program, so you are accumulating funds at all time. I work for a debt settlement company, and i am enrolled with one because:

A) i have 13 accounts and communicating with all of them will be a second full time job.

B) Like most people I feel responsible for not being able to make future payments, and I understand that i might take the offer that is not lowest.

For example, when the debt settlement is dealing with your creditors, they know its debt settlement company, if they are not able to get a hold f you, they have no choice but to negotiate with the person that will pay them at least something, cause its still money we are talking about. But let me ask you when you do it yourself, what will you answer when you offer your bank lets say 35% settlement which is lets say 700, and they come back with an offer to put you in a program at $40/month. What will you answer when they ask you—hey, so you wanna tell me that you can pay me $700, but you cant afford $40/month?
C) With the emotional responsibility envolved, you will rpobable average all your deals at the same range that what your debt settlement company quoted you including their fees, cause by the time you settle at 40-45% of current ballance, that will come out to be 55-65% of the ballance when you stopped paying (or which would be when the debt settlement company would have quoted you)

If you have time on your hands to negotiate and do research and learn about debt settlement process and laws, I have nothing against do-it-yourself approach, but Ill tell you one thing–it has many factors to it. I personally got my lowest settlement for the client at 14.5%, when I tried settling my own accounts, the lowest i got was 37%, which is still not bad, cause i know thetricks and tactics they use on people. Now about that very “descent” attorney woman who called ylou for your Chase account, she called to get a payment out of you, and when she noticed that she could talk to you and you were upset with your debt settlement company, she figured that getting YOU to work with her will be no problem, she just has to pretend to be a good guy, thats all. Poeople react better to requests when they are done in a nice way, especially if you has million calls from nesty collectors, whom will you trust—the next nasty one who calls you or the one that will be very polite and pretend to care? thats exactly what this lady did. Chase does not contarct attorneys, they keep their accounts in the house for up to 180-210 days, after that there is a charge-off, and then they sell it.

The only banks I know of that contract collectors are Citi and Target Nstional Bank. And btw, even though Citi might tell you they will hnot work with third parties, today i got a settlement on their account with a collection agency for 35% on almost $20000 account. Thats why its important that thecompany sets you up with an escrow account that is on your name only, cause the company i spoke to today didnt care, they knew Citi would never find out who they made arrangements with cause the name on the account is client’s name and ours is not there….so they would rather take my offer and get paid than be left with nothing…In general, settlement amount depends on many things like how long the account has been opened for, how much interest bank made on it, how many payments client made, if there were any purchases or cash advances, etc. If any of you want t know more about negotiation, or how low some of the banks can go, you may chose to contact me, I provided my personal, work unrelated email to the page owner, if not, then j8ust write me here. There are just so many details to this business, and i know that some of you have been burned with debt settlement companies, cause there are scumbags everywhere, but i just come to work every day and I love it there, causer i know that we are actually helping people and will not be sued or closed down next month for misleading clients…. there are descent people out there, you just need to do your research. and again, if there is anything I can answer, please feel free to ask, I would be more than happy to share my knowladge, since I see how many people have been fooled and dont really know the whole picture….

Best regards to all,

Tatiana

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