Do any of those Debt reduction services work? I was told most are connected to the banks and or the credit card issuing?

I was told most are connected to the banks and or the credit card issuing Asked by Wheelzup 62 months ago Similar questions: Debt reduction services work told connected banks credit card issuing Business > Financial Services.

Similar questions: Debt reduction services work told connected banks credit card issuing.

Think of it as buying your debt The better term would be debt consolidation - if you have multiple creditors, they offer to pay all of them off in exchange for you owing them all of that money. One creditor makes your life easier. In addition, since they now have one big chunk of your debt, instead of a bunch of financial institutions having small chunks, they can offer you a lower interest rate in exchange for some collateral.

Most commonly, this would be a mortgage on your house, but maybe they'd accept your firstborn child. This reduces the risk to them, because they know that even if you don't pay, they get your house. They are then willing to offer you reduced interest rates, which will save you money at the risk of losing your house if you can't pay.As for who operates the debt consolidation services, you'd have to evaluate that on a case-by-case basis.

They would have to have a lot of money to back up their service, to be able to purchase your debt from all of your creditors, which is something banks and other financial institutions could easily back. It doesn't really matter who is doing the consolidation; the main point is that you can lower your interest rates (particularly if you're coming from killer credit card interest rates) in exchange for the risk of losing your home and a longer loan period. Think of it as making your debt rectangle thinner but longer, and keeping the same area.

It allows you to reduce the interest rate to something your income can handle, but it means you'll be in debt longer. And no matter who is doing the consolidation, they all have to obey predatory lending laws. Sources: en.wikipedia.org/wiki/Debt_consolidation, my opinion UltraNurd's Recommendations Managing Debt For Dummies (For Dummies (Business & Personal Finance)) Amazon List Price: $16.99 Getting in Debt for Dummies might be a better read.

An individual would not know how to negotiate a debt settlement or what a proper debt settlement would be. A debt manage While it is certainly possible for someone to achieve a credit card debt settlement on their own I do not recommend it anymore than I would recommend somebody taking out their own appendix. In the first place creditors do not take the situation nearly as seriously when a debtor calls to make a settlement as when a debt relief professional, such as a bankruptcy attorney or debt management firm calls to make a debt settlement.An individual would not know how to negotiate a debt settlement or what a proper debt settlement would be.

A debt management professional working in this field would know most individual creditors including what their standard acceptance offer would be. In order to achieve the proper credit card debt settlement it is important to understand the proper way to fill out certain financial forms, most individuals do not know how to do this properly. A debt reduction professional also knows what to say, what not to say, what to ask for and what, to a creditor, would be a ridiculous request.

Credit card debt settlements are best achieved when the creditors standard operating procedures and formats are followed. An individual would have no idea how to go about following such debt solution procedures.It is harder to negotiate one of your own credit card debt accounts because of the emotions involved when negotiating for yourself. Even amongst lawyers it is said that the lawyer that represents himself has a fool for a client.

This is the case for either a lawyer or non-lawyer negotiating debt settlements on their own behalf. When someone else is negotiating for you the calls from the collector and letters end up going to the debt management professional you have hired to work for you making the entire debt settlement process less stressful. It is disturbingly common for debt collectors to try and do things, which may be industry tricks or potentially fraud in order to get you to pay off debt in full.

Some of these things may include getting you to reveal information about yourself you may have no obligation to reveal or having you to send money you have been told would be settlement of the debt in full only to find they have lied and simply taken the money on account. Sources: debtworkout.com/bad_credit/credit_card/d... .

If you're dilligent about making your payments It is true that the 'credit counseling services' that claim to be 'not-for-profit' are actually an organization co-owned by the credit card companies. Of course, it is in their best interest that you pay your debt as opposed to filing bankrupcy, but given that bankrupcy is harder to file, I anticipate those counseling companies to be harder and harder to find. I have known people that used these services and made their payments every day - and within years had satisfactorily paid off their debt.

The problem comes in if a creditor refuses to participate in the program. I tried this years ago and a couple of the credit cards I had refused to participate, but the credit counseling company still gave me a reduced payment amount. However, since I was paying less than the minimum payment given on my statements, I had late fees that were eating up (and then some) the payment from the credit counseling service.

A complete mess. Other organizations promise to get rid of your debt, but a quick study of the laws in your state will help you learn of any other options you might have, such as investigating the Statue of Limitations... creditinfocenter.com is a great site for all this information.

There are some legit ones but you need to do some research. Below is an article that talks about how they work... Reduce Credit Card Debt - Do Online Debt Reducing Services Work? Credit card debt can be overwhelming.

You may find that paying even the minimum payments on your credit cards has become too much. If this is the case, you may want to consider reducing your credit card debt through an online debt reduction company. Online Debt Reducing Services Many people often wonder if online debt reducing services really work.

They do—when you choose the right debt relief company. When searching debt relief, you will find that there are two basic debt reduction services/companies to choose from: • Profit • Non-Profit Non-profit debt relief companies can provide credit counseling and may be able to negotiate lower payments with your debtors, but can do little else for you. The other type of debt relief companies can offer advice and help you get loans to consolidate your debt.

Advantages of Online Debt Reducing Services Debt reducing services can help you significantly lower your monthly bills. If you find yourself drowning in credit card debt, there is no shame in seeking professional help. A reputable online service works with cases just like yours everyday.

They can quickly and efficiently reduce your credit card debt and help you get back on track. Online Debt Reducing Services to Avoid Unfortunately, not all online debt reduction services are trustworthy. Certain companies are only in business to take advantage of people.

When looking for a reputable debt reduction service, you will want to be especially wary of: • Unusually low payment quotes • Large upfront fees • Unreasonable deposit requests You should also be suspicious of debt relief companies who request too much personal information before providing a quote. The only information a debt reduction service needs to provide an accurate quote is your creditor’s names, balances, and interest rates. It is imperative to search thoroughly for a service that will truly facilitate your credit card debt reduction, visit abcloanguide.com/debtelimination.shtml for a list of recommended debt consolidators.

ABC Loan Guide wants to assist you in finding the right Credit Card Debt Consolidation Program as well as show you how to find Help Online for Credit Card Debt. Article Source: http://EzineArticles.com/?expert=Carrie_Reeder Sources: http://ezinearticles.com/?Reduce-Credit-Card-Debt---Do-Online-Debt-Reducing-Services-Work?&id=191399 superdave's Recommendations Invest in Your Debt: How To Achieve Financial Freedom By First Eliminating Your Debt Used from: $35.00 Rapid Debt-Reduction Strategies (Financial Freedom Series) Amazon List Price: $12.99 Used from: $0.01 Average Customer Rating: 4.5 out of 5 (based on 6 reviews) The Secrets to Good Credit and Debt Reduction : A Consumer Self Help Guide Amazon List Price: $12.00 Used from: $3.95 Average Customer Rating: 3.5 out of 5 (based on 3 reviews) Here are some books on this topic .

Stay away we did it, and credit companies looked at it as a sign of weakness. Basically all they do is negotiate with your CC company to get you lower rates, and I think they take a small cut of the loot. But CC companies don't like the fact that you have to basically hire a third party to manage your debt.

Sources: my credit .

It all depends on what you mean by "work". Debt reduction services can help reduce the amount of your outstanding debt by negotiating with your creditors for less than what is owed, but this certainly will not help your credit profile. There is unfortunately no "free lunch" when it comes to debt reduction despite what these types of service advertise.

If you do anything other than pay back the full amount of what you owe, you are going to end up with a blemished credit history. A better solution would be to contact a HUD-approved credit counseling agency that could help you with budgeting and developing a plan to pay down your debt. It may take longer, but you will end up in a much better financial situation in the end.

Also, if you own a home and have some equity, you may want to consider a cash out refinance to consolidate your non-deductible debt. I do not advocate though treating your home as a credit line so I still would advocate getting credit counseling even if this option is open to you. Com.

" "$1000s have been charged to my credit card from Amazon.Com (services and Merchandise). I can't find Amazon phone number" "I gave my credit card details over the phone to a services provider who then used it again for an unauthorised payment . " "Did you know that the House Financial Services Committee is voting on the Credit Cardholders Bill of Rights.

$1000s have been charged to my credit card from Amazon. Com (services and Merchandise). I can't find Amazon phone number.

I gave my credit card details over the phone to a services provider who then used it again for an unauthorised payment .

Did you know that the House Financial Services Committee is voting on the Credit Cardholders Bill of Rights.

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