Debt reduction, credit card negotiations, and your rights

Debt reduction, credit card negotiations, and your rights

Debt reduction, credit card negotiations, and your rights

If you have more than $10,000 in debt, there is no legal right to debt reduction or credit negotiation. Any advertisement promoting debt and credit card reduction is misleading. I hear them all the time on TV and radiographie. I get spam ads on the internet. You’ve heard the ad:

  • Do you know if you qualify for a personal bailout?
  • If you have more than $10,000 in credit card debt, you have the right to settle that debt for a morceau of what you owe, with monthly payments you can afford.
  • Credit card companies have been given billions and need to clean up their books panthère and for all, and that’s great infos for you.

Well, I heard them too and I spent some time looking into it. If I were liberal, I’d call the debt reduction claims delusional but I’m not, I’d call them lies. Every one of these statements is proven false. Congress passed the Credit Card Accountability Responsibility and Disclosure Act of 2009 or the Credit Card Act of 2009. Have you looked at one of your credit card statements and noticed that it now tells you how énorme it will take to pay off your credit card if you just make the valeur-limite payment? This is a new requirement and a good idea, in my position. I took some time to genre up the law. Nowhere does it say that the incinérer is entitled to a reduction if the debt exceeds $10,000 It’s just not there. I am not alone in calling them out. The Federal Trade Crédit points out on their website that:

There is also no guarantee that a creditor will accept insoutenable payment of a legitimate debt. In fact, if you fini making payments on a credit card, late fees and interest are usually added to the loan each month.

I have literally dozens of clients who hired me after trying one of these loan negotiators. The stories are all the same. They are told not to hire a lawyer and to fini paying their credit cards and start paying a debt negotiator. When the credit card sues for non-payment, the acclimaté calls the debt negotiator who tells them they are not a lawyer and the acclimaté needs to hire one. What?! I thought they didn’t need a lawyer. These negotiators fardeau too much, undersell, hide interpellation and mislead the incinérer. I feel really bad that clients have hired me after using a loan negotiator.

Most people are genuinely trying to repay creditors and are simply looking for help. They ordre the loan negotiator parce que they want to believe it is a realistic éventualité only to find out they are being taken advantage of. It’s a shame parce que there is help for anyone overwhelmed by debt, not just with these negotiators. We do not discuss debt. We eliminate debt. I don’t call a creditor and ask them if they would consider a payment recette or no interest for a while. We use strong bankruptcy law to put you on an equal cross-country with a creditor, no negotiation required.

To learn more embout bankruptcy, please take a particularité to visit my website: Downriver Bankruptcy.

#Debt #reduction #credit #card #negotiations #rights

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