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I've decided Settlement is my best option BUT...

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I've decided that debt settlement is the best way to handle my $45k credit card debt, but I'm afraid of the creditors calling me at work. My credit report lists the company I work for but no phone number. Will they pull a credit report to try to find my number? I work for a large corporation so it would take a little research to find me with just the company name, but I'm sure they would be able to do it. This is the only thing holding me back from debt settlement. When will the debt settlement company start talking to the creditors and when will I be able to change my contact number to the debt settlement company's? I am willing to talk to the creditors but will only be able to do it the evening when I'm at home. I have 9 credit cards so the calls at work could potentially be non-stop. PLEASE give any advice you might have. Thanks.




There are some settlement companies that send you letters to send certified mail to them creditors telling the creditors to not call your work because you could lose your job. If they were to call your work after receiving this letter the creditors can get in trouble with the FTC and your state attorney general.

Sub: #1 posted on Sat, 07/26/2008 - 03:09

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I was told that the law doesn't apply to the original creditor. It only applies if the account has been sold to a collection agency.

Sub: #2 posted on Sat, 07/26/2008 - 05:36

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You are correct. A Cease and Desist Letters only apply to third party collectors. However even the original creditor must stop calling you at work once they have received a letter or if you tell them over the phone not to call as this could jeopardize your job. Hence if you send the letter certified mail they can`t claim they never received it.

Sub: #3 posted on Sat, 07/26/2008 - 09:27

mobile0311 mobile0311
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Many original creditors will not call you at work, it is the debt collectors you have to worry about, and a cease and desist letter should stop them from calling you at work.

Please read some more regarding debt settlement, your debt is quite high and settling 45k will not be easy. If you have about 20k sitting aside somewhere I????d say go ahead and do it. Once you are said and done you may hurt yourself by paying a debt settlement companya retainer fee, commission fee and maintanance fees. have you tought about negotiating your own debt? if you have, do an inetrnet search under Negotiate debt settlements Yourself, it will help you save money and actually your creditors will rather work with you than a debt settlement program.

Sub: #4 posted on Sat, 07/26/2008 - 21:51

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I'm so confused and don't know what to do. I can't afford the min. payments anymore so I think settlement is my only option and would be afraid to try to settle it on my own. I don't have money set aside or I wouldn't be in debt. Why do you say it's not going to be easy? You don't think the settlement company could me because my debt is so high?

Sub: #5 posted on Sun, 07/27/2008 - 03:18

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Hang in there buddy. A good settlement company CAN help you. If you do a 36 month program or less your risks of a lawsuit is pretty low. It helps to have a lump sum to use to settle but not necessary as most people don. The settlement company will help you set up a self saving program to save the money to settle your debt.

Sub: #6 posted on Sun, 07/27/2008 - 10:09

mobile0311 mobile0311
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Hang in there buddy. A good settlement company CAN help you. If you do a 36 month program or less your risks of a lawsuit is pretty low. It helps to have a lump sum to use to settle but not necessary as most people don't have a lump sum handy before they start a program. The settlement company will help you set up a self saving program to save the money to settle your debt. Be sure when shopping around for settlement companies that you check them out with the BBB to make sure they have a good reputation. Also make sure they are members of TASC or USOBA. debt settlement is not an easy walk in the park because of the annoying phones calls but a good settlement company will get you out of debt and prevent you from doing bankruptcy. :D

Sub: #7 posted on Sun, 07/27/2008 - 10:16

mobile0311 mobile0311
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