Being sued while in a debt consolidation program
Date: Sat, 02/21/2009 - 11:04
Being sued while in a debt consolidation program
Can you give us a little more information? What company are you
Can you give us a little more information? What company are you with?
From what I've seen, most, if not all, debt settlement companies
From what I've seen, most, if not all, debt settlement companies won't handle litigation if you are sued. Go back and read thru your paperwork for the DSC.
I can tell you as a Debt Collector for one of the more upstandin
I can tell you as a Debt Collector for one of the more upstanding CA's, that DSC's do nothing for you, especially on interest bearing accounts like the flavor I work.
In my office, you must have a payment arrangement secured on a safe and federally regulated bank draft to prevent the original creditor from taking further action. DCS's do not do this. They either send a 15 dollar check per month on a $15,000 account, or as in most cases, they let the debt stagnate until your minimal monthly payments + the interest THEY gain stack high enough in the bank account they put your money in to settle the account... sometimes a year down the road.
The hook is, REGARDLESS of the amount you're paying, it secures your account indefinitely, as long as it's on a bank draft. You can buy yourself as much time as you want to buy yourself, and it doesn't cost a dime... as opposed to the two-faced DCS.
TL;DR Version: Do research before using a DCS. It costs more money to pay your bills than is necessary.
Heh, sorry for the multiple post. My computer shat itself.
Heh, sorry for the multiple post. My computer shat itself.
