Information about debt negotiation plan progress - The Bills.com Blog
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Information about debt negotiation plan progress
Question: I am in debt neg. plan for the past 3 to 4 months. They have not really made any progess in this matter. Do I need to get out of this plan?
Answer: Debt settlement involves many facets - including personal financial discipline and budgeting (to save for the settlements), negotiations and leverage with the creditors, dealing with the potential for collection calls and maybe even fighting off a lawsuit. A debt negotiation program can take anywhere from 24 to 36 months to complete.
The length of time a debt negotiation plan takes is directly dependent on the amount of savings that you can afford to set aside on a monthly basis. The more you can save, the sooner you will finish the program. Most credit card companies will not settle with debtors until the account is around six months delinquent. This means that you must stop paying your creditors each month in order for the settlement company to obtain a settlement.
During that time, the payments that you make will accumulate in a holding account. Once you pass the 6-month mark, you should start to see results.
Remember that the creditors will first try to evade any settlement offer and continue their collection efforts with you, the debtor. You cannot let them intimidate you. Since it is still the beginning of your program, I would suggest that you wait for a few more months. I also hope that you checked the credentials for the firm that you have signed up with. Be
sure to check them on the Better Business Bureau. I encourage you to read more about debt relief options on Bills.com . Stay in constant touch with the customer service department for your program and keep records of all communication with the creditors.
I wish you the best in the success of your debt negotiation program and hope that the information provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!
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1. Posted by Darlene S. Rowland on Tuesday 12th February 2008 07:51
I was referred to your site by a Consumer Action site and they said to go to www.bills.com/blog/cash-call-loan-default/ However, am unable to get to that site... I'm investigating a company in Fountain Valley, CA, Cashcall, Inc. and/or cashcall.com and/or Cash Call, Inc. If you have any info on how I can access this site, I would love to hear from you. Or if this is not related to your site, please let me know.
2. Posted by bradg on Tuesday 12th February 2008 09:36
Here are the sites that you need: http://www.bills.com/blog/cash-call-loan-default {that has the blog entry and many questions regarding cash call} or just go to their site: http://www.cashcall.com Be careful with high-interest loans, however, and make sure that you can repay the loan as many people struggle with these loans.