Which creditors are more likely to sue w/ debt settlement?

Question

We are joining a debt settlement program with a law firm I'm wondering if anyone can tell me your experience with Debt settlement and if you know if any creditors will still sue..We have already tried a debt management program, but the payments were still to high so we dropped out.

Answer 1

Yeah, what slim said!

Answer 2

What you need to know about debt settlement firms:

Your credit card companies are not going to offer you settlements like 50%, for example, if you are current (not behind) on your payments. Basically, the only way you can get into a position to negotiate settlements is to deliberately let your accounts go into default. This is exactly what debt settlement firms do....They take a monthly amount from you and use that to build a “settlement” account, which will go towards paying the “settlement” at a certain date. Your creditors will deliberately not be paid. They will not be happy about this.

If you are current on your accounts, this process will ruin your credit rating as your accounts will all go into default. Your creditors are under NO obligation whatsoever to accept settlements from any debt settlement firm you hire. Their response might be to serve you papers and take you to court.

You don’t have to pay any firm to attempt settlements. You can try this own your own. Just remember, if you currently have good credit, this process will ruin your credit and there’s no guarantee that your creditors will accept settlements.

Important*** If you are currently in default on your credit cards, you can make your own settlement offers. You don’t need to pay anyone to do this for you...get the terms in writing PRIOR to paying.

Answer 3

Look if you are going for the debt settlement than just go through http://www.debtreuction123.net if you are going to settle your debt with a private lenders, bank or so. Because they have very good negotiation power and they have very good contacts with all. I have filed my settlement through this company and I was quite satisfy with their efforts. I m happy with the company...Hope you might be.....just try it out....

Answer 4

slim has it right, but remember you alwas have bankrupsy, and most debters do not contest. then yuo start from scratch.