Sorry for the misunderstanding

BOTH DMP such as CCCS and others AND Debt Elimination, AKA Debt Settlement Companies Charge “Downpayments”. What I found with CCCS was they charge you a downpayment based on how much debt you have, like say for example 25%, and Debt Elimination charges a “fixed” rate… Usually around $1,000 (that is the average).

Some may charge more, but I did a lot of research and most charged around $1,000. Most make payment re-payment plans on a client to client basis. I feel fortunate that mine asked me what I felt comfortable paying each month. I know I don’t want another credit card again… EVER.

Citibank sued me

Citibank sued me as soon as I transitioned from a debt management program to a debt settlement program. If I read your previous email correctly, you stated that DMPs charge a down payment and debt settlement plans do not? My experience is the opposite: the DMPs charge only a 1 time enrollment fee and a recurring monthly fee which ranges from $20-50 depending on the company (mine charges $30). The debt settlement company charged me approx $2500 up front for basically nothing and I got sued. Not blaming them, I made bad decisions, just want everyone to make sure to do your homework and ask a lot of questions BEFORE joining any program.

Now, I have some questions. My DMP contacted the attorney who filed the suit on behalf of Citibank re: a monthly payment to Citibank via the DMP. The attorney stated he would not deal with the DMP because they are not a licensed attorney in the state of Alabama, that he could only deal directly with me. Well, I’m not a licensed attorney either but fair enough. I did speak with an attorney via Rocket Lawyer and he advised me on how to proceed with representing myself. I plan to send a written proposal for repayment to the attorney. My questions (Finally!): Has anyone ever done this? How much, if any, legalese do I need to include? I know what I can afford to pay per month; should I go ahead and offer that amount or start with something smaller? I can consult with the attorney again, just wanted to know if anyone has some personal experience with this. Thanks and have a great weekend!

I guess I’ve lucked out then

I guess I’ve lucked out then because the DMP I am with now doesn’t charge any kind of down payment; actually none of the one’s I contacted charge one

Well I’d say you lucked out, cause ALL the ones I contacted charge one, and most want that DP all at once. I got lucky in the fact that the one I chose let me pay it in TWO payments. I am happy for the most part with mine, some settled for more than I had had anticipated, and some for less, so I guess it sorta balances out.

I hope CB don’t try and sue us, cause I wouldn’t be able to go, PLUS I do owe the money, I just don’t have it. I hope to have all the accounts settled in two more years. My debt settlement company says they have ways to make life hard for the creditors, just as they have ways of making things hard on us. All I know to do is to hang in there and stick with the program.

Bankruptcy Alternative: AKA Debt Settlement

Hi to all… I am somewhat a newbie here, but by no means a newbie to DEBT. My husband and myself had over $42,000 spread over 27 cards. We have been with a debt settlement company now for two years. So far so good. I have been hearing a lot about debt settlement companies going under lately and consumers losing out big time. To anyone considering this please check out the company by visiting the BBB site and seeing if they have any complaints pending against them. The rules vary from company to company. Some will only take cards that you owe $1,000 or more on while mine will accept balances as low as $500.

Most tho require you to be $10,000 in debt or greater before they will consider you and with no hope of ever catching up on the cards. I don’t know about others, but mine required me to write a letter stating why I was in so much debt, and what my monthly bills were…. and what I wanted my monthly payments set at, where as CCCS set the payments themselves.

What most people don’t know is that CCCS will show up on your credit record as a bankruptcy…. They aren’t gonna tell you this… naturally…. CCCS works FOR your creditors… the creditors pay them so much for handling your debt. I did read an article earlier this year where Cambridge went under. It was in Family Circle or Womans Day…. Back in Feburary I think. This is getting long so I will start another post…………..