Saturday, January 9, 2010

Debt Arbitration Should A Person Use American Debt Arbitration To Settle A Credit Card Debt?

Should a person use American Debt Arbitration to settle a credit card debt? - debt arbitration

Read complaints about this company:
http://www.ripoffreport.com/reports/0/35 ...
http://www.ripoffreport.com/reports/0/23 ...

Stay away from a strengthening of the "debt" that the company has committed to reduce its debt by half by the payment of debts .... This is a deliberate tactic to lose the risk of all payments to creditors and the strength of their accounts, try the default processing. You pay a monthly fee for a debt consolidator .... These costs are used to remove build a clearing account consolidators and fees "," their accounts in the future. Companies unaware of credit card to pay for all standard accounts, or be removed so that they can deal with the settlements around 50%. If you are currently on their accounts, this process will ruin your credit safe. Debt settlement is like rolling dice with their finances ... You can never predict how you react to your creditor's willful infringement of its accounts to ... that could be accommodated at 50% ... or you can serve a subpoena, the court ... and ifwin, you may face garnishment of wages.

None of the consolidation of the "blame" companies have the power to force creditors to accept a settlement. Your creditors have the right to refuse these conditions and take to the court.

http://online.wsj.com/article/SB12239445 ...
http://podcast.mktw.net/wsj/audio/200810 ...

3 comments:

timothy p said...

You can do yourself. Contact the company and explain your situation and what you can do. Try an agreement that can protect your credit card. I do not want a third party for that. In most states, arbitration is binding upon and put in a worse situation than now. Take care and good luck.

My Take on It said...

No
Why pay someone to something that can treat? You're not a magic pill or magic solution to get the payment from these guys.
When your debts get out of control, do not go to a service-profit Credit Counseling. They will help you negotiate with your creditors to obtain a limited budget and paying your bills, without a single cent!

Bill C said...

No, they rob. They impose a high initial load, it tells them to stop paying their creditors, overdue accounts and will be prosecuted, while the ADA is not for you.

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