The Pros & Cons of Debt Settlement in 2022!

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Happy New Year!
It's 2022 and you might be wanting to look into debt settlement companies to help you get some stress relieved to start the new year off fresh. In this video, Texas Attorney Bill Clanton will walk through the pros and cons of debt settlement and how to avoid traps that will cost you heartbreak, stress, and more money than you can imagine.
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Опубликовано:

12 сен 2024

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Комментарии : 51

@ayaladebtmanagement Год назад

Legally debt settlement companies aren't allowed to collect a fee until the original lender is paid on the original agreement. Therefore if a company is charging fees before the service is provided they are operating illegal.

@scharlesnicole 11 месяцев назад

Or this man is a lying shill

@RobynBrockhoeft Месяц назад

So what do I do if they’re not making payments (except 2 of $50) to one creditor only.. yet I’ve been paying $163 every 2 weeks for at least 3 months?

@joeyfalcone3990 2 года назад

My cousin lasted about 18 months in one of these programs. It went bad for many of the reasons cited in this vid and in the end he had to claim chapter 7 anyway. He had to live with me for 8 months until he got back on his feet. Your points are spot on, especially with control of accounts. 5 of the accounts that were paid in full never had letters of satisfaction issued and every account on his credit report were listed as , '' charged off as bad debt''. They also insulate themselves with all the fine print in the agreement and they will happily direct you to the appropriate subsection when you claim that they messed up. Hidden fees? To many to list.

@TexasConsumerLaw 2 года назад

Thanks for sharing this Joey. They are a trap and a bad one at that.

@loo4089 2 года назад

Thank you! Sent this video to my friend

@jamessantoy5875 Год назад

Has any heard or utilized Freedom Debt Relief?

@oreally8605 Год назад

I'm on social security. I have three credit cards in Debt settlement and I have one month to go. I've never been late or ever missed a payment even before I signed up. The only thing I needed to know was: I've already paid off one card- the other two next month. Can I apply to the one I've paid off? Or should I wait till next month for the whole thing? National Debt Relief is the one I've been using and it's got the highest rating. My credit is currently 773. Opinions?

@MrZZooh Год назад

I am glad I saw your video. I already had doubts about it but you're only confirming my suspicions. Is there any debt settlement company that actually do what they say?

@TexasConsumerLaw Год назад

There maybe, but I haven't come across one yet. People only call me when something goes wrong, so if you find one that you like, let us know.

@tyrellwheelers5326 Год назад

Credence debt collection settled my debt

@spartan007assasian 2 года назад

I have a question. I don't know how to start or give a understandable answer about my situation. At the moment, my debt is almost 25k. I'm still making most of my payments in time. Is there a way to refinance all different debts on just one payment? At the moment I don't have any collection on my history. The reason I'm asking is because now I'm starting to struggle to make my payments in time. I'm trying to find a way to make a single payment instead of doing 4 to 5 different mayments every bi-weekly.

@TexasConsumerLaw 2 года назад

It depends on the type of debt. Can you transfer balances to one card? Avoid any debt settlement companies, they will only make it worse.

@drbh6331 Год назад

@@TexasConsumerLaw can we make an final settlement with the bank ? by calling them

@TexasConsumerLaw Год назад

@@drbh6331 I'm not sure. It depends on whether they still own the debt. They want their money so if you have it most banks will work with you.

@SolidNate99 Год назад

Hello. I have a $50,000 unsecured loan with a bank that I want to pay much less than the $50k. I do not work right now but have sufficient liquid assets to pay in full. I am scared that I will get back to work and then my wages will be garnished.

@TexasConsumerLaw Год назад

Nate, you can negotiate with the bank. If you're in Texas they can't garnish your wages, this varies from state to state so be careful. Some states they can garnish your bank account directly. Good luck!

@SolidNate99 Год назад

@@TexasConsumerLaw Thank you for the response! I just called your office and talked to the girl who answered. I am currently 80 days past due and the interest keeps building up... Any tips for me? The loan matured and the bank did not want to renew the loan. It's an unsecured revolving line of credit.

@TexasConsumerLaw Год назад

Without knowing more, keep in mind the bank just wants to get paid. They may be willing to accept less than the full balance if it means getting paid.

@elsplace896 10 месяцев назад

If the debt settlement company settles with a creditor, why would that creditor sue you?

@TexasConsumerLaw 10 месяцев назад

If. Often they don't. Many simply redirect notices to their office and away from you. There are few standards in these organizations.

@elsplace896 10 месяцев назад

@@TexasConsumerLaw If they sue, how often do they end up freezing your bank account? If you have exempt income like Soc Sec retirement, do they follow the law and leave that alone? Thank you for answering my last question.

@SANTANA0910 Год назад

What happens to the money you pay in every month if the creditors don’t accept the agreement.

@TexasConsumerLaw Год назад

To the debt settlement company or the creditors? If it's to the debt settlement company then it's probably lost. If it's to the creditor, they should credit your account.

@normalguycap 2 года назад

Do you happen to know things, or have a video of, student loans?

@TexasConsumerLaw 2 года назад

I know a bit about them. Not an expert. Happy to talk to you and see if we can help or point you in the right direction.

@normalguycap 2 года назад

Part of the problem is that I don't know what to ask or what my options are. Or what information and sources to trust. My college FAFSA loans weren't enough so I had to take other loans out to pay for school. but those I think are technically private and not subject to the same things like income based repayment. One in particular has just been ruthless in offering no relief from paying it. And with covid, I have a hard time understanding what rules apply to which loans. I wish I never went to college.

@dinosantana8318 Год назад

Can you fire the debt settlement Co once you made a payment or 2 ...

@TexasConsumerLaw Год назад

Look at your agreement with them.

@dinosantana8318 Год назад

If a settlement was reached and payments already started its a good thing right ?

@eyecflames Год назад

Does anyone know the track record of JGwentworth. I understand they do debt settlement as well.

@designerpups_maltippollc7173 Год назад

I subscribed

@TexasConsumerLaw Год назад

Thank you!

@andrewroof8042 Год назад

Question...what if I pay the payment to the debt settlement company and any extra money I make from side hustles to the same pot? Thus hitting the needed fee sooner so they start negotiating on my behalf sooner? right now I am not missing payments but I'm paying $800 a month to just unsecured loans from unexpected life circumstances and trying to raise a family through the last 3 years. I know it still has the risk but if they settle I would pay less quicker would I not? assuming they can settle for me

@TexasConsumerLaw Год назад

I've never found a debt settlement company that helped anyone. Most are scams. You can do everything they do on your own. A bankruptcy lawyer told me that debt settlement programs lead directly to bankruptcy.

@msh5597 2 года назад

Bmw is at my state limitation of filing a judgment. I called them to make a settlement. I offer 2k he said 2.6k and he said he can’t delete it from my credit. Well if you can’t delete I can’t pay

@TexasConsumerLaw 2 года назад

Everyone I've negotiated with is different on this issue. Some say they have a legal duty to report it, others are happy to offer pay-for-delete.

@DryGaming_ 2 года назад

You could try to tell them you want to work with them, maybe they can come down a little bit more but you are going to continue saving up some more funds and to call you in two weeks. Then, once you pay them, ask for a paid in full document. Once you receive that, you should be able dispute that with the credit bureau. The company will need to prove that debt with the credit bureau at that point. So I’ve heard.

@DryGaming_ 2 года назад

And since it’s paid, they won’t be able to prove its

@TexasConsumerLaw 2 года назад

@@DryGaming_ well that's a strategy, but it's flawed. A credit report is not a collection letter. An account can remain on your credit report for up to 7 years. Even if it's paid off. If you pay the debt in full, get a paid in full letter or some other kind of receipt for your payment, then the account can still be reported as paid or settled. It's less damaging than 30, 60, 90 + days late, but it's still being reported along with the payment history. So, while the strategy seems like it should work, and is often promoted by credit repair "gurus" it's based on a flawed understanding of how credit reporting works.

@joseCalderon1976 2 года назад

THEY ARE A SCAM! I almost fell for it. You give them money's instead of paying your credit card debt and personal loans. Then you can get sued by your creditors, and even if they "settle" a debt for you, by then, you paid a whole bunch of fees to them FIRST! IT'S ridiculous! In my case, they were going to charge me a 25% fee over the money that I was going to give them. Why do this! Also, you could get hit by extra taxes if there's a settlement. Don't do it! Research it first! The company is called BEYOND FINANCE BTW. STAY AWAY!!

@Butterpants1987 2 года назад

no offense but its hard to take a guy who says 'money's' seriously. i havnt dealt with them, i dont know your whole story, just if youre going to attack someone you should probably button up. makes you look less erratic and unstable. heres where the grain of salt comes in. again, i dont know your situation, but is the 25% fee flat? because if you have high interest accounts the 25% flat on current debt owed is a far better deal than paying into interest for a decade or more.

@BobbySee2 Год назад

Where did you find your information/research about Beyond? I failed by singing up and it’s been about a month into it now. When my questions at the time were answered vaguely after sighing, I knew something was fishy. Now I’m doing my research and regret making this decision. I am going to cancel on Monday and do the snowball effect and just hit hard and tackle my debt.

@coolvidzboy23 Год назад

Beyond finance is a scam

@gonzaloagustinzambrano2507 Год назад

Yep I just reviewed a friends contract and that’s how it was. They have you put money towards a “savings account” and once it hits the 25% that when they will start paying off the creditors the name of this company was Century

@johnny7121 Год назад

ok, so, this is my story, I began to be a little tight on my paycheck, so I knew I was going to struggle to make payments in the future, so I decided to refinance my debt so I could pay less per month by extending the length of the loan, but, every bank closed the doors on me, lenders didn't wanna touch me...which is funny because I never had a late payment before, they said they rejected my application because of "high amount on revolving debt" so the day finally came, I had no other choice but to get a debt relief program, so yeah, let's see what happens, and yes, they charge 25% of the total debt (not settled debt)

@alinda55 Год назад

Debt settlement creates a new 7-year clock. If you never settle the debt, they drop off in years. Settlement restarts the time frame to a new 7-year clock.

@TexasConsumerLaw Год назад

The date of measurement for how long a debt stays on your credit report is measured from the date of first delinquency. Using any date subsequent is considered re-again and is grounds for a dispute and if not corrected a lawsuit.