A Debt Negotiation Program is where you hire a company to negotiate with your creditors for lower payments, debt concessions, or lower interest rates. Debt Negotiation Programs ARE VERY RISKY AND CAN HAVE A LONG TERM NEGATIVE IMPACT ON YOUR CREDIT. You see ads for these companies all the time. The ad will read something like “Don't File Bankruptcy, We can wipe out your debt for 50% of what you owe.” Or an ad might read “Avoid Bankruptcy, Wipe out your debt legally.” Debt Negotiation Programs sell their services as an alternative to bankruptcy. Many of these companies claim to be “nonprofit” organizations. Before working with one of these companies check with the better business bureau and the state attorney general's office. Checking may not be enough since these companies often spring up overnight and close down before complaints can be filed. You should avoid any company that:
- Requires you to pay a large amount of money upfront
- Say they can get rid of all your debt for pennies on the dollar
- Say they can remove negative information (that is accurate) from your credit report
- Advises you to stop working with your creditors and stop returning their phone calls
- Tells you none of your creditors will sue you if you participate in their program
- Wants you to pay them instead of making payment directly to your creditors
- Wants to be paid based on how much money they save you.
If you think debt negotiation is worth a try, remember these companies cannot do anything for you that you cannot do for yourself. Call your creditors directly. Ask your creditors for help. Asking for help and getting information are the keys to any debt problem. That is why we invite you to schedule a free consultation with one of our Birmingham or Tuscaloosa bankruptcy lawyers. Our Birmingham and Tuscaloosa bankruptcy lawyers will recommend a course of action that they believe is best for you. If they don't feel like you should file a bankruptcy case they will tell you that. Get all the facts for free. Call today to schedule your free consultation.
Your Birmingham and Tuscaloosa bankruptcy lawyers can explain all of your options to you. You will not be pressured to hire us, or file a bankruptcy case. Your Birmingham and Tuscaloosa bankruptcy lawyers will explain your options to you for free.
How to Get Help and Get Out of Debt
When you are ready to get out from under your crushing debt, give Melinda Dionne a call. When you call, tell our assistant, Ginny, that you are a website reader and she will set you up with a free, no obligation, consultation to see how Melinda can help you start living again.