Debt Settlement Companies Under Scrutiny

http://www.cambridge-credit.org -- Attorneys general from Illinois to West Virginia have become serious about combating abusive practices within the debt settlement industry. In New York state, Attorney General Cuomo recently announced that the state has secured subpoenas against 14 national debt settlement companies. At the same time, the Consumer Credit and Debt Protection Act was introduced in the U.S. House of Representatives in an effort to reign in the industry. Watch this week's webisode from Cambridge Credit Counseling Corp. to learn more. Host: Community Outreach Director, Thomas J. Fox.

Category:

News & Politics

Tags:

• debt
• settlement
• Consumer
• Credit
• and
• Debt
• Protection
• Act
• U.S.
• House
• of
• Representatives
• Cambridge
• Counseling
• credit
• cards

[TheSeomaverick]

Boy it sure seems Mr. Thomas Fox is quick to bash all other debt settlement solutions and spout his company Cambridge as the "Holy Grail" of debt Solution...

[LeonardMRubino]

This is why there is debt management.

[debtsettlementstory]

This is a good start to the debt settlement conversation.

There are a lot of unscrupulous companies out there.

I used a company called Consumer Recovery Network that charged me $1150 to settle $130,000 of unsecured debt. It took 6 months and my final settlement amount was $40,000 or 28 cents on the dollar.  Their fee of $1150 was minuscule compared to other companies whose fees were on average $10,000..or more!

I am blogging about it at debtsettlementstory (dot) com

[montemendoza]

Thank you for all the helpful information Thomas.

[cyberbabano1]

Learn seven more ways? to get out of debt for Canadians at... canadadebtconsolidationnow com

[davidameyers]

Credit card contracts are a series continuing offers to contract and are not transferrable. Not legal advice...just sayin.

[QuadraQ]

I would have to agree with these points. I signed up for a debt settlement plan, and while they were not as abusive as some of the things he mentions, it did trash my credit. I was able to settle some of the debt but not for as little as they claimed originally. The final creditor though completely refused. They sued, for an amount almost double the original debt (because of interest and fees), and I ultimately had to declare bankruptcy anyway, which is what I had been trying to avoid.