I am trying to determine what type of attorney should I hire to help me negotiate various business debts that I have with creditors.
There are Debt Settlement attorneys and Bankruptcy attorneys. You should consult with both types and then decide which is the best option for you.
Over the past few years I went through a long drawn out divorce, I'm trying to play catch up on my outstanding credit card debt. What is the best and fastest way to deal with creditors, I do not want to file bankruptcy. I have fallen so far behin...
This is a multiple step process but first you need to assess the situation which means obtaining a copy of your credit report and finding out who is reporting your collections. When dealing with mail- they sell and transfer the debt and you don't want to end up paying the wrong party. Plus when you have a lot of collections other companies try to sneak in and get you to pay debts that are not legitimately owed. You can solve both problems with a copy of your credit report.
Then make a list of the collections on your report and request verification of debt. After a month or so, you will have information about what the debt is and exactly how much you owe. If you owe it, then you can call and negotiate a settlement. Pay them off one by one. Setting up 10 payment plans can take you years. But paying them off in a lump sum one at a time can take a year or less.
There are some really great law firms that can do this for you- it will save you time and money. Search for debt settlement law firms and consult with a couple and pick the one you feel the most comfortable with. :)
Your other option is to file bankruptcy. Bankruptcy has an unfair and usually untrue stigma. For instance it will not ruin your credit for 7 years, for example YOUR credit will actually improve after your bankruptcy is discharged and you will be able to start rebuilding credit and qualifying for cars and credit cards within 6 months. You can even buy a house after 2 years. Also, from the sounds of it, bankruptcy will cost you less money and less hassle. But of course, you have to do what is best for you so maybe consulting with a bankruptcy attorney too might not be a bad idea- even if you are just doing it to rule it out. :)
Hope this helps and good luck!
I was divorced 2 years ago, had to let the house go.
Consult with an attorney in your area about your liability for the HELOC. If you owe the debt, you can probably negotiate a settlement in a lump sum, or in some cases, a payment plan. Part of this negotiation should include how the creditor will report the account to the credit bureaus- you can request deletion, or request they update the account to reflect a paid or settled status with a zero balance. Either is better for your credit than the current reporting. Just note that your credit report won't change until your settlement is complete - meaning you have paid off the debt. Otherwise the debt can be reported for 7 years, but there is a trend is to 10 years (loophole).
If you are not liable for the debt, then you will need to request the creditor and the credit bureaus to investigate the reporting for accuracy. Typically a second position lien holder will automatically report the account with an unpaid balance and a past due balance with a charge off status after a foreclosure. In some states, this type of reporting is arguably inaccurate on its face and an attorney who handles credit repair, Fair Credit Reporting Act Litigation or Fair Debt Collection Practices Act litigation should be able to assist.
Good luck and I hope this helps!
Hi, I've received a letter from debt collector where they ask me to pay some bills that I don't owe. Here's the story. I've purchased a web hosting from some company. They advertised it as free trial for one month. So I've decided to try it out....
I suggest writing to the debt collector and asking them to provide you with a copy of the contract you signed, your payment history, and an itemized statement of charges due. Once you have this information you can figure out if you are possibly liable for the debt- if you have questions then engage counsel and have them review the documentation for you and give you their thoughts.
They are going to have a hard time with collection without your cooperation.
I hope this helps and good luck!
I have a settlement contract with a credit card bank and I have been paying on time with all payments now current. I have provided a copy to the credit bureaus yet they refuse to correct the online data in my credit scores. This is dragging down m...
It depends on what's wrong. It sounds like you defaulted on a credit card then negotiated a settlement and are currently making payments. If the credit card company is still reporting the account as a charge off or collection with an unpaid balance or past due balance, then unfortunately the reporting is accurate and you have no grounds to dispute it. when you have completed your payment plan and the debt is satisfied then you can request that the credit reporting be adjusted, and the credit reporting was something you could have negotiated with the credit card company as a term of your settlement agreement. So if you want any change to your credit report, you will need to ask the credit card company to agree to change it or pay it off and wait 30 to 90 days for your credit report to be updated to show the account as paid collection, paid charge off, paid, or settled. Good luck and I am sorry I don't have better news. Hope this helps!See question
I read that secondary credit number can be purchased and used to create a new credit report.This number can be used instead of giving your social security number and establish new credit report.Is this legal, as long as you use your social securit...
Second credit numbers are usually social security numbers obtained on your behalf and yes it is fraud and yes it is a scam. These new identities are not valid ways of improving your credit. Proper credit repair to resolve errors on your credit report and debt settlement to resolve any collection accounts is what you should focus on and not the quick fix. If it sounds too good to be true, it probably is. Good luck! Hope this helps!See question
My husband and I want to buy a house, and we are working with a lender. When we got our credit report it showed that I had an old debt that had been "charged off" but it still shows there is a balance. That isn't right, is it? I am not sure if ...
I agree with the previous answers. Charge Off in credit reporting is seen the same as a "collection" to most lenders and it needs to be resolved. However, resolving the debt can mean several things. You may need to settle if the debt is legitimate and you have no defenses to liability, or you may find that the debt's statute of limitations has expired. So before you pick up the phone and settle, consult with a professional, it will save you both time and money. Hope this helps!See question
I have had three months treatment for soft tissues damage and bulging disk
If you are finished treating them you can request an itemized list of your medical bills. When you review the bills make sure that your insurance company was billed and the amounts were applied to your bill. Then you can call and request a settlement. The settlement process does not take very long. The issue is your ability to pay the settlement.
If you need to make a long term payment plan (3 months or longer) then it will take longer to get a better deal. If you want to offer a lump sum payment then it may only take a phone call or two.
You do want to make sure that once you reach an agreement, you receive the terms of the deal in writing BEFORE you make a payment. Then, after you are finished payment, wait a couple of weeks and ask for a paid in full/fully satisfied letter so that you have documentation that you paid the debt.
If you are continuing treatment, you can still do this- but make sure you get on a monthly payment plan so you can avoid collections moving forward.
Good Luck!See question
My brother recently told me he won a $50,000 settlement but then told me after attorney fees and doctor bills he would receive about $17,000. The attorney would try and negotiate a lower medical fees billed by the hospital/doctor. This doesn't sou...
The attorney fee rate is a standard, and in some states maybe even low, especially if litigation is involved. Usually the fee does not include expenses. Also negotiating medical bills and expenses can be done before or after the settlement is received, and when done after it is usually a tool used to convince the medical providers to reduce their fees.See question
what could be repurcussions if I stop other than bad credit getting worse?
Failing to pay the medical debts will hurt your credit if the accounts are reported on your credit report. With that being said, you should consider speaking with a debt settlement attorney in your area who can help you negotiate a settlement for the medical debts and consult with him or her about the other debt related items on your credit report.
Consequences for failing to pay medical debt include reporting the account to the credit bureaus, but they may also sue you at some point for the unpaid balance.
I hope this helps.