If you owe more than $10,000, you have no legal right to lower or negotiate your debt. Credit and debit card advertisements are deceptive. I frequently hear it on television and the radio. I get spam adverts on the internet. Advertisements heard:
Do you know if you qualify for the personal bond?
If you owe more than $10,000 on a credit card, you have the RIGHT to repay only a part of what you owe through affordable monthly payments.
Credit card firms have been awarded billions of dollars and are required to clean up their books permanently, which is great news for you.
I, too, heard them and spent time looking. If I were being charitable, I would call it a false loan claim, but it is not, thus it is a lie. Each of those propositions is very likely false. The Credit Card Commitment and Disclosure Act of 2009, also known as the Credit Card Act of 2009, was passed by the ANC. Have you noticed on your credit card statement that we now inform you how long it will take to pay off your credit card if you make a few payments?
In my opinion, this is a new necessity with a bright outlook. There is no indication that a consumer is eligible for a debt reduction if their debt exceeds $10,000. It’s simply not there. I am not the only one who has called. According to the Federal Trade Commission’s website:
Furthermore, there is no certainty that the lender will accept partial payment of the legal debt. In reality, if you cease using your credit card, late fees and interest are routinely added to your account each month.
Many of my clients come to me after having attempted one of these debt negotiators. The tales are all the same. They were advised not to engage a lawyer, to stop paying their credit cards, and to begin paying the debt counsellor. If a credit card company claims nonpayment, the customer contacts a debt collector, who informs them that they are not attorneys and that the client must hire one. What?
I assumed they didn’t need a lawyer. These negotiators overcharge, under-deliver, conceal information and mislead the buyer. After using a debt collector, I feel terrible about the clients I hired.
Many people are sincerely attempting to repay their debts and are seeking assistance. They believe in debt consolidation because they wish to believe that it is a genuine strategy to maximise their benefits. It’s a shame because there is assistance available to all debtors, not just those who are negotiating.
We don’t talk about the debt. We are getting out of debt. I don’t call one lender and ask if he’ll entertain a payment plan or if he’s out of the market for a time. We apply tough enforcement regulations to keep you on the same level as the debtor, with no need for discussion.