Before discussing the full and final debt settlement pros and cons, you first have to understand what is involved and have a rough idea of what you are doing. Coming to a full and final settlement with creditors seems a good idea if you expect to get a good discount on what you owe them. Many creditors will accept a sum significantly below what you owe, and it might seem like a great way to save yourself money. However, try it alone and you are liable to find yourself losing out.
Therefore, through the Houston debt collecting agencies month of April I educated my self on this company and send them letters asking them to verify that this was in fact their legal debt to collect. They never responded to my letters. With a few days of that court date, I called the local court and got it rescheduled for a later date as I was still hoping to hear from this company.
Is the debt collector calling the right person? All too often, bill collectors call the wrong person. This could be for any number of reasons. For example, a debt buyer typically purchases charged-off debt for pennies on the dollar, and receives very little information about the consumers who owe the money. Debt collectors may wrongly call people who have the same name, who have a phone number once owned by the person who owes the money, or lives at the same address as the person who owes the money. If the debt collector has a wrong number, tell him so, and begin noting the dates and times of the calls. You could have a case against the debt collection agency if the calls persist.
This was a big mistake as it re-started the statute of limitations on the debt AND clued the creditors in that I was a hot target for a credit card debt lawsuit. They felt if I made that one lump sum, then chances were good I had assets to protect and would cave and pay in full if faced with a lawsuit.
It is also important to know that any collection agency is not allowed to talk to anybody except you about your debt. They are legally not supposed to call you at work or try to call a relative that you know. Make sure that you let the collection agencies Houston no that their behavior is unacceptable and it needs to stop immediately.
Stay cautious and aware of scams online that can lead you to even bigger problems. There are plenty of credit scams that purport to erase your existing credit file and create a new one. These scams are not legal and there will be repercussions. They may seem like a small matter, but if you get caught, you could receive heavy fines and even jail time.
This is a win win situation for all. The credit card company too benefits as it has disposed your account of its books and has enjoyed tax benefits on the losses that you have cause. This may not be the perfect situation but it provides a reasonable opportunity for all the parties involved to enjoy benefits. Such a solution does not exist in case of bankruptcy or any other debt relief option.
Credit card companies are aware that they are in a very high risk business. They know that the chances of individuals defaulting on their debt are very high. In such a scenario, they are prepared for losses. In fact, they would rather acknowledge a loss well in advance and will take their time to acknowledge a profit.
As a part of its measures to improve debt, the BDDK or the Banking Regulation and Supervision Agency had disallowed credit card users to withdraw cash if they failed to pay at least 50 per cent of their due for three consecutive months. Kredi Karti Borcu Taksitlendirme aka KKBT is an excellent way to ensure that you stay away from the strict measures introduced by banks and the government to penalize debtors.