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Thread: DEBT freedom

  1. #1
    Join Date
    Aug 2006
    Posts
    109

    DEBT freedom

    My friend and I have both run across companies that
    claim that the way to get out of debt is to
    sign up with them, for 300, to 500 dollars then
    default on the debt for a couple of months. After a
    while they say that they will negotiate for a
    better interest rate, lower debt, consolidated payments,
    then they will have the client resume paying through them
    the company.
    After the debt has reached a management amount
    they recommend the client send a bulk payment that
    will be used to negotiate a full settlement for only partial
    payment.
    Example: orignal debt of 15,000 with three cards,
    default is initiated, then payments made.
    as one card gets near to pay off (2,000),
    the client can give 1,500 to the company then
    have them negotiate for a lower full payment resolution.
    this is done with each until all debts are settled.

    I have done this successfully through three different
    debt resolution companies, with various results of
    satisfaction and dissatisfaction. each company was
    aquired by another at some point.
    My friend is in his 10,670 dollar debt with
    two cards and wants out but I doubt that this is his
    best option. I was making 23, 000 per year. and
    it took me nine years.
    He has been working on this for 8 years and he
    now has 10,670 in debt and his current income is
    10,300 dollars (NET) not including food, gas, bills.

    Who can suggest a course of action, what did you do?

    Thanks
    :errr:
    Littlebear.

  2. #2

    Re: DEBT freedom

    Hey there, i have come acrosss a representative from Debt Freedom Canada. I know there are a lot of other companies like
    Total Debt Relieft, Freedom Debt, etc

    However a representative came to my house a couple years back now. I was very hesitant and skeptical to allow this man into my house. However my husband persisted and explained that it was a good thing.

    The representative came and i was astonished.
    First off, he saved us over $500,000 in unncessary interest.
    Put $972 a month back into our pocket that we then took and are now going to have a great retirement.
    And got out of out of our mortgage and are DEBT 18 and half years sooner.

    They cant work miracles but they can do some pretty amazing things.

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