Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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A friend's experience with a debt service rather than filing bankruptcy

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  • A friend's experience with a debt service rather than filing bankruptcy

    So I am really perplexed how anyone can think this is the way to go about things, and if it works out - great. But it seems scary. So at the same time that we were filing Chapter 13 Bankruptcy - a friend who has PLENTY of money in his bank account has a lot of credit card debt. I think around 70k+. He went to a debt collection service that said they had their own lawyers. What they do is tell you to stop paying your CCs. They make arrangements for pennies on the dollar with the credit card companies after a while (i guess) and then you pay the balance. So far one card settled with him. He paid a 1/4 of the balance. He said AMEX is coming after him to sue him now after 7 months of non payment - but that the service he is using has lawyers who will take care of it.

    I just don't understand how he could think this in any shape or form will work out well. I know why he didn't file Chapter 13 - because once they look at his assets, they'll say PAY UP.

    I wouldn't have been comfortable using one of those services and wondering if zombie debt would come after me a couple years later down the line...

    We'll see how the rest of his year pans out...

  • #2
    Oh bummer, no input...this board is slow...


    • #3
      I didn't see a question. This community is pretty much dead-set against debt management companies. Those companies make a lot of money while the debtor ends up in bankruptcy anyhow.

      (I'm sure it works for some people, but the overwhelming evidence is that it is only a band-aid.)
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      I am not an attorney. Any advice provided is not legal advice.


      • puppiesrock
        puppiesrock commented
        Editing a comment
        Oh - I didn't have one- just wondering aloud and well of course posting to engage some thoughts on it.

        Thank you. I wonder how much money they make off the debtor. He didn't say it cost him anything more except like what he paid up front, which was probably what I paid to retain my lawyer. We shall see.

    • #4
      Originally posted by puppiesrock View Post
      He said AMEX is coming after him to sue him now after 7 months of non payment - but that the service he is using has lawyers who will take care of it.
      And how exactly are the "debt consolidation" company's lawyers going to "take care of it"? By waving their magic wand and making the lawsuit go away? Unless your "friend" has some meaningful defenses to raise (doubtful if he's strategically defaulting) then the AMEX lawsuit will go straight to judgment, and eventual wage garnishment and levying his bank account(s).


      • puppiesrock
        puppiesrock commented
        Editing a comment
        great observation. I really wonder about it. Not having known anyone with experience with it until now but i can't tell if it really is worth it as they just started the process...

        That's interesting about the AMEX lawsuit. So they are def going to get their money...and rightly so..

        Will keep you posted.

    • #5
      My sister and her husband started with what was called CCC at the time. Consumer Credit Counseling services. I believe they are supposed to be a not-for-profit company. End result was the same for them: chapter 7. If they'd have done it sooner, look at all the money they could have saved.


      • puppiesrock
        puppiesrock commented
        Editing a comment
        Oh wow. Why aren't more people talking about this? Saving others from all the trouble and heartache?

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