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The debt relief company cancelled what do I do now?

Last may we decided to consolidate our debt and made payments to a debt relief company who would begin negotiations as soon as we paid the finance charges. Never got that far b/c our state passed law that said they could not do business with us, we got refunded. In the meantime we have been turned over to collection agencies, should I negotiate with them on my own?

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3 Responses to "The debt relief company cancelled what do I do now?"

  1. 123Catarina says:
    Yes you can settle with them on your own. If they have purchased the debt, they propably paid no more than 10 to 15 cents on the dollar for it.
  2. Chuck says:
    Try sending your creditors a full payment each. Then contact them to reinstate a payment plan, and pay your bills. Don’t make any more. Live within your means.
  3. jtlyr says:
    As executor of an estate, one of my jobs was to negotiate with collection agencies. I found that when I dealt with them directly, they were willing to accept 75 to 80%. Debt consolidation and management services can usually do much better on your behalf because they have relationships with collection agencies – sometimes your debts can be reduced to 25% of the original amount.

    Check out: http://www.mortgageous.com/debt-consolidation

    If I remember correctly, they also have an option for a free consultation to help protect and/or improve your credit.

    Good luck, and don’t back down! Collectors have been known to use predatory techniques to intimidate you, but if you stand firm, you’ll come out ahead.

    .

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