What do you know about debt mediation?
825485
I have worked in collections for 10 years and debt mediation is not the road to take. First of all they say they are non-profit but most will ask for contribution to help you out. Then you have to realize most of your creditors do not participate in those programs, you can consolidate your debt by your self if you take the time.
97740
First my battle cry....\n\nYou are about to go to war.  Do not fight these guys unarmed!  Your weapon is knowledge of the law!  Go to the link below and read up on the Fair Debt Collections Act.\n\nThe debt collectors are armed...they know these laws.  \n\nStopping the calls is easy.  Use the sample letters below, and send them a CERTIFIED letter.  It's not necessary to get a return receipt, you just need to prove you sent it.  If they continue to bother you then sue them!\n\nThere are other ways, but without knowing more about the who's and why's they are bothering you I can't help.  \n\nI am not a lawyer or a credit counsoler.  I am someone who has been down this path and counsoled others in dealing with these jerks.\n\nIf you need help or encouragement contact me.
974335
There are a few ways of provision for bad debt.\n\n1) Actual.  Where a company identifies individual accounts that are delinquent and/or likely to be uncollectable.  Usually, companies use a receivables aging, whereby they are 30/60/90 days past due the payment terms.  Every company is different, but a common provision policy would be to provision 10%, 50% and 100% for 30/60/90 days past due. \n\n2) Estimate.  A company takes an estimate, a general percentage of how much of their receivables are bad at any one time.  The general theory is that the company has been doing business for quite some time and their customer base is large enough that they get a general feel of what it "should be".  This is up to management discretion. \n\nControls:  Invoices have terms on the invoice.  Controls on invoices (e.g. sequential numbering).  Testing of receivables on sample basis. Aging policy is nice because it is a black & white control on what it should be.  For estimates, no control since it is a management estimate - but you can test prior years to see what actual levels were. Basically the controls lie in the A/R department.
623804
THIS IS NOT LEGAL ADVICE.  YOU SHOULD SEEK ADVICE OF COUNSEL WITH KNOWLEDGE OF LOCAL LAWS.\n\nBetter check your loan agreement, promissory note or other debt instrument.  Many companies include in the terms of their debt instruments a right to call the full amount due at any time, at their discretion.  If this clause exists in your debt instrument then they may be within their rights to do so.  If the clause is not in your agreement you may have some ability to fight their claim for immediate full payment. \n\nGood luck!
616805
The above answers are incorrect.\n\nHere is how it happens:\nFirst, the lawsuit is filed with the court. Then, the debtor must be notified of the lawsuit by having the court documents delivered to them, usually in person. This is known as "Legal Service". The person presenting the documents to the debtor is either a "Process Server", and usually works for a separate process service company, to avoid allegations that service was not done correctly. Depending on local laws process may also be served by a local Sheriff’s Deputy.\n\nOnce the debtor is served, he or she must respond to the court in writing, and request a hearing. If this is not done, the collection attorney will request that the court grant a default. A default judgment basically declares the collection attorney as "the winner" because the other side (the debtor) did not respond to the legal notice. Default judgment is almost always granted.\n\nOnce the collection agency's attorney has obtained judgment, they are empowered to take action to obtain the money from the debtor. A number of options are open, depending on the state the debtor is in, and the status of the debtor's employment and assets.\n\nUsually, a judgment will be resolved by locating the debtor's place of employment. The court will send or serve an order of garnishment to the employer. This requires the employer to deduct a certain percentage of the debtors paycheck and forward it to the court, which in turn forwards the money to the collection attorney.\n\nA collection agency or collection attorney may also seize some or all of a debtor's assets, such as automobiles, bank accounts, and real estate. They may also place liens on certain bonds the debtor may have with the government such as the bond that contractors are required to have when operating a construction company.\n\n* * *\n\nTherefore, if the collection agency has gotten a judgement, they can start the process of garnishing your paycheck or seizing assets in your bank account, unless the law in your state specifically prohibits it (it doesn't in my state).
399507
False.  Leverage means debt.  Debt means ability to generate payments.  If sales are cyclical, there will be some periods where income can easily service payments, but there will also be periods where it will be tough, which leads to the downfall of a business.
1159142
never heard of them but I recommend that you stay away from those jokers.... the best solution to all this debt settling is to make half your monthly payment twice a month... this cuts down on the exorbitant rates you get charged on your debt you have already accrued...
899335
It depends on the natur of the debt.   SOME debts are unable to be affected bu the efforts of a debt managements company, like child support arrearages, back alimony or spousal support.   If the debt is any of those, those amounts are set by the court and only the court can alter them.   Asf or most other debts....those are usually managable by a debt managements company....take a shot....
1159099
Debt consolidation seems to be a mystery to many people. You hear both negative and positive responses whenever somebody brings up this topic. As a former financial counselor, I had to learn the in's and outs of debt management in order to become certified by debt management accreditation, so I can answer this from experience.\n\nAccording to FICO, "using a credit counseling service and having this situation reported in your credit report should not have any negative impact to your FICO score. However, the actions you take based on the recommendations of a credit counselor may sometimes affect your score. For example, choosing to make partial payments or agreeing to settle for less than the full amount on accounts may be regarded negatively by the FICO scoring model. Additionally, any late payments occurring either before or after you began the plan may also be regarded negatively."\n\nIn fact, I know firsthand the effects, because I am currently on a DMP. Over the course of 18 months I have raised my credit score from 696 to 729 because I am reducing my debt to income ratio efficiently. My score wasn't bad to begin with, and I wasn't really burdened by late payments. I mainly joined in order to be able to have my interest rates reduced dramatically in order to pay down my high interest debts. Many people will tell you that credit counseling won't do anything you can't do for yourself. This is actually quite the contrary. If you were to contact the creditors on your own, to negotiate a reduction of interest, they may reduce it by 3-4%, while credit counseling could reduce it by as much as 20% depending on how high your interest is to begin. \n\nAlso as far as the information regarding credit counseling being equivalent to bankruptcy, this is actually quite inaccurate. While new bankruptcy laws have required most bankruptcy filers to attempt credit counseling prior to declaring, credit counseling is a status that creditors place on your accounts while you are on a DMP program. Yes this will affect your ability to obtain new credit, but while on the program, you shouldn't be trying to get new debt anyways! That defeats the purpose of the program. But this status is something that the creditors remove upon completion of the program or upon you leaving the program. Bankruptcy on the other hand, is negative information that could remain on your credit report for up to 10 years depending on the state that you reside in.\n\nSo I hope this sheds a little more light on how debt management may affect your credit score. As I said, I've had a positive experience in large part due to the fact that I worked at a company and am certified. But if you have any additional questions, you could always contact the company I used to work for. The financial counselors are super friendly and could answer any of your questions without pressuring you to join. It's a great resource to have. There website is http://www.incharge.org . It is based in Orlando and has a great relationship with the Defense Department, who regularly refers its soldiers to the company for financial counseling. If you are interested in speaking with counselors at the company I have an account with, it is http://www.careonecredit.org/ . Both of these companies are registered with the BBB and have outstanding reputations. Good luck with everything.
296976
Yes. If it is a non-profit debt agency. I signed up with one a few years ago, and it has made a big difference. I am paying off my debt, and everyone is happy.\n\nIf you are real abou this, you will stay true to the program. I feel so much better having done this. I no longer get calls and can live my life normally.
206454
Mediation is often a great way to resolve conflicts. But it is a waste of time if either side does not want to settle.
104206
There is no requirement that BOTH the original debtor AND the co-signer be contacted simultaneously.  The co-signer simply agrees to pay the debt if the original borrower defaults.  Once THAT happens then the lender is free to reclaim its property and/or be repaid by whomever, adn (almost) however they are able.
929472
As a mediator or as a party?\n\nAs a party, all you need to do is have a clear understanding of what you're trying to accomplish (what, not how). And a willingness to be open to understanding and participating in the mediation process.\n\nAs a mediator, it's not your success. The mediator is the guide. The parties pick the destination, and the course. But to be effective, a mediator needs to be able to remain unentangled in the client's emotional issues, keep close reigns on the mediation process, and not allow the process to be hijacked or distorted. \n\nThe goal of a mediator is to be neutral, and assist the parties to accomplish what the parties want to do, within the bounds of fairness. Success is measured not by settlements reached, but in how effective you are at helping them to move past their emotional entrenchment, and make progress toward their goals.
488183
You need to contest the debt in writing. If you do not do so within 30 days, they can proceed with the collection, although if you missed the deadline you should still send the letter. The address to send you letter should be in the written notice you were sent. If you have not received a written notice, demand one next time they call. Tell them you will not discuss the issue further until you have received the written notice.\n\nIt is best to handle all of these conversations in writing. If you agree to something on the phone, followup with a letter detailing your understanding of the agreement.\n\nMake sure you write the letter in a professional, non-emotional manner. The fact that the process makes you angry does not belong in any correspondence with them, stick to the facts of the matter. Keep copies of everything you send and everything they send to you.\n\nThey have to show by a preponderance of the evidence that you incurred the debt (not beyond a reasonable doubt as in criminal cases).\n\nIf you are unable to resolve the issue and you still believe you are right, you may need to retain a lawyer. Because of this, if the amount is small, it may be better to simply settle. You can negotiate settlement with them including having the report removed from your credit report. They don't want to go to court either.
790950
they do it with an Individual Volentry Agreement\n\nwhat they dont tell you is it hits your credit history as hard as a bankruptcy and 70% of your creditors have to agree to it.\n\nyour pay money every month which is spread between your creditors, and probably have to agree to re-mortgage your house at the end of it to make 1 final lump payment.\n\nof course if you win the lottery during the 5/6/7 years you have to pay all your debts off\nif you get an inhertitance you have to pay all your debts off\n\nand i think they will probably put a charge on your house so you cant sell it.\n\nthey charge management fees which is how they make their money.
1072675
I had a judgement filed against me. I paid the debt. I am now in the process of debt recovery. I did find out that when they file a judgement, you can call the lawyer in charge of the action and talk to them about debt repayment. The interest didn't mount up either after the judgement was filed. The only draw back is that they keep it on file for the next 6 years after the debt is satisfied
475994
I have been working in the debt settlement industry for 4 years and yes they really can get you out of debt!! you can e-mail me if you want more info.