People need to boycott CCCS and Debt Settlement Companies !
Posted in the Buffalo Forum
#1 Feb 23, 2010
Debt Settlement companies should never be used under ANY circumstances. More on that later. CCCS stands for Consumer Credit Counseling Services. I only recommend CCCS for one purpose. It is a requirement when filing personal bankruptcy. Any consumer MUST complete a CCCS class (usually online and takes appx 2-3 hours) within 6 months of your bankruptcy petition being filed through a state approved CCCS Company. NOW, why only a uneducated moron not filing bankruptcy would go either of these two routes.
First on Debt Settlement Companies. Many of these are fly by nighters who pocket your money and run. Here's the problem. They require you to give them x amount of dollars/month which allegedly is supposed to eventually equate to a lump sum to settle ABC Credit Card. These people are not lawyers, most likely HS grads at best making $10/hour and getting a cut of your money. One needs to understand after a credit card is charged off (happens after 6 months of nonpayment), it goes to the 3rd party collection agency. Between the economy and the credit crunch, many agencies will settle between 25-50 cents on the dollar. One can easily do this themselves. You owe $1000 on Cap One Card. Send the 3PDC company in writing a proposal certified mail return receipt requesting $500 to settle. If you can afford it, you immediately can get it updated on your credit within 30-60 days to reflect "legally paid for less than full balance." Otherwise, you are paying some $10/hour douchebag probably $50 at Debt Settlement to put towards this very account. For the next 10 months ($500/$50), your credit still shows a chargeoff collections account and the creditor can sue you. These companies DO NOT prevent creditor suits. Educate yourselves and put Debt Settlement Companies out to pasture !
CCCS.....for purposes other than personal bankruptcy, these douchebags keep your credit in the gutter forever. Say you have $10000 in credit card debt spread out on 4 cards. CCCS requires you not only an upfront fee for them to represent you. They require x amount of dollars/month which allegedly is supposed to be dispersed to the 4 CC companies. In the mean time, part of the money you give them goes in their back pockets. Say they ask you to send them $250/month to disperse to your 4 CC's. After they pocket their cut, very likely only $200 goes towards your 10K. Assuming (BTW this is unlikely), the charged off CC's offer interest free balances , it will take 50 monthsto pay 10K. Assuming the CC's are accruing interest (very likely), we are talking 20-30 years ! Who in their right mind would agree to doing this? Your credit stays in the crapper seemingly forever and the accounts will show as charged off collection accounts for many years, even decades. Just like Debt Settlement Companies, only a dope would go this route after learning this. I will answer any questions including debt evasion tips if you aren't in the mood to pay either.I will check back nightly.
#2 Oct 27, 2011
The off the record process for negotiating a settlement includes ignoring your creditors in order to bring them to the negotiation table. If you over ignore legal action is taken and now an arbritrator and not you or the debt settlement company has little say in the final negotiated dollar amount.
Think long and hard but unfortunetly bankruptcy for some will be the only way out.
Since: Mar 08
#3 Oct 28, 2011
The federal government needs credit counseling.
#4 Oct 28, 2011
Hi dere, dis is Jimmy,
I half it problen wit your adwice.
First of all, I dunt tink so good.
Next of all, I dunt get long or hard.
But I did run it away from bills watt I owed it.
Yust hided out by fodders-in-law house by Hamburg and file it bankrupt like de Polish skid watt I am.
I half it big fun to be mooch man while udder peoples work it like fools.
Stop it by,
I talk by you later,
Lazy James de Kaisertown Disability Mooch
#5 Apr 25, 2012
All CCCS agencies are not the same. It's important to know that CCCS is taking into account a clients entire financial situation, including their goals and any constraints. It's a holistic approach on many different levels, not just credit cards. Credit report reviews are offered, Budget counseling, small business financial coaching, and housing counseling.
In addition to credit cards, loans, medical debts, collection debts, attorney's offices, utilities and many other types of debts can be placed on a plan.
CCCS of Buffalo has a low monthly fee of $20 (at the time of this post)for a repayment plan. There is a set-up fee. Also, most creditors charge an average of about 7-9% interest, some are as low as 0% though. That's how the repayment plans are completed in less than 5 years (60 months). A person's credit improving on the plan is all based on how well their payments have been made immediately before starting and during the repayment plan.
Just thought I'd give you a bit more information as some agencies do not operate the same as ours. Check out the website: cccsbuffalo.org
Since: Mar 08
#6 Apr 26, 2012
I recently attended a business seminar and CCCS did a presentation at one of the sessions. If you find yourself in over your head this is one legitimate agency that can help. It's just a common sense way to get interest lowered and get the bills paid with these guys being the referee. Most of what you hear on TV and the junk emails you get are nothing more than scams.
#7 Oct 18, 2013
CCCS of Buffalo has lowered my monthly payments and interest rate on all of my credit cards. I received a letter from each creditor agreeing to the terms of repayment and my balances are finally decreasing ... should be done with the program in 48 mos. vs. forever if I kept paying the high interest. Also creditors have not harassed me or bothered me since I have started and I check my statments monthly. I'm paying them all back, just at a lower rate which beats bankruptcy. CCCS should receive a fee of some sort as they are doing me and my creditors a hugh favor by making this an affordable option.
#8 Oct 19, 2013
LOL "Patty" that was certainly the most obvious planted advertisement I have seen lately. Like anyone would say "They should be paid a fee." Good one.
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