Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Wednesday, January 01, 2003
Credit Help Scam
I have heard on several occasions that the supposedly non-profit credit counseling organizations that advertise heavily are nothing more than fronts for the credit card companies. Their plan is to give debtors hope and prevent them from filing bankruptcy or negotiating settlements for less than full value. I don't watch CBS News, but found these interesting reports of their investigation into how some of these credit assistance clinics can make matters worse for people.
Part 1
Part 2
From what I have heard from clients and others with real life experience in this area, is that you are better off negotiating directly with the credit card companies to settle the accounts for anywhere from 40% to 60% of the outstanding balance in lieu of filing for bankruptcy. Some of the credit card companies are smart enough to realize that even 40% is much better than the zero percent they would get if the borrower does file for bankruptcy protection.
KMK
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 1/01/2003 04:41:00 AM Send this post:
