How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
16356563
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

My daughter received a letter from United Credit Solutions

Resolved Question:

My daughter received a letter from United Credit Solutions saying they can reduce her credit card debt without bankruptcy. The BBB does not have a listing for this organization and it looks too good to be true. Is this organization real or phony and how can they make a credit card company want to reduce their bill?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

These type of companies are usually valid, but they are debt consolidation organizations.

WALLSTREETESQ :

They typically claim they can have individuals avoid bankruptcy by reducing your debt.

WALLSTREETESQ :

This is done, by them working out agreements with each creditor for 50% of their debt, and these companies will settle with them for that amount.

WALLSTREETESQ :

The way this is done, is something you can do yourself.

WALLSTREETESQ :

They have you pay them 50% of the credit card monthly payments for 6 months, and they fail to pay the creditors for 6 months.

WALLSTREETESQ :

After the 6 months periods, the credit card companies, know you have defaulted and will agree to settle the debt for 50% or less payment on principal.

WALLSTREETESQ :

The problem is your credit score will be hurt as you will not pay the credit cards for 3-6 months, and you will still have to pay for 3-5 years 50% of the debt.

WALLSTREETESQ :

A bankruptcy is a one time event and discharges all the debt at once.

WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you