When I was a debt collector, I settled some accounts for between 10 and 25 cents on the dollar. Very, very rarely and only when I needed to get my total volume up over the next commission line. I wish I could say the debtor's circumstance made any difference in that decision, but honestly, I couldn't have cared less about them as long as the check cleared.
Thank you for the well wishes, believe me 10 yrs ago even in my worst nightmare, never thought I'd be in this difficult position. Made good money, had good bussiness, vacation home, all was well. Now I literally live on float from my checks. But thats another story.....how do I go about finding a reputable financial advisor, one who wont clean me out? After dealing with WLG, i'm pretty leary.Not a problem, although it helps the members of this forum better help a poster when all of the poster's related questions are kept to one thread.
It seems to me that you have accumulated a lot of debt and you have been having difficulty meeting your obligations, to the point where you hired a questionable service to help you manage the debt. And you are now being pursued by a debt collection agency that has had its own share of legal actions filed against it in the past.
Perhaps it is time for you to seek out assistance in your area from a reputable financial advisor, researching the qualifications and credentials of the advisor prior to hiring. You could also consult with an attorney in your area about your recourse against World Law Group and to look into the debt collection agencies currently pursuing you, to ensure they are not violating any debt collection practices in their pursuit.
Good luck.
Does a debt collector know in advance the very lowest percent they can accept? I know thats a negotiable thing, and they are likely to refuse my initial offer.
Yes.
Then I ask for a supervisor or someone who is able to authorize a lower percents?
There is an excellent sticky thread on negotiation. It would serve you well to read it.
Yes very helpful, thanks. I'm not sure the cost of attorney is justified here, I would think they would want at least $500 retainer, which if he/she could prove that it would save me many times that, I'd probably do.
So in other words your customer has a problem taking responsibility for their own actions? I don't know what your business deals with but I would be cautious of extending even a penny of credit to a person that wants to blame others for enticing them to do anything. Next thing you know they are going tell you you enticed them to buy something from you and not feel they should pay for it.
He actually is an attorney and yes many feel the banks deserve what they get....however I dont. I am accountable to settle this, its on me. What I didnt foresee was a 50% drop in income, that sounds like an excuse, but I wont use it as a crutch. Believe me, I was jugging along just fine until the recession hit and havent been the same since and am trying to dig myself out without sleeping on a park bench. I dont believe you mean to come across as condenscending as we both agree the liability falls on the borrower.
If you know an attorney in your area, this attorney could be of assistance to you in finding a reputable advisor to help you with your financial issues or perhaps you can look at non-profit organizations for advice and direction. But definitely avoid anyone who, or any entity like World Law Group that, say they can eliminate your debt if you pay them X amount of dollars.
I suppose looking at the depth of my debt, am attorney may be warranted. I just need to start re-building my credit as I know at some point will need working capital. I had outstanding credit for at least 30 yrs and now its average or below. Thanks for the well wishes, I may post more of my misadventures as this moves forward
