Archive for January 31st, 2008

The Pros and Cons of Consumer Credit Counseling Services (CCCS)

Thursday, January 31st, 2008

What is Consumer Credit Counseling
Consumer credit counseling organizations were originally set up by an association of consumer credit card companies to assist individuals who are getting behind in their credit card payments. Consumer credit counseling services allow you to make one monthly payment to them and they pay your credit cards directly.

Pros of Consumer Credit Counseling
The benefits are that the payment you make to them may be less than what you currently owe each month, and in some cases they can reduce interest rates, negotiate extensions or forgive late fees.

Cons of Consumer Credit Counseling
There are, however, disadvantages to consumer credit counseling services.  First, you will pay considerably more in a consumer credit counseling plan than a debt settlement plan (cccs plans require you to 100% plus interest, whereas in a debt settlement plan you may pay 50-70% total.  Secondly, consumer credit counseling programs look bad on your credit. Ask any mortgage broker, banker or finance person and they will tell you that consumer credit counseling programs look just as bad on your credit as a bankruptcy. Third, the monthly payments to them are often difficult to make. They require that you take your income from your pay stub, subtract your monthly living expenses (which they agree are reasonable) –whatever is left over is your payment. They generally do not allow much room for miscellaneous monthly expenses, such as unexpected car repairs. Under a program like this, you will be strapped for cash for the next 3 to 5 years and you will receive virtually no benefit on your credit report.

The Optimal Candidate for Consumer Credit Counseling
Consumer credit counseling services work best when you have debt of less than $10,000, and you have verified from third party references that you are dealing with a reputable company.  With this amount of debt, you can get through the plan fairly quickly.  We recommend considering other options first.

Debt Settlement Testimonials. How Our Debt Settlement Lawyers Can Help You

Thursday, January 31st, 2008

“Trident helped me settle my debt without incident.  Their professionalism was outstanding and helped me get through a time of stress.  I was very surprised how much money they were able to save me.  I would recommend them to anyone looking for help getting out of debt! “   Chris T.

Lionel M. came in with $35,200 of credit card debt.  He was able to give us a lump sum to settle with.  We settled those debts, including our fees, for $22,200, saving him $13,000.

Lawrence A. had $71,000 of credit card debt.  He also had a lump sum to settle with.  We negotiated those debts, including our fees for $44,000, saving him more than $26,000.

Susan F. has $50,000 of credit card debt.  She does not have a lump sum debt settlement payment but is able to make a monthly payment of $2000.  (The monthly payment she makes is 4% of her total debt, and this is the amount we require for monthly installment clients.).  With this 4% payment, we can have her out of debt in less than 18 months.

 

Dave R. wanted to refinance his home to pay off credit cards at a lower, tax-deductible interest rate, but was denied by the bank.  The bank said his FICO score was too low.  Further complicating the issue, most mortgage companies only lend 80% of the home’s value.  In his case, he could only pull out $18,000, where he had $30,000 in debt with 2 credit cards.  We were able to refer him to a mortgage company who could get him qualified and charged a fair rate of interest.  With the $18,000 he pulled out of his equity, we settled the $30,000 of debt he had.

Lastly, we offer a bankruptcy referral resource.  If you need a bankruptcy attorney in any state.

 

When you find yourself in debt and struggling to make ends meet, it can seem   overwhelming.  Trident Debt Solutions is here to help you through these difficult financial situations and provides a free, no obligation consultation.  Even if we cannot help you, we will reply with your best option.  For your protection, we do not ask for account numbers or your social security number.  We never harass- but if you are concerned, you may request a reply by email only. 

 

 

Debt Settlement in the USA

Thursday, January 31st, 2008

We are not restricted to our Debt Settlement clients in the Denver Area and Colorado. Our services are easily arranged over the phone and there’s no reason why we can’t make your debt settlement program work from where we are.

Our Debt Settlement Attorney, Steve Craig has helped thousands of individuals with their debt problems be they credit card debt settlement clients, or debt settlement including all debt and many other situations and scenarios thay may adversely your credit ratings.

We don’t offer short term debt settlement loans or any other kinds of loans but we can help you figure out if any of these solutions will be good for you.

Financial stress has an immense impact on your life, your relationships and your overall well being. Let us show you the light at the end of the tunnel!

Call Steve today at 303.520.3414 so he can help you achieve the financial freedom you deserve.