Debt CONsolidation part II | Wantland Law Wantland Law» Blog Archive » Debt CONsolidation part II

Debt CONsolidation part II

Debt settlement firms pretend they can make creditors settle for “pennies on the dollar”. They claim their service is better than bankruptcy. I usually see them make things worse. These companies are not regulated by anyone. They can, and often do, collect thousands of dollars before providing any services. Sometimes, they take the money and run. A lot of times they can accomplish anything only to say to you “bummer”. Because they make more the longer it takes to settle your debt, they are in no hurry to work things out pronto.

First of all, debt settlement can be done by you just as easy as the settlement firms. If the creditor is not willing to work with you, they’re not about to work with some settlement firm. By getting involved with a settlement firm, the only message you’re sending is that you have extra money to pass out. This makes creditors even hungrier. Remember, debt settlement isn’t the law. Until you involve Courts, you can’t force a creditor to modify their legal rights.

To add insult injury, at the end of the settlement, the money you save is taxable income. So, about the time you’ve dug out all your savings to settle a bill, you get another bill from the government.

Before getting involved with debt CONsolidation, call me. Get real advice from a real lawyer. You owe yourself that much.


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The attorneys of Wantland Law in Shepherdsville, Kentucky, advise and represent individuals and families in bankruptcy cases and debtor-creditor negotiations in Bullitt County, Nelson County, Spencer County, Hardin County, Okolona, Jefferson County, Louisville, and such communities as Mount Washington, Brooks, Lebanon Junction, Bardstown, Taylorsville, Elizabethtown, Radcliff and Fort Knox.

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