Personal Bankruptcy stimulus package instead of bankruptcy

[jdkurek]

I received a letter today. It was an add. I looked on the internet and saw 2 similar debt control ads, not debt consolidation or settlement, say that Obama has changed the laws. Providing you have $10K in debt, you can get into a program where your credit card debt is reduced by half and a low payment is worked out.
Has anyone information on these programs. I wonder if they are legitimate or scams.

 

[sfitz]

Where was the letter from? Unless it was sent by a municipality or federal agency it is most likely a scam. By the way, the recent bill that has been in the news lately only prevents card companies from raising interest rates. It doesn't eliminate any of your debt. Also, I don't think the federal bankruptcy laws have been changed yet.

 

[kccmw14617]

stimulus package

I think any 3rd party debt solving business is not a good idea. I was told by cc company legal depts that if you read the fine print of all cc rules, they say it is in black and white that yhey don't deal w/third party negotiators. I joined a debt solution/settlement company in Nov 08 and fired them by March 09. They took half my monthly net pay, kept on telling me they were in negotiations w/several of the cc companies I owed, I finally caught on that not much was happening and they told me one company wouldn't settle for less than 25k, when they only offered them 4k on a 30k bill (2 cards). So I basically lost 4k over 6 months, which I could have used to pay off cc and all my cc bills are in collection or legal situations