Q: Over the phone I was contacted by a Lawyers Group to offer me a Debt Hardship Program and all my debt would be in litiga
Tion. I am to pay the law firm $270/month for 20 months. He told me not to pay any credit card pmts and don't talk to them. Nothing will be going to the creditors it is all to go to lawyers. How is this going to get me out of debt?He had me sign over phone without me reading it 1st. Have I got into something not right? Help! I am 77 and on Housing and Social Security only.
A: What you described is a debt settlement program. There are legit one and there are ones that do poor work. Without reviewing the program you chose to join and without assessing your financial situation, it’s hard to say whether you made a good decision. Given your post, it sounds like you don’t understand the pros and cons of the program. Therefore, you probably shouldn’t have signed up. I doubt the money all goes to the law firm. Rather, part probably goes toward building up funds that the firm can use to try to settle your debts at a discount.
1 user found this answer helpful
A: Many of these debt settlement companies and lawyers are bad. Cancel the agreement immediately. If unable to, seek out an attorney for elder abuse, fraud and other causes of action.
1 user found this answer helpful
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