Debt Clearing Research Links

It is next to impossible to track down good reputable sources about debt settlement or bankruptcy these days, with all the articles out there trying to lure your business. I’ve done my best to compile a healthy list here.

Do your research before deciding which route to take. If you want some rallying reasons to clear it, click here. Below the links are USOBA’s recommendations for finding a reputable debt settlement company.

Associations to research companies or attorneys:

Better Business Bureau (Better Business Bureau in Southern California) (note: there has been some controversy over BBB’s new consumer grading system as it applies to debt settlement firms — the USOBA recommends you look at complaint resolution)

The Association of Settlement Companies (TASC)

United States Organizations for Bankruptcy Alternatives (USOBA)

State Bar of California: Attorney Search (You can do a similar search for your state’s Bar.)

Journalism articles:

Credit Card Companies Making Deals – New York Times (2009)

How Battling the Banks and Credit Card Companies Is Like Whack-A-Mole – Time (2010)

Old Debts Never Die – They Are Sold to Collectors – New York Times (2010) Contains some key advice about the statute of limitations and how not to reset the clock — very important.

Real Student Default Rates Much Higher Than Previously Known – ProPublica (2009)

Debtor’s Revolt: Woman Refuses To Pay Off Bank Of America Credit Card (VIDEO)

Americans Need Debt Relief — Is Obama Brave Enough to Make It Happen? – AlterNet (2010)

Plan to Change Student Lending Sets Up a Fight – New York Times (2009)

How-to articles:

Credit Card Debt Forgiveness Programs

Debt Validation A debtor should, as a matter of course, validate a debt when a collection agent attempts to collect the debt. Why? Just because a voice on the telephone claims that a debtor owes the collection agent money does not necessarily mean the collection agent owns the right to collect the debt, or that the debt is even owed.

Debt Hope: Down and Dirty Survival Strategies Evaluation Version Every other page of an ebook … you can evaluate it before purchase.

Questions answered:

Charge-Off & Credit Report Answer to “If I have a charge off on my credit report, will that affect my credit rating? How long will it stay on my credit report if I don’t pay it off or file bankruptcy?”

Bankruptcy FAQ (California) from attorneys Uriarte & Wood

FAQ on Debt Collection

Answers to a ton of debt questions

Take back your power:

Move Your Money The mission of Move Your Money is to encourage individuals and institutions to take their money out of Too Big To Fail banks and invest in community banks and credit unions.

How the economy collapsed:

Links for how it happened from the excellent documentary Inside Job.

USOBA’s recommendations:

How can I find a reputable debt settlement company?

Finding a reputable provider in any in industry can be challenging. We suggest the following:

1. Shop around and compare. There are a variety of Debt Settlement programs available and you should choose the one that makes the most sense for your particular situation.
2. Always verify claims made by the provider. If they say they are members of or affiliated with certain organizations, call the organizations to verify membership or affiliation.
3. Ask the company if they have standards they adhere to and request a copy of the standards. Oftentimes, a company will also be accredited to those standards. (see next FAQ for Accreditation information.)
4. A reputable company will always discuss the potential challenges as well as the benefits of their Debt Settlement program before enrolling you as a client.
5. A reputable company will not make claims about “Government Bailouts”, “Obama Funds”, “Consumer Stimulus Programs” or any other false claims about debt settlement being part of any government programs. Neither the White House nor President Obama have sanctioned, created or otherwise endorsed any national debt relief or forgiveness program or initiative for consumers that are offered by Debt Settlement companies.
6. Ask the company for a written explanation of their cancellation or refund policy.
7. A reputable company will display their physical location address on their website.
8. A reputable company will conduct a thorough review of your financial situation including all expenses and income before determining eligibility for their Debt Settlement program.
9. A reputable company will provide a consumer with a copy of their service agreement prior to requiring the consumer to provide complete banking information, accounting information or social security number.