Yahoo! Answers*

Question:

what is a credit/debt attorney and what do they do?

i recieved a letter from a credit/debt attorney and was wondering what they did

Answers:

1) These are attorney's that buy up old debt for pennies on the dollar. They then try to collect on the outstanding amount, plus fees and interest if they so choose. If you won't pay, they'll sue, but generally only for amounts over $1500. Because they're attorney's, they know the process and can expedite your debt through the court, get a judgment quickly, and start to garnish your wages. Not all debt attorney's add high interest to the outstanding amount- some are willing to have a simple settlement- or just receive what is owed minus fees and interest. Some are more aggressive- they might go as high as allowable in that state or what ever the default rate was originally on the debt.

2) They are either hired by major credit card companies or other lenders to collect a past due debt. Some are just junk debt collection agencies who buy old debts that are time barred and try to collect on them. Depending upon your situation, you may have to pay or it may be some old bill from years ago. If you have further questions about this debt I invite you to join the following Yahoo group "DontGetRippedOff" A group dedicated to helping those in financial trouble, Here you will find information to help you with debt collection agencies. http://finance.groups.yahoo.com/group/dontgetrippedoff/

3) Hi, I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here: http://nanoref.com/linksynerg/LL-vtw

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