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Printer friendly versionWhy talk to Mark Silverthorn before speaking to a credit counseling agency?
You may be experiencing financial difficulties and considering contacting a credit counseling agency. Listed below are three important reasons why you may want to speak to Mark Silverthorn before talking to a non-lawyer at a credit counseling agency.
You may be able to avoid paying the debt
You may be able to avoid paying a debt because you have a good defense, or perhaps due to practical considerations, a debt collector will likely never be able to collect the debt from you. You might also be able to take advantage of a debt collector’s illegal conduct to avoid paying a debt. Based on his 12 years of experience working for collection agencies, Mark Silverthorn is familiar with various circumstances where people have avoided paying unsecured debts.
You do not wish to pay the full amount claimed by the creditor
Should you arrange for a credit counseling agency to contact a creditor on your behalf, you can expect to pay 100% of the amount owing. Creditors dealing with credit counseling agencies insist on repayment of the entire debt. Credit counseling agencies typically only negotiate two limited matters with creditors: the number of months or years to repay the debt; and whether the creditor will agree to a reduction in the amount of future interest owing, provided the consumer does not default on his payments.
You may want Mark Silverthorn’s assistance to avoid paying a debt altogether or to help settle a debt on favorable terms. Mark Silverthorn may be able to assist you settle an unsecured debt for an amount substantially less than the amount sought by the debt collector. You can call Mark Silverthorn and he can provide you with advice on how to make the best of your particular situation.
The credit counseling agency may be getting monies from creditors
In a number of situations, credit counseling agencies may be in an awkward spot acting effectively on behalf of consumers, because of their dependence upon financial contributions from creditors. Credit counseling agencies receive a significant amount of their revenues from creditors in what the industry refers to as “fair share contributions”. In many instances, a creditor makes a contribution to a credit counseling firm representing a particular consumer equal to 4-6% of the consumer’s payment to the creditor under a repayment plan. If a lawyer negotiating a repayment plan on behalf of a consumer were to receive this type of “contribution” from a creditor, it would be characterized as a “kickback” and could result in the lawyer losing his license to practice law.
Therefore, if you are seeking assistance from a credit counseling agency, you should not expect them to provide you with advice on how to avoid paying your debts.
Knowledge can be very powerful. Mark Silverthorn has the knowledge and experience to help you in your dealings with debt collectors and creditors. Call Mark Silverthorn today and put his knowledge to work for you.
Where permitted by state law Mark Silverthorn can provide practical non-legal advice to consumers about the debt collection industry. If you are a resident of New York state, Mark Silverthorn may be able to provide you with legal advice in connection with your dealings with a collection agency.