"Debt Settlement Attorney" Discussion

Upsolve Community Member
Hi Daniel, Welcome!Great question. One way to find the amount you still owe on a debt and who owns it is to get a current copy of your credit report. https://upsolve.org/learn/get-your-free-credit-report/ Please let us know if you have any other questions.

Upsolve Community Member
The Upsolve article https://upsolve.org/learn/find-out-which-collection-agency-you-owe/ has some tips on finding collection agencies. FYI: In 2020 there was a $1.2 million dollar settlement with Shiva Finance LLC doing business as Advanced Financial in Virginia because they had customers sign an arbitration agreement but then Advanced Financial (Shiva) went and sued people for collections in district courts. Some people are getting judgments reduced, and others are getting a check. More information is on the Virginia Attorney General website: https://www.oag.state.va.us/media-center/news-releases/1837-september-29-2020-herring-reaches-settlement-with-internet-lender-advance-financial I'm not sure if you're in the Virginia area, but thought I'd pass along that info. There could also be contact info in some court documents.  

Upsolve Community Member
Mary, so so glad you came here to ask. You're doing exactly the right thing by thinking through the options and asking questions when you have them.

Upsolve Community Member
Here's an article that describes some of the options: https://upsolve.org/learn/debt-relief-options/ Bankruptcy, debt consolidation, and debt settlement are some of the options you'll learn about. Check it out and ask here with the questions that come up once you learn more!

Upsolve Community Member
Another article here if it helps! https://upsolve.org/learn/paying-off-credit-card-debt/ 

Upsolve Community Member
If you're thinking about filing bankruptcy, the Upsolve article https://upsolve.org/learn/should-i-file-for-chapter-7-bankruptcy/ will help you in the decision making process. 

Upsolve Community Member
Hey Donyale, this may be helpful! https://upsolve.org/learn/debt-settlement-letter/

Upsolve Community Member
Donyale, really glad you asked and so happy you're here! Has anyone here used debt settlement to resolve their debts? 

Upsolve Community Member
Here's a template that might help you! https://upsolve.org/learn/debt-settlement-agreement-template/

Upsolve Community Member
Absolutely! And many try to do so. Check out https://upsolve.org/learn/debt-settlement-pros-and-cons/ in our Learning Center to find out more. 

Upsolve Community Member
Definitely! This is a common strategy- though it's not possible or the best option for everyone. It generally involves offering a lump sum payment worth less than what you owe in exchange for wiping out the rest of the debt. If you can come to an agreement, it can be a good option, though that's not always possible 

Upsolve Community Member
This might help too! https://upsolve.org/learn/debt-settlement/

Upsolve Community Member
https://www.nerdwallet.com/article/loans/student-loans/navient-student-loan-lawsuit Full disclosure: This summary comes from NerdWallet, a for-profit entity with no affiliation to Upsolve.

Upsolve Community Member
Navient ( Sally Mae) used to be mine, but I payed it off 

Upsolve Community Member
Olesya, congrats on being free from THAT debt! :-) 

Upsolve Community Member
I have Sallie Mae now about to default but not sure what to do is it better for it to default.  I just don't know if getting into more debt to pay them is worth it.