25 Jul A Helpful Resource for "Do It Yourself Debt Settlement"
My Debt Law Network colleague Andy Miofsky recently published a very timely article on this blog entitled “Do It Yourself Debt Settlement.” As I read Andy’s article, it reminded me of a conversation I had earlier this year with a very interesting gentleman named Kenny Golde.
Kenny is a screenwriter and movie maker who lives in California. Last year, he found himself with over $200,000 of credit card debt – which he incurred to salvage a film project when his financial backer passed away. With limited assets and financial resources, Kenny set out to negotiate and settle his outstanding credit card debt.
Kenny was able to settle his $200,000 debt for around $30,000 – which amounts to 15 cents on the dollar. He has described his dealings with the credit card companies and their collection agencies in an e-book which is available for $19 at settleyourcreditcards.com. Kenny was kind enough to send me a review copy of his e-book and I learned a lot about the collection tactics used by credit card collectors. Kenny appears to be a fairly introspective person – on one hand he was able to describe in sometimes painful detail the pressure that was put on him by the credit card negotiators; on the other hand he is able to put that experience into perspective and analyze what he did right and what he did wrong.
Kenny’s experience will not be applicable to everyone but his story will give you a sense of what it is like to engage professional debt collectors in negotiation. Kenny is not a lawyer or a debt negotiator – however he is a good storyteller and if you are thinking about making an effort to negotiate a settlement with your credit card lenders, it would be worthwhile checking out Kenny’s site.
Jonathan Ginsberg, Esq.
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