Legal Question in Credit and Debt Law in California

That is a marketing gimmick that I hear also on the radio and television. It is part of their advertising to try and obtain more clients. There has been no change in the law that I am aware of that requires a credit card company to accept anything less than what they are owed. Through skilled negotiation, however, one may be able to pay less than what is owed, but it is only through negotiations and is not mandatory on the part of the credit card companies.

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My colleague Mr. Gibbs is absolutely. There are no new law that require creditors to cut your interest rate, balance or payments. In fact, most debt settlement companies are a scam.

If you want to know why bankruptcy is almost always better than debt settlement, please contact me for a free consultation.

I agree there is no new law, and it sounds like a marketing scam. The only way to reduce debt is to negotiate or file bankruptcy. I disagree with Carl though on bankruptcy being better that debt negotiation. If you use someone who knows what they are doing then debt settlement is preferable to bankruptcy or at least that has been our experience. If you go the debt settlement route make sure you are dealing with an attorney as they offer much more protection than those fly by night companies.

Good luck and hope this helps.