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The most helpful favorable review
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14 of 15 people found the following review helpful:
Buy it and Save $$$
Using the information contained in the book, especially to have Patience and Persistence, I have settled 2 credit card debts, and saved $16,000 from what Credit Card #1 and Credit Card #2 were demanding. They gave in before I wore out. Having gone through this, I now feel extremely confident on settling the remaining debt for less then the current balance. Using the...
Published on November 15, 2006 by Stanley Brown
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90 of 95 people found the following review helpful:
Low on Substance
I got this book because of the outstanding reviews it already had. In hindsight, I suspect not all of them are legitimate reviews. It's difficult to imagine anyone could read the advice in this book, put it to use, and actually gain significant benefit. Though the book's description sounds very promising, I found that it didn't deliver the information it promised...
Published on December 31, 2005 by D. Watson
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90 of 95 people found the following review helpful:
Low on Substance, December 31, 2005
This review is from: How to Settle Your Debts (Paperback)
I got this book because of the outstanding reviews it already had. In hindsight, I suspect not all of them are legitimate reviews. It's difficult to imagine anyone could read the advice in this book, put it to use, and actually gain significant benefit. Though the book's description sounds very promising, I found that it didn't deliver the information it promised. Many of the scenarios in the book are unrealistic and make unhelpful assumptions. Over and over again the author directs the reader to research topics elsewhere without providing even basic information. For example: "Credit reports are difficult to read and even more difficult to understand. There are some excellent books available to help you with this." While this book is not specifically about dealing with your credit report, it seems that a bit more information about credit reports would have been provided.
Most of the advice is common sense (live within your means) or biased against any course of action other than settling with creditors. The author writes from the viewpoint that bankruptcy is the worst thing you could possibly do, but never backs up that claim with any information. I was left with the impression that the author himself isn't really sure what effect bankruptcy has.
In fact, the author's pervasive use of generalities and unrealistic suggestions made me think he doesn't actually know that much about credit (despite his alleged qualifications). For example, he repeatedly suggests bargaining with your creditors that you will pay part of your debt if they remove negative information they have already reported to the credit bureaus. But the author seems oblivious to the fact that the credit bureaus have specific rules against creditors doing this. Numerous such suggestions ruin the author's credibility.
At best, this book might be helpful as motivation to action for someone who lives beyond his or her means. But if your debts are the result of unfortunate and unavoidable events in your life, and you are ready to take decisive action to get your debt under control and your credit back on track, you will find this book preachy and unhelpful.
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14 of 15 people found the following review helpful:
Buy it and Save $$$, November 15, 2006
This review is from: How to Settle Your Debts (Paperback)
Using the information contained in the book, especially to have Patience and Persistence, I have settled 2 credit card debts, and saved $16,000 from what Credit Card #1 and Credit Card #2 were demanding. They gave in before I wore out. Having gone through this, I now feel extremely confident on settling the remaining debt for less then the current balance. Using the advice contained in Norman's book WILL work as long as don't give in until you feel you have reached a fair settlement.
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23 of 27 people found the following review helpful:
Not Very Useful For the Average Consumer Debtor, February 10, 2009
This is not, in my opinion, a very useful book for the ordinary consumer debtor.
It's also a little sloppy and fast and loose with facts and law. For instance, on page ten there's a "legal note" that asserts "in a bankruptcy, an unsecured debt that has been converted to a judgment retains its unsecured character and gets no preferential treatment in a distribution." Well, not exactly. First, a judgment that's recorded at the County Recorders office in my state, Arizona, where I've practiced bankruptcy law for thirty years, becomes a judgment lien upon real property owned by the judgment debtor in that County.
And that's just one example. But what bothers me more about the book is the assumption that it's fairly easy to negotiate credit card type debts. Frankly, it once was. About thirty years ago.
But these days a consumer who tries to talk to the credit card company with whom he is trying to negotiate is just as likely as not to get a call center in a country where English is not a first language. And trying to negotiate with folks there is all but impossible, because they're paid very few rupees per hour, and can only do what they are instructed to do on their call center flow chart.
In fact, credit card debts are among the most difficult debts to negotiate away, for the simple reason that there are a bunch of them in an ordinary situation. And to make the problems go away, all of them have to be willing to play ball. And the 80/20 rule applies in negotiations with a bunch of creditors. If you have 10 creditors, and all of them have to agree to get you to your goal, there will be two that never want to see things your way.
And another thing: ordinary consumer debtors, in my experience, don't have the mind-set and psychological balance to deal with negotiating their own debts away, or down. And one reason for that is that the debtor who negotiates for himself has no professional objectivity, and that clouds his judgment.
Another idea that this book pushes is that workouts with credit card companies and collectors can be done by the consumer borrowers themselves, and that in the process they will get the credit card companies to remove the derogatory information in their credit reports. I believe it will happen at about the same time the temperature in a place that bad people may go after the end of their lives drops below the point at which water become solid.
Another odd concept in the book is that bankruptcy is financial suicide, and that most credit card and unsecured debt problems should be easily dealt with by negotiation. I simply disagree, and it's not just because I'm an Arizona bankruptcy lawyer. I've seen people with overwhelming debt rebuild their credit and their lives after bad luck or bad decisions forced them to file, and they get on with their life just fine (note: it is absolutely correct that a bankruptcy, whether a Chapter 7, 13, 11 or 12 is a very big deal, and should never be gone into lightly. That said, you shouldn't take penicillin when you have the hiccups, but if you have pneumonia, you better head to the penicillin man.) Also take a look at Bounce Back from Bankruptcy, also available on Amazon, to see exactly how difficult it is to reestablish credit.
Is there anything good about this book? Sure.
For instance, the author strongly suggests that consumer debtors make a budget and learn their "nut", and learn to live within their means. Bravo.
But after I say that, I look back at another "legal note" that's misleading: "Judgments against corporations, limited partnerships and limited liability companies are normally not enforceable against individual owners, stockholders or limited partners and should have no effect on their personal credit record."
Well, that's true as far as it goes. But in the real world of small business, the primary owners of the business almost always have to personally guarantee substantial debt incurred by the business. So ignoring a threatened lawsuit because of the "legal note" above would get the average business owner with the average lawsuit against his business into substantial hot water, because that lawsuit would normally name him as a defendant as well.
So read this book, because it's interesting and because the author is clearly passionate and sincere. But before you take ANY of his advice, talk to an "av" rated bankruptcy lawyer, or a bankruptcy attorney who has a 10.0 rating from AVVO.com, or a Martindale AV rated bankruptcy lawyer, and read a lot of other books, because if your plan is based exclusively on this book, you may be stepping on a land mine.
p.s. as I write this postscript, there is a raging debate in Congress over a provision in the Bankruptcy Code that may, after amendment, permit the stripdown of some OR all mortgages on residential real property. Will that statute pass? Listen, I've practiced bankruptcy law in Phoenix, Arizona for about thirty years, and I've watched a long series of amendments to the "New Code" of 1979; and I've watched as Congress debated in the past. The 2005 amendments took about a decade to work their way through Congress. So MAYBE the Bankruptcy Code is about to change a lot. And MAYBE it's not. But if you're contemplating bankruptcy in Phoenix, Arizona, or anywhere else, you should be aware that the law is currently MAYBE about to change in a way that could be helpful to debtors, IF they qualify and are willing to put up with a Chapter 13 bankruptcy (which makes a root canal look like fun).
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15 of 19 people found the following review helpful:
Money Well Spent, January 3, 2005
This review is from: How to Settle Your Debts (Paperback)
My debts are running my life and I was going to file for bankruptcy until I found this book. You can tell this guy knows what he is talking about. I especially liked the references to real life situations and all the helpful hints he provides. After reading the book, I'm sure I can get creditors to work with me because it's better for them. I also like the idea of doing the dirty work myself rather than using a debt counselor. This way I know my best interests will come first and I don't think I'll ever let myself get into this kind of debt problem again. Now, I'm going to read it again and start doing what has to be done. This is a terrific book. The best $18 I've ever spent.
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12 of 15 people found the following review helpful:
Great advice, December 16, 2004
This review is from: How to Settle Your Debts (Paperback)
I purchased this book to learn how to help my mother who is having financial problems. The advice in this book is priceless. The knowledge I learned from this book gave me the ability to make sound, educated decisions. The author doesnt pull any punches and tells it like it is. If you know anyone who is thinking about bankruptcy, buy them this book first!
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4 of 4 people found the following review helpful:
The perfect do-it-yourself manual for individuals, families, and businesses, June 15, 2008
Among the unfortunate side effects of an economic downturn such as the United States is currently experiencing is the growing debt load that ordinary men and women find themselves having to labor under. Now in a fully updated and significantly expanded second edition, "How To Settle your Debts: Without Committing Financial Suicide" by certified public accountant Norman H. Perlmutter, is the perfect do-it-yourself manual for individuals, families, and businesses who find themselves sinking further and further into crippling debt. Of special note is the new chapter specifically addressing the problems associated with student-loan debt. A major culprit are the credit card companies who deliberately target people's desire for instant gratification for things they don't need and cannot afford. Complicated with deceptive interest rate schedules and conditions, anyone seeking to emerge from crippling debt must become informed with respect to the various techniques of predatory credit card issuers. Drawing upon his many years of experience and expertise in helping individuals and businesses deal successfully with the problems of excessive debt, Perlmutter deftly shows the non-specialist general reader how to wipe out their debt without having to resort to bankruptcy (which Congress has made even more difficult with the finance industry backed legislation); how to effectively deal with bill collectors; settling debts through leverage; clean up and rebuild personal and corporate credit ratings; deal successfully with tax debts, secured debts, and judicial judgements; resolve student loan debt repayment problems; as well as when and how to simply walk away from debts. "How To Settle Your Debts" should be considered profoundly valuable reading for anyone having to deal with problems arising from excessive debt, and be a priority acquisition for college, university, and community library Money/Finance reference collections.
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10 of 13 people found the following review helpful:
This is the best resource currenty available ..., November 5, 2005
This review is from: How to Settle Your Debts (Paperback)
... for learning how to settle unsecured debt such as credit card debt. It is comprehesive and yet concise. There is no BS or fluff and it touches on every area of the landscape you need to be aware of when trying to settle unsecured debt on your own. Even though there is one far more powerful solution to settling credit card debt that is not discussed in this or any other book that I have read on this subject, I still gave the book five stars because all of the information contained in it is essential to know and is very well presented. As such, this book is the ideal starting point for learning about how the business of debt and collection works and how to deal with it. I highly recommended it.
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1 of 1 people found the following review helpful:
Very Helpful guidance, October 14, 2008
I purchased this book as I'm entering into the same problems as many other people, where the lure of easy credit has gotten me bogged down and stressed out. The first part of the book, where it talks about ways of running and hiding from the problem scared some sense into me.
Then the rest of the book, where it goes on to guide you through taking responsibility for what you (and the credit companies) got yourself into. And the information for working to get yourself out of the mess is great. It's given me the confidence to continue down the road toward settling my debts on my own, and knowing that professional assistance is still there if I need it. The book outlines lots of good information concerning debtors rights, challenging the creditors claims, constructing a workable budget for yourself and starting negotiations with your creditors.
Norm also re-enforces a very important point: In order to get yourself out of debt, you need to get control of your spending and stop creating new unsecured debt.
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1 of 1 people found the following review helpful:
Great insiders look at losing your debt, December 6, 2007
This review is from: How to Settle Your Debts (Paperback)
While most of the information in this book is common sense, it's all worthwhile and sometimes common sense is what people need to hear from time to time. Perlmutter's book is clever at times and thoughtful consistently and offers an insiders look into the word of debt--mainly from a CPA's viewpoint. The reader is treated to a wealth of insider information including terms and techniques the banks and credit companies are using to capitalize on us.
This book is a great addition to my more consumer-oriented "How to Take Advantage...". Buy it and enjoy your new debt-free life!
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2 of 3 people found the following review helpful:
Great Advice!, June 30, 2008
I am very grateful for the wonderful advice. I would have loved even more specific info on settling debts but overall it is a spectacular source of valuable information.
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