Mediations means you work out what you are going to pay them. So their advantage is that you are going to pay them less than you owe, but not file bankruptcy which would leave them with nearly nothing.
The advantages to the creditor of debt mediation allows both the creditor and debtor to resolve the debt or judgment rapidly, which avoids undue delay and costs to both parties. It can be applied to our current foreclosure crisis.
To qualify for debt mediate you would work with your credit counseling organziation. They in turn will work with the creditor to see if they are willing to negotiate.
If you have an account with a creditor that is seriously delinquent, the creditor may agree to a debt settlement to pay off the account in full. You may approach the creditor with an offer yourself, or you may work with a professional debt settlement agency. Both methods have advantages and disadvantages that are worth researching ahead of time. If your creditor accepts the settlement, you only have to pay the agreed-upon percentage of the debt.
The debt mediation process can be very short or a long drawn out process. Fees vary depending on the amount of debt and how long the process takes.
Recall of a debt by a creditor is when the original creditor asks for the debt to be returned to them after they have sold it, often to a collection agency. This may occur if the debt has not been collected for a certain amount of time, and the debt will be sold to another agency to collect, or if the debtor offers the original creditor a settlement.
no
A creditor agreement is a contract between two parties. The agreement outlines the term of payments based on purchases and other things such as mediation.
Ask the creditor to send you written verification of the debt including all of their documents after incurring the debt. If the cancellation of the debt is not indicated in their documents, then dispute the debt by providing your written notification of cancellation of the debt to the creditor and if unsuccessful, then dispute the debt with the credit bureaus who will initiate an investigation with the creditor and the credit bureau will usually repond to you in 30 days. If no response from the creditor then it will usually be deleted from your credit report. If the collection harassment continues then ignore it realizing that probably no legal action will be taken against you or you can contact an attorney to contact the creditor. Either pay the debt or file bankruptcy.
You must pay all of your legitimate debts. A creditor is not required to report a debt to a credit bureau in order to collect the debt you owe.
The debt counselling / mediation industry is rotten to the core. Here's an article that explains the major problems with the industry: http://www.consumeraffairs.com/debt_counsel/debt_counseling.html
Gift?
No they can not sue you.
Not if it is creditor debt, such as credit cards.