Nov
03
Can you recommend a good debt settlement/consolidation company?
By
I have a bunch of debt and need to get help. Can anyone recommend a legitimate company from personal experience? There is about $30,000 total. Thanks
Sell House Quick
Disputing Debt settlement/consolidation company charges?Has any ever, or know if you can, dispute charges made by a debt consolidation or debt settlement company. they refuse to refund my money because I signed a contract,...
what is the different between consolidation company and debt free company like Creditsolutions.com?I called creditsolutions a minute ago and they told me that they are not a consolidation company. I told them that I have a debt for 16,000. They told me...
What is the best debt consolidation loan company?My credit is not that good its actually poor. I am only $20,000 in debt but would like to consolidate both my credit cards and car payment. I would like...
has any one used a debt consolidation company before? Or known anyone to use one?I have reached the point where I must pay off all my debt, or at least most of it. It is hurting my business, and I feel like I constanly...
What is the best non profit debt consolidation company to use?I have a friend who needs help and I want to make sure he gets the best company to help him. Thanks!Quick House Sale...
Leave a Comment
You must be logged in to post a comment.
3 Comments
November 11th, 2009 at 7:06 am
I don’t know of any. All of those companies do is stuff you can do your self. And they charge you for doing it!
Make a budget, find out just how much you have to work with.
Then call your creditors. Be honest. Many will work with you to reduce your interest rate and / or eliminate fees. If you agree to a payment plan, make sure you follow it.
Pick the smallest amount because you have the best chance of paying it off first. Make the minimum payment on everything else and concentrate on that one. When you get that paid off, attack the next one in the same manner.
November 12th, 2009 at 7:26 pm
Debt settlement companies will take your money and let all your accounts go 90 days past due. Then offer lowball settlements under threat you will file bankruptcy. Not only will this trash your credit, but most credit card companies refuse to play and will immediately sue you. The settlement company won’t be helping with that lawsuit either.
Shifting all your debt to one big loan isn’t such a good idea either. You have to be disciplined enough to not run credit cards back up. Also, you may have a lower interest rate but stringing out the repayment over a longer term means you will actually pay more interest by the time you have the debt paid off.
Have you considered credit counseling and debt management program? Check for a NFCC member in your area: . These are legit, non-profit companies that off debt management programs for a nominal fee. They don’t settle your debt. They negotiate lower interest and smaller payment so you can pay off your debt.
While in the program, it is noted on your credit file. However, upon completion of the program, the notation is removed and you will have decent credit.
November 16th, 2009 at 2:02 am
The key will be making sure the money is put into a trust account that you control. You dont get sued at 90 days; that is ridiculous.