A bad debt situation can bring a lot stress and tension to anyone. The sooner you can find a solution to your debt problem, the sooner you can be relieved of the pressure and pain caused by serious debt problems. But where can you find the much-needed help?
Can A Debt Consolidation Company Help You?
There are companies who offer debt consolidation services especially for those burdened by bad debt. Representatives of these companies are experts in debt negotiation and in giving professional advice on managing finances. These experts can negotiate to creditors in behalf of the borrower for better repayment terms.
In some cases, a debt consolidation loan may be recommended. By taking out a readily available loan, the borrower can pay off all his unsecured debts from different creditors and clear off his accounts right away. In turn, the borrower must make monthly repayments to his consolidation company for a certain time period. Repayment terms for consolidation usually last from 5-10 years depending on the loan amount.
Looking for the Right Debt Consolidation Service
Some companies offer free credit counseling along with loan consolidation. Nevertheless, consumers must make sure that the company does not charge them with unreasonably high interest rate or excessive fees on their loan. One must also spend time examining the company’s background to make sure that you’re dealing with a legitimate and reputable debt consolidation partner.
Watch out for consolidation companies who may try to rush you or force you into taking out a loan without even taking a look at your problem. The primary goal of a real debt consolidation service is to help a borrower be set free from debts at the easiest way. Therefore, you should not be charged with heavy penalty costs in case you delay with your repayment.
Be careful about providing your personal details as well. A legitimate debt consolidation company must not ask you to provide confidential details such as your social security number or account numbers just to get a free online quote for their service.
In addition, consumers must not be charged with expensive upfront fees with the promise of a refund after the service has been rendered. If the agency is demanding you to pay an upfront fee, take your business somewhere else.
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Watch the video related to debt consolidation
It hurts to not pay off any debt, but some old debts can be pursued by a credit card company through legal action. Look at a credit report to see how unpaid debts are affecting credit scores withhelp from the owner of a debt negotiation company in this free video on debt and money management. Expert: Peter Repak Contact: www.ClearFinancialCompany.com Bio: Peter Repak has been in the debt settlement business for over half a decade. He and his wife founded the Clear Financial Company. Filmmaker: Christopher Rokosz
Help answer the question about debt consolidation
Where can I go to get free debt consolidation?I need to lower all of my bill. I want to get into a free non profit debt consolidation.
Go to http://www.creditreport.com and see if anyone else has any experience with this company.
IT is free to use and it might save you from being scammed
I used CCCS (Consumer Credit Counseling Service) in college and it was great. All but one of my credit card companies dropped their interest rate to zero. The one card that didn't drop to zero dropped their rate from 21% to 12%. I had everything paid off in about 2 years. Your time to have everything paid off will depend on how much you owe and how your creditors adjust their rates for you. Good luck!
Most if not all of these so called "debt consolidation companies are a scam.
What they do is not pay your creditors for months and then try and settle with them for less. No special skills. They just don't pay.
They also charge a fee everymonth to do this.
Your creditors do not have to talk with these people. It's your debt.
Also, if they don't pay your creditors. You, and you alone are still responsible for the debt. Your creditors will sue you and not the company you hired.
WOw, great question.
If i were yo i would declare bancruptcy, a 518 is a crappy score, if you declare bankruptcty, what your score goes down to 487???
Ddi you know that debt consolidation rpgrams are funded by credit companies, who will tell you that bankruptcy is like "the worst thing possible"
Also lenders would love to to talk to a person that has declered bancruptcy cause you CANNOT declare bancruptcy for another seven years.
you credit score can grow to a 700 but ut will take atleast eight years to do so.
you will have to pay a higher interest rate on the mortgage anywase cause of your credit scores.
Here’s how you start to fix all these problems
Everyone.
Take that credit card and cut it up.
Call them and cancel the account.
Dont just stop useing it because they are working on a new penalty charge for “NOT USING” your card.
they will crap themselves when 40 million people call them up.. Then they wont have a choice but to fix it. Its as easy as that…
I declare March 1st 2010 the day we all call your card Co and take control.. pass it on.
I am also going through this company. I have had a good experience so far. Have you tried calling 877-556-3328? It should be a better call than if you tried a different number. They have already settled one of my debts and have really done a good job at stopping calls. If you do want to discontinue all you have to do is submit it in writing and you will get your monthly payments back but not your retainer fee that you would have paid to get the program started. But I would call them first and see what they have to say about your account.
The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
See http://www.esuperfind.com/lowermybills.phpp?id=hra0tt16koo9 the affiliated site is an Experian company BBB approved so very safe.
They might or they might not have you on. It depends on many factors and how big the debt is.
it's a crapshoot, but, there are ways you can protect yourself, check out the below site:
http://www.ftc.gov/bcp/conline/pubs/credit/debt.shtm
read, read, read.
Good luck.
Your situation is sad, but not uncommon for those who opt for these debt consolidation or credit repair companies. They will take your fee, not pay your bill and leave you worse off than you were to begin with. Their motive is to try and force the creditors to agree to a settlement when the payments you have been making reach a certain point.
Problem is, the creditors do not have to agree to anything, and that is when you get the shaft.
Unfortunately, your mother probably signed a contract that spelled out everything that is happening now, and it probably explicitly said that they do not guarantee a certain outcome.
This is why anytime someone comes here asking if they should work with a debt consolidation or repair company they will get a resounding NO as an answer.