Not credit counseling, but debt consolidation loan. Can’t find any good info on the web, so your educated opinion would be helpful. What are credit requirements, home equity requirement, debt service ratio and other factors?
If you know a good resource that would be very helpful as well!!
Thanks.
I get this question all the time as a senior loan officer for a large mortgage brokerage firm. Credit requirements are a little tighter now, but there are still lender who will offer to consolidate your debt if you have the following:
1. Credit score of 680 or higher.
2. Debt to income ratio of 45% or lower (if CR score is higher, then ratio can be higher)
3. Home loan to value can be as high as 95%
for more information go to my website: www.windsorcap.com/rlicon
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Okay, so I’m about 12,000 in debt. I have three credit cards I’m currently paying on. I called a debt counselor and was hoping they could lower my monthly payments. I pay roughly 300 dollars a month to all 3 credit cards. I only get 900 dollars a month, so 300 dollars is a big chunk to have to pay 
So any how, when I talked to the lady she said I would be paying anywhere from 300 a month to 350! That’s already what I pay now! I just thought that debt counseling or management was suppose to help people lower their payments! I’m just confused as to what I should do. Should I just file bankruptcy?
Thanks
Kim
ok.i was in your boat about a year ago.in this kind of situation,i think you should consider debt settlement.now this does have pros and cons.now if you do go with this option,do your homework carefully.there are a lot of bad companies out there. now most companies settle the debt for about 40%+fee.now the advantge is that you end up paying a percentage of the debt plus fees over a payment plan period.most companies will charge 10-15%.so if they settle you would end up paying 55% of your total debt which is about $6,600.now it will impact your credit because you have to cease payments to the creditors and you have to close the accounts.once you settle the debt,youre score will go back up.this is much better than bankruptcy because it will not have the long term affects.now if you find a company that charges this much,you could do a 36 mo.plan would bring down your payments to about $185 per mo.hope this helps.
Has anyone taken it through Cricket debt counseling ? At the end of the course, you’re suppose to call and speak to one of their debt counselor. Just curious if anyone went through their company. How long are you expected on the phone and what kind of questions are asked?
The problems with most credit/debt counseling agencies is 1, there is no promise they will help you at all. 2, you have to pay a fee for their services – services you can do yourself.
My advice, if you have a financially savvy friend or relative, sit with them, get your bills and income together and go over a budgeting strategy. If you don’t have someone that can help you with that, look online for budgeting tools, or simply get out a calculator and figure it out yourself – it’s not hard to do, but can be tricky when you’re trying to figure out how much to give this company or that company or which debt to pay first etc..
When you get all that figured out, you yourself can contact the companies you owe and say this is what I can afford each month to pay you. Take it or leave it. They’ll take it, they want their money. Now prior to the "take it or leave" part – Tell them you want an interest freeze placed on the debt. That freeze will stop all debts from growing interest. When you satisfy the debts you will regain access to whatever account it is you froze – unless of course it’s a typical bill, then it’s simply paid off…
Credit companies do work with people, but not many realize that, they are afraid to negotiate till it’s so far out of hand – sent to collections or a judgment was placed etc… Best take action sooner than later..
Avoid agencies, they’re not necessarily all scams, but they rarely help and always overcharge.