Archive for November, 2009
If so please give me some feedback on your experience.
I used Consumer Credit Counseling Services several years ago and was very happy.
They worked with my creditors to lower both my monthly payments and interest rate.
I was debt free in 36-months.
All of the debt management companies I have spoken with say that CashCall is considered a payday lender (even though I have a $5,000 personal loan) and cannot be included with credit cards.
Reguardless of what it is considered it is still up to the company as to if they want to be involved in the debt management Program. The bad news is that CashCall is well known for refusing to work with Debt Management Companies. So as a result a lot of companies know not to even bother trying to negociate with them.
I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.
he can open equity line of credit only in his name and this way your credit report will not affect his change to obtain the loan or you have to get this loan fast- before your debt consolidation program will show on your report. most lenders treat debt consolidation program like bankruptcy chapter 13, so it is mean- they don’t like see this very much.
I have been having some mental health issues for the last year and have been on short term disability twice. When I return to work in April I’m pretty sure I will be fired. My question is, I bought a house 3yrs ago I owe 104,000 and could probably sell for 140,000. After fees and repairs ect I would make 30,000 which would pay off my other debt.
I could also let my other debt get behind and keep up on my house payments then declare banckruptcy. Could I keep my house then? I could probably get a less mentally taxing job that I could pay my mortgage with.
Or should I try to go through one of those debt counseling places? I know I am still current with my bills right now, but this keeps me up at night.
Oh, and I do have a friend I can stay with for a year if I sell my house.
Is this your dream house? If so, then do whatever you have to do to keep yourself from losing or having to sell it. If you can imagine yourself buying another home in the future and being just as happy, then, sell it before it is too late. make some money off of it, pay off your debts. Live with your friend for a while, get your life together and start over. I hope this helps. Good luck.
I am thinking about doing debt consolidation, but am confused by all the different companies out there. I have heard that there are a lot of shady companies. Does anyone have some helpful advice. My debt is not a huge amount ($6000), but I am tired of paying and paying on them and never seeing a difference on the balances.
I would suggest not going through a debt consolidation company because there are many bad ones out there. Plus borrowing money to pay off your loans to get one payment is like "Borrowing from Peter to pay Paul" as my grandparents told me once. If you do a search on the internet, many of the loan consolidation companies are listed on Rip Off Reports website.
Here is some advice to do this on your own. With only $6,000 in debt, you should be able to do this fairly quick. Others are using the same method with over $100,000 in debt. It works.
First thing of course would be to cut up the credit cards and make a commitment to never charge again. Then follow the following plan.
Make a list all your debts by amount you owe from smallest to largest. Then begin by paying the "most" amount you can each month to the smallest debt with the idea of paying it off quick. Then, only pay the minimum payment on the larger debts. Continue doing this every month until you have the smallest one paid off. Everytime you pay off a debt, call the company and tell them to close the account … that you paid off the debt and that you do not want to leave the account open. They will try to talk you into leaving the account open. Don’t do this as it is too convenient and you will be tempted and will sink into debt again. You then start paying the most you can on the next smallest debt in line and go on from there until you have each paid off. Every time you get any extra money, whether it be $5, $10 or more, apply it against your debt even if you have already sent in a payment. You can send in payments more than once a month. Don’t go out to eat. It’s "beans and rice, rice and beans" as Dave Ramsey always says which just means (cheap meals that you can fix at home). LOL Also do things to make money like garage sales, sell on eBay, get a second job, anything to help you get money to apply toward that debt. It’s not about obtaining the best credit score, it’s about eliminating the debt.
You can get more help on how to accomplish this by reading and listening to Dave Ramsey. He has a talk show which you can hear on line through his archives, or live on line, or by radio by entering your zip code and find out what time of day his show airs. Plus there is a lot of reading material on his site to get you started. In addition, he has forums from his site to get help and advice from other people who are in debt. Dave has been there (with debt) and knows what it is like and is now helping people to get out of it. There are people that have followed this method with over $100,000 in debt and have gotten it paid off without going through bankruptcy and without getting some debt help company to do it for them. Dave’s website link is below. I would also consider getting his book if you can. I gave mine away a few days ago to someone else on Yahoo Answers who is trying to do the same thing. It is worth the money and not that much, but you can obtain much information just by reading his site, going into his forums (there is a free trial offer) and listening to him on air.
I hope this information helps you and you get the relief you need. Best of wishes to you.
http://www.daveramsey.com
Say somebody has X amount of credit card debt, then they die but still have that debt to the credit card company outstanding, what happens? Does the company have to write it off as bad debt or ? Perhaps the company can hit up that person’s estate. But let me pose another question then – what if that person’s estate does not have enough money to cover that credit card debt.
The person’s estate or surviving spouse, otherwise, they have to eat it.
Most credit agencies have a life insurance policy on their lenders now and don’t persue the matter if you send a copy of the death certificate in to them.
A credit counselor discusses what debt settlement is and how it can help or hurt you.
Duration : 0:2:11
I helped some clients with Credit Card Counseling. Explaining the Good Things and Bad Things about debt settlement and Credit Card Counseling!
Duration : 0:9:59
http://www.debtreliefworks.com/how-do-debt-management-companies-work/
debt management companies provide a welcome alternative to consumers that are struggling with debt repayment and seem to making no progress with the debt repayment process. There are thousands of debt management companies through the country that provide the valuable service of helping consumers escape the cycle of debt and create healthy changes within the financial situation.
Duration : 0:1:0
Filing for bankruptcy involves choosing between a Chapter 7 or Chapter 13 bankruptcy and should be done with the aid of a lawyer. Consider credit counseling before filing for bankruptcy with tips from a certified public accountant and credit counselor in this free video on debt management.
Expert: Jerrie Guthrey
Bio: Jerrie Guthrey has been a certified public accountant and credit counselor since 1992.
Filmmaker: Jack Guthrey
Duration : 0:4:21