Archive for December, 2009
Attorneys general from Illinois to West Virginia have become serious about combating abusive practices within the debt settlement industry. In New York state, Attorney General Cuomo recently announced that the state has secured subpoenas against 14 national debt settlement companies. At the same time, the Consumer Credit and Debt Protection Act was introduced in the U.S. House of Representatives in an effort to reign in the industry. Join Thomas Fox, Cambridge Credit Counselings Community Outreach Director, as he discusses why so much scrutiny is being placed on debt settlement agencies and the practices that have brought them under fire.
Duration : 0:5:25
The 4th in a series of educational videos from the MoneyHarvest Institute. We help change lives for the better and empower people to have Prosperity Thinking. More about us and our non-profit Christian Credit Counseling Services at www.cccfree.org
Duration : 0:4:13
Debt management : is is right for you? who is the best company to use? why would you use a fee charging debt management company?
DCM Money Solutions offer everything from bankruptcy to IVAs as well as debt management. We put together a debt solution to help you, not what’s most profitable for us.
FREE initial home consultation. NO upfront fees required (depending on solution). See website for debt help tips, tools, videos, calculators, worksheets…..
That’s why we’re aiming to be the UK’s #1 debt solutions company.
http://www.dcmmoney.co.uk
Duration : 0:1:24
Learn how to manage your debt.
http://www.CreditRepairPublishing.com
CREDIT COUNSELING and debt consolidation: What you need to know before you sign up.
“(NPR News, May 15, 2006). The
Internal Revenue Service is revoking
the tax exempt status of some of the
largest credit counseling agencies in
the country. An IRS investigation
disclosed that the firms solicited
business from people seriously in debt
and that they didn’t provide counseling
or consumer education, as required.
Prodded in part by a congressional
oversight committee and consumer
advocates, the IRS began investigating
dozens of credit counseling agencies –
most holding non-profit status — two
years ago. IRS Commissioner Mark
Everson says the companies “poisoned an
entire sector of the charitable
community.”
Everson says in many instances,
companies were organized merely to
funnel business to loosely affiliated
for-profit companies. Many of the firms
spend millions of dollars on
commercials that urge anyone with debt
to call them to solve their financial
woes. And because tax-exempt
organizations are not bound by the
federal do-not call list, the firms
were able to randomly call consumers,
pitching their services under the guise
of a non-profit counseling service.
The IRS investigations are also
likely to affect consumers, thanks to a
new bankruptcy law that requires
consumers considering bankruptcy to get
counseling before they are allowed to
file. The IRS wants to ensure that only
legitimate non-profit agencies are
doing the counseling. In addition to
the actions announced Monday, the IRS
is sending more than 700 compliance
letters to the rest of the credit
counseling industry.”
Please rate this video.
Thank you.
http://www.debtfreebible.com
Duration : 0:8:39
http://www.realcase.com FREE help on a personal debt consolidation program, plus advice on private bad credit lenders, information on private bad credit lenders & debt consolidation non profit.
Duration : 0:2:31
Learn how to reduce your credit card debt faster using the Snowball Method. Visit http://www.debtopedia.com for more helpful information and to get a free copy of my special report “The Secrets of credit card debt“
Duration : 0:3:51
I am a senior in college, I have no job now as I am finishing school. I start work in June, and I actually have good credit, over 700, and 5k in credit card debt. I’ve paid my bill in full always in the past until my last killer spring break. debt settlement sounds cool to cut the debt in half which I would pay off with a lump sum, or should I just stomach it for another month where I can pay it all off entirely in full. Thanks.
You have not provided enough information but, if I understand correctly, your credit cards have not yet become delinquent, otherwise your credit score would not have been over 700.
If you have paid at least the minimum payment on EACH of your credit cards for every statement, you are in good shape, as far as your credit history goes. Your credit score could be slightly damaged by your higher debt-to-credit ratio, but that is a minor concern, because it will be corrected as soon as you either pay off some of the balance due or increase your credit line. Or open another credit card. And with a score above 700 you will have no problem opening a credit card with a 0% balance transfer interest rate to transfer some, or all, of the balance on your current credit card. That should take care of the problem until you start getting paid. You will need to be careful though, as all banks charge a balance transfer fee of 3% of the total amount. Some banks, however, like Citibank and Bank of America offer credit cards with 0% balance transfer rate and $0 balance transfer fee on some of their credit cards. I would recommend browsing through their credit card offers.
What will seriously damage your credit history for a long time is missing a credit card payment. It will stay there for 7 years, even after you settle with your creditor.
Does anyone know of any types of loans or lenders who will consider applicants who are currently enrolled in a debt management plan (DMP) or Credit Counseling Program (CCCS)? I have been making monthly payments on my DMP for almost a year, but have several more years to go. I would really like to buy a house. I would be a first time home buyer. Does anyone know whether this is possible?
Actually, I know someone who was in the same boat. Had a credit score of 560, was approved for an FHA loan through a local bank, but had to get a letter from the debt management company saying it was ok to assume new debt.
So I have okay credit and am recently married. We had zero help with the wedding and are now in about $45,000 worth of debt. We really want out of debt fast and have been researching our options. With the economy the way it is, it is looking as if debt managent is one of our best options. I have researched many companies and have found Debt Wave to have the best BBB rating and offer the most benefits with the least complaints. How does debt management affect your credit? Can you still lease a car when in the program? Have you heard of or used Debt Wave? Do you have any other suggestions?? Help!
Debt is created fast and paid off slow. Versus saving slow and paying off fast when you save up money to pay for something.
1. You can manage your own debt with some instruction. see source below.
2. You overspent on your wedding already. You did not have any money to pay for it so you borrowed money by using credit. Do not use credit to buy any more things- even a $5 electric cord. It is now time to start paying it off.
3. If you are in debt management your credit is probably dead anyhow.
4. Debt mangement companies charge money to do what you can do yourself. This same money could be used to pay off debt. Those companies want their money- they don’t do it for free.
5. Leasing cars is stupid and only done by idiots. Buy a lower priced car with cash and then save up money to buy a nicer car in the future.
The Debt Wave is probably what Ramsey also talks about – paying debts from the lowest amount debts to the highest amount debts. This allows you to begin to use the payment amounts from the paid off accounts to pay off the higher amount accounts.