Archive for December, 2009
I did an internet search and all lead me to already established debt programs. I want to set up my own debt management program, which can negotiate with creditors, consolidate loans etc… How do I get started?
I reiterate: There are literally thousands of debt management, consolidation, counseling website and resources. I am not looking to manage my own debts, I looking to start a debt management program for other people. I want to know what grants to apply for to begin a start up program. I want to know what regulations, fees, licenses I need to start my own debt management program so that others can come to me for debt consolidation services.
Make sure you have the skills, contacts and start-up money.
Establish a place of business and start advertising.
Best thing would be to map out the whole thing up front. You’ll need to know permit/license needs, employer requirements and other general business details. There should be a lawyer in your area that can assist with applications.
You hear of so many scams out there. How do you know a reputable organization when you see therm? What are are the best options? A compay with a Christian foundation is preferred. Thanks
Go someplace local. Period.
I was wondering how much does it cost to pay a debt consolidation company to help you, because I want to know if it’s worth it. I’m in so much debt making barely and I don’t know what else to do. On payday I usually just have 100-200 dollars to myself because the rest goes to my bills.
Credit Counselors charge between $10-$50/month and get your interest rates cut a bit.
debt settlement companies usually charge about 15% of what you owe over the term of your program.
A mortgage debt consolidation will cost you from 1% to 4% of the amount you refinance.
What you should really look at is what is the total cost to get debt free, how long the program will take, and how low each can get your monthly payment.
Try to get a free consultation from someone, this page had a good review of your options and considerations so you choose the right path for your situation:
http://www.bills.com/blog/consolidate-debts/
Can an individual eliminate credit card debt by declaring bankruptcy? I didn’t think you could wipe it out, just get the bill collectors off your back. But, someone told me that it depends on which chapter of bankruptcy you use. The right one WILL eliminate credit card debt. I know someone who has $80,000 in credit card debt and they are trying to do that to get rid of that debt! Is it really possible? Are there any restrictions in doing this. Can you ever get a credit card again if you do it?
Chapter 7 bankruptcy will wipe out all unsecured debt.
Not even sure if I’m doing debt settlement. Just researching. Some say, your credit goes back up after you pay off the debt settlement amount in an average of 2-3 years. While on some articles I’ve read, it remains on your credit file for up to 10 years? What are the implications on your credit?
How much do these agencies normally charge? Just afraid with scams.
Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – creditreport.imess.net
Right now my monthly payments on all my bills total more than what I earn and bring home each month. I make ends meet with my payments usually being late, etc. I have an appointment in a couple weeks to go talk to someone at Consumer Credit Counseling Services about a debt management plan. Does anyone know if they will even be able to help me since my payments are more than my salary? Bankruptcy is not something I’m willing to consider because I work at a bank and would probably lose my job.
You can not be fired for filing Bankruptcy.
It could prove to be more of problem in getting future jobs, if those jobs are related to cash-handling and will require you to submit to a credit check as part of the application process.
In early 2006, I signed up with a company to consolidate my credit card debt. The full amount was around $12,000, and that’s spread out over six cards.
This year I started making a good bit more money, so, in May, I called the debt management company and asked if they’d take an EXTRA payment from me that month, as soon as possible, in order to knock off most of the debt on two credit cards.
I thought I was clear and repetitive, but somehow they managed to ONLY pay those two cards that month of May and none of the others.
Now Bank of America has told me that this has been negatively reported to the credit bureau.
The debt management company, who made the error, is telling me, in so many words, that it’s my fault and that there’s nothing they can do. They tell me to call Bank of America, while Bank of America just shrugs and says, "We just report what comes in and what doesn’t."
I asked for a call back from a supervisor at the debt management company, but there’s been none since I started asking last week.
I threatened to sue them, and they told me, in so many words, that that is not an option.
Can someone make a mistake that injures your credit rating and not be held accountable? I never missed a payment until now.
There responsible and they better fix that mess they made with Bank of America for you. There is what’s called the New Uniform Debt – Managment Services Act. Basically what has happened to you has happened to many other people and worse. You can report them to the Federal Trade Commission to begin an investigation. If they find they committed any wrong the FTC will take care of it for you. For the record next time you want to change the terms of your agreement with anybody make sure to do it in writing and send it certified mail. They can always say they never spoke to you. You can definitely take them to court but try the FTC first.
I want to eliminate the rest of my credit card debt. I see the ads for debt management services where they work with your creditors to reduce your interest rates, then combine all of your debt together, where you pay them one payment per month. My husband thinks this will reflect negativly on our credit report. Has anyone ever done this, and were you succesful in eliminating debt? Did it affect your credit rating in a nigative manner? I think that most people in America today, have alot of consumer debt, but I see many poeple who aren’t worried about it, and only pay the monthly minimums each month. I have been there before, but I am ready to pay it all off. What do you think? I would love to hear from anyone who has used these services before, or any other great idea to pay it all off, without taking out any more loans. Thanks!
well, I don’t promise anything but
people in debt often seem to find some help here :
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
good luck!
I have several accounts on my credit that are all in good standing. I just have one credit card with $25,000 in debt. I was making payments on it but when my husband was laid off, I couldn’t make payments. It’s over 90 days due and I want to settle the debt but I am afraid of how it will affect my credit score and what I can do to make sure it is not too negative on my credit. Any advice?
If you are 90 days past due, it is already a negative on your credit. The credit card company will probably be sending you to collections.
At this point, you can try to work out a settlement with credit card company but they are not going to accept small payments over a long time. If you want to settle for less than the full balance, you will have to have a lump sum. The account would be noted on your credit report as charge off/paid — a negative. You would receive a 1099 for the forgiven portion which would have to be included in your income tax return.
Have you considered credit counseling? Check here for a NFCC member: http://www.nfcc.org/. These are legit, non-profit credit counseling companies. They offer debt management progams for a small fee. They don’t settle your debt. They negotiate lower interest and payments so that you can pay off all your debt.
While in the program, it is noted on your credit report. However, upon completion, that notation is removed and you will have decent credit.
If you have had success working with an honest, reliable, authentic debt settlement please let me know
debt settlement companies work with you to declare bankruptcy. That part is not in the commercial, you don’t find it out until you are already "working" with them.
My advice is to go see your banker. Not the teller, a bank officer.