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Debt Consolidation...?

Amanda - 2007-08-23 06:01:30 - Credit

Does anyone have any advice on debt consolidation? I want to learn everything I can about it before I take the leap to do it, what are the best companies, pros and cons...stuff like that. I haven't been able to work for the past few months because I moved to Virginia with my fiance and with me having a 3 year old with no one to help care for her, it's been really hard. She starts head start on the 3rd of September, however, it seems as if my bill collectors are gonna drive me crazy before then. I have been making payments, but last month I had to start making lower payments and half payments. Well that is not good enough for Wells Fargo. I just need some advice on this subject. Thanks to all, and have a great day! Well, I just got off the phone with incharge and they said there is nothing they can do for me. *sigh* Any other ideas?

Best Answer:

I did it on my own...used the information that I got off of http://www.thecreditrepairmanual.com

Answers:

CCCS Consumer Credit Counseling Services

I have done this and I go through InCharge Debt Solutions. The website is incharge.org. They are really good and unlike the others you don't have to have 10,000 plus in debt. I only had 4,000. Check it out. it may be what you want. Good luck I know how sucky debt is! Why did incharge tell you that? What kind of debts do you have. Email me if you want. This doesn't hurt your credit, I have researched it thouroughly....trust me. But, if you want email me and I will try to help you as much as I can. Good luck again.

there lots of them usely you pay about half back or 2/3 back they call the credit company and make arangement with them. I dont it on 11000 dollars worth i had to pay 301 dollars for 2 years.

I did it on my own...used the information that I got off of http://www.thecreditrepairmanual.com

Are you referring to credit counseling services? A warning about these not for profit agencies, sometimes they will require you to make payments to them and then they will not pay your creditors either on time or at all. My sister had this problem. Personally, I would call your creditors and see if you can be placed in a forbearance status on some of your loans/credit accounts. (Especially if you have Student Loans) That way you only make interest only payments until you can start making principal and interest payments. Plus your accounts will not be delinquent or in default status, which will get the collectors off your back. I would stay away from Debt Consolidation loans. Some 80% of people that take out these types of loans end up defaulting on them. There is a famous radio personality that has a saying about these types of loans, “What makes you think that you will beat these odds?”

stay away from these companies. They charge a fee for something you can and should do yourself. I dont know what kind of debt you have but you need to knuckle down and pay it off. Live on beans and rice till its payed off. Most if not all of these companies will trash your credit. They will not pay your creditors for months and then try to settle with them for less than what you owe. by then your credit will be trashed. You can do this yourself if that is the route you have to take.

There is a great place to go with this. I was in a very similar situation. This is getting help from real people without the use of banks or credit card companies. Good Luck! http://www.prosper.com/join/lzc5wh

Debt consolidation loan offers you the solution to clear off your dues without filing for bankruptcy. Combination of various high interest loans into a single one, it is called debt consolidation. The aim behind debt consolidation is to reduce the payments or the interest rate. You make a single payment toward the loan instead many payments each month. This reduces your financial burden and you can have surplus cash left over. Credit counseling services offer debt consolidation loans. Check out the credentials of the credit counselor and find out if they are authorized by the government. http://debt-trap.com/category/Debt-Consolidation-Basics.html