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Debt Consolidation for Bad Credit



Debt burdened people today are becoming more dependent on debt consolidation due to its effectiveness in rescuing a person from debt. A person must have a clear understanding about his present financial position. He must be aware of the credits he owes to different creditors.

After verifying his credit bills if he realizes that he can afford to pay it back he needs to organize the plan. But in case he feels that the credit amounts are beyond his affordability means, he should immediately get in touch with a consolidation and seek debt help. This enrollment does not cost a single penny to the debtor. It is a free counseling session where the debt consolidation counselor makes him aware of all the possible options and lays a plan in front of him. It is now for him to choose.

Debt Consolidation Bad Credit

Don’t lose hope if you have bad credit. Even when it seems impossible to pay back your debts under the present situation, debt consolidation is at your aid. The first step you must take is to apply for free debt counseling. The counselor will analyze your financial status and design a debt consolidation plan for repayment of loans. Then he will approach creditors and negotiate on payments. Generally creditors aim to reduce the total debt amount. On successful elimination of debt amounts, the debt counselor shall consolidate the rest of the amount into small monthly installments.

Get Help from Debt Consolidation Firm

You may not believe, but it’s true; it doesn't cost anything to the debtor. The reason is, if you apply for bankruptcy the unsecured creditors often receive nothing. Also, in order to get back the money they need to spend some dollars. Considering all these costs, the creditors allow a reduction on debts and also pay the debt consolidation firm for helping them.

Get Debt Consolidation for Bad Credit

It's time you forget your debt worries and try to relax. Trust us and allow us to sweep you into a debt free world. For a sound knowledge in this area and to enroll for free counseling log on to www.debtconsolidationcare.com.



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Send message to saythatagian
Sub: #1 Debt Consolidation for Bad Credit
Replied on 01-06-2007, 01:57 PM
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I have just paid off my debt, and yes, I had to deal with the horrible collections companies calling all the time, how long will it take for the payoffs to reflect on my credit score?


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Send message to SUEBEEHONEY70
Sub: #2
Replied on 01-06-2007, 02:50 PM
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saythatagain -

Welcome - and congratulations on your debt payoff! That must be a great feeling for you.

I would say give the creditors and credit bureaus up to 60 days to have the records updated. Some creditors do not report on a monthly basis - I've even known some to only report quarterly (every 3 months).

Hopefully, you should start seeing updates to your report within the month, but keep an eye on your report - some collection agencies and creditors are bad about never removing the negative information on your report. I've had to contact an old cable company twice to have an old bill removed that was paid years ago. They still reflected it as an open account with a balance due on my credit report!

Let us know how things come out!

Also, since you've just registered here, a debt counselor will be contacting you for a free phone consultation. Feel free to let them know if you don't need their services when they call - let them know you've just paid off all your debt!

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Send message to natdust20
Sub: #3
Replied on 01-06-2007, 03:57 PM
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Suebee, do you know how a company will update your CR if you had a charge off and paid that off??


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Send message to SUEBEEHONEY70
Sub: #4
Replied on 01-06-2007, 04:05 PM
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Nat - I'm not sure, but do you think if you called the creditor, they would tell you how they'd handle it? Were they ok to deal with otherwise, when you paid it off? All companies are different in the way they report satisfied debt, whether it was charged off or not.

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Send message to natdust20
Sub: #5
Replied on 01-06-2007, 04:07 PM
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I'm not sure...It was with First Premier and I paid thru a CA..

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Sub: #6 debt payoff
Replied on 11-17-2008, 12:13 PM
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So let me get this clear! After I payoff whatever is on my credit report it should fall off in 60 days and not 7 years? I know that it will take 7 years to fall off if you don't pay it so I'm asking about the time frame if I was to go ahead and pay everything off?




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Send message to NASCAR_Devil
Sub: #7
Replied on 11-18-2008, 05:28 AM
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Derogatory information may remain on your reports for 7.5 years from the Date of First Default whenther paid or unpaid. If you are going to pay off the accounts, do so only after you have an agreement in writing for either full deletion if dealing with CA's and JDB's or an update to pays as agreed when dealing with an OC. Remember that if both a CA(JDB) and the OC are reporting, the CA has no control over the OC's tradeline.

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Sub: #8
Replied on 11-19-2008, 06:04 AM
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What is this CA (JDB) and OC? Also I can request (in writing) that if I paid the debt off that afterwards they'll remove these items off my credit report?




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Send message to NASCAR_Devil
Sub: #9
Replied on 11-19-2008, 06:40 AM
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CA=Collection Agency
JDB=Junk Debt Buyer
OC=Original Creditor

You would want the Pay For Delete (PFD) in hand prior to paying anything.

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Sub: #10 Credit
Replied on 11-25-2008, 07:20 AM
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Should I pay off a charge off? If so how does that effect my credit, will it ever report in a positve way? If I don't will it ever be looked at in a positive way? And is it possible to repair a bad credit report and have great credit?



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Send message to smo65d11
Sub: #11
Replied on 11-25-2008, 08:10 AM
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yes but it takes time



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Send message to bea2ls
Sub: #12
Replied on 11-25-2008, 09:46 AM
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My parents filed for bankruptcy in the 1990s but now have top-notch credit, it is possible but it takes work and discipline.

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Sub: #13 credit report charge off as bad debt
Replied on 07-29-2009, 01:23 PM
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If the CA was paid in full after the item was placed on credit report can the OC change to paid on credit report?



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Send message to Chrys Henderson
Sub: #14
Replied on 07-29-2009, 08:42 PM
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It should say Charge Off Recovered (COR) or something like that. If it doesn't, send a dispute to the Credit Reporting Agency with a copy of the proof that you paid it.


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Sub: #15
Replied on 07-31-2009, 01:19 PM
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"It should say Charge Off Recovered (COR) or something like that. If it doesn't, send a dispute to the Credit Reporting Agency with a copy of the proof that you paid it. "

Why bother dealing directly with the CRA's in terms of disputes with OC's, CA's, JDB's, Little green men from mars anymore? All they do is send out coded e-verifications which *ALWAYS* come back rubber stamp verified no matter how much "evidence" you send them. I wonder if anyone ever reads anything anymore?



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Send message to Chrys Henderson
Sub: #16
Replied on 08-03-2009, 12:08 AM
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That's because almost no one sues them for FCRA violations, despite the cash reward.

See my blog post Creditors Gone Wild for more on the legal requirements for disputes.


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* Disclosures:
  • By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  • Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
  • Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  • Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  • The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
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