Christian debt consolidation: Reduce rates and save

Most companies that claim to be Christians are rip offs, why? because it is agianst the law to hire based on race, religion, sex, etc. you get the idea! If you really want to save money you need to be educated and go with a company that isn't doing the exact opposite of what a Christian would do.

ITS IILEGAL!

When the debt charges off, usually around the same time it is purchased (factored), there are no longer chances of getting that substantial 1099 added income tax on the savings. It's a major pitfall with settling with the primary creditors, I only did settlements with 3rd parties, and always try to verify charge off date before settling. Most CC companies charge accounts off between 120-180 days, with Citi being the longest I know of at 210 days (7 months after the last payment was made). It's a long process and can be more difficult to get the original creditors to stop calling, but it's worth it not to get 1099'd. I can't offer tax advice but that's my understanding of the process. I do know that Capital One, Citi, and Chase will each take some form of remove from phone list letter, or even a Cease and Desist usually used with 3rd party collectors.

Good debt settlement is possible, there is just a window of time after chargeoff and before litigation to get a good settlement. Even if it's with a same state attorney who is filing suit for a judgment, you can negotiate a settlement of usually around 50% most of the time. If thats not doable at the time, you can either go to court or take a default judgment. If a judgment is obtained, they can still be settled often under 30%. It takes a couple years to get them off the credit report from what I have heard but still can be removed. After you get a judgment though, you have to send them a certain amount of money per month, usually $25-$100 depending on the size of the debt, to prevent them from executing the judgment, which is going after liens, garnishment, and checking account freezes. Consult with a business lawyer as there may be different/ other things you need to do to prevent a judgment from being executed, if you end up getting a judgment.

Andy

Also, the credit score will go down with any debt consolidation OR settlement program. It should really only be looked at as an alternative to bankruptcy, and most of my former clients already had low credit so it didn;t make much difference. However, after debt is all settled, you can begin the process of repairing the credit, which can involve things like sending different sets of letters to the credit bureaus to dispute the inquiries caused by settled below balance accounts and other negative marks. Some of the more detailed credit repair plans include re-establishing lines of credit with lenders that are manageable. Hope this helps

Hello. I find that the "Christian Debt Consolidation" companies have nothing more to offer than the legitimate, non-promoting-Christian debt consolidation companies. I am currently working with Care One Credit to get out of my credit card mess. It's my own fault, I took credit cards out (again) post-Chapter 7 back in 2006. Care One Credit, although not "Christian" (in advertising, anyways) has been nothing but friendly, helpful and convenient. Just a thought! ~Thanks, Jen D.

A friend told me about these folks, so, I called. Assuming (one should never do) that they would be a ".org" organization, out to "help" people.

Not so, the guy was telling the truth, I think, when he told me they are just a segment of a larger "For Profit" company.
Too many people trust organizations that appeal to personal religious beliefs.
He asked what I paid each month, I told him, WELL, he came back with a settlement that had me paying the same amount of money. Could NOT get through to him, that I was calling because it was taking food from my table! I said thank you and hung up.
If there were an icon below for "CAUTION", I'd post a red flag warning.

The Christian debt consolidation does a right thing if it educates the people to honor their payments and dues and live within their limits. Actually, it is important to make a debtor debt free, but it is still more important to make him realize that he has the responsibilities to return back, what he has taken from others. This way, they will not fall under debt in future, as they come to realize that they should live within the limitations of their income.

Um, what?

Companies that have "christian" in their names are not illegal. They are usually very upfront about their values and anyone applying will know that going in. "Christian" Debt settlement companies would attract employees who have Christian values. It would not exclude those that don't. If it was "Christian ONLY" that would be different.

-CC

I found that the best thing is to have a detailed plan on how to manage their debt. Now I have to admit, spending and racking up the debt is fun, however paying it off later is by far the worst part. I know I did. Once I met with a professional, I was able to pay off my debt AND save more. As a matter of fact, it gave me extra spending money too. He was very thorough and upfront about everything. I was extremely comfortable talking to him because I could tell what he was telling me was true. I now have a written gameplan to be a millionaire by the time I'm 35. This is a dream come true. I send all of my family and friends to him and they are all equally impressed. Who knew that we could be better off in such a rough economic condition? Thanks to my financial guru I have finally earned my financial freedom.

Why do you want to consolidate in the first place? Are you aware that by consolidating your loans you may be asked to turn your unsecured debt to a secured one? Which means incase you default, the creditors can go after your property, things that you own.

I'm a Christian too and I'm glad they're extending help in helping someone consolidate their debts. Thanks!