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 Posted: Thu Oct 19, 2006 11:20 pm Subject: which amount should I based on? |
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debt calculator question
I
am confused, and I have a question. The original debt I had from Bank was $9719.00 two years ago when I stopped payment. And the collector claimed that it is $15743.00 with interests(I asked the breakdown but they never provided). If I sign up for the debt management program, which amount of debt I should based on? 9790 or 15743?
Thanks
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K
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Debtcc Points: 100
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| Posted: Fri Oct 20, 2006 2:44 am Subject: |
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It would be based on the higher amount, ($15743). The balance is much higher because of interest rates on the unpaid balance and other charges I imagine.
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WHEREAMI
Joined: 26 Aug 2006
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| Posted: Fri Oct 20, 2006 2:06 pm Subject: |
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How to decide on a program that is actually going to benefit you?? It depends which one you go with. In a debt consolidation program, you'll be asked to pay the principal amount. The counselor will negotiate with the company for a lower interest rate and waive off the late payment fees. Any reduction that you will get in the program will be done on the money apart from the principal amount. Before the plan is started, the amount will be figured out how much you actually on that date and then the calculations will be done followed by a lower monthly payment plan.
If you go for a settlement plan, the total debt will reduce by 40 to 60 percent, based on the individual files. The settlement company will propose your offers that you are unable to pay off the debts and hence will like to settle the accounts. Know how a settlement program actually works.. http://www.debtconsolidationcare.com/debt-settlement.html
You can do the basic calculations in the calculators and estimate your repayments. If you have any further questions, please ask.
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Gretchin
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