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 Posted: Wed Dec 06, 2006 7:58 am Subject: Lot of debts |
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3 Credit cards, car loan, student loans, dental loan,
around 40-50k. 25 years old. help!
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bridgetcronin
Joined: 06 Dec 2006
Posts: 1
Debtcc Points: 35
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| Posted: Wed Dec 06, 2006 8:01 am Subject: debt |
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Welcome to the forums. Since you have registered a debt counselor will be contacting you soon. They deal with these issues dailey and hopefully can get you a plan to put you on the right track. Best Wishes KYSIDE38
_________________
RYDERS OF THE NIGHT
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KYSIDE38
Joined: 19 Jun 2006
Posts: 2500
Debtcc Points: 37316
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| Posted: Wed Dec 06, 2006 10:15 am Subject: |
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Perhaps, you can look into a debt settlement plan if credit is not the most important factor at this stage. You will get half of the total debt settled in this plan. debt settlement35 programs are different from a consolidation plan.
When you consolidate your debts, you pay the principal amount at lower interest rate. Most of the fees are waived off. If you compare it with settlement program, savings is comparatively lesser.
In a settlement plan, the counselor negotiates with your creditors and explains that you are unable to pay the debts at the existing interest rates. Besides, you don’t have enough money to carry on with the payments. Hence a settlement proposal is offered.
Accounts remain in default for a few months and a new account is opened where you deposit the money each month. Once there is a certain portion of money in the account, the settlement company starts negotiating with the creditors. Choose this program only after you are aware of your financial situation and want a larger portion of debt to be negotiated.
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keystrokes
Joined: 13 Jul 2006
Posts: 501
Debtcc Points: 7287
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