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 Posted: Fri Dec 08, 2006 11:42 am Subject: Impact on future loans such as refinancing |
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What is the impact on future loans such as refinancing? do you have to wait until you are done with the program? How much do the companies charge for the service?
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julkid
Joined: 08 Dec 2006
Posts: 1
Debtcc Points: 24
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| Posted: Fri Dec 08, 2006 12:54 pm Subject: |
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There are different [url=http://www.debtconsolidationcare.com/debt-management.html]debt management programs[/url]. debt consolidation leaves a better impact in the credit report than a debt settlement. Bankruptcy is one more option if nothing else works.
All programs will appear in your credit report and show their individual payment history. Debt consolidation stays in the file until all the payments are done. It's based on the repayment plan fixed in the program. Debt settlement stays for 7 years and bankruptcy for 10 years. The interest rates vary from one company to another.
Your credit looks the best when you are paying the bills on your own and within the due dates. When you consider these programs for improving your credit, weigh your options and consider the amount of debt you are including in the plan. You need to do a thorough analysis because you have to get the lowest interest rate in refinancing.
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PassionHunting
Joined: 30 Jun 2006
Posts: 514
Debtcc Points: 3674
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| Posted: Fri Dec 08, 2006 1:01 pm Subject: |
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here is an example from the Experian Report about how consolidations show up
GEMB/JCP
Address:
PO BOX 981131
EL PASO, TX 79998(800) 542-0800
Account Number:
Status: Open/Current, was past due 150 days.
Status Details: As of Feb 2013, this account is scheduled to go to a positive status.
Date Opened: 05/2005 Type:Revolving
Reported Since: 05/2005 Terms: NA
Date of Status: 11/2006 Monthly Payment: $65
Last Reported: 11/2006 Responsibility:Individual
Credit Limit/Original Amount:$200
High Balance: $282 Recent Balance: $192 as of 11/2006
Recent Payment:$10
Creditor's statement: Account payments managed by a financial counseling program.
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PDLFREE
Joined: 07 Oct 2006
Posts: 1264
Debtcc Points: 18243
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