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 Posted: Wed Aug 29, 2007 9:50 am Subject: Consolidation companies |
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Okay, maybe I am confused but I thought the purpose of consolidation companies was to get your monthly payment lower than what you are already making. I currently pay $484.18 a month without the help of CCMS but now they are telling me its going to be $592 a month. How is that helping again? I am confused.
Thanks
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tthoma49
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| Posted: Wed Aug 29, 2007 9:54 am Subject: |
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It should shorten the life of your debt. Did they tell you how long it would take to pay down your debts as opposed to the time it would take at the rate you paying now. If they can't provide that info move on!
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frogpatch
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| Posted: Wed Aug 29, 2007 10:00 am Subject: |
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Also some companies will reduce your interest rate and stop late payment fees from occurring when you are in a debt consolidation plan.
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PaulisGirl
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| Posted: Wed Aug 29, 2007 10:11 am Subject: |
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They did tell me I should be debt free in 41 months. I guess that's pretty good considering I have about 27k worth of debt.
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tthoma49
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| Posted: Wed Aug 29, 2007 10:13 am Subject: |
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How did you har of this company, and did you check them out before signing anything? Karen
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Bossy4455
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| Posted: Wed Aug 29, 2007 10:15 am Subject: |
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They did tell me I should be debt free in 41 months. I guess that's pretty good considering I have about 27k worth of debt.
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tthoma49
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| Posted: Wed Aug 29, 2007 10:16 am Subject: |
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They are a member of the BBB. I heard about them from Christian debt relief.
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tthoma49
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| Posted: Wed Aug 29, 2007 3:56 pm Subject: |
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Try with a different company and compare the quotes. You will figure out a suitable plan according to your present situation. Maybe you can try with one consultant referred by this website in your area. Fill up the application form and someone will call you soon.
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trophy
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| Posted: Sat Sep 22, 2007 4:34 am Subject: |
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Good day tthoma49,
Some companies also charge you more the first caouple of months before they are able to bring your interests down. There are probably fees associated with this company as well. In my case, my payments are also a little bit higher that if I pay the monimums, because of the company fees.
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stefan
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