Internet's first get-out-of-debt community - 129,000 members

to pay off my debt and just pay one payment to the loan instead of a bunch of payments to my credit cards?

Posted: Fri Jun 13, 2008 11:31 am Subject:

Welcome to the community. You are looking for a debt consolidation loan.You can shop with a lot of different banks and see which which will offer you the best interest rate. Be careful though a lot of financial advisers don`t like these types of loans because you are turning unsecured debt into secured debt by putting your house up as collateral so if you default on the loan you lose your house. Plus people who get these loans usually go and charge their credit cards right back up again and they are in worse shape. There is another option if you don`t want to get a loan or don`t have a house to put up to get the loan.

This option is known as a debt management Plan or a DMP. These repayment plans are administered by Consumer credit counseling agencies. With a debt management plan you will repay all of your accepted creditors over a newly negotiated contract and terms. The Counseling agency will negotiate with all creditors to accept a lower interest rate " usually around " 6%-10% in most cases", waive late fees and over limit fees and spread your payments out over 5 to 7 years. You will repay 100% of your current balance with a payment that typically runs about 3% to 4% of your total debt. It will get you one payment with a lower apr just like a loan but you don`t have to put up any collateral. Plus they provide you with educational info to help fix the underlying problems that got you in debt in the first place so you won`t need their services again. I hope this helps. Good luck with your situation. Very Happy

By the way this site provide free counseling service. Feel free to call 800-601-1579. You have nothing to lose by exploring your options and everything to gain. Very Happy

Posted: Fri Jun 13, 2008 2:06 pm Subject:

Welcome, Melysarom! If you decide to explore the Consumer credit counseling agencies, check out nfcc.org. When I was searching, I found them to be very helpful and the most reasonably priced. Good luck! If you have any other questions, be sure to ask because there are lots of helpful people willing to give great advice on this forum!

Posted: Fri Jun 13, 2008 2:18 pm Subject:

When shopping for a good Consumer credit counseling company please make sure they have these credentials.

* 501(c) 3 Non profit Company
* Member of the Better Business Bureau "preferred but at least look them up with the BBB to make sure they have a good track record."
* ISO Certified
* Member of the American Association of debt management Organizations
* Certified Credit Counselors through the National Institute for Financial Counseling Education

Posted: Sun Jun 15, 2008 6:48 pm Subject: debt

This advice can help me, too. I would like to consolidate my un-secured accounts, as well. Just trying to find the 'right' ones. It's amazing how many i have looked at, and of course they say they "are the best." But, have bad track records. It's overwhelming sometimes.

Posted: Mon Jun 16, 2008 3:39 am Subject:

Try Prosper dot com. They have helped me, it is another loan and a monthly bill, but it is better any day than a pdl.

Posted: Mon Jun 16, 2008 9:47 am Subject:

Here are a few reputable credit counseling agency's I know have a great track record.

# 1 : Consumer Credit Management Services,
Inc.
# 2 : DebtWave Credit Counseling Inc
# 3 : GreenPath debt solutions

These are a few VERY reputable credit counseling agency's. All are members of the BBB and VERY few complaints. Check them out on the BBB your self. These companys have been around for years and I don`t expect them to be closing shop any time soon. These are by no means the only reputable ones out there but this should at least help you start your search. Hope this helps Very Happy

PS : remember . We have free counseling here 800-601-1579.

Posted: Tue Jun 17, 2008 12:44 am Subject:

Before going for a particular debt management company you should shop around and go through their history as well as success rate.

You can also get Free Counseling from our community’s experts for choosing the correct debt management company.

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how can i get a loan to pay off debt and pay one payment

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