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 Posted: Sun Jun 17, 2007 9:22 pm Subject: I am ready to pay to a debt consolidation company |
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greetings everyone.
Here is my situation.... I havent been paying any of my creditors in a little over a year.  i am now ready to start paying monthly installments to a debt consolidation agency. I really have no other solution. Is this a good idea? I know i messed up!
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jameskeo2002
Joined: 17 Jun 2007
Posts: 2
Debtcc Points: 71
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| Posted: Tue Jun 19, 2007 1:11 pm Subject: |
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Welcome to the Community James  Have you contacted your creditors to work something out yet? Sometimes they will work with you if they know you want to pay them. Since you are registered, someone from your area will contact you with options, such as consolidation for your debts, you are free to choose it or not. Whoever you decide to use, always check them out with the BBB,etc. Feel free to ask questions, we are here to help and guide you to becoming debt free!..KAren
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Bossy4455
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Joined: 27 Feb 2006
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Debtcc Points: 63287
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| Posted: Tue Jun 19, 2007 2:32 pm Subject: |
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Sure, it's the right move. Just make sure that you have hired a reputed debt consolidation company and have the contract signed with them. Read all the terms mentioned there and you will be on your way to a debt free life.
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aciotsf
Debt Samaritan
Joined: 09 Mar 2006
Posts: 514
Debtcc Points: 6373
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| Posted: Tue Jun 19, 2007 6:21 pm Subject: |
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thanks for the reply guys. do you think collections will negotiate with me or is it to late?
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| Posted: Tue Jun 19, 2007 7:29 pm Subject: |
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oops ^ thats me ^ forgor to log in 
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jameskeo2002
Joined: 17 Jun 2007
Posts: 2
Debtcc Points: 71
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| Posted: Wed Jun 20, 2007 9:06 am Subject: |
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Alot of them will negotiate-but get it in writing first. They want their money and any money is better than none. They will want the full amount- but if you stand strong, they will usually go with it. I have sent a payment to some without a negotiation, with a letter saying that I am sending xx dollars on the xx day of every month, and they have accepted it. Be sure to keep copies of everything..Good Luck..KAren
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Bossy4455
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| Posted: Wed Jun 20, 2007 10:04 am Subject: |
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if they do not negotiate you can do settlement whereby you offer them a lump sum payment but i had to tell them that i as in a settlement program which i found online after i read you were born rich by bob proctor he suggests saving 20% of your income in a separate account and when you get 40% of what you owe them contact them your creditor and offer them the lump sum it really worked.
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fynalefree
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