Help!! Maybe debt consilidation would be better
Date: Tue, 10/17/2006 - 15:18
i am currently going thru credit counsiling and everything they are trying to dispute is getting denyed so i figure maybe debt consilidation would be better.. just pay everything off at once and have one payment would probibally be easier..
i have really crappy credit and im trying to get out of debt and get back on the right track before its to late....
A debt consolidation program is different from a debt consolidat
A debt consolidation program is different from a debt consolidation loan. In the consolidation program, you make the monthly payments to the consolidation company and they send the payments to your creditors. If a single payment is missed with the consolidation company, it directly affects your debt accounts with the creditors and they may withdraw the benefits offered to you in the program.
This type of program does not mean a new loan for paying off the existing debts and then you pay the company who provided their service. However, you can specifically talk about your situation with a debt counselor and he will offer you suitable options.
Getting a new loan to pay off existing debt usually is not a goo
Getting a new loan to pay off existing debt usually is not a good idea because it is easy to fall into the debt trap again because you only have 1 payment. Have you talked to a credit counselor yet, this might be a good thing to do he/she can give you all your options and then you can make an informed decision. if not a counselor will be calling you via the info you left when you registered.
i dont know what to do.. i have talked with a few people and i g
i dont know what to do.. i have talked with a few people and i get the same thing and it all cost alot of money and none of them have said anything about a loan... they all say to save money and this and that and pay it off in the future but its hard to save 11 thousand dollars these days and i have really crappy credit so i cant get a loan and yeah i dont know
If you are talking about a consolidation company they don't give
If you are talking about a consolidation company they don't give loans, and yes, you wil be able to save because they calculate what your monthly payment would be and you start sending that in and when you have saved up enough money in an account they open up for you then they start making the payments. I hope that clarifies it a little for you.
But what about the monthly fee the debt consolidation Company Ch
But what about the monthly fee the debt consolidation Company Charges? Is it worth it to get a low rate but still have to pay $40 month to the consolidation company?
Some companies charge you a monthly fee and some charge you an i
Some companies charge you a monthly fee and some charge you an inital set up fee due prior to starting the program. In most instances not only do you get your interest rate lowered, cc companies will stop the late fees, and over the limit fees and once the proposal is accepted collection calls stop and when first payment from the consolidation company is received they will bring your account current. From my point of view the fee for that alone is worth it, however everyone is entitled to his/her own opinion.