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consolidation of business cards

Date: Wed, 02/28/2007 - 09:12

Submitted by anonymous
on Wed, 02/28/2007 - 09:12

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Total Replies: 9


I am interested in investigating consolidation on two of my cards, both MBNA, one is personal, one is business. The business card is listed under my LLC with my ss#. I spoke with one company, Debtsynergy, who said it is not possible to get business card debt into a debt management plan. I'm not sure if consolidation is the same thing, and if this is true, but I'd like some input. I realize they are or soon will be Bank of America. My personal has about $50K owed, my business about $25K. I know no one is judgemental here, but we've had a few business ventures go bad. Thanks for the help.


Yep, personal guarantees. And, they needed my ss# to open the account, check my FICO, etc.


lrhall41

Submitted by on Wed, 02/28/2007 - 09:27

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Forgot to draw the distinction between a program and a loan.

A loan is just that, a loan. All of your debts are paid off, and you make a single payment to one large debt, hopefully at a better interest rate.

A consolidation program involves a company negotiating better interest rates, and possibly reduction or deduction of some fees and whatnot.


lrhall41

Submitted by Morningstar on Wed, 02/28/2007 - 09:32

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Actually, I was referring to whether or not dmp's are the same as "debt consolidation". I know that loans are distinct.


lrhall41

Submitted by on Wed, 02/28/2007 - 09:58

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Very few companies consolidate business debts along with personal debts. You have to do a thorough research and find one that can consolidate both types of your debts.

In case, you can't find any company that will consolidate your personal as well as business debts, get started on consolidating personal debts and save some portion for paying towards your business debts until you find another company that consolidates business debts.


lrhall41

Submitted by a_neblat on Wed, 02/28/2007 - 11:21

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My understanding (from my own student loans) is that consolidation is the act of borrowing from one to pay off many. The objective being to reduce monthly payments.

I am not sure if a debt management Plan does debt settlement or consolidation. It sounds more like the name given to companies that negotiate for lower payoff amounts.

You should probably get more detailed info because there are so many companies offering different services.


lrhall41

Submitted by texaslawyer on Thu, 03/01/2007 - 06:15

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