Money Management

Date: Thu, 07/23/2009 - 19:43

Submitted by anonymous
on Thu, 07/23/2009 - 19:43

Posts: 202330 Credits: [Donate]

Total Replies: 8

Has anyone ever worked with Money Management on their debt? I am confused on which company to go with. I am confused on what is the difference between debt consolidation, debt management, debt settlement, etc. There are a ton of choices and I am speaking with three different companies. One has lower payments and fees, but are they going to hold my money in an escrow - have my credit payments be late and then try to settle? I am so worried about which way to go. It appears that Money Management is part of Consumer Credit Counseling and their fee for me is only $30/month. If I get this debt taken care of in 5 years, it is only $1800.00 and they SAY they will save me a ton of interest. These companies seem to be out for blood and how do you find out if they are legitimate and trustworthy. I spoke with another company and they told me they would give me a number for my creditors to call and if they tried to garnish my wages, to get in touch with this company and they would take care of it. This concerns me because how do I know that they will take care of it? I have read a lot of these posts, and it seems that some of these companies say and do two different things.

Please help!

It would take too long to respond to everything on this post. T

It would take too long to respond to everything on this post. Take a look at my blog which outlines all the different options and their differences. I also have a large post on choosing a debt settlement company.

It would help if we knew how much debt you were dealing with. What are your minimum payments now and are you current on your accounts? Do you have a steady income?

lrhall41

Submitted by el_suavo on Fri, 07/24/2009 - 02:02

( Posts: 103 | Credits: )

My debt is about 39K. I am wondering if you can tell me any of

My debt is about 39K. I am wondering if you can tell me any of the names of the companies that you have researched. Credit Solutions seems like a big scam to me, I am thinking of going with Money Management. They are going to charge 30/month and they said they would lower my interest on my credit cards to about 1 or 1.5%. Have you researched them at all. I guess they are part of Consumer Credit Counseling Services.

lrhall41

Submitted by on Fri, 07/24/2009 - 17:26

( Posts: | Credits: )

call your cc companies and try to negotiate

I took a shot in the dark and called my cc company to see if they would negotiate to a lower rate. Instead, they offered a fixed rate of 6% with a fixed monthly payment for five years. I haven't decided if this is a good or bad idea as the payment amount will never go down and will stay the same for the five year duration. (any advice on this?) But its always worth calling these people - I was shocked that they even considered making me this offer - only catch is card will have to be closed (will go on record as closed at customer's request).

lrhall41

Submitted by on Fri, 07/24/2009 - 17:31

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lauri, That is a hardship program and is becoming more common

lauri,

That is a hardship program and is becoming more common these days. You typically need to have a legitimate hardship and behind on your payments.

Jen1118,

I think you are talking about two different things. There is debt settlement and debt management. Go on my blog where I break down the difference between the two. Yes, I have researched both types. CCCS is typically a good DMP company to go with and $30 a month fee is reasonable. The only thing to remember is you need to make that payment every month without fail. Without knowing your specific circumstances I cannot offer any advice. If you tell me more, I can try to help.

lrhall41

Submitted by el_suavo on Wed, 07/29/2009 - 05:06

( Posts: 103 | Credits: )

Debt Consolidation reduces your intest rate but not the prinicip

Debt Consolidation reduces your intest rate but not the prinicipal. So, your payments are lower but not as low as with debt settlement, where your debt will be reduced by as much as 60%. Both Debt Settlement and Debt Consolidation are going to effect your credit. We have debt settlement programs that will get you out of debt in 12 to 40 months depending on which program is right for you. Once the debts are settled your credit score will begin to go back up.

If you are considering debt settlement there are several questions you should be asking. See my post http://www.debtconsolidationcare.com/settlement/right-company.html