Debt Consolidation?
Date: Tue, 09/21/2010 - 16:56
If you choose Debt Consolidation for 1 PDL, and 2 Bank backed loans (all done over the Internet).....will this affect your Credit Report negatively?
Consolidating your debts will not affect your credit report. Giv
Consolidating your debts will not affect your credit report. Give us more information on the debts you have.
Quote:Originally Posted by paulcahill80Consolidating your debts
Quote:
Originally Posted by paulcahill80 Consolidating your debts will not affect your credit report. Give us more information on the debts you have. |
My eyes are red from reading. I know I saw on some post that it would affect.....but could not find post again. I am not in default. I just cannot keep putting out....over $500.00 monthly and maybe a total of $80.00 goes toward principleon all three. I'm getting no where. I might as well throw 5, 100 dollar bills out the car window each month.
First Bank of Delaware
elastic
PayDay1One
How do you go about choosing a Company? I have until the 1st of
How do you go about choosing a Company? I have until the 1st of October before the 3 ACH will be taken out.
Debt consolidation is different from debt settlements and don't
Debt consolidation is different from debt settlements and don't hurt your credit score. Moreover, you don't need to be behind your payments to consolidate. As for the PDL lenders,
FBD will give you a payment plan where you will have to repay the loan in 3-4 payments. But, you will have to ask for this.
Elastic and PayDay1One will also give you payment plans if you ask for it.
I need to pick my son up so I will check this thread later. Any
I need to pick my son up so I will check this thread later. Any help would be greatly appreciated. If you need more info I will gladly supply. If for sure it does not affect your Credit Report I need to do that as soon as possible. I'm not sure how this site works. In fact I am confused. Some posts have dozens of answers, some just a few. I have not seen email addresses so I assumed I could not give mine out. It would sure help to get this pressure off me and my family. I literally feel like I am going to blow up at times the stress is so intense come payday.
Quote:Originally Posted by paulcahill80Debt consolidation is dif
Quote:
Originally Posted by paulcahill80 Debt consolidation is different from debt settlements and don't hurt your credit score. Moreover, you don't need to be behind your payments to consolidate. As for the PDL lenders, FBD will give you a payment plan where you will have to repay the loan in 3-4 payments. But, you will have to ask for this. Elastic and PayDay1One will also give you payment plans if you ask for it. |
Running out front door.....litearlly. Today I owe....about $807.00 at FBD. The original loan was for $800.00 for 12 months. My payment each month is $195.00. At the end of the 12 months (I have made 3 payments.....October 1 will be the fourth) I will have paid them $2400.00 for a $800.00 loan.
Again....if connsolidating would not affect my Credit Report. It
Again....if connsolidating would not affect my Credit Report. It seems like that is the best way to go? I need to try and get the money going out down each month from close to $600.00, to.....possibly $250.00. No matter the length of time it takes to pay it off. We just cannot keep surviving on planning each month in the budget for a loss of almost $600.00. And who knows....if I consolidate, I may can pay it off sooner. I just have no idea how to choose a company and what I am looking at......costs, etc. Will check this thread soon!!!
you need to check necessary accreditions and credentials before
you need to check necessary accreditions and credentials before selecting any company check ripp offs and customer complaints also check the ranking chart that you will find this forum
FBD doesn't offer an EPP. I'm not sure where that info came fro
FBD doesn't offer an EPP. I'm not sure where that info came from but, it's incorrect.
I think you're confusing consolidation with settlement or management. Consolidating means getting another loan to pay off the 3 you already have, then making that 1 payment monthly. Generally this will lower your monthly out of pocket expenses, but you still owe the same amount of money - and it won't likely hurt your credit score.
Management is sitting down with all your bills and developing a payoff strategy. You can pay a company to do this for you or you can do it yourself.
Settlement is when you pay off your debts for less than the full balance. You can negotiate settlements with your creditors on your own or hire a company to do this for you.
Management and Settlement can both decrease your credit score as, you generally reduce the amounts you're paying or stop payment altogether, depending on your situation.
Quote:Originally Posted by OhioGal1FBD doesn't offer an EPP. I'
Quote:
Originally Posted by OhioGal1 FBD doesn't offer an EPP. I'm not sure where that info came from but, it's incorrect. I think you're confusing consolidation with settlement or management. Consolidating means getting another loan to pay off the 3 you already have, then making that 1 payment monthly. Generally this will lower your monthly out of pocket expenses, but you still owe the same amount of money - and it won't likely hurt your credit score. Management is sitting down with all your bills and developing a payoff strategy. You can pay a company to do this for you or you can do it yourself. Settlement is when you pay off your debts for less than the full balance. You can negotiate settlements with your creditors on your own or hire a company to do this for you. Management and Settlement can both decrease your credit score as, you generally reduce the amounts you're paying or stop payment altogether, depending on your situation. |
First, Thank You for trying to help! Yes, I want to take Debt Consolidation. I would rather make 1 lower payment....but it depends on how much lower then the almost $600.00 I am paying out now. I want to pay these loans off, even if it is set up over a longer pay off period and will cost more (DCC fees). As time goes by I may can make extra payments, have some extra cash, etc. I borrowed, and I want to do the right thing. But having to deduct $600.00 every month is impossible starting the 1st of October. We just cannot do it any longer. Someone above said check the "Ranking Chart" for Debt Consolidation Companies. I have looked but cannot find.
Quote:Originally Posted by bakerjonyou need to check necessary a
Quote:
Originally Posted by bakerjon you need to check necessary accreditions and credentials before selecting any company check ripp offs and customer complaints also check the ranking chart that you will find this forum |
Hello.....where is the "Ranking Chart". I cannot find it.
Check out http://www.debtconsolidationcare.com/ranking-chart/ wh
Check out http://www.debtconsolidationcare.com/ranking-chart/ where you'll find a listing of debt relief companies in each state. You'll also come to know about the company profile, accreditations, company details and testimonials they've received from their customers. This will give you an idea as to whether the company is good to deal with.
My advice would be to call PayDayOne and ask for an extended pay
My advice would be to call PayDayOne and ask for an extended payment plan. They will let you pay off your balance as it is today (no additional fees added) in 4 equal payments. For the other two, you can consolidate if that's what you want to do and should go to your bank or another trusted lender for a consolidation loan. The ranking chart shows companies who offer debt settlment and/or management services. They don't offer loans.
Quote:Originally Posted by OhioGal1My advice would be to call Pa
Quote:
Originally Posted by OhioGal1 My advice would be to call PayDayOne and ask for an extended payment plan. They will let you pay off your balance as it is today (no additional fees added) in 4 equal payments. For the other two, you can consolidate if that's what you want to do and should go to your bank or another trusted lender for a consolidation loan. The ranking chart shows companies who offer debt settlment and/or management services. They don't offer loans. |
The problem I am having is with the 4 payments thing. I owe Rapid Cash one for 359 and one for 246. I made arrangements to pay the 246 one off in 4 payments and then pay the other one in 4 more because as I told them, if I could afford to pay them both in 4 payments at the same time thats 300 per month. If I had that I would've just paid the loans off... They said that's not an arrangement the first one is a payment arrangement and the one after is just a note on my account when I called to complain about them calling my cell phone and my work phone one right after the other and leaving messages I swear up to 20 times a day. Is there anything you can do to get them to agree to terms you can realistically hold to? I am trying to pay off seven of them that are legal and have arranged some (Thinkcash at $190 per month, Advance America at $132 per month, Elastic.com I am on regular payments about 158 per month.
PaydayOne, Ace Cash Express, Cash n Go, and Rapid Cash I have to still hammer out, so I am trying to get Rapid to agree to 130 per month and they just won't. And just with the 'notation on my account' she said I will still continue to get calls. Oh- unless, she said, I default on my arrangement on the 246, then it will put a red flag on my account and they will stop calling..I asked her are you hearing what you're saying? If I try to pay you, you will call me 20 times a day and harass the hell outta me but if I default you'll leave me alone? She also tried to tell me that it was law in Oregon that they could only do it in 4 payments. I can't find that anywhere in the laws concerning payday loans. Any ideas on how to get them to work with you? I have to pay my bills and buy groceries. I just can't do more than what I am offering these people except to say to hell with my credit and I am trying very hard not to do that.
OK, wait a sec. I thought you only had PayDayOne, FBD and Elast
OK, wait a sec. I thought you only had PayDayOne, FBD and Elastic. You're in Ohio? Can you please list all of your PDL companies, how much you borrowed and how much you've paid so far and whether you obtained your loan at a storefront or online? Some of these may not be legal and, even if they are, they're not following Ohio law (or so it sounds). I'm off to do some research while I wait for your reply.