PDLs, T&C, and Credit??
Date: Fri, 06/30/2006 - 09:17
If you're using a consolidation company (like T&C) for payday loans and credit cards, how does this affect your credit report? Does it lower your score a lot, and do they all show up as being sold to a debt company? Or will I have 9 creditors showing as unpaid until I finish with T&C? Any input would be appreciated! :)
A consolidation program will appear in your credit file as long
A consolidation program will appear in your credit file as long as you are enrolled in the program. This is not any kind of loan you take to pay off your past debts. The counselor calculates your take home salary, your expenses on rent, food, etc. and then figure out how much you can afford to pay each month. Then they contact your creditors to let them know about using this consolidation program so that your money goes straight towards the debt you already owe. debt consolidation is the easiest way to solve all the financial problems. Since the debts will be getting paid off, there won't be any negative impact of using this program.
