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Debtconsolidationcare.com - the USA consumer forum

What will they really do for me

Date: Fri, 07/14/2006 - 21:03

Submitted by mailboxtj
on Fri, 07/14/2006 - 21:03

Posts: 19 Credits: [Donate]

Total Replies: 15


**I JOINED T & C BUT WHAT WILL THEY REALLY DO FOR ME**

Im waiting for my contract by reg. mail, didnt have a fax machine to get it faster. What will t & c really do for me as I have so many ? to ask but they're are always buzy with thier lines, so maybe some can answers my ? thanks folks.

1- t & c said they will automatically payoff the creditors and the $484.00 pymt. will go to t & c , but im confused cause other members here have said differently. I even asked them to repeat it and they said it again they pay off the creditors up front.
2-my accounts are in collection (in house) to my knowledged the accounts have not been sold yet. Now will i have to still do ceize and decists letters to ask creditors/ca to stop calling or DOES T & C REALLY HANDLE THAT AND FAST

3-my total said was to be $484.00 for 40-months but who does this get paid to 1/2 creditors and 1/2 t & c

4-once t & c gets our signed contract, and in the program am i still at risk getting sued

5-all my accounts are with dell-home depot-crap-1, fingerhut
are these companies easily to work with t & c

6-do i have to have the funds in a savings account or can i keep the funds in my safe at home then mail it to them when its due monthly

7-will i have to pay taxes to the irs like as if you do a debt settlement program

thanks folks


I will try my best to answer your questions----

1. When T&C sends out proposals and the companies accept them---I don't know if the calls stop right away.
2. The money goes to the creditors and I believe no more than 10%of your balance goes to T&C as a service fee---I am trying to read the fine print in my contract and thats what it says.
3. I don't know about the part about getting sued.
4. My accounts aren't with any of those companies
5. You mail your payment by money order or western union.
6. The taxes question----I don't know what you are talking about here?

I have found that the best time to call T&C is early in the morning. Good luck!


lrhall41

Submitted by Lorri on Fri, 07/14/2006 - 21:55

( Posts: 1721 | Credits: )


Well i guess its called "forgiven money" and you must report it to irs and pay the taxes

and also you say the creditors can still call even when im with t & c and they can still try to ask me to pay more


lrhall41

Submitted by mailboxtj on Fri, 07/14/2006 - 22:02

( Posts: 19 | Credits: )


Quote:

5-all my accounts are with dell-home depot-crap-1, fingerhut
are these companies easily to work with t & c


I can't speak for Home Depot or Fingerhut, but I can tell you that Dell will not grant any concessions to anyone in a debt management program. No lowered interest, no lower payments. Some debt management programs will include Dell and make the payments to them for you, others will not.

But why include them in the program when you get no concessions, and you have to pay T & C %10 of the value of the account just to send out the same amount of money to Dell that you would be sending out each month on your own?

My advice is to call T & C, pull Dell from the program, and continue to make those payments on your own.

You may find the same situation with the Home Depot & Fingerhut accounts. Many of these store accounts will not work with debt management programs.

As for taxes, as far as I have been able to determine with my research, there are no tax penalties/liabilities for being in a debt management program.


lrhall41

Submitted by Big Ed on Sun, 07/16/2006 - 10:47

( Posts: 19 | Credits: )


hi ed well you say debt management program. but folks says t & c is a debt consolidation program and some folks say they are a debt management program.

CAN SOMEONE REALLY SAY FOR SURE WHAT IS T & C
debt consolidation program OR a debt management program


lrhall41

Submitted by mailboxtj on Sun, 07/16/2006 - 13:31

( Posts: 19 | Credits: )


Mailbox, I understand your confusion. Lots of people use the terms debt management and debt consolidation interchangably, but they aren't really the same thing.

Debt consolidation involves taking out a loan of some sort, usually a mortgage on your house, to pay off your debts. Then you make one payment a month to the bank to pay off the loan you took out to pay off your other debts.

Debt management is another thing entirely. A debt management company does not pay your debts off for you upfront and then you pay them back.

Instead, a you make one monthly payment to the debt management company, and in turn they make payments to your creditors for you. A legit debt management company will also be able to secure lower interest rates and smaller monthly payments with the majority of your creditors.

T & C is a debt management program.

I also considered using T & C for debt management, and was told they would work with ALL my accounts. What they mean is that they will enroll all your accounts into your debt management program, but as I said before, at least in the case of Dell, all they are doing is making the same minimum payment to Dell you are making now with no reduction in the interest, and charging you a fee to do so.

T & C is not the only company that does so. Greenpath will also handle your Dell payments for you, but they are very upfront about the fact that Dell grants no concessions to debt management programs.

There are many members of this site who are enrolled with T & C and are quite happy with their services.
Although from what I can tell, most if not all had pay day loans, and T & C is one of the very few debt management companies that will work with PDLs. So I have no wish to slam T & C. But I will say that of all the companies I considered, they were the least clear in telling me exactly what they could and could not do for me.

I would strongly reccommend you speak with Consumer Credite Counseling Services, also known Money Management Intl. They are the oldest debt management company in the country, licensed in all fifty states,
highly professional and easy to get on the phone whenever you need them, and have the lowest fees of any debt management program I was able to find.

I would link them but I don't know if that is allowed. You can easily find them on the internet though.


lrhall41

Submitted by Big Ed on Sun, 07/16/2006 - 14:02

( Posts: 19 | Credits: )