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Is DEBT CONSOLADATION good ?


I heard from some of my friend that debt consoladation is not a very good solution for all. Is that true?
Will debt consoladation affect my credit report in any way?
Please help me out. I am very confused. Dont know if i should go for consoladating my outstanding creditr card debt.
Thanks in advance
Tim




Hi Guest,

Welcome aboard.

View this page carefully and get a feast to all your queries.

http://www.debtconsolidationcare.com/forums/about534.html

Thanks,
Vikas

Sub: #1 posted on Mon, 01/10/2005 - 01:42

Vikas Vikas

(Posts: 2071 | Credits: )

I've much confusion regarding debt consoladation concept. Will it be helpful? I've read that debt settlement is the better option than debt consoladation. Well i'm going to read the url page given by the site admin.

Sub: #2 posted on Tue, 07/19/2005 - 02:59

Unregistered


Hi Alex

debt consolidation and debt settlement0 are the two options that are available to you if you are looking for solving your debt related problems. You can use these services when the monthly bills have gone unreasonably higher and it is becoming very difficult to be paid.

Debt Consolidation

In the debt consolidation programs, the consultant makes prearranged debt repayment plans with most credit card and collection companies. After signing in the program, you will be offered lower monthly payments at lower rate of interest that has been arranged with your creditor.

A considerable portion of your money is saved each month through this program because this monthly payment is lower than what the credit card companies' offer to you.

After enrolling in the debt consolidation program, all the harassing calls of the creditors and the collection agents are stopped. They will not call you anymore until and unless you miss the new monthly payment in this program.

All the credit card accounts that are included in this program will be frozen or closed with the intention that you don't build up new debt.

This program is beneficial to you if you have high interest rates or have high credit card debts which are becoming very difficult to be managed. This program serves to make only one payment to all the debts that are included in the program.

http://www.debtconsolidationcare.com/benefits.html

debt settlement.

This settlement is also known as debt negotiation. Those people who find tough to handle the debt consolidation programs enroll for such programs. A person who cant afford to pay the minimum payments of the debt consolidation program or cant afford to pay the bills of the last three months takes the services of the debt settlement program for solving the debt and credit related problems.

One benefit of such a program is that you don't have to make payments to your creditors instantly. The company with whom you have enrolled takes the monthly payments from you and keeps it in either your account or their account. You keep contributing towards your debt in easy installments.

During this time when you are contributing towards your debt in easy installments, the debt negotiation company negotiates with your creditors for a lower payoff of around 40-50% of your total amount of debt. Once the creditors agree to it, the debt negotiation company pays off the whole amount to your creditors.

One main thing that you should keep in your mind is that debt settlement program hurts your credit score because it is just the last step before filing for bankruptcy. But the consultants working in the debt negotiation company tries to protect the interest of the consumers by asking the creditors to report their accounts as paid in full to the credit bureaus. The credit scores are hurt if the accounts are shown as Settled in the credit report. This negative remark stays in the credit report for as long as 7 years.

There are some companies which offer credit repair packages to the consumers so that the negative remarks caused by the debt negotiation program are removed from the credit report.

http://www.debtconsolidationcare.com/debt-settlement.html

Now that you have an idea what debt consolidation versus debt negotiation is choose which one will work best for solving debt and credit problems for you.

http://www.debtconsolidationcare.com/decide.html

Regards
Roxette

Sub: #3 posted on Tue, 07/19/2005 - 10:56

roxette roxette

(Posts: 4009 | Credits: )

Hi depends on the debt you have. some debts can be put under a program and some cannot. Cars and some retail credit cards will not agree to being put under a program.

Sub: #4 posted on Thu, 10/18/2007 - 07:12

debtstinker debtstinker

(Posts: 288 | Credits: )

When you call a programs, compare what they can do for you. A counselor will ask what companies you have credit with and how much you owe and then they will advise you from there. Sorry for two messages for some reason my spam filter is giving me fits saying i put a word in there that I didn't

Sub: #5 posted on Thu, 10/18/2007 - 07:13

debtstinker debtstinker

(Posts: 288 | Credits: )

Just for me when I was looking at my options between credit counseling and settlement, after looking deeper into counseling it would not work for me because I need the payments to be lower it was not enough to lower the interest rates because my payments were still right around where I was paying. For me, they offered not enough relief that I was needing. If you are already behind on payments then looking into a debt settlement program might be a way for you to take care of the debt. It is great that you are looking into your options, please be careful and do your research.

So for me I chose to go with Superior Debt, my helper was Teresa. I could go on about her forever, but I won't as many need to find out for yourself. Let me just say this she is amazing, wonderful and very honest about everything that will take place. She is a breath of freshness in an industry where others are preying. Simply amazing, and she tells it like it is won't sugar coat.

Sub: #6 posted on Fri, 08/22/2008 - 20:37

mel-ben mel-ben

(Posts: 17 | Credits: )

Bogus loan spam removed per ToS. - Uncle Wulf

Sub: #7 posted on Mon, 08/25/2008 - 01:19

Unregistered


I read in your previous reply that if someone decides to go with the debt settlement option that there are certain 'packages that can help repair/remove negative remarks from a person's credit report:

"There are some companies which offer credit repair packages to the consumers so that the negative remarks caused by the debt negotiation program are removed from the credit report. "

Can you elaborate on these packages? Which companies offer them? How effective are they? Is there a significant cost?

Thanks!

Sub: #8 posted on Sat, 09/20/2008 - 00:36

egotypical egotypical

(Posts: 8 | Credits: )

no solicitations dave007,we know chances are in the UK means scam.so soliciting and for a scam.DOUBLE WHAMMY dave.

Sub: #9 posted on Mon, 09/22/2008 - 14:04

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15511 | Credits: )

JUTS...I think you have the wrong place. ..sorry. As for Debt Settlement/Consoladations, usually companies will do this with un-secured debts, etc. TOO many people ( I think) just 'grab' on to the first thing that 'floats by'.......I mean, they don't search the ratings, complaints, etc. of these companies.Then, after they sign up with a 'company' they find out 'they' are frauds/scams. Becareful on who 'you' use as a Debt Settlement/Consol. agency.

Sub: #10 posted on Thu, 12/11/2008 - 16:07

sdchargers_63 sdchargers_63

(Posts: 1798 | Credits: )

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