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Can you help me?

Date: Thu, 01/20/2005 - 10:28
Submitted by on Thu, 01/20/2005 - 10:28
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I have a lot of credit card debt and some personal loans. I have talked to one debt consolidation Company. They quoted me a payment of 1619.00 a month. I guess based on my credit cards. If I agree to pay this I will not have any money left. Are all debt management programs the same? I guess what I am asking, can I try to find another one or based on my credit cards is this what I will have to pay to anyone?


Welcome to the forums sjr42,

Quote:

I have a lot of credit card debt and some personal loans. I have talked to one debt consolidation Company. They quoted me a payment of 1619.00 a month.


Let the debt consolidation company know,
1) What you can pay monthly
2) All details of your creditors.

Everything depends on (1), when you enter into a settlement plan most of the creditors enforce a minimum payment to stay in the settlement plan. A counselor then does a linear programming to find the best payment schemes depending on reduced apr. Giving priority to the debts with higher APR saves a lot of money.

Quote:
Are all debt management programs the same? I guess what I am asking, can I try to find another one or based on my credit cards is this what I will have to pay to anyone?


Not Exactly, some are smarter :D , they know the trick and they just try hard to provide the best services to the customer than making money. Most of the creditors have a fixed policy for debt settlement companies; some of it is there in our creditor's database at http://www.debtconsolidationcare.com/creditors/ .

Regards
Vikas


Submitted by Vikas on Thu, 01/20/2005 - 17:38

Vikas

( Posts: 2019 | Credits: )


Dear sjr42,

Welcome to the debt consolidation care forum. No, all debt management programs are not the same. It depends from one creditor to another. Each creditor has their own company policies chalked out for the debtor.

While negotiating with a debt consolidation company be specific about your current financial status and be straightforward. The debt consultant in almost all the cases will judge your monthly installment amount, based on your present financial status. Negotiate till the final moment with the creditor to reduce your interest rates and taxes and in case you can convince them you can also have a reduction on your principal amount.

But keep one thing in mind that does not stretch your payment period to a great extent for every creditor has their own time limitations. The faster you can pay the money back the more benefits the creditor is likely to give you. If you have multiple credits and high apr's pay back your account that has the highest interest rate first. This helps you to save a lot of money.

We would appreciate your active participation in the forum and hope that you share your experiences and insights with other members.

Regards,
Jason


Submitted by Jason on Thu, 01/20/2005 - 21:20

Jason

( Posts: 2430 | Credits: )


Hi --

I personally was talking to a program before I decided to go debt settlement on my own -- my payment was going to be over 2000 monthly -- no way I could have done that -- so I had no choice --

I stopped paying and settled 50 percent of my debt myself so far -- still have half way to go -- but I am in charge of my own issues --

that makes me feel good


Submitted by chrissyhen1 on Tue, 10/02/2012 - 08:25

chrissyhen1

( Posts: 151 | Credits: )


I would call 1800 sleepys They settled my debt for as little as 20 cents on the dollar saving me more than 10K.


Submitted by on Mon, 10/08/2012 - 08:49

( Posts: 202330 | Credits: )