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How could I make all my debts paid from 1 account?

Date: Thu, 01/20/2005 - 20:14
Submitted by on Thu, 01/20/2005 - 20:14
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Many people are against Debt Settlement/Consolidation because they say that you could do it yourself for free.

But how could one consolidate loans and credit cards into one account. Foe e.g., should I ask the credit card companies to cooperate with others so that they all together could accept one consolidated account?
:?:


Hi,

Welcome to debt consolidation Care Forum.

You are right in saying that you can Consolidate your debt, all by yourself & save dollars. For this you need to know the right information & procedures as to how to go about it. You need to make the calculations yourself & then send proposals to different creditors for debt settlement. Once the offer is accepted your debt settlement becomes a monthly routine. This way you can do what the Debt Consolidation Company does for you and save a lot of money.

Thanks, however, for visiting the forum. Remember Debt Samaritans are there with you all the time. Looking forward to your frequent participation in the Forum.

regards,

Temptrss


Submitted by temptrss on Thu, 01/20/2005 - 20:40

temptrss

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But How could make all debts paid from 1 account after I do all the calcultations?


I mean do I have to send another letter after I finish the calculations that says this:

Please contact my other creditors so you could all agree on the one account to which I will use to make one monthly payment.

Thanks


Submitted by on Wed, 01/26/2005 - 01:53

( Posts: 202330 | Credits: )


Hi freedom123,

Welcome to the forums, My question to you is, are you planning for a fight alone or with a debt consolidation(debt settlement) company?

If it's alone then you youself will have to decide

    a) How much money you will pay to each creditor each month
    b) Making a complete monthly plan satisfying minimum criteria for each creditor.


If you are going for a debt consolidation company, then they do the calculations for you depending on
    a) Total Debt
    b) Total Monthly Payment you can pay
    c) Your creditor's policies


They try to pay off the debts with higher interest rate faster to save more money but they keep the minimum payment aside for each creditor under debt settlement policies. Do let us know your plans that we can write in details.

Thanks and Keep posting
Vikas


Submitted by Vikas on Wed, 01/26/2005 - 05:45

Vikas

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