Need consolidation on credit card debt

Hi Trish

Welcome to the forums.

It will be much easier for you to make payments through the consolidation program because all the bills will be combined into one monthly payment at a lower rate of interest.

The consultant will be offering you a free discussion and tell you the rates of interest as per the payment plan. He will also negotiate with your creditors to lower the interest rates.

Pleas sign up for a free counseling in this website to more about your options. His active participation will help you to achieve a debt free life soon.

Regards
Roxette

If I go through debt consolidation, do I owe the people who are consolidating my debt or do I still owe the same creditors? And how does this affect my credit initally?

Hi April

Welcome to the forums.

After you use the services of the consolidation program, your monthly payments will be made to the debt consolidation company. They will, in turn, pay to your multiple creditors. You will have to write only one check each month in the program.

If you are considering for debt consolidation program, you are seeking to improve your financial standing. Your credit report might be having some negative entries which need to be recuperated. Debt consolidation program will cover all the unpaid accounts in the program, making regular payments to the creditors and as a result provide you a better financial rating.

Debt consolidation program will be shown in your credit report and your creditors will appreciate that you have taken this responsibility to clear off your past debts and regain your financial worthiness. They will come to know that you have experienced financial difficulties in the recent past and you have taken active steps to repair it through the debt consolidation program.

Your creditors report your accounts to the credit bureaus. Although your report will show that you have been unable to pay the original amount of the creditors and have accepted the reduced amount through the debt consolidation program, the consultant working in the debt consolidation program will be able to negotiate with your creditors for the best of your credit ratings.

The ultimate goal of the debt consolidation program is to improve your financial and credit standing and as long as you are current in the debt consolidation payments, you will be viewed more favorably than before.

Regards
Roxette

some of my credit cards have someone on them.. if i do a debit consolidation how would i go about doing that without it affecting their credit or the credit cards coming after them?

Each and every individual have their own credit identity and reports are generated from the credit bureaus. The credit card company might have issued supplementary cards to your known ones but you have to maintain your individual credit file.

When you put certain accounts in the debt consolidation program, those are frozen or closed with an intention of not putting any more debt to that account. After you have completed your payments through the consolidation program, you will be able to regain your financial worthiness and acquire new credit comfortably.

Tell your consultant about the accounts that need to included in the program and he will do the necessary negotiations with your creditors. You will have to fill up the sign up form in this website and utilize the free counseling.