Debt Consolidation Question

It might hurt it Jason, but not as long as it would if you did debt settlement or bankruptcy.

I'm in a plan now-right now I'm in the "proposal" stage. They sent proposals to my 2 creditors and now I have to wait 2-4weeks to find out if the proposals are accepted.

I told my creditors, Discover was good about it & took my info. Chase seemed to want to talk me out of it, explaining that if I do enter the program my account will close & my credit will be affected by that.

But I figure its already in the crapper, so as soon as I get the program rolling & make payments it can only get better from there.

Ask the people you got the consultation from to see what their thoughts/opinions are on the whole credit rating issue.

I'm thinking of getting a consultation ... i've been searching online but with so many crooks out there is realy hard to trust a "company" . i've reading the posts and see that you can't advertise but is there any web site like state, county, or somethign where i can get the names of real debt relief agencies?

I think that it looks better than you just giving up on your debts. Everyone gets into hard situations from time to time. That's what I'm running into right now. My husband and I got into a hard situation when his business went under so it looks like we abandoned our debts. It was never our intention to do so, but we had to make ends meet for our basic needs so we let things go that had no impact on keeping the basic bills paid. Now, we are faced with getting our credit back in order. We can do it, but it will just take time. With debt consolidation, you are showing that you are making an attempt to rectify the situation and I think that counts for alot. :-)

I agree with you eleroo 100%. I don't think anyone deliberately sets out to run up debt and not pay it back. It comes from circumstances that are beyond one's control I believe.

ladybug

May-apply for a free consultation here. It's painless! You could look online under debt consolidation. Just make sure you check out each company with the BBB. Also, under the "Do It Yourself" section, there is an area called "Ranking Chart". Find your state & it'll give you the names of some places in your area for help. Again...check out with the BBB!

I agree with both Lady & Ele. Sometimes things just get out of hand so fast that we don't realize it until its too late.

Thanks for the info. lawn, did you research and find a consolidation company on your own, or did you go with the free consultation here?

No problem Jason! Glad to help. Its really scary taking the first step & asking for help.

The site here gave me a company that would contact me. I researched them here & on the net (BBB & ripoff.com). There were some negatives about the company, but they still seemed ok to me. I did talk to some other consolidation companies, but they didn't make me feel comfortable-wanting my creditor info (like account numbers right off the bat & my banking info...I WILL NOT give out my bank info...). The place I ended up going with was the one I was recommended to. Before we moved forward I got a contract to read & sign-it was all simply stated as to what they will/won't do & what I should/can't do. Even gave me info on how to get out of the program if I needed to.

Call the companies & see what their practices are. See if you can get a quote. See if you get a contract. See how long it takes to start in the program.

One word of caution...I did speak to one company & they sounded a lot like a debt consolidation company. Turns out after I researched them, they were a debt negotiation company, but they didn't come out & say that. So be careful!

Thanks!!

I was assuming that the company that this site gave me was the same company that everyone talks to on their free consultation and therefore it was legit...(thats what i get for assuming...) I will definately do my homework and research several companies before i commit to one.

If I may ask, who did they recommend? I always wondered if we all get sent to the same place or do they have a big network of places?

thanks ... I'll look into the ranking chart and I think I'll sign up for a free consultation here.

Lawn. we do not allow advertising of any kind on these boards. Please refrain from asking about a particular company. A mod will delete it
I suppose you cam Pm for the info you want
Thanks

Jason-Will it impact your ability to get an auto loan? It might not impact your ability to get one but rather your rate. Just about anyone can get an auto loan but the rate they charge will be the question.

Also, after filing bankruptcy (I am not recommending that), it is quite easy to get an auto loan because they know you cant file again for another 7 years. But again, the rate will be the issue.

Lawn-The PM feature is a great way to share info that shouldnt be posted here, such as advertising.

Sorry about that!! I didn't think that was advertising...I thought advertising was more link related...but I'll try & remember next time!

That's okay, we all make mistakes don't take it personally. I don't think that Kash meant it in a mean way. We are just trying to keep the board clean from all the spammers out there. :lol:

ladybug

Thanks Lady! I just felt bad for not knowing that! Blame it on the hormones! LOL!

Jason PM'd me & I sent an answer back!