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Old 10-04-2012, 08:32 AM   #16
MrsPete
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Run away. This is a scam. I don't know whether they're going to try to draw you in, then extract fees later, or whether they want your personal information for the purpose of identity theft, but something is wrong with this type of thing.

Only two methods can get you out of debt:
1. Earn more.
2. Spend less.
Or, a combination of the two.

Since they've caught your interest, it sounds like they may have had a good message, one that was tailored to your specific needs -- but that doesn't make them honest.
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Old 10-06-2012, 05:26 PM   #17
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For anyone who has used a "debt management" program (CareOne, Care Credit, Consumer Credit Counseling, etc...) How did your credit scores fare? I have a customer who has rebuilt his credit but still has some work to do. I think one of these types of programs could help him (but not a settlement program, because I know that will lower the score.)

Let me know, if you have checked your scores before and after the program. I would love to be able to make a recommendation to him.

Thanks!

Tracy
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Old 10-06-2012, 06:12 PM   #18
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My husband and I just finished our debt settlement program. 2 incomes (although, my income basically covered each debt settlement payment), with one child. We had around $16k worth of CC debt (between the 2 of us). Going the route of debt consolidation was getting us no where quick because hubby's CC company kept sending a letter every month asking for more. So we went with settlement. We worked with a fantastic company. And while looking back it may not have been the most financially sound decision (monthly account maintenance fees to the settlement company), it alleviated a LOT of headaches on our end. And allowed us to budget every month exactly how much money would go toward bills (including the debt settlement payment). It also eliminated the calls from the bill collectors (as well as netted us a $500 lawsuit settlement due to one company harassing me and crossing the line in collection practices). In 4 years, we were done with our debt. Settled all 3 CC's for roughly two-thirds to half their original totals. And now we're putting away that extra money every month toward our Disneyland trip.

The other thing I've heard people be successful with in paying off their CC debt is to start paying off the highest interest rate first. Double your monthly payment (if you can) to them, and pay only minimum on the rest of the cards. Once the highest is paid off, go to the next highest CC and double your monthly payment (should be able to now since you've got the highest paid off, right?) and pay minimum on the rest. Etc etc.

*shrugs* Just my couple of suggestions.
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Old 10-06-2012, 06:14 PM   #19
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Quote:
Originally Posted by lesroi View Post
For anyone who has used a "debt management" program (CareOne, Care Credit, Consumer Credit Counseling, etc...) How did your credit scores fare? I have a customer who has rebuilt his credit but still has some work to do. I think one of these types of programs could help him (but not a settlement program, because I know that will lower the score.)

Let me know, if you have checked your scores before and after the program. I would love to be able to make a recommendation to him.

Thanks!

Tracy
To be perfectly honest, my credit score is in the mid 600s now. Granted, my 2 CC's were the first to be settled in the first 2 years of our settlement term program. And now, hubby and I share 1 CC through our credit union (which we try to double or triple the payment every month in order to pay off the balance), and use debit cards and/or cash to pay for things now.
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Old 10-06-2012, 07:18 PM   #20
lesroi
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Quote:
Originally Posted by *Seanaci* View Post
To be perfectly honest, my credit score is in the mid 600s now. Granted, my 2 CC's were the first to be settled in the first 2 years of our settlement term program. And now, hubby and I share 1 CC through our credit union (which we try to double or triple the payment every month in order to pay off the balance), and use debit cards and/or cash to pay for things now.
Thank you, that is very helpful! So you think it went down during your debt management program or do you think it went down during your settlement program? Mid-600 is actually not that bad for just coming out of a settlement program! I think my customer is afraid he will drop down into the 500's if he chooses the settlement program and never be able to buy a house. (620 is about the lowest-qualifying score right now)

Tracy
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Old 10-06-2012, 07:59 PM   #21
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Sounds like a scam.

A better way to get rid of the debt would be to rent out unused bedrooms and put the extra money toward the debt.
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Old 10-06-2012, 08:04 PM   #22
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CONSUMER CREDIT COUNSELING SERVICE:

1) If in trouble, call Consumer Credit Counseling Service.
. . . fully accredited by several organizations
. . . all 50 states and probably in a city near you
. . . they could be called CCCS "of {your city}"
2) We worked for them as volunteers, although their counselors are paid.
. . . they will reduce your total monthly payments to creditors
. . . they can sometimes get penalties and interest reduce or eliminated
. . . frequently, the creditor will reduce some principle
. . . usually car and house notes are not reduced, but almost all others are
. . . typical goal is three years to zero debt
3) The program
. . . you sit with them and determine your REAL & TRUE monthly budget
. . . you and they figure how much you can devote to debt reduction
. . . they let you know if the creditors will accept the repayment
. . . you may need more payment amounts, or maybe even less
. . . this takes 1-3 weeks to contact creditors, then you meet again
. . . you turn over all your credit cards
. . . you run on an all-cash basis (for exceptions, they can discuss)
. . . you do a payroll deduction for the repayments
4) Payments and fees
. . . no charge to the individual - zero, none, zip, nada
. . . no up-front fee, commissions, or other payments to their service
. . . the company granting credit pays the fee as a percentage
. . . ALL OF YOUR MONTHLY PAYMENT TO CCCS MONEY GOES TO CREDITORS
. . . the office expenses and salaries are paid through the creditor fees

NOTE: IF YOU CONTACT A SERVICE THAT WANTS FEES OR UPFRONT
MONEY, OR IF ALL OF YOUR PAYMENTS DO NOT GO TO DEBT REDUCTION,
RUN AWAY - FAST, FAST FAST.
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