Credit Counseling Services

[mulderxcoltrane]

Problem is, not all creditors work with debt management and some won't budge even a little bit on interest rates or helping the customer lower their payments.

When they gave you the estimate of what it would cost each month - were they able to tell you right off the bat whether the CC companies you used participated? Or did it take some time to find that out?

 

[DisMN]

When they gave you the estimate of what it would cost each month - were they able to tell you right off the bat whether the CC companies you used participated? Or did it take some time to find that out?

It took a little bit of time to figure it out. As it turns out companies that other people said they had problems with (not accepting, hard time about payment amounts) we had NO problems with at all.
One company other people say they work with actually highlighted with a star next to the name telling us that company does not participate. I've read from others that they do so I'm not sure what's going on. I've only been doing this for about a month or so.

Each person is different and their payment history is different. That may make all the difference in how generous a creditor is with their repayment terms.

We waited way way way way too long to do this. But like I said earlier we were going by other peoples scare stories. Debt management is nothing at all like debt settlement.

The management company was able to get our creditors to give us MUCH lower interest rates and in some cases a slightly lower payment. We were not able to do this on our own....the creditors simply would not work with us.
The small monthly fee is well worth it for peace of mind right now.

I wonder if this thread should be moved over to the Budget board? LOL

 

[alicetom]

Credit counselling is a process that involves hand-out education to consumers about how to pass up incurring debts that cannot be repaid through establishing an operative Debt Management Plan and Budget, According to my point of view, I think that reputable credit counseling services should be non-profit however, that’s not a guarantee of a quality service.