getting out of debt and credit counseling companys

[Tigger1]

I am considering consolidation of my debts, using a CCC. Any advice, sugestains?

Thanks Tig

 

[Dax]

Check your PM.....I replied...

 

[WDWHound]

Be very careful. Ironically, Some forms of credit consolidation can really trash your credit rating

 

[Nebsky]

Use the REAL Consumer Credit Counseling service.

Do not use the ones that advertise on TV or the ones that do pop ups while surfing the net.

A good friend of ours used the real one and it worked out very well for them. Another person did the ones that advertised. They are still having problems.

The ones that are advertising alot are out to make a buck of you. The real CCCS is non-profit. They may charge you a small monthly fee.

Be Careful.

 

[meandtheguys2]

There is someone here who specializes in this, but I can't remember who! Will post when I think of his name!

Michelle

eta: picantel is the posters name. I don't know this person, but they seemed to have a lot of advice for intenseblue (sp?) awhile back. Hope this helps!

 

[Toby'sFriend]

make sure you use a reputable company.
There are many out there that are scams.

Credit Counselling is not nearly the black mark against your credit score that it used to be. The formulas have been changed.

 

[AlexandNessa]

Hi Tigger1. I PMd you, but I have to tell you this was the best thing my ex BF did. At the risk of repeating what I might have already said in my initial post (too lazy to do a search!)....

There was an indication on his credit report that he sought counseling, but it didn't tarnish him. He was still able to get a car loan. Also, many credit card companies would rather have you in a credit counseling program rather than go bankrupt (at least they get their $$ back with a counseling program). He obviously could not sign up for any more credit cards during the time of his counseling.

Some credit card companies will want you to be in the program for a few months before they lower or eliminate your interest rate, but the counseling company will tell you that upfront.

It's convenient, and at least with the company my ex used, they went over a personal information sheet with him. He had to list his current income and all his current expenses, and they established an amount that was reasonable for him to be paid monthly.

The downfalls: they do charge a monthly fee (I think about $25), you cannot have, use, or apply for any credit cards during counseling, and there is an indication that you have sought credit counseling on your credit report.

The upside: your debts are paid off in a finite time, you pay one check to one company who dishes out your payments (you don't have to speak to the credit card companies if they call -- just refer them to the counseling agency), and you pay what you can reasonably afford every month.

Good luck!

 

[WDWHound]

Originally posted by Toby'sFriend
Credit Counselling is not nearly the black mark against your credit score that it used to be. The formulas have been changed.

I didnt know that. Thanks for correcting me.

 

[aprilgail2]

I used Debt Free America ...this month is my last payment!! I have had nothing but wonderful things to say about that company. And I did get a car loan while in the program too, my credit score was 750 the last time it was looked up and that is pretty darn good!

 

[EsmeraldaX]

Tigger1 - I sent you a PM

 

[SnoWhite]

We have also been thinking about doing this, but I'm just not sure. I don't want any bad marks on my credit report as it is clean right now, but we do have a lot of debt and I would love to consolodate it. I'd also love to hear the advice given to the OP!

Thanks
Lisa

 

[iNTeNSeBLue98]

Picantel was extremely helpful, though I haven't seen him around the DIS lately. He did help me with a collection bill, a reassured me on a number of other issues. ooggieboogie is his wife and she's on the CB frequently. I'm sure if she sees this post she will provide his email. I have stored http://www.creditboards.com in my favorites, a place picantel spends a lot of his time I've read, but haven't taken time to read all of the information over there.

 

[thelittlemermaid]

DH and I are also thinking about this. Since DD has a hole in her heart, we want to get our debt taken care of in case, knock on wood nothing does happen, she needs to have open heart surgery. You know how health insurnace can be. I know after our insurance paid what they do, there would be ALOT left.

I have contacted a CCCS to see what they have to say, but like SnoWhite, I would also love to hear the advice given to the OP.

 

[iNTeNSeBLue98]

Here's a link to the thread I started in January on my concern on whether I should file bankruptcy. Maybe you will find useful tips there.
http://www.disboards.com/showthread.php?s=&threadid=497133

and a later follow up post where picantel stepped in with advice:
http://www.disboards.com/showthread.php?s=&threadid=558557

I still have not filed bankruptcy, don't plan to. All those credit cards cos. will just have to wait until I have extra $ to send them. In the meantime I'll worry about paying the rent, buying food and maintaining the car and seeing that we are healthy.

DH went back to work last week - seems permanent, but no health insurance is offered. I can add him to my insurance but it's going to hurt my net income hard. Another employer has tried calling twice this week (it's only Tuesday) and is calling first thing tomorrow morning, before we head out for work. DH wants to interview, and will consider changing jobs if benefits are offered (and they should be as it's a high-profile co.), even though the current job suits him well and he really seems to like it so far.

 

[oogieboogie]

Hi, it's picantel's wife here. Just wanted to let you know pic's email:

picanteL43@hotmail.com

debt consolidation is not his specialty, but email him anyway. He might be able to give you some pointers or at least give you some general guidance.

Also, definitely check creditboards.com. There are a ton of people who can give you good advice there.

Good luck!

 

[tidoublegger]

http://www.ihavetoomanybills.com/

This is a legit company. You can call them with no obligation and they're rated with the BBB. I am months away from my final payment. They negotioted lower interest rates with the companies and charge a nominal fee of $10/month. I have had no problem with them! Good luck!!

 

[jstbcuz94]

I used the company North American as tidoublegger above did. Not impressed with the website, but have been with them since Nov of 99, and just made my last payment last month. We also put any tax returns towards our debt, so that helped get us out a bit quicker too. Like tidoublelegger stated, there is a $10 a month charge, but had no problems with them at all.

When we started we went the local CC place and they told us if we made $600 more a month they could help us. I found this place and it was GREAT!!