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12-06-2006, 07:27 AM | #1 |
Donating Senior Yorkie Talker Join Date: Dec 2005 Location: Kansas City, MO
Posts: 172
| Debt Consolodation Program Has anyone been through one of these? I"m trying to find a company that I know isn't a fraud!
__________________ Melissa Bogener Cappuccino Cornflake Minute Maid |
Welcome Guest! | |
12-06-2006, 08:10 AM | #2 |
BANNED FOR SCAMMING MEMBERS! Join Date: Jul 2005 Location: Kansas
Posts: 2,811
| I have been searching myself....I do know that if tyhey ask for upfront fees before even looking at your stuff you need to watch out! |
12-06-2006, 08:13 AM | #3 |
Ramsey little Devil in disguise Donating Member Join Date: Jan 2005 Location: Here
Posts: 985
| There is one called care one.. I believe that is the name. but you want to becareful because sometimes going through a third party looks real bad on your credit report.. So if you where trying to get rid of debt, you might want to consider taking out a loan or something. If you own your home you could take a loan out against your house... |
12-06-2006, 08:14 AM | #4 | |
BANNED FOR SCAMMING MEMBERS! Join Date: Jul 2005 Location: Kansas
Posts: 2,811
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12-06-2006, 08:19 AM | #5 |
Ramsey little Devil in disguise Donating Member Join Date: Jan 2005 Location: Here
Posts: 985
| What it does is combine it into one lump sum you would have to pay, rather then having to pay out bills to every other place.. If you do a home equity loan then your only using the equity that you have saved up in your house. Almost like you are borrowing the money from yourself. With this you are most likely to get a smaller intrest rate then you would with taking out a loan. Last edited by Kaluiah; 12-06-2006 at 08:21 AM. |
12-06-2006, 08:20 AM | #6 | |
BANNED FOR SCAMMING MEMBERS! Join Date: Jul 2005 Location: Kansas
Posts: 2,811
| Quote:
true! i just wish the money fairy would come to my house and ....zap...its all paid!! | |
12-06-2006, 08:22 AM | #7 | |
Ramsey little Devil in disguise Donating Member Join Date: Jan 2005 Location: Here
Posts: 985
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12-06-2006, 08:27 AM | #8 |
YT 500 Club Member Join Date: Feb 2005 Location: Soddy Daisy, TN
Posts: 733
| I believe that your State or Federal Government should offer you a free service. You will fill out an application with all the credit card info and balances. They will bring you in for a consultation, look at what you got and determine if they can improve on your interest rates with any specific creditor to help lower your monthly payout or make the payoff be acheived faster. Look in your phone book under Government and I would call the bankruptcy court and ask them if they know which department or agency offers this service. Or you can call a local bankruptcy attorney and find out if they know of any good reputable agencies you can talk with.
__________________ Sheila and Sweet Millie Sage and Jasmine Rose |
12-06-2006, 09:00 AM | #9 |
Loved by Maddie & Libby Donating Member Join Date: Feb 2005 Location: North Dakota
Posts: 10,732
| I would suggest to check in your area for a non-proft consumer credit counseling. I used to work for one in our area and it was great for people who were overextended. The first thing we'd do is collect all the credit cards, cut them in half and send them to the companies along with a letter explaining the situation and asking for lower monthly payments with interest cut off. Most companies were more than willing to take our offer because they would rather get something than nothing, if this person filed bankrupcy. It was also helpful in teaching how to budget your money, so once done with the program and debt free, you can stay that way. Good luck to you and I hope you can find a local agency to help you!
__________________ Custom doggie dresses and vests Memory is a country where I can go to see your face - but where do I go when I miss your embrace? |
12-06-2006, 09:07 AM | #10 |
Donating YT 500 Club Member Join Date: Aug 2004 Location: TX
Posts: 2,799
| We went through one years ago called "CCCS" - Consumer Credit Counseling Service. Saved our butts, let me tell you! We were young, overextended, etc. It did not mess up our credit at all which was our greatest fear. Almost all of our credit card companies totally eliminated the interest charges, only a couple just lowered them. Sears is the worst! Good luck and do your research!
__________________ ~ Angie |
12-06-2006, 09:28 AM | #11 |
Donating YT 3000 Club Member Join Date: Jun 2006 Location: Sequim, Wa
Posts: 4,541
| I would suggest something like CCC. Do you really want to risk losing your house to pay off credit card debt? Need to cut up those nasties!
__________________ Gracie loves Bailey. Holly loves Tucker. Proud member of the YT Gracie Girls. |
12-06-2006, 09:33 AM | #12 | |
Donating Senior Yorkie Talker Join Date: Dec 2005 Location: Kansas City, MO
Posts: 172
| Thanks for everyone's advice! Quote:
Our interest rates are so high and with the new min payment raises we are just barely keeping our heads above water. I will check these places out, thanks!
__________________ Melissa Bogener Cappuccino Cornflake Minute Maid | |
12-06-2006, 11:06 AM | #13 | |
Donating YT 1000 Club Member Join Date: Jul 2005 Location: Chicago Suburbs
Posts: 3,306
| Quote:
Re-financing or taking out a 2nd mortgage works if you finance less than your home is worth AND you cut up the cards. Then pay as much as you can every month to the mortgage. It can get ugly if you use it to pay off a card and then run up the balance on the card again. Then you have an extra mortgage payment AND a CC payment. At least mortgage interest is tax deductible - CC interest is NOT. You must have enough equity in your house to do this, which means you borrow against your down payment and any appreciation your house has had. You would only lose your house if you could not afford the mortgage payments. Most 2nd mortgages are 15 years though, so you need to pay extra or you are just stretching out the debt. I would not suggest a HELOC - Home Equity Line of Credit. If you go this route just get a fixed rate 2nd mortgage or completely re-finance. Just do your homework first!
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12-06-2006, 11:23 AM | #14 |
YT 500 Club Member Join Date: Nov 2005 Location: Mt. Ulla, NC
Posts: 683
| Go to www.kimberlycredit.com This is who I am working with. I have been with them for over a year now. Is what they do is call your credit card copmany's and lower your interest rates for you. I had like 3 cards with 19 and 21% interest and I could only afford to pay the minimum and It wasn't helping me at all. They called my credit card company's and got my interest rate lowered to like 7% on all of them now. You set up a payment plan with them and so you make just one payment and they divide the payments out to your credit card company's. If your trouble is credit cards and high interest rates then this is the place to go. Go to the website and get the phone number and call. Everyone is nice and they help you out alot. I get mine withdrawn from my checking acct. each month. I did research on them b4 starting with them and I only got good news. You can also check with the BBB and see that they have no complaints. Hope this helps you out
__________________ RIP My little Lucy Live forever my Lucy Too, Tank and Annabelle |
12-06-2006, 12:50 PM | #15 |
Senior Yorkie Talker Join Date: Jul 2006 Location: Fayetteville, AR
Posts: 128
| I use Care One Credit. They have helped me out soooo much. I was actually referred to them by a friend of mine. They have taken the CC interest rates that were 21-24% and knocked them down to 3%-9%. I was able to do everything online without talking to a representative. (I have a problem with talking to people on the phone) If you really want to look into a debt consolidation program I highly recommend them. Theya re free but take a donation of sorts to help them cover costs of mailing out payments and such but you decide how much you want to contribute if anything. Their website is... http://www.careonecredit.com/ If anyone has questions about my experience feel free to pm me as well. |
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