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nvrdull
LIF Infant
Member since 5/05 77 total posts
Name:
Nikki
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debt consolidation
Has anyone every used the companies you see advertised on tv? anyone better thatn the other? Do they really help, can they really get you a lower monthly payment.
Please if you don't want to respond on this, please FM me....
Desperate need of help...
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Posted 7/27/08 10:56 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: debt consolidation
i have not.
but just friday, a co-worker was talking about it. she said that they advise you to stop paying your bills. once you're in collections, they call the collection agencies and haggle the debt down.
again, these were her words. i'm not familiar with them
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| Posted 7/27/08 11:10 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: debt consolidation
Posted by libby2595
i have not.
but just friday, a co-worker was talking about it. she said that they advise you to stop paying your bills. once you're in collections, they call the collection agencies and haggle the debt down.
again, these were her words. i'm not familiar with them
and I am sure they will charge her for that
the damage to her credit at that point will be insane- and once she stopped paying her bills- these would all be charge offs- she might as well file bankruptcy-
this company doesn't sound legit
there are a few legit one- but alot that are scams
I don't know which companies - but I would try doing some research on creditboards.com
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| Posted 7/27/08 11:32 PM |
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ladolcevita
LIF Infant
Member since 6/08 286 total posts
Name:
TA
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Re: debt consolidation
I don't know anything about this though I know more and more people are talking about it these days.
Hang in there - this to will pass.
There was an exchange on this some time ago and an LIF member worked at a credit union and offered to put someone in contact with a reputable company - you may want to FM her. Take a look here.
Good luck to you!
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| Posted 7/28/08 1:30 AM |
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jam11308
Member since 11/07 7273 total posts
Name:
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Re: debt consolidation
My BIL used one of those companies (I'm not sure which) and they told him that everything was taken care of & he believed them...until he started getting calls from multiple collection agencies. It turns out that 1) they weren't using his $ to pay off most of the bills that he'd consolidated and 2) the ones that they were paying, they would pay LATE every month and he was getting charged late fees up the wazoo!!
He finally got fed up, had to call each of his creditors to work out settlements/payments & then the consolidation company to fight to get all of his $ back that they somehow forgot to apply to his debt!! 6 months later, his headache is finally starting to ease a bit 
My friend also tried one of them about 4 years ago & had the same issue with the comp. paying her bills late & racking up late fees/trashing her credit even more. After hearing these horror stories, I'd save this for an absolute last approach!
Can you possibly take out a debt consolidation loan? I did that several years ago (through my credit union) & managed to completely pay off all of my credit card debt ($20k+) in about 5 years (eta: I also had a 2nd & sometimes 3rd job during that time)...I took an unsecured loan & while the interest was a little high (12%), it was way better than the 19% cards I had at the time. It was a tight 5 years as I had also given up ALL credit card spending, but it was SO worth it...it's now it's 5 years later & my credit is excellent & I'm relatively debt free (minus the car, house & undergrad student loans).
GL!!
ETA: I know that you probably feel like you're drowning now & that you work just to pay off your debt, but please don't lose hope. Once you find & commit to the right plan of attack, it will get better - I promise!
Message edited 7/28/2008 8:53:13 AM.
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| Posted 7/28/08 8:45 AM |
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bklyngirl
COULD THIS BE MY YEAR??
Member since 6/05 15758 total posts
Name:
Gail
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Re: debt consolidation
i went through green path debt solutions. my cards were paid off in about 3 yrs. my credit was not ruined one bit
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| Posted 7/28/08 8:53 AM |
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LIPrincess
Foxy Lady
Member since 6/05 1610 total posts
Name:
Jaimie
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Re: debt consolidation
I used Care one Credit Counseling. Not only was my credit paid off, in a manageable payment, but I have since bought a house and car with a wonderful credit score.
I know its scary, but they really do help.
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| Posted 7/28/08 10:41 AM |
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