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credit and debt counseling question by CBPetty: Are my parents making the right decision for Debt Consolidation?
My parents have decided to go with a company that says they should not pay anyhting for 3 months or so and then they will be able to negotiate with creditors better. they have to put 1400.00 down to get started with this company. i dont like the sound of this, but i dont know exactly what debt consolodation companies do. Help!
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Answer by rwa000
you are right debt consolidation companies are as bad or worse than Bankruptcy with out the benefits, tell them to consult with a bankruptcy lawyer
Well they have already put money down! “Bad move”
Not sure what country your in? But never pay up front!
I could help, but not sure if I’m aloud to leave my e mail for you.
Tell them to do an Income and expenses budget. Whats left. divide between unsecured creditors. Send a letter and explain the situation.
Pay every month. They will scream and shout.
but theres not a lot they can do.
Let me know. If you can.
NO NO NO NO! Oh gosh, this is really sad to hear. My best friend just confided in me last week that she was doing something similar, and now she’s in a mess. This lady at first convinced her that she would have no negative effects to her credit rating…now she’s having to work with a lawyer just to keep these people from taking her car. These companies are SCAMS! Have them call each credit card company and negotiate a lower rate with them. Another option is to get a new credit card with a limited-time low-interest rate and do a balance transfer. The problem with that is that they’ll need to do that again in a few months when the interest rate pops back up.
Do this: Have them look in their yellow pages under “Credit & Debt Counseling” and visit a non-profit debt counseling place such as Consumer Credit Counseling Service. Make sure they are a non-profit. They can help your folks negotiate new interest rates and/or consolidation.
The debt consolidation companies are scum. They are right up there with the payday loan guys when it comes to the sleazeballs of the earth. Stay away from them. Your parents need to get organized and get on a budget. They can keep their $ 1400 start up cost and whatever else they will have to pay these guys and put it towards their debts. They need to get on a plan. Do them a favor and pick up a copy of the Total Money Makeover book by Dave Ramsey. Read it yourself as well so everyone can be on the same page. This book/program will show you how to put together emergency funds. set up a budget, organize and pay off debt, invest and many other things. This is a plan my wife and I are on and it is fantastic. It has changed our whole outlook on debt and finances. We have been on the plan for 6 months and have a 5 figure change in debts because of our change in attitudes. It is amazing.
Tell your parents to stay away from these debt consolidator guys. This is something they can do themselves, with a little help from you maybe, and not have to pay them.
I highly recommend Daves plan. It is wonderful.
Good Luck.
To answer your question – No, your parents are not making the right decision.
While there are legitimate debt counseling services , any debt CONsolidation (caps are on purpose) company that charges a large fee in exchange for negotiating with creditors is a rip-off.
There is nothing they can do that your parents can do themselves. It takes a bit of time and persistence, but it can be accomplished.
There are a couple of excellent websites that your parents should sif t through before shelling out $ 1400 to a shister.
The first is http://www.daveramsey.com Dave Ramsey is an advocate of credit free living. He lays out a method to becoming debt free using a ‘baby step’ program.
Another site is http://www.creditboards.com, This site deals with credit in general – getting it, using it, cleaning up credit reports, etc.
Hi,
I used “Credit Solution” to settle my student loan,mortgage,credit card and other debt.They managed to reduce my debt up to 58% and improve my credit score .It’s legitimate . I came across this company on NBC News Special Edition.Check it out here:
http://CreditSolution.ez-mart.biz
Hey buddy then first you should know about the debt consolidation companies.Debt Consolidation is the technique of gathering several credit card debt, loans and other liabilities and combining them into one. A debt consolidator thus consolidates all of his debt by taking out a single loan to pay off the debt as a whole. Our Debt consolidation allows you to combine all of your loans into one loan, usually at a lower negotiated interest rate.
So your parents have taken the wright decision. Let them continue but i thing i will suggest.Good debt consolidation company selection is very important..I will suggest one best company for debt consolidation. just visit this site and take their help.