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Debt consolidation recommendations

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Posted: #26
I second what BC said
 
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Posted: #27
This is certainly the boom business in this country right now. Very similar to the mortgage business a few years ago. People putting in the time on the phone with leads making decent coin on comission off of people's debt and misery. The ads are always on tv and radio much like the mortgage companies were always running 3 to 6 years ago.
 
I can't imagine that there is really much anybody can do for you at one of these that you can't do yourself if you have the time and call the credit card companies yourself and negotiate the interest. It makes a big difference if you have already missed the minimum payments on your cards (any credit card) and had late problems already or if you are just carrying large balances but have otherwise not been late. They look at the percentage of debt that you have used too vs. what you have available to use when determining your rating as well but being late is worse.
 
If your credit rating is already pure shit then I would suggest not paying the card companies anything. Your debt will go 30,60,90 days late and then into collection. You will get phone calls and threats but ultimately there is shit they can do to you because it is unsecured debt if you don't own property and/or your car isn't worth going after.
 
Then the debt goes to the factoring department at the card company and someone will contact you and try and settle your debt. They can make you great offers on what you owe. Like you owe 15k, they will settle the whole thing for 3k. At this point they have written off your debt so 3k to them is found money. That's their job. Get everything in writing before you pay though. Much better than bankruptcy and your credit will clear up way faster plus no stigma of BK on your credit record.
 
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Posted: #28
1 simple rule:

never paid this agency $ in advance....but then, gl to find a service like that.
 
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Posted: #29
Much better than bankruptcy and your credit will clear up way faster plus no stigma of BK on your credit record.
 
I dunno about that.  Why is there such negative stigma towards bankruptcy .  Consulting a BK attorney is THE FIRST thing anyone with insurmountable debt SHOULD do
 
I don't know for certain, but i would think that 'settling' a debt with a CC company is equally as bad, if not WORSE than going bankrupt.  Why people try and make out others that go bankrupt as if they were leopars is beyond me
 
It's idiotic, by telling someone to NOT go bankrupt, you could be HURTING THEM AND THE ECONOMY   Bankruptcy IS economic stimulus, because it takes unproductive labor and cleanses it, turning it into PRODUCTIVE labor.  debt service sucks the life out of a productive economy. don't believe me, look outside ur windo
 
Legend
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Posted: #30
Never thought I'd say this, but....................................GO BANKRUPT.............fuck 'em. I know it's a pride thing but I just finished watching a show on Showcase called "Maxed Out".  If you have any feelings of guilt, that is if you weren't idiotic & bought boats & shit on credit, this show will present to you how we've become prisoners of the wealthy.........simply by having credit.

 Trust me........the same CC's you dumped in BK will be offering you more credit in no time.
 
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Posted: #31
Quote Originally Posted by be easy:

 debt service sucks the life out of a productive economy. don't believe me, look outside ur windo

     I don't understand this.

Your theories are all well and good but they are just that. As far as your credit goes the only thing worse than a bankruptcy is a foreclosure Not saying cc companies won't give you credit when it is over because why wouldn't they? You can't declare bankruptcy again for years. They love that.

Consult an attorney (costs $$) I'm just trying to give the guy some advice and telling someone that's not disabled and capable of getting a better job to file for bankruptcy for 11 grand shows you're pretty stupid.

 
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Posted: #32

Consult an attorney (costs $$) I'm just trying to give the guy some advice and telling someone that's not disabled and capable of getting a better job to file for bankruptcy for 11 grand shows you're pretty stupid.

someone that makes 30kish a year will probably never pay down or off 11k in credit card debt, don't be ridiculous. If you have no assets that you stand to lose in a bankruptcy, why not pay a bk attorney 700 dollars and start fresh again. I guess Donald Trump is pretty stupid. 

 I do agree that 11k is a small sounding amout to go into bk because of, BUT 11k for one is not the same as 11k for the next . If bankruptcy might be his best option, why not at least check it out. way better advice than egging him on to call a credit counseler scam company

 
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Posted: #33
Quote Originally Posted by be easy:

because they are scams. Think about it, you are already getting hammered with interest rates, and you want to pay another sheisty company more money just to consolidate your debt. Try going to your bank, or better yet go to a local credit union. I was just in my credit union asking about some loans, and they are very eager to lend money.
 
We are being lied to that 'the banks aren't lending'. The real problem is that there is no demand for loans
 
DO you have any asset you could post as collateral? Bankruptcy doesn't sound like an option if you feel you could pay it all off in 36 months.
 
I would do it like this, if i were you.
 
Line them up in order of highest interest rate, that's the one you want to pay off first.
Make minimum payments on the one's with the lower rates, while paying the most you can afford on the one with the highest.  When i say most you can afford, i mean start living with no luxuries and only necessities until you have paid down your debt.  Once you have that one paid off, cancel it, and start the same with the second highest rate. keep going until you are debt free.
 
Live like a broke ass until you are out of debt, you will thank me later. If you have a pricey car, sell it and buy a junker.  It will take some sacrifice but you can be debt free rather quickly if you budget your income.



This might just qualify for "Best Advice Ever Given" on covers
 
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Posted: #34

Typically, debt settlement companies tell consumers to stop paying any amount on their bills and start accumulating money in a special account. Eventually, the company promises, it will use that money to negotiate settlements with creditors.

But Mr. Cuomo contends that many people leave the Credit Solutions program because it is too hard for them to save, especially after paying the company’s fees. Even when they stick it out, the promised deals often do not materialize. “Credit Solutions frequently fails to obtain settlement offers at all,” the suit says.

Evelyn Mazzella, who lives in Westchester County, signed up with Credit Solutions after a friend recommended it. “I ended up paying them a couple of thousand dollars, but they only settled one card,” with Best Buy electronics, she said. She complained to the attorney general’s office.

Credit Solutions used to send customers a 60-item list of ways to raise money. First is “refinance home,” followed by “get a second mortgage” — the two things that got many people in over their heads in the first place. Among the other tips are: “Baby sit,” “Sell plasma,” “Ask for raise,” “Get off the station before your usual stop and walk,” “Cut down your drinking,” “Drink tap water,” “Buy frozen.”

 

you can't make this shit up 

I hope you guys didn't use one of these scam companies. Consult a bankrupcy attorney

 
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Posted: #35
Quote Originally Posted by dave9981$:

     I don't understand this.

Your theories are all well and good but they are just that. As far as your credit goes the only thing worse than a bankruptcy is a foreclosure Not saying cc companies won't give you credit when it is over because why wouldn't they? You can't declare bankruptcy again for years. They love that.

Consult an attorney (costs $$) I'm just trying to give the guy some advice and telling someone that's not disabled and capable of getting a better job to file for bankruptcy for 11 grand shows you're pretty stupid.

Consult an attorney (costs $$) I'm just trying to give the guy some advice and telling someone that's not disabled and capable of getting a better job to file for bankruptcy for 11 grand shows you're pretty stupid.

most bk attorney will give you a free consult. He said he makes 29k. I'm not sure where you live, and i'm pretty sure cost of living in Alabama is realtively cheap, but he is certainly a candidate for a sit down with a bk attorney(which will walk you thru chap 7 for less than a thousand bucks these days).  And after that, NO MORE CREDIT CARDS, problem solved.  Learn to save and spend within your means wisely again, living on your own money is much cheaper. Your credit is trashed from day one, and from there on it will only go up if used properly

 
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Posted: #36
Legwand...
 
Wait aren't you the guy who started a thread on how much money you owed your bookie thousands of dollars and you wanted help on how to pay him off?? Very similar to this story on making payments to him instead of the creditors? You were talking of moving your entire life or just ending it? You then proceeded to come to the conclusion your best alternative was to double your bets in the NCAA Tournament hoping to hit every game to pay off this monsterous debt to the bookie? I believe the results were you made an "AMAZING" run and lived happily ever after? That thread got many many responses. I believe you have been accused as an attention person. Just a heads up for those who are seriously trying to help Legwand .
 
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Posted: #37
Don't file bankruptcy, that's the worse thing you can do.  It's not like it used to be, where your credit disappears and you start over with "bankruptcy" on your report. 

Now they send in the wolves to liquidate everything you own to pay off the creditors, it's definitely not worth the hassle. 

I don't know anything about these debt companies, but I would definitely try going to some banks and credit unions first to try to consolidate into one loan.  As long as you have steady income and good credit getting a loan is not that hard.  Especially for credit debt because the other thing they look for when giving you a loan is how much debt you have. 

When I was trying to refinance my truck the bank encouraged me to add in any credit card debt I had to consolidate.  They want your business, if you can pay they want that interest. 
 
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Posted: #38
if you are planning to use those debt consolidation companies, might as well don't pay anything now and wait for like 8 to 12 months later when your debt has been bought by a collection company, then you can negotiate with them and get around 50% discount.  To my understanding, that's how those companies do it, except they will try to sell it to you in better language.  Of course they will sell you the pitch that they will charge their fees into your credit card right now so later on after the negotiation, you're not really paying them anything.  Of course they will also tell you about that monthly saving plan so when it's time to negotiate, you will have the money to pay the debt off.

Do not trust those companies...you can do all this on your own and save yourself some money.  No matter what your credit score will take a big hit so if you are in bad financial situation, I suggest go ahead and max it out and do not pay them anything back.  In fact you should try to squeeze out more than your current credit limit then tell the credit card companies to shove it up their behinds.  After all, they're charging people like 30% interest rate nowadays.

GL
 
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Posted: #39
richard - how the hell did you find this thread after 8 months?
 
 
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Posted: #40

DO NOT FILE FOR BK FOR ONLY 11k or 15k. In the long run this will hurt you.

You've already stated that you're not using your cc anymore.

This is what I would do:

1. Call each one of the cc up, tell them to resend you your cards and speak with one of their reps that you're struggling to make payments. Let them know that you're considering BK and that you'd be willing to listen to offers if they have any to consolidate your other cc's into one. Tell them they can freeze your cc to pay off a certain % of your cc.

2. If that fails, go to a local credit union.

3. If that fails, refi your car and pay your cc off.

4. If that fails, talk to family or a good friend to spot you a couple of thousand to all of it. Family will lend interest free.

5. If that fails, get a part time job somewhere at night to make extra coin.

Immediately stop gambling, as you shouldn't be gambling with money you don't have.

Going BK will be on your record for 7yrs and will affect your career.  Also, it's only 11k, everyone will carry debt, you just need to manage it.

Filing for BK isn't free either.

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