Need a reputable debt consolidation company?
I need a reputable debt consolidation company to refer my fiance to, he owes a lot of money and would like to consolidate all payments to one monthly payment to pay everything off. Anyone ever used a company and had good experience with clearing up their debt?
July 22nd, 2010 at 5:01 pm
there are many out there but be warned it isn’t that cut and dried, most lenders if not all view debt consolidation as bad if not worse than bankruptcy, all debts that are consolidated are charged off meaning they stay on your credit report for a long time, bankruptcy is a better option
July 22nd, 2010 at 5:01 pm
http://www.inchargecanada.ca
They are working for me. They are a non profit group wich means you pay them what you feel you can afford (even if that is nothing). They are really great. Not judgemental at all. I really have felt like they want to help, not make me feel stupid for getting in over my head in the first place. Actually they made me feel kinda proud I had made the decision to get help. I believe there is a US branch as well if that’s where you are, although my experience has been with the Canadian grouup I would hope all their branches would be the same.
July 22nd, 2010 at 5:01 pm
I used MMI (Money Management International) and I have to admit. I made the wrong decision. They tell you when you sign the contract that by going on a debt management plan that your credit score may or maynot improve. It dropped 100 points… when from 670 (good) to 570 (fair). Horrible.. I never expected to drop that much… I did go from paying about $500 a month to each credit card company to about $240. And will be debt free in 2010. (I had 6k in credit card bills) But I hear, that you can call each creditor and ask them if they can reduce the interest rate. If he has good credit, take out a personal loan to pay them all off using the loan.. and then just pay the loan. Another thing is not to close your accounts. MMI said that their agreement says that after I am done with the program and that they will close my accounts. Don’t do that.. closing the accounts will hurt my credit score even more. They are now scoring your credit scores differently now, so having credit cards open shouldn’t hurt your credit unless you are making late payments and such.
Good luck!
July 22nd, 2010 at 5:01 pm
really? How is it bankruptcy is better option? Anyway, just neigotiate yourself if they want to do business with you then it is fine else it is their problem not your. You can only afford what you can afford. But paying them back is your right move for first step. Good luck.
July 22nd, 2010 at 5:01 pm
I had applied for debt management plan through ezconsolidation.com few years back when had debt problem. They have many other plans to choose from.
Hope it may be also helpful to you…. good luck