Debt And Credit Counseling
"No Credit , New credit , Low Credit Score : Expert Advise On Improving Credit Score" plus 3 FREE BONUSES books "Top 66 Ways To Save Money" $9.99 Value! ... Best Self-Improvement E-Book" $12.99 Value! [K] [i] [n]
Jacklin Holin (Kindle Edition) 2010-11-26
Release date: 2010-11-26
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Answers
Hello, I am in desperate need of some advice as my situation is just getting out of hand. I used to have a credit score of almost 800 about 2 years ago. Now I dont even bother to check my score anymore. I made the mistake of getting some rental properties with ARMS. As time passed, bad tenants, rising interest rates and a recent wedding have REALLY put me upside down. I have tried and tried everything. A couple of my properties have nearly been foreclosed on. I have tried those firms that dispute credit issues but thats not helping out. The thing is, my revolving debt is really not that bad, I only have two revolving accounts, but they are maxed out. I just need to catch up on them and also straighten out my mortgages. I have thought of consumer credit counselling and wanted to know its pros and cons, any advice would be grateful. Thanks!
There is an article here about debt consolidation counseling which may help you.
I wish you luck!
www.CreditRepairPublishing.com CREDIT COUNSELING and DEBT CONSOLIDATION What you need to know before you sign up. "(NPR News, May 15, 2006 ...
Several months ago, I hit some major financial troubles causing me to fall behind in paying an unsecured debt. They refuse to work with a credit counseling service and demand the balance in full and I have not been able to pay it back yet and havent been able to make payments in several months...however whenever I check my credit report...the debt isn't even listed...what's up? If Im several months late, wouldn't it be reported?
Yeah I pay when I can and have breathed a sigh of relief when I dont get a credit alert on there. Ive been contemplating bankruptcy because of this debt but wonder if I should if it doesnt even appear on the report.
I thought checking your own credit report does not affect anything, its only when you voluntarily allow others like if you're requesting a CC or to rent an apartment is when it shows up. I have a credit monitoring service that will alert me when something shows up, I dont check it myself.
Not all finance sources will report to the credit reporting agencies. The agencies charge the finance company for each account they report, and require that each account be updated monthly (again at a cost).
It is the choice of the creditor as to report or not. If they sell the debt to a collection agency, or file suit and get a judgment, it will be reported!!!
Pay them something every month, to prevent the loan from falling int a total default. As long as you are paying, it is doubtful they will file suit!!
I've got about $63,000 worth of debt between 1 credit card, a car loan and school loans (mostly school loans) and am struggling to pay the credit card. mostly, because at 15.9% and paying the minimum, it's not going down. I've been told that debt consolidation is not the way to go and to check out debt management. My questions:
- If you go through a debt management company, does this impact your credit score?
- Debt Counseling Corp. claims to be free but I'm skeptical. Are there hidden fees with these places? They say they're non-profit.
- I don't want to pay for seminars, books, Website access etc. like Dave Ramsey's site only to find out I've thrown more money away and am no closer to being debt free then I was before shelling out the cash.
- Has anyone undergone or is currently using debt management (lowered APR's) and can recommend a reputable company? I know many aren't legit.
This is my first step in figuring it all out - research. Any help would be great.
I don't know about this company, but be careful.
Credit repair companies charge large fees, which, if put toward debt repayment would improve your situation. Some firms can make your problems worse.
The three main tactics that they use are:
(1) sending letters to initiate disputes about errors on your report. You can do this for free.
(2) sending letters to initiate disputes about things that are derogatory, but are not errors. Some creditors will not verify the debt and this gets deleted. Good. Now the bad news. You can get tagged as initiating frivolous disputes, impairing your ability to fight real errors in the future. You can end up unable to borrow because you won't have a credit score. A lender who requests a score will get a message back "Unable to process - too many lines in dispute". Try and borrow with no score.
(3) They have you route your money for bill payment through them. No creditor will negotiate if you are current, so the creditors stop paying on your good bills so they go into default and then negotiates a settlement at less than face value. This saves you a few dollars now, but makes you look like a chronic deadbeat to all lenders in the future.
My parents are in debt, about $30k and obviously the min. payments are definitly not going to get them anywhere. Problem is they don't own a home or any type of secuirty for a loan, so a bank loan is out of the question. I just want to know if there is some way that I can check up on a credit counseling agency, I know some can really help, or if there is another method altogether. I am looking into a charity that is connected with the United Way and their services are free. I'd be greatful for any insightful answers!
Getting loans is just adding more debt. That doesn't help pay it off. They need a local credit counseling agency like CCCS, not an internet or TV one. The credit counseling agency might charge $10.00 or so a month, but they will never try to loan money. They will set your parents up on a schedule to pay off each bill. Then they will call all the creditors and get them to wait for payments. But your parents have to stick to the schedule or the credit counselor will not back them up. They need to learn to live without credit so they can stop paying all their money in interest.
I'm trying to better myself and pay off credit card debt. My credit is good, I just bought my first home by myself. But I wish ot get rid of my credit card debt faster... I have done all I can transferring to lower rate cards. But when you try to pull out a loan to consolidate, they say "you already have too much out", and I get declined. But that defeats the purpose! I think it's too soon to do a home equity loan, I don't have much equity in my home yet. And I really don't want to resort to a credit counseling agency that can harm your credit! Any ideas or banks, websites, etc. to check out?
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
Credit CARD Changes: Watch for the Fine Print | BankFiesta.com ...
As you know, the provisions from the Credit CARD Act are taking effect. Some of these changes definitely offer better protection, but it doesn’t mean that you can just ignore the letters that come through the mail. When it comes to credit cards, you will always need to read the fine print. Credit card issuers still have a lot of leeway, and you need to be on your guard. But good news first, let’s talk about the positive changes.
Consumer Friendly Changes to Credit Cards For those struggling with credit card debt, there are some rather positive changes coming:
Credit card issuers cannot retroactively hike your interest rate : This...