Debt Consolidation Sources

Posts Tagged ‘money’

I have about 00 of debt in collections. 9 of my 11 collections accounts are medical. The other 2 (6) accounts are sprint and brighthouse. My wife and I are trying to build my credit up so that we will be able to buy a house in the near future. As of right now I dont have any "good" credit. The only things I have in my credit file are collections. I do not currently have anything that needs to be paid regularly(car, credit card, mortgage, etc.). I dont have the Money to pay off all of these people, but i want to.

I have heard that a debt consolidation loan would pay off all of these collection accounts and I would only have to pay the loan back, and at the same time, instantly clear up all the negative account information on my credit file.

Id like to know what to look out for when looking for this type of loan. I would also like to hear any success stories that you have with this type of loan.

Thanks for your time!

I’m wondering if getting a debt consolidation loan would be the best option for me and my husband. We just got married on May 22nd, both 22 and last month bought our first house. We also have very good credit scores; when we were applying for our home loan we both had 710+. The only thing is now we’re looking at all of our other bills that we have; it’s not TOO much, probably under 8k, but we’re really trying to get them paid off. Most of them have deferred interest right now which is good, but the expiration dates are coming up within the next 6 -12 months and we know we won’t be able to have them paid off by then and the interest rates on some of these things are very high.

Would getting a loan with a lower interest rate to pay off our credit cards be the best route to go? Any suggestions?
Steven, what you’re saying doesn’t even make sense. We already DID buy a house and we DID have the money to make a down payment. Because of that fact, now we DON’T have enough to pay all of our other debts before the interest kicks in.

My step-mother is a disabled vet, with a massive amount of credit card debt left over from my father passing away. She’s simply doesn’t have enough income from VA disability to pay for all the debt and has been waiting for almost 2 years to get her first Social Security hearing, which still isn’t until next month.

She doesn’t want to claim bankruptcy, she simply wants to consolidate a few credit cards and a small home equity loan into a single low interest account she can make large payments on. I believe in total, she has about 20k dollars worth of debt between all the accounts and is paying just over the minimum payments about 0 a month. She’s not really making progress with the current state of things.

Most of the debt consolidation sites seem to simply be bankruptcy attorneys, which is obviously not what she’s looking for.

We are in the Texas, so any state programs, federal programs or anything the VA might offer would be great. I’m looking for a non-profit or social service that can assist her, not just an attorney out to make some money off people who are already struggling.

I’ve got about ,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.

Also do you know of any bankruptcy lawyers in the Western PA area?

Basically I went into debt consolidation through a non profit organization. I paid them one monthly payment and they dispersed it to all 3 of my creditors.

They have had problems with American Express accepting a proposal, or accepting a proposal then a month later saying no they wanted more than that. So basically they defaulted my account 2 times for this proposal problems and now they want immediate payment of ,300. I do not have that kind of money. I go to school full time, live it at home, drive a car owned by my mom, and work a part time job.

I have tried compromising with them, but they won’t budge. And my mom won’t bail me out because she feels I need to fix this myself. I know bankruptcy is a major step but I am just trying to look at all of my options.
Also if you know of anyone who has gone through a similar situation with American Express let me know. I would love someone to talk to about this.