Question and help!!

iVillage Member
Registered: 08-24-2004
Question and help!!
4
Fri, 08-27-2004 - 8:32pm
I have approached a Consumer Credit Counselling agency and they have drawn up a payment plan for me. I'm supposed to contact my creditors and get my balance for what I owe.

The CCC didn't include two debts I have: my tuition and my student loan. The payment plan they created makes it difficult for me to pay back those two items, and I'm not sure what to do!

Would it be better for me to negotiate with my creditors themselves? I have 2 cc debts with balances = 3000, but with interest making them about 5,000. If I negotiate with them on my own, is it true that they may not update that to my credit report? How does working with CCCs make them not do that?


I would appreciate any help/answers that you can give. Thank you very much.


Edited 8/27/2004 8:40 pm ET ET by knucklebone

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Sat, 08-28-2004 - 9:09am

Hi, I really don't know the answers to the questions here.

iVillage Member
Registered: 02-14-2004
Sat, 08-28-2004 - 12:59pm
Working with CCCS is a good idea. They have a lot of clout with the credit card companies. You can try to negotiate yourself, but odds are they will tell you to call CCCS. Have you applied for a forbearance on your student loan? It is easy to get, you just sign a statement that you cannot afford your payments presently and is good for 1 year. There is also an economic hardship deferment as well.
iVillage Member
Registered: 04-04-2003
Sat, 08-28-2004 - 3:31pm
One quick question, is the CCC a not for profit? There are many out there that charge no fees. I met with one, and she worked up a budget for me, but I felt it was a bit unreasonable, mainly in the grocery spending. I have teenage boys, and she thought I could feed the family on about 1/3 of what I spend now. For me, grocery's come first. Got to feed these kids, and keep them healthy. Ramen Noodle 3 times a day just wasn't going to cut it for us!

Anyway, I would make sure its not for profit, and definately work out a budget and plan with a counselor. I got a lot of good advice.

Lisa
iVillage Member
Registered: 04-21-2004
Sun, 08-29-2004 - 7:53am
You should definitly tell the credit counselers that you have 2 other debts. They are there to work out a payment plan you can live with. You want to get on a debt repayment that attacks all of your debt and one that is reasonable. My only other suggestion is to try and defer your loan. Good luck and keep up posted!!

kel