Consolidation

iVillage Member
Registered: 03-25-2005
Consolidation
6
Sun, 02-05-2006 - 6:19pm
I was just wondering what the general thoughts were on going to a company like InCharge or DebtAmerica to help with consolidation? We are in deep and just not sure what to do at this point.
Thanks
Tammy
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: tama03
Mon, 02-06-2006 - 6:47pm

Tammy - I am not familiar with either of these companies.

All my best,
Danni

Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
In reply to: tama03
Mon, 02-06-2006 - 10:38pm

Hello,

Before you consider one of the debt consolidation companies, take a good hard look at their BBB rating. In general, your credit score takes a *huge* hit when you use one of these companies to manage your debt. What I would suggest is that you find a *free* financial counselor that can help you draw up a budget and work with you to develop strategies to reduce your interest rates so your payments are easier to make. Maybe a church in your area offers counseling for financial problems, or could refer you to someone who could give you a free consultation.

Sit down and really taking a look at what you owe, to whom, when it's due, and how much is due. Calculate your income and total up your monthly bills. See what's left over. This will let you see what the "big picture" is with your debt. Work on the essentials: food, shelter, utilities, clothes, transportation, medical insurance, & auto insurance (the insurance keeps you from having large expenses later)

Sincerely,
Lindsey Schocke

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished

iVillage Member
Registered: 02-07-2006
In reply to: tama03
Tue, 02-07-2006 - 9:26am
I disagree with credit couseling companies. There is always a light, I would try my hardest to make arangments with companies. Call all of them most of them will work with you over long periods of time. I have worked in collections for many years and I know they should work with you is all they want is what they extended to you. I think you should look at your big picture as well. If you work does your work allow you to cash in your vaction time for the money. That could be one way to get extra money or have a yard sale, try everything you can before you turn to these companies. Most will charge you for services so you will have to add that in to your expensies as well is it worth paying another company your money. Try all other resources before you decide. Good luck.
iVillage Member
Registered: 05-09-2002
In reply to: tama03
Tue, 02-07-2006 - 12:05pm
For me, CCCA (credit cousuling centers of America) has been wonderful and I currently use them. I used CCCS in the past also(cannot remember what it stands for) and they were fine too. I believe my fee each month is $14 which is much better than my late fees, interst charges and over the limit fees. I was simpy not getting anywhere or making progress due to missed payments and then interest rates going to 26%! Now I have 4 credit cards and two unsecured loans being handled by CCCA and one interest rate went from 26% on $3000 to 2%. I have some two loans from 21% to 1%. It has been a relief and I am so glad I did it. I was hurting my own fico score by the late payments and never making headway so my first concern was getting it in control so I can't speak on what it does to fico. Mine is going up but I don't know how it works for all of them. I have one credit card that used to be over $1000 and now I owe $22!! Another bill was over $2000 and its down to $240. I will stick with them this time and get it all paid off for good.
Avatar for skthurber
iVillage Member
Registered: 03-27-2003
In reply to: tama03
Tue, 02-07-2006 - 3:45pm

I have been very happy with our debt management program. We are using a non-profit credit counseling service. We got way behind when I had to take 6 months of unpaid leave from work (3 months of bed rest and 3 months of maternity leave for my twins). DM reduced our payments and interest rates on our 12(!) or so credit cards. We've been in the program for 1 1/2 years, and our balance has gone from $54,900 to $39,500. We will be credit card debt free in July of 2009.

That said, we had a chance to do DM 4-5 years ago and chose not to. We put some loans in forbearance, and I negotiated a raise at work. You should weigh your options carefully before deciding if DM is the way for you.

-Sarah

Sarah


Mom to Gina & Tony


 


iVillage Member
Registered: 02-14-2006
In reply to: tama03
Tue, 02-14-2006 - 4:06pm

i just saw this on myspace they can't help me cause i don't live in florida but maybe this will help someone here. I cut and pasted the ad from myspace below.

Are you, or someone you know, drowning in debt? Has overspending or overwhelming debt begun to afffect your relationships? Do you toss unopened bills aside each month because you're too afraid to face what you owe? Can't pay rent on time or at all.

NorthSouth Productions, producers of A&E's new financial makeover series, Big Spender is looking for people whose spending habits are out of control. Our experts may be able to help you get your life on track. If you're ready to make a change in your life and get the creditors off your back, we want to hear from you.

The ideal candidates are couples (spouses, roomates, business partners, etc.) who live in South Florida with debt that is not allowing them to meet their financial goals and is putting a strain on their relationships.

To apply, go to www.northsouth.tv or call (954) 927-3772 ext. 216