Debt Relief From Nontraditional Debt Sources–Paying Off Obligations Before ... Red, White, and Blue Press
There are some consumers who are aware of certain types of debt that may not show up on their credit report as these obligations are not made available to credit rating agencies and will not necessarily benefit a consumer if they pay these bills on time. As one example, some consumers may have medical debt or other types of loans that may not have been made from a major financial institution, which will not impact a consumer’s credit score in most cases, but consumers need to understand that if they fail to meet these debt obligations there have been recent warnings by financial advisers that a collection agency who may take over the retrieval of this debt could impact a consumer’s credit score in a negative way.
What this translates to for consumers who may have these nontraditional debt sources is that it is just as important to focus on these particular debt obligations as it is to honor credit card debts, personal loans, or a mortgage payment since these types of debt can have a negative impact on a consumer’s credit score and this may lead to higher rates on current lines of credit that are presently available. Some consumers may take out a payday loan, need medical attention and have to finance the repayment of their bill, or there are some cases where consumers may have failed to pay utility or cable bills, just as a few examples, and since some of these types of debt do not show up in a positive manner on a consumer’s credit report, few people realize that if they fall behind on these payments or become severely delinquent, it can come back to haunt them.
How to deal with debt collectors, so they stop harassing you!
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What's worse: Ch. 13 Bankruptcy or using a Debt Relief Agency's help?
Going through a divorce, have a ton of debt (credit card, unfortunately) and can't afford the monthly payments while paying for 2 residences (ex is currently not working). Which would have the least harmful effect on my credit: filing for Ch. 13 bankruptcy or contacting a Debt Relief Agency for help?
bankruptcy!!!
How do you open a debt relief agency?
By this I mean, how do other people open this kind of biz...just curious...!
It's probably not a good idea unless you have a lawyer who specializes in tax code and contract law.
About 6 month ago I contacted a debt relief agency for help. Once in can you get out? What happens then?
I'm concerned if I drop the debt relief service will my creditors (credit cards) APR sky rocket? Can I talk with my creditors after the fact of having a debt relief company to step in on my behalf. I guess I'm wanting to see what my options are???????
your question is not very clear please add more details
getting out of debt is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
Should a Christian use a debt relief agency?
I would like to do the "Dave Ramsey" method to snowball my debt, but I don't have enough money to start. What are the negatives for looking into a debt relief program? If any?
Keep in mind that any credit counseling service that does nothing but teach you how to deal with debt isn't teaching you anything that you can't learn for yourself for free. Do some researach. Go to Ripoffreport.com and do some google searches. Find out what others have to say about the debt relief program/s you are considering. Then you can feel comfortable knowing you are making the best possible decision.
And I personally don't see anything wrong with a Christian using a debt relief agency. You are doing your best to help yourself while doing the right thing. I think there is a lot to be said for that. Best of luck.
Hope everything works out.
What are the pros and cons of using debt relief agencies to get rid of debt? What does it do to your credit?
Those debt relief agencies that help you get rid of debt fast tell you to stop paying your bills and instead you pay them. They then use the money you send them to negotiate lower payoffs to your lenders. What are the pros and cons of doing this and how long will it effect my credit score for? Any experience is extrememly welcomed!
If you are in a bind try contacting your creditors, many of them have hardship programs they can set you up on. Another option is CCCS, they will contact each of your creditors and submit a proposal which generally lowers your monthly payment and interest rate. I would not go to a Debt Settlement Company or Attorney. I work for a large global bank and we are done dealing with them. We've sent them letters advising them to stop taking on our Customers, and they continue to do so. They brainwash the Customer into thinking they will take care of everything. They tell these people not to answer their phone or open their bills. I know of three global banks that will not deal with them...Citi, GE Money, and Bank of America. Our company has taken a new stance...If we receive documentation from a debt settlement company along with a cease and desist we refer it to our attorney network to file the paperwork in your local court to try to obtain a judgement. So....I wouldn't suggest one of those companies. CCCS or contacting your creditors directly is your best bet.
- Your credit score drops.. thats the one thing I know for sure.
I used them several years ago and they lowered my monthly payments as well as the interest rates. I was debt free in 36-months.
You can contact them at 1-800-388-2227.
All of your accounts will show as "Included in credit counseling" and you will have to give up all of your credit cards. It will be almost impossible for you to get any kind of loan while you are in this program, but if things are that bad you have no reason to try and borrow more money anyway.
Do those debt relief agencies really work?
I am wondering what peoples experiences are. I have about $25,000 in credit card debt and around $30,000 in student loans. The credit cards are surprisingly well under my limit. I would be interested in consolidating the credit card debt especially, as it seems those are going to last forever. Any advice?
Stay away from credit repair/consolidation/counseling companies. They take their fees up front and leave your credit trashed. Some of their techniques are to stop paying your credit cards completely till they are several months past due then negotiation a settlement under threat of filing bankruptcy.
Work on paying off the credit cards one at a time. Thow everything you can on the highest interest rate, while paying the minimum on the rest. When the highest rate is paid, move to the next, till they are all paid in full. Of course, you have to stop charging on the cards!
It will take 2 or 3 years to get the credit cards paid off. But once the credit cards are gone, you can start paying more on the student loans.
Are there any debt relief agencies that help with secured debt. Such as car loans and student loans?
Debt relief agiencies that help with secured debt. Student loans and car debt.
creditinfocenter com
Federal Trade Commission website also for Consolidation
Company and what to watch out for.
How do debt relief agencies benefit?
I have a friend who is in debt and needs my help. He gets mail from different debt companies about how he can have all of the debt he has made into one simple monthly payment. I am wondering if this is really legit and how do those certain companies benefit from all of this. Thanks
You have to be very careful. Every day another scam artists pops up.
If your friend is having trouble keeping up with his debts, he should check into credit counseling. Check here for a NFCC member: http://www.nfcc.org/. These are legit, non-profit companies that offer debt management programs for a nominal fee. They don't settle your debt. They negotiate lower interest and payments so you can pay off your debt.
While in the program, it is noted on your credit report. However, upon completion the notation is removed and you will have decent credit.
Stay away from debt settlement companies. They will take your money and trash your credit.
Are debt relief agencies reputable or a scam? Know a good one to help me get out of credit card debt?
I have heard that some agencies take your money and don't end up using it to pay off your debts. How can a person find one that will really help and how do they usually work?
Please do not consolidate. It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. There is a better way.
A. Have a garage sale and sell anything that you no longer need or want.
B.Get a temporary part time job, if you have one, get another. The holidays are coming and there will be plenty of temporary jobs available. It is better to have a no fun year or two than a no fun decade.
C.Do NOT get a home equity loan. Taking on more debt will not get you Out of debt.
Here is a plan that can help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.
2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.
3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:
To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment
Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment
Debt #1: paid off
Debt #2: paid off
Debt #3:Mimimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.
That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.
4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.
5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.
5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.
5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.
You can do it and it isn't as hard as you think. Just follow the plan.
is there a good debt relief agency out there?
Not sure how to choose a credit-counseling agency or debt-management company?
These guidelines can help: http://fdnsolutions.com/blog/how-to-choose-a-debt-counselor/
This website has the answer to your question from a few months back. http://answers.yahoo.com/question/index;_ylt=AvFEZecQOOHteHE2SHkDdn7ty6IX?qid=20070121141254AA3wFDl&show=7#profile-info-AA11404534
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