Personal Secured Loans With Bad Credit For Consumers May Offer Financing But ... Red, White, and Blue Press
In recent months there have been consumers who have seen the amount of debt they have increase but they have also experienced instances where their credit score has decreased, which may be a result of taking on too much debt, missed payments, or a variety of factors and their financial life which have led to there bad credit situation and has left them seeking a solution to their financial distress. However, what some consumers feel is the best route to get control over their finances is to essentially consolidate debts through personal loans, which in the case of these bad credit borrowers might require that this loan be a secured personal loan. Yet, no matter what type of financing is made available to these borrowers, there are many advisers who often want consumers to look at their financial position and ask why they are borrowing this secured loan as a way to handle their debt.
Understandably, many consumers may be confused by this question and simply state that they want to consolidate their debts or at least gain the financing they need to help pay off certain high interest debts or other costly obligations that may be the source of either high minimum monthly payments or high interest rates. Yet, if a consumer is borrowing this type of loan to simply get out of debt, some advisers often feel that this is not enough of a reason to seek out bad credit debt consolidation options, as consumers who are usually in the best position to handle these unsecured debt obligations are those who are attempting to not only pay down debt but get out of debt faster, set the stage to improve their credit score through responsible financial practices later, and ultimately remain relatively debt-free.
The Good and Bad of Debt Consolidation
Dan Kornelis, Forsyth County NC Housing Director and New Century IDA Working Group Chair, shares tips on debt consolidation, and the challenges ...
Can someone refer me to a reputable non-profit debt consolidation company?
I'm in debt and am looking for some help to consolidate. I am looking for a company that is reputable, preferably one that someone has had success in dealing with.
Be Careful about the "non profits" some of these are worse than the for profit ones.
You can get a no cost consultation at netdebt.com
good luck
I used their service a couple months back and they consolidated all my debt and lowered my total debt about 25%.
I want to consolidate my credit cards debt and get rid of high interst rates. What is the best way to do this?
I have 4 credit cards with approx. $25,000.00 worth of debt on them. I would like to get ahold of a non-profit debt counseling service in order to get rid of the high interest rates and pay them off alot sooner instead of only paying the interest and the over the limit fees. I have not used these cards for the past 5-6 years and the accounts are closed except for me making payments on them. I am not even touching the actual principal that I owe, although, I have probably paid enough on these cards to have actually paid off the actual principal. How is the best way to do this and what are some reputalbe non-profit agencies that will help achieve this? I have also heard that some credit cards will take a settlement on some accounts. Is this a good idea and how much of the amount owed do they usually want? I realize that this may hurt my credit rating but to be honest with you it isn't worth squat now, so what is the difference? Does the debt consolidation hurt your credit as well?
You would want to get in with a company that is non profit as you stated in your question. Other companies charge you a fee for doing this for you, as much as 50.00 a month. Consolidated Credit Counselors is a company I used before the only problem I had with them is the agreement they have with the issuing banks it to make payments that is 5% of what you owe. That was too high for me so I had no other choice but to do a bankruptcy. In time your credit rating will improve. But by taking action and just not walking away will definately improve your credit rating.
You could also try a credit counseling agency. They negotiate with the credit card companies to get a lower interest rate. You then pay the credit counseling agency and they disperse your money to your credit card companies for you.
Also, saw something on Oprah last week about a debt diet where they teach you how to negotiate with credit card companies. Have the steps on her web site but I haven't had a chance to check it out yet.
Good luck and I hope this helps out!!
Anybody know the difference between debt consolidation companies and non for profit debt consolidation?
I have become very sick and am not able to work I am trying to consolidate all my bills into one so I dont fall behind
They are only different by their names. Both charge fees. One demands upfront and another include it in monthly payments..
what are the top debt consolidation places that are non profit?
also can u keep some credit cards open and just consolidate what u want?
I'd recommend YOU inc. I don't mean to be overly sarcastic, but the best way to get out of debt (and stay out of debt) is to do it yourself.
Debt consolidation doesn't fix the problem. It may reduce your interest and such, but many people that get debt consolidation loans continue to increase their debt.
Why? Because the problem is the person, not the interest rate. The problem is that people can't control their spending habits. Debt consolidation will not solve that problem.
I speak from experience (as a person who was once in debt and is now debt free). Here's the best method:
1) Live on a budget and use cash instead of credit
2) Live below your means
3) Sell stuff and get extra jobs to pay off debt
I hope this helps.
Scott....
http://www.askaquery.com/Answers/qn1643.html
is there a non-profit co. that will help me consolidate credit card debts?
i want to be able to clear my debt. no one will lend the money to someone way behind on pmnts. i would like to make 1 monthly payment without struggling to make ends. but at the same time i would like name cleared after i repay the creditors. i dont want to do bankruptcy. the debt is around 8000
I went through Kimberly Credit. Do a search for their website. They were reputable, and all of my bills were paid ontime. Keep in mind, there are a few things you should know about credit counciling agencies. (non-profit)
1. They still charge you a monthly fee. (which is included in your payment)
2. The first months payment they keep, until you make the second month. (this can put a bad mark on your credit for missing 30 days)
3. There will be a note on each of your accounts stating "this account is being managed by a credit counciling agency" on your credit report. (This can impact getting credit while your using them and 6 months after you stop)
4. All of your accounts will be cancel if they are being managed by a credit counciling agency.
The only possitive outcomes were:
1. The interest rates were lowered.
2. The bills were paid off in a certain time frame.
3. I could cancel with them any time. (however, your accounts will remain closed!)
Where can i seek for Free Financial advice concerning, Mortgage/Debt. Are there any 1-800's/ non profit agency?
Help, my parents are in deep trouble and they need help, with our mortgage and other debt. Im doing this for my parents, because they dont speak English. They can no longer afford to pay for out house, and would like to consolidate loans/lines of credit/credit cards...are there any non profit company that can help us for some advice.
Thanks in advance
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.
does anyone know which non profit credit consolidation company is the best to work with?
I have several outstanding debt that i want to consolidate and make payments on.
Getting out of Debt!!?
I currently have 6 seriously delinquent/charged off accounts totaling about $9,000 and one $11,000 car loan that is current and paid on every month. This is technically my only revolving credit. I can't get a loan anywhere and am denied any type of credit and i don't own a home. I need to get my debt settled and want to know the best way to to that. I've heard conflicting information on charged off accounts. What is the best way to handle these accounts? In particular, I have about 3 accounts with balances over $2,000 that are charged off and some sold to outside collection agencies. My oldest debt is about 3 years. I've even heard that charged off accounts should just be left alone as if they will disappear with time! That can't be true?
Is it better to consolidate all my debt with a non-profit debt consolidation company?
If i choose to negotiate myself can I negotiate directly with the original company for a lower pay off or do I need to negotiate with the outside agency?
Some of the research I have done online in an attempt to help a friend has proven that yes, debts will really fall off after 7 years. While it's not a great solution, sometimes it's virtually impossible to pay off debts when you are in over your head. One bit of information I read about this is that if you even speak to the company that is trying to collect (or the collection agency) that you can potentially start over the 7 years, so if you aren't going to pay off the old debt then I wouldn't talk to them.
Also, the more research I did about debt consolidation I found that most people say don't do it. They say that if you have gotten this far into debt already that it will be very tough to make a payment to a consolidation loan. I think what may be the best approach would be to run your own online credit report and see what debts are on there- you can do this for free without subscribing to anything at this link: https://www.annualcreditreport.com/cra/index.jsp
and I would pick the most recent debt and work on paying that off, once that's paid move down to the next one, and the next one and so on. Do NOT quit paying on anything that you are currently paying on though. Just start paying on the most recent debt and work your way through it. Once you have been doing that for a while either you will get caught up, or by the time you get to the debts lower on the list some of the old debts may begin to fall off. And whatever you do, don't get into any more debt! You can have this all resolved within a few years if you stick to it.
Good Luck!
Anyone know of a reputable BK Attorney and Debt Consolidation Specialist?
Sometimes the only option for my prospects is Bankruptcy or Debt Consolidation. Now as a Credit Consultant my job is to restore and maintain a squeaky clean credit report so it kills me to send them off to file BK or consolidate their debt however it's their only option. I prefer a non-profit in the Central Valley, CA (because that's where my office is located) who can offer these services and become part of my referral directory. If anyone out there can steer me in the right direction I'd really appreciate it. Thank you
If your clients have no other choice, then they can try a debt settlement program. One good company is Freedom Debt Relief ( http://www.freedomdebtrelief.com ). They have a good rating with the better business bureau and have been in business since 2002. The company is run by Stanford Business School Graduates. They could be a good partner for your referrals.
Debt Consolidation.?
I have between $11,000 and $12,000 worth of debt on 3 different credit cards. All of the credit card accounts have been sold to law firms. There is no way I can afford to make 3 different payments a month on these. What are my options? Should I go with one of those non-profit organizations to consolidate my debt? I do not own a home or any other property that could be used as collateral. I'm sure my credit is already shot so I'm open for all options.
The accounts are now in the hands of law firms, so call those firms directly and negotiate a monthly payment and an interest rate. Ask how they calculate the interest in, like daily, monthly, bi-monthly, etc. Do NOT sign anything yet. Get info from the non-profit credit counselors also.
They want the money paid, pure and simple. They should be willing to go rock bottom on a monthly payment to avoid you declaring bankruptcy Chapter 7 and end up with nothing.
debt consolidate non profit - News
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Consumers should be wary of companies offering quick financial fixes - Culpeper Star Exponent Consumers should be wary of companies offering quick financial fixes Many say they are “nonprofit” yet they can afford expensive display ads in the phone books even though they are based in faraway states such as Texas, |
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East Texas Recession Survival Guide: Credit Tips - KLTV East Texas Recession Survival Guide: Credit Tips If you are stuck in debt there are folks that can help. The National Foundation for Credit Counseling is a non profit agency designed to help any debt |
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'Become your own bank' to get out of debt - ENC Today 'Become your own bank' to get out of debt Our fee, 30 percent, is tax deductible since we are a non-profit organization." Nonprofit, Weathers said, does not mean services are offered for free. |
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What Is A Non Profit Debt Consolidation Firm? - Meadow Free Press What Is A Non Profit Debt Consolidation Firm? Non profit debt consolidation firms will usually send you written information on the ideas discussed with you on the phone and other services they can Debt Consolidation verus Debt Forgiveness |
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CLARCOR Reports Record Fourth Quarter and Fiscal 2008 Results We expect that this will be the last major plant consolidation effort in the restructuring plan. Most of the equipment we had ordered for all of our plants |
