Debt Management
Debt Management questions and answers
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Q: debt management?
I'm looking for the most reputable top knotch debt management company to go with to settle some debts from my younger years..I've heard stories though of people getting ripped off and scammed by these "so called companies" So can I ask out there anyone know a good company to go with?
A: Check this site out it gives you companies that best fit your needs. Type of debt, amount, etc. see if they help you out.
http://www.ez-credit.info
Q: What would my creditors & debt management company do if i missed 1 of my monthly payments??
I am currently on a debt management plan with a third party company whom i pay £300 per month towards clearing my debts. This £300 gets split to pay off my creditors.. Just out of interest what would my creditors/debt management company do if i was to miss one of these monthly payments? What would the consequences be if i were to miss a payment?
A: You need to call them (the debt management company) and let them know. If this is a matter of the due date, sometimes you have the option of paying creditors directly about ten days later than your consolidated payment would be due, or making a rush payment. But if you actually need to miss a month. . .
Often it doesn't matter at all--the creditor has to notice the missed payment and have a policy to immediately take action due to your past delinquency. But missing a payment means that the nice deal they made with your creditors has been broken by you and the creditors have the choice to cancel the agreement. Normally, they will let you make the deal again and get back on the program, but they don't have to. Also, that won't happen automatically. If your creditor cancels your agreement, you will not get notice, your interest rates will go up, and minimum payments and late charges will be back in the picture. You'll have to have the debt managers make the deal with your creditors again, and the creditors could opt for different terms to the deal this time.
Q: Why does a Debt Management Plan ask if you have over 1000 in medical bills?
We are about to begin a debt management plan through CCCS. One of the first questions on the application is do you have over $1000 in medical bills. Why do they ask this? Will they help with these bills?
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Q: How does debt management/consolodation work?
So I am thinking debt management or debt consolodation would work better then bankruptcy, but my husband did debt consolodation about 5 years ago, and we were told it looks as bad as a bankruptcy. It actually negatively effects your credit. Is this true with all the companies?
A: It is just as bad as a bankruptcy, as far as credit reporting goes...
Avoid it if you can...
Q: Has anyone ever used a debt management service? How did it affect your credit rating? Would you reccommend it?
I want to eliminate the rest of my credit card debt. I see the ads for debt management services where they work with your creditors to reduce your interest rates, then combine all of your debt together, where you pay them one payment per month. My husband thinks this will reflect negativly on our credit report. Has anyone ever done this, and were you succesful in eliminating debt? Did it affect your credit rating in a nigative manner? I think that most people in America today, have alot of consumer debt, but I see many poeple who aren't worried about it, and only pay the monthly minimums each month. I have been there before, but I am ready to pay it all off. What do you think? I would love to hear from anyone who has used these services before, or any other great idea to pay it all off, without taking out any more loans. Thanks!
A: well, I don't promise anything but
people in debt often seem to find some help here :
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
good luck!
Q: How do debt management companies help?
I'm currently in a situation where I've collected more debt than I can manage and the interest payments are staggering.
Besides telling me how I can better spend my money, I'm wondering how a debt management company could help me?
I own a house. Would they somehow tie the debt into my mortgage payments?
Basically - what can they do for me that the bank can't?
Boss - why not spam less serious questions?
A: They don't help in the long run. They claim to consolidate your debt, and make monthly payments to all of your creditors. The problem with that is it hurts your score even more b/c it shows that you aren't responsible enough to manage your debt.
Some companies don't make the scheduled payments they promise they will. Leaving you the consumer in even more trouble. I worked with the Dept of Financial Regulation in MD for 2yrs. We received numerous complaints about the practices of some of these compaines.
If you can make arrangements with you creditors on your own and arrange for monthly payments that you know you can afford, that would be your best option. You are paying them to do what you can already do for yourself.
Q: who is the best and cheapest debt management?
Hi, i am looking for the cheapest and best debt management company, do you have any details please?
A: Kerstin,
There's a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
http://www.ehow.com/how_2326032_avoid-escalating-debt.html
How to Stop Escalating Debt
It includes information on companies (both non-profit and for-profit) that can help you with debt consolidation and reduction.
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-internet.html
How to make money on the internet, scam-free
Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):
http://www.ehow.com/how_2310995_student-loan-through-virgin-money.html
Social Loans from Virgin Money
Hope these help.
Q: How can I get the location where jobs are advertised by Debt Management Office of Nigeria on-line?
My friend informed me that I should check www.DMO.gov.nig advertisement has been placed for empolyment by Nigeria's Debt Management Office I searched for the advert at that address and the application must be made on-line but I cant find the location can someone please help me out?
A: I can only help you out with this information , there is a lot of Internet fraud coming out of Nigeria , so don't send money to them for anything .
Q: How much will a debt management plan save a month?
I am looking into a debt management plan. We tried a home equity loan but our credit has gone down to far for it. The one that I just applied for said they save on average $125 a month....that won't cut it. Anyone have been success than that? I don't need lectures...unfortunate health circumstances put us here. We just want a better life. I would love to hear success stories!
A: Depending on your total debt amount, you can save upto $300 or more per month.
Here is the source of debt consolidation company named http://ezconsolidation.com for your reference.
Q: Should I file for bankruptcy or work with a debt management agency?
My husband was out of work for almost a year and I lost my job. We have almost 30k in debt on credit cards. We have never been late with payments but it is starting to get tight. Should we file bankruptcy or contact a debit management agency?
A: The ability to file bankruptcy is not determined by your debt, but by your ability to repay your debt. Since you say you have enough to make your current payments, you may not even qualify for a Chapter 7(liquidation) bankruptcy.
To determine if you qualify there are two means tests you must pass first. The first is if you earn more than the average for your state, the second is if you have at least $100 a month of disposable income. If you fail either of these you may be forced into a Chapter 13, which is basically a repayment plan. If you do happen to qualify for a Chapter 7 bankruptcy this remains on your credit for 10 years.
Now, if you get on a debt management program they may be able to get you on a budget and work with your creditors. If this is the case you can probably be debt free in about 3-5 years. After that you are debt free and have no lasting marks. If you go this route be sure to go with a reputable organization. You can check out http://www.nfcc.org for a list of organizations that can help
Q: Can you keep your credit card accounts open after using a debt management service?
Just wondering if anyone has used a debt management service and knows if this is possible. I know they set them to automatically close when they are finished, but does anyone know if you can contact the credit card company and ask them to leave it open once it is paid off? The reason I ask is because I know it is better for your credit score to have accounts that are a few years old open, with available credit, rather than closing them when they are paid off.
A: i work for amex and honey once you go under these pograms they are fighting with us to lower youre apr so we say if we do this we will close youre accounts manually and automatic the management poeple dont close it its up to us and we will close them for you and it will ruin youre credit cause it will say "closed by grabntor" instead of closed by consumer please mark this top
Q: Does anyone know of a debt management company that will include a loan from CashCall?
All of the debt management companies I have spoken with say that CashCall is considered a payday lender (even though I have a $5,000 personal loan) and cannot be included with credit cards.
A: Reguardless of what it is considered it is still up to the company as to if they want to be involved in the Debt Management Program. The bad news is that CashCall is well known for refusing to work with Debt Management Companies. So as a result a lot of companies know not to even bother trying to negociate with them.
Q: can i continue my contract with my mobilephone or upgrade it if im on the debt management plan?
my contract with my mobilephone will soon be over, i want to continue and upgrade it. but im on the debt management plan with cccs. will i be declined? or am i allowed?
A: It all depends if they credit check you again, if they do then obviously you are going to fail.
However, because you are already on a contract, they may just extend your contract without a credit check and obviously then you`ll be fine. I wouldn't mention anything about your debts, and try and renew the contract over the phone, as the operators more likely to put it through to get their commission.
Q: Is it true that if you go with a Debt management program will your credit clear up faster?
I heard about Incharge Debt Management which is a non-profitable organization, does it really help you repair your credit sooner?
A: I don't know if it will help clear it up faster, but I can tell you that after you use a debt mgmt. company that in the future creditors will look at it as a settlement and that it reflects on your credit standings as bad as a bankruptcy. I have also been told that a debt mgmt. company cannot do anything that you cannot do yourself as far as contacting your creditors and settling debts.
Q: Can I get approved for new credit after a Debt Management Plan?
Can you get approved for mortgage after going through a debt management plan (DMP) with a CCCS?
I have done a lot of research and I keep getting very conflicting information about the effects of a CCCS.
I want to hear from people that have gone through DMPs and what your experience has been like after completing the DMPs in term of applying for new credit.
I will also like to hear from mortgage lenders and other issuers of credit about your experience with approving people that that have completed a DMP with a CCCS.
I am thinking of signing up with a reputable company; however I want to buy a house in the next year, and I’ll like to know where I stand.
Thank you.
A: Not while on the plan, and maybe even for years later. It is a catch 22 to sign up for those things.
It is best to pay the higher fees but make regular payments to your creditors than to pay someone else who takes away all the credit you have, regardless of whether you are in good standing with them. The debt management co. will take money from you too anyway