I currently have 6 credit cards managed by a consolidation program. I am looking to pay off in full the money I owe and start fixing my credit. Currently the credit report shows "Account payments managed by a financial counseling program". Is this something bad on my credit report that I should negotiate with the creditors to remove such notation on my account before I start to pay them off in full? And if so How or What ways should i go about approcahing the creditors? Who do I ask for and such...
2006-07-10 18:02:52 · 8 answers · asked by ghost337 1 in Business & Finance ➔ Credit
If you are able to pay them off, then go ahead and start paying off the one with the highest interest cost per month first. Then pay off the next highest interest cost and so on. Always negotiate a payoff amount first and then payoff promptly that particular company. You can "feel out" all the companies about paying off if you are able to come up with the money from your family or friends. A negotiated settlement will usually clear your credit record, but you can find out this when you are talking to each individual lender. Most companies are quite happy to settle for less than the balance owed!
2006-07-10 18:36:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You should have an agreement before you make any payments.
If you are dealing with collection agency's you should have them validate the debts first before making an agreement to pay. You may find that you are out of the statute of limitations for them to legally collect or that the agency had inflated the amount etc.
But, if you have already made payments, you have probably re-set the statute of limitations.
If you are dealing with a collection agency, you should request to pay a percentage of the amount as payment in full.
I agree with the other poster that you should do this on your own. But, I would suggest if you do that, never use a site that requires you to pay for the information.
If you decide to stay with the consolidation company, you might discuss this with them Tell them that after you have made the payments, you want your credit reports to reflect that the accounts are changed to paid in full as agreed or total deletion of the tradelines and that you want written agreements (NOW, not after the fact) with whoever you are paying (original creditor or collection agency).
If you do not have anything in writing with whoever you are paying off, the original creditor or the collection agency, you may find that your reports will still show the account as a paid negative, which will leave you in pretty much the same spot as far as your scores as you are now.
2006-07-11 01:00:27 · answer #2 · answered by echo 7 · 0⤊ 0⤋
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The best solution is to cancel the consolidation program and clean up your debt yourself. In the process, you will learn how to control your spending (which is the cause of your debt). Many people that go into debt consolidation continue to accumulate more debt because they haven't addressed the problem (their inability to control their money).
Checkout my blog for advice on getting out of debt http://www.takecontrolofyourmoney.com
I hope this helps.
Scott.......
2006-07-11 00:34:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
How to Manage Your Credit Card Debt?
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What is credit-counseling service?
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2006-07-13 06:31:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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RE Paying off debt in full?
I currently have 6 credit cards managed by a consolidation program. I am looking to pay off in full the money I owe and start fixing my credit. Currently the credit report shows "Account payments managed by a financial counseling program". Is this something bad on my credit report that I should negotiate with the creditors to remove such notation on my account before I start to pay them off in full? And if so How or What ways should i go about approcahing the creditors? Who do I ask for and such...
2014-09-03 04:58:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you're paying plenty pastime that it fairly is definitely maximum suitable to pay the finished element off with the tax refund. Use the $a hundred a month you're at present paying on that card to do some thing relaxing.
2016-12-14 06:34:30 · answer #6 · answered by bilodeau 4 · 0⤊ 0⤋
Join the Army and get the $40,000 enlistment bonus.
2006-07-10 19:07:50 · answer #7 · answered by Mark W 5 · 0⤊ 0⤋
http://www.debt.jims-info.com/
2006-07-10 18:19:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋