2006-09-05 12:40:37 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Can using this service mess up my credit?
2006-09-05 13:14:16 · update #1
These can be great but one warning on these: a friend had good credit but wanted to lower monthly payments to catch up and stay ahead. The credit consolidating company CLOSED accounts in good standing and their credit rating plummeted. Please use only when you are in a bad credit situation with no foreseeable way to catch up.
2006-09-05 13:31:15 · answer #1 · answered by metaphoroflife 2 · 0⤊ 0⤋
Yes! I linked up with them through my company's Employee Assistance Program, which is run by an outside vendor. The company they use is reputable, not a scam. They worked out arrangements with my two creditors and I send them one check each month. They distribute the money to the creditors.
It has been fabulous because they reduced the interest rate down from the 20s to 8%. They also stopped any additional fees, so each month, my balance goes down. I get no harassing phone calls and am making great progress in getting these paid.
You just need to ensure you choose a reputable company. Some take your money and run, I've heard. Also, you cannot fall behind in your payments or your agreement will be terminated. And not all creditors will accept arrangements. I had a gas card that did not, but a major credit card did.
2006-09-05 13:12:15 · answer #2 · answered by Sheryl S 2 · 0⤊ 0⤋
Credit Counseling Programs
http://www.complete-debt-info.com/category/Credit-Counseling-Programs.html
2006-09-06 00:51:05 · answer #3 · answered by Anonymous · 0⤊ 0⤋
What Is A Debt Consolidation Company
By: Talbert Williams
Here is an article that can help you reach your goal. You can use this site to learn more about credit and finance.
2006-09-05 13:14:14 · answer #4 · answered by Eurogirl 2 · 0⤊ 0⤋
I had to use it once.
They take all your credit debts and they make the payments for you. You send them a check for all the bills combined and they disperse the payments to the creditors.
They can usually get companies to reduce your debt so your combined payments can be less than the sum of all of them, so it works pretty well.
2006-09-05 12:46:53 · answer #5 · answered by Obsean 5 · 0⤊ 0⤋
i heard most of them charge you first and last amt. of the payments but they can get your interest lower which is a big load off your back make sure they don't ask for a lot of money try a Christin or other religious type of service they are more helpful
2006-09-05 12:58:16 · answer #6 · answered by rradboys 3 · 0⤊ 0⤋