Anyone know of real debt consolidation?

Question

My husband and I need some debt help, but there are so many scams these days, does anyone know of a company who works well, or who did you use?

Answer 1

Going to credit counseling is almost equivalent to filing bankruptcy, do not go to credit counseling, your credit will be ruined if you do. If you own a home, is the best way to go, to refinance it and pay off your debt, & obtain a low interest rate, if your fico is desent, sorry there is no company that works well, you simply can't trust them.

The way it works is they take a portion of your payment (which they keep) & send the rest to the creditors, ("negotiate it" ) whenever you negotiate, or settle balances or payments with your creditors it is reported to the credit bureaus as a settlement,for less than the amount.

When you obtain a credit card, you sign a disclosure saying you promise to pay on time and as agreed, as agreed is when you signed on the dotted line, therefore it must be kept as agreed.

Whatever you do, do not go to any of these companies, as I've said it will ruin your credit and if you are planning on purchasing a home any time soon, you won't be able to, having gone to credit counseling, (credit counseling) in the lender's eyes means you are not able to manage your bills and cannot pay on time, (you are a distressed consumer) therefore they couldn't approve a bigger responsibility such as a mortgage loan.
Read these very important articles:

(Knowledge is power)

http://www.ftc.gov/opa/2004/03/credittestimony.htm

http://www.ftc.gov/bcp/conline/pubs/credit/repair.htm

http://www.consumeraffairs.com/news03/credit_counseling.html

http://www.consumeraffairs.com/debt_counsel/

Answer 2

If you can, go to your bank. They may be willing to give you a loan to consolidate your debt. I did this and I was amazed when they agreed to give me a loan.

But if this route is not open to you there are a number of ways you could approach this - it depends on your circumstances as to which is the best route for you.

It really pays you to do your own research and shop around. There is a website here which has a lot of information and helpful advice. I hope you find your answer.

Good luck!

Answer 3

Consumer Credit Counseling Service. They are all over the United States and their service is free. They are a great help!!