anyone know a good, reputable debt consolidation program?

Question

I have a friend who needs help getting out of debt. Does anyone know of a good company to call? Help would be appreciated.

Answer 1

Debt consolodation is a VERY BAD IDEA. Especially if the debts owed include a lot of medical bills. My husband and I tried going through it. We have a huge amount of medical debt, a few
credit cards, student loans, utility bills, car payment, mortgage.
The debt consolodation place with require a comple financial statement. This means copies of all your pay check stubs,
copies of lease or mortgage agreement, copies of a years worth of utility bills, copies of 2 months of grocery & gas reciepts, copies of your car payment agreement, copies of all credit card statements, medical bills, and other bills owed.
They go through everything a devise what they consider a liveable budget for you. (This is not an amount anyone can comfortably exsist on. They tell you what you can spend on each item a month. You can't go over that for any reason (not even an unexpected emergency, such as illness, death in family, etc.)
They do not allow money for gifts such as birthday or christmas presents for your children. They do not allow you money for internet or movies, or eating out. They do not allow money for clothing purchases. They do not allow money for even unexpected emergency auto repairs. )
The amount of money they'll expect you to put towards your overall debt can be up to 50 percent of your income before taxes.
We, personally, found Chapter 7 bankruptcy an easier, faster, cheaper way out.
Most states are very generous on what they allow you to keep.
We didn't lose anything because we didn't own anything over the
limit for assets.
A couple months after the discharge, we were able to get credit in a lot of places because we didn't owe anybody anything anymore.

Answer 2

The following website has good information and links to a company where your friend can get a free debt consolidation analysis.

Answer 3

First let me tell you that consolidation is not helpful if u want to reduce ur principal debt amount. u might be able to make minimum payments..but you must pay the complete debt amount...they mainly work for the benefit of credit card companies.

try a debt settlement copmpany who will negotiate to reduce your principal debt amount to 30% to 70% depending on who ur creditors are...and you also have options for monthly payments ranging from 3 to 36 months..itsn't it good to know the time frame when u will be debt free???

check this website
good luck

http://www.debtfreeafterall.com

Answer 4

those things will mess up your credit even more. on top of that they charge a fee! all of your money doesn't even go to your debts. she can just as easily contact the creditors, tell them her story. threaten not to pay if they can't help her, and negotiate the debt herself. make sure they put everything in writing. then start a new bank account and put that much money in it every month and it will be the same as debt consolidation except it will save her credit and she won't pay fees. i've seen people offer to pay half of whats due after not paying for awhile. the credit cards are so desperate to get thier money they will agree to just about anything after awhile.

Answer 5

use the citizens advice beureau! they are reallly goood at this sort of thing. they have debt counsellers who will contact the debtors and let them know what the situation is and discuss with them how it is best resolved

Answer 6

i use this one...www.cccsfl.com....they are very good, but they are in Florida.i think they can help anyone anywhere, not just in Florida. i checked them out, with the BBB and the AG, they have a clean record....good luck