Do these companies who advertise helping cutting debt in half really work? What is their fee for doing th is , help me with my high credit card debt please I sure need someone who has used one of these companies
2007-06-25 09:48:30 · 6 answers · asked by ghillips2003 1 in Business & Finance ➔ Credit
yea they can cut your bill in half. What they do is take your money and save it (minus they're fee). the dont pay anything for months. Then your creditors figure that they are not gonna get paid so they settle for less just to get something. By then your credit is trashed. You are treated as if you have filed for bankruptcy if you try and get a home loan.
if you go that route (settlement). You can do it yourself. We did it on 16k. settled for 8k after not paying for over 6 months. Credit is trash.
2007-06-25 11:57:07 · answer #1 · answered by heybulldog 5 · 0⤊ 1⤋
If I understand your question, you are having difficulties making the monthly payments on your credit card debt. Consolidation is not really a good answer because your credit score is probably pretty low right now and if you can get one your interest rate will be pretty high. You also have those credit cards still available and you could (and most people that go this route do) end up running up the credit cards again. Now you have twice the debt and no solution.
There are a bunch of scams out there and a lot of people that will try to rip you off under the guise of repairing your credit. Go with a reputable organization that will help you and not rip you off. I have worked with Consumer Credit Counseling Service for a couple years and they have been great. Check them out at: http://www.cccsintl.org/
They can help you work with your creditors to reduce payments and interest and they have educational information to help you to manage credit better.
Good luck!
2007-06-25 16:57:01 · answer #2 · answered by davidmi711 7 · 0⤊ 0⤋
Apparently you have to be VERY carerful with those debt consolidation companies, if they dotn pay your bill for you like they are suppose to OR they are late paying it - It affects YOUR credit.
My suggestion is do what I am doing.
I had 6 credit cards (YUck!), I started paying on all of them, but paid more down on the one with the lowest balance. I have now gotten 2 paid off, now the more cards I pay off, the more I can put towards each balance. Plus you get a feeling of confidence and accomplishment each time you pay one off.
Good Luck!
2007-06-25 17:00:27 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I Have had debt problems in the past and you will find that if you call the companies your self and ask for a lower rate you will find that you will get. The company's that you talk about only deal on your behalf and charge you this is something you can do your self i have done it
2007-06-25 17:02:03 · answer #4 · answered by sean1010 1 · 1⤊ 0⤋
If you are behind on your debts that you mentioned, check out the source site. They charge 29% of the savings. It is beneficial to have a money source to tap to take advantage of the settlements such as home equity, a 401k (loan), or a relative willing to loan you the money. Good luck.
2007-06-26 11:25:18 · answer #5 · answered by stephen l 2 · 0⤊ 1⤋
check with bbb.org and do research before u put your hard earned money into these company's make sure they are a memeber of the bbb.org because there are alot of scam company's who claim that they can cut your debt in half but its your choice to do the research.
2007-06-25 16:56:54 · answer #6 · answered by TRUELOVER4 1 · 0⤊ 0⤋