Debt Management
Debt Management questions and answers
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Q: debt management?
I'm looking for the most reputable top knotch debt management company to go with to settle some debts from my younger years..I've heard stories though of people getting ripped off and scammed by these "so called companies" So can I ask out there anyone know a good company to go with?
A: Check this site out it gives you companies that best fit your needs. Type of debt, amount, etc. see if they help you out.
http://www.ez-credit.info
Q: What would my creditors & debt management company do if i missed 1 of my monthly payments??
I am currently on a debt management plan with a third party company whom i pay £300 per month towards clearing my debts. This £300 gets split to pay off my creditors.. Just out of interest what would my creditors/debt management company do if i was to miss one of these monthly payments? What would the consequences be if i were to miss a payment?
A: You need to call them (the debt management company) and let them know. If this is a matter of the due date, sometimes you have the option of paying creditors directly about ten days later than your consolidated payment would be due, or making a rush payment. But if you actually need to miss a month. . .
Often it doesn't matter at all--the creditor has to notice the missed payment and have a policy to immediately take action due to your past delinquency. But missing a payment means that the nice deal they made with your creditors has been broken by you and the creditors have the choice to cancel the agreement. Normally, they will let you make the deal again and get back on the program, but they don't have to. Also, that won't happen automatically. If your creditor cancels your agreement, you will not get notice, your interest rates will go up, and minimum payments and late charges will be back in the picture. You'll have to have the debt managers make the deal with your creditors again, and the creditors could opt for different terms to the deal this time.
Q: How to pay off credit cards enrolled in a debt management program?
I have been in a debt management program with a local credit counseling service for about 8 months. My parents have offered to co-sign a loan so I can pay off the cards. The loan with the bank is a lower interest rate than the cards and will pay them off faster with a lower payment each month. Should I pay the cards directly or go through the credit counseling service? Which is better for my credit score?
A: Pay off the cards but keep the accounts open. You earn points for having an account that is kept current (no payments more than 30 days late). This includes an account with a zero balance. A credit report will reference the account's high balance and current balance. If any of your cards have a yearly fee, I'd go ahead and close those ones.
Q: Can you get a home equity loan while in a debt management program?
I just entered a debt management program to get control over my credit card debt. I have done this seperate from my husband. Only my credit is affected. Just after I entered into the program, my husband started showing interest in a home equity loan to consolidate our debt (his credit card and vehicles) and do home improvements. In our marriage I am responsible for my own debts, but I am wondering if being in the DMP will affect the chances of us obtaining the Home eq. Loan. Serious educated replies will be very much appreciated.
A: he can open equity line of credit only in his name and this way your credit report will not affect his change to obtain the loan or you have to get this loan fast- before your debt consolidation program will show on your report. most lenders treat debt consolidation program like bankruptcy chapter 13, so it is mean- they don't like see this very much.
Q: What happens if you get out of a debt management program?
Im a 22 year old full time college student with a part time job. About three months ago I joined in charge debt solutions because I thought it would be easier for me to manage my credit card bills that way. However now after joining, I'm realizing that Im unable to keep up with the payments Im making to them. It's like after my other bills and this payment are taken out every month, I hardly have any money left and I think I've put myself in a bind. If I leave the program now will this mess up my credit, will it make it harder for me to join a debt management program in the future, will my creditors be resistant to work things out with me in the future because of this? I simply just can't afford to be in the program now.
A: If you get off of a DMP they stop paying the creditors. Unless you make specific arrangements with each creditor and pay them you will now become past due on your accounts again. Because of this the interest and late payments will start to be added again, and they will make collection calls to you.
You can always get back on a DMP, unless the creditors have sued you in court. Also if the creditor sold your account to a collection agency, these agencies may or may not participate in the program.
Since you say you "hardly" have any money left after your bills and this payment, it might be good to just tough it out. One thing you may want to do is take a very hard look at your budget. Determine what is essential and what is optional to see if you can free up some money. If you do a lot in entertainment(such as going to movies or eating out) you may have to stop those for a while.
One last option is to consider bankruptcy. It will effect your credit for a while, but if you practice good credit managment after the bankruptcy it can help.
Q: Has anyone ever used a debt management service? How did it affect your credit rating? Would you reccommend it?
I want to eliminate the rest of my credit card debt. I see the ads for debt management services where they work with your creditors to reduce your interest rates, then combine all of your debt together, where you pay them one payment per month. My husband thinks this will reflect negativly on our credit report. Has anyone ever done this, and were you succesful in eliminating debt? Did it affect your credit rating in a nigative manner? I think that most people in America today, have alot of consumer debt, but I see many poeple who aren't worried about it, and only pay the monthly minimums each month. I have been there before, but I am ready to pay it all off. What do you think? I would love to hear from anyone who has used these services before, or any other great idea to pay it all off, without taking out any more loans. Thanks!
A: well, I don't promise anything but
people in debt often seem to find some help here :
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
good luck!
Q: How do I create a debt management program?
I did an internet search and all lead me to already established debt programs. I want to set up my own debt management program, which can negotiate with creditors, consolidate loans etc... How do I get started?
I reiterate: There are literally thousands of debt management, consolidation, counseling website and resources. I am not looking to manage my own debts, I looking to start a debt management program for other people. I want to know what grants to apply for to begin a start up program. I want to know what regulations, fees, licenses I need to start my own debt management program so that others can come to me for debt consolidation services.
A: Make sure you have the skills, contacts and start-up money.
Establish a place of business and start advertising.
Best thing would be to map out the whole thing up front. You'll need to know permit/license needs, employer requirements and other general business details. There should be a lawyer in your area that can assist with applications.
Q: If you're in a debt management program, what are the effects of employment consideration?
(In detail, when a company does a credit check, does being in a debt management program effect the chances of employment? I have never been late with payments or went through bankruptcy. I signed up to reduce interest rates. Your honest feedback would be appreciated.
A: It's actually a good thing because it shows personal responsibility versus non-payment. Credit wise it helps because you make payments on time. What can hurt you is your present credit rating if it is low. But that also depends on whether your company checks that and how it ranks that information. Your focus should be on a good interview highlighting what you bring to the company.
Q: How do debt management companies help?
I'm currently in a situation where I've collected more debt than I can manage and the interest payments are staggering.
Besides telling me how I can better spend my money, I'm wondering how a debt management company could help me?
I own a house. Would they somehow tie the debt into my mortgage payments?
Basically - what can they do for me that the bank can't?
Boss - why not spam less serious questions?
A: They don't help in the long run. They claim to consolidate your debt, and make monthly payments to all of your creditors. The problem with that is it hurts your score even more b/c it shows that you aren't responsible enough to manage your debt.
Some companies don't make the scheduled payments they promise they will. Leaving you the consumer in even more trouble. I worked with the Dept of Financial Regulation in MD for 2yrs. We received numerous complaints about the practices of some of these compaines.
If you can make arrangements with you creditors on your own and arrange for monthly payments that you know you can afford, that would be your best option. You are paying them to do what you can already do for yourself.
Q: who is the best and cheapest debt management?
Hi, i am looking for the cheapest and best debt management company, do you have any details please?
A: Kerstin,
There's a good article at eHow on steps to take to begin tackling your debt. Take a look at it:
http://www.ehow.com/how_2326032_avoid-escalating-debt.html
How to Stop Escalating Debt
It includes information on companies (both non-profit and for-profit) that can help you with debt consolidation and reduction.
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-internet.html
How to make money on the internet, scam-free
Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):
http://www.ehow.com/how_2310995_student-loan-through-virgin-money.html
Social Loans from Virgin Money
Hope these help.
Q: How can I get the location where jobs are advertised by Debt Management Office of Nigeria on-line?
My friend informed me that I should check www.DMO.gov.nig advertisement has been placed for empolyment by Nigeria's Debt Management Office I searched for the advert at that address and the application must be made on-line but I cant find the location can someone please help me out?
A: I can only help you out with this information , there is a lot of Internet fraud coming out of Nigeria , so don't send money to them for anything .
Q: How much will a debt management plan save a month?
I am looking into a debt management plan. We tried a home equity loan but our credit has gone down to far for it. The one that I just applied for said they save on average $125 a month....that won't cut it. Anyone have been success than that? I don't need lectures...unfortunate health circumstances put us here. We just want a better life. I would love to hear success stories!
A: Depending on your total debt amount, you can save upto $300 or more per month.
Here is the source of debt consolidation company named http://ezconsolidation.com for your reference.
Q: Should I file for bankruptcy or work with a debt management agency?
My husband was out of work for almost a year and I lost my job. We have almost 30k in debt on credit cards. We have never been late with payments but it is starting to get tight. Should we file bankruptcy or contact a debit management agency?
A: The ability to file bankruptcy is not determined by your debt, but by your ability to repay your debt. Since you say you have enough to make your current payments, you may not even qualify for a Chapter 7(liquidation) bankruptcy.
To determine if you qualify there are two means tests you must pass first. The first is if you earn more than the average for your state, the second is if you have at least $100 a month of disposable income. If you fail either of these you may be forced into a Chapter 13, which is basically a repayment plan. If you do happen to qualify for a Chapter 7 bankruptcy this remains on your credit for 10 years.
Now, if you get on a debt management program they may be able to get you on a budget and work with your creditors. If this is the case you can probably be debt free in about 3-5 years. After that you are debt free and have no lasting marks. If you go this route be sure to go with a reputable organization. You can check out http://www.nfcc.org for a list of organizations that can help
Q: Can you keep your credit card accounts open after using a debt management service?
Just wondering if anyone has used a debt management service and knows if this is possible. I know they set them to automatically close when they are finished, but does anyone know if you can contact the credit card company and ask them to leave it open once it is paid off? The reason I ask is because I know it is better for your credit score to have accounts that are a few years old open, with available credit, rather than closing them when they are paid off.
A: i work for amex and honey once you go under these pograms they are fighting with us to lower youre apr so we say if we do this we will close youre accounts manually and automatic the management poeple dont close it its up to us and we will close them for you and it will ruin youre credit cause it will say "closed by grabntor" instead of closed by consumer please mark this top
Q: Debt Management Program the right way to go?
We are drowning in debt. So far we have managed to get our MINIMUM monthly payments out each month but we are getting no where. Would a debt management program be a good option for us? What exactly is it? Where do I find a reliable one to work with?
A: You are right paying the minimum payments will definitely not get you anywhere you'll end up just throwing extra money away to the credit card companies. I was in the same situation with about 18K in debt about 3 yrs ago. You can call Consumer Credit Counseling they're reputable and they've been around forever. They have a couple different programs to go with. I went with a consolidation plan and they lowered my interest rates and put everything into one monthly payment that i could afford, as of right now I have it all paid off and my credit is back on track. You can call them and they'll go over some options with you. Hope this helped! 1-877-343-5830