Debt Management Program/ Consolidation?

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This topic contains 8 replies, has 7 voices, and was last updated by  Anonymous 8 years, 3 months ago.

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  • #203876

    Anonymous

    I have over 10,000 worth of credit card debt and a personal loan of 2600 with Beneficial. I am thinking about consolidating it and wondering if anyone has had success with this. I did not want to get a loan but rather do a consolidation with a company that will lower my interest rates and monthly payments. I have so many cards and really think it will help to have just one payment.
    Can someone recommend a company to me and tell me why they have worked for you–NO SETTLEMENT COMPANY’S–I know these are bad news and I don’t want my credit ruined.

    Thanks

  • #263284

    Anonymous

    DCC-Debt Counseling Corporation. i see that someone else up on the list used them to. they did all that and now i am in such a better spot.

  • #264225

    Anonymous

    I used AmeriaDebt and no problems. They consolidated two card, lowered my interest rate and my credit score is still outstanding.

  • #266021

    Anonymous

    You don’t want to pay fees to consolidate. Do it yourself:

  • #266995

    Anonymous

    I used Debt Counseling Corporation. They have been great–I spoke with several companies before I went with them. I researched with the BBB, the Banking Departments, the Attorney General–and word of mouth. I was recommended to them and now I recommend them. They helped me with a budget and gave me a lot of really helpful information. Not only did they lower my interest, lower my payment and consolidate the 11 accounts I had, they followed up with me–I thought that was important. That follow up gave me the information and motivation to keep going and keep making the payments the way I was supposed to.

    Here is thier website–I would recommend checking them out

  • #267587

    Anonymous

    You need a written budget. Otherwise, this is all for naught. Write out ever single penny coming in and every single penny going out. This is how the rich do it. (REALLY).

    List your debts, lowest to highest (in balance). Pay the minimum on ALL of them except the lowest balance, pay the lowest balance off, first. Disregard interest rate as it’s immaterial. Your goal is to wipe it (ALL) out.

    Cut up the cards. Pay cash. Build some wealth. Setbacks pave the way for comebacks.

  • #271825

    Anonymous

    I suggest you use the John Comuta program. Well worth it. My family reduces its debt by $30,000 per year. This includes my mortgage. I will be debt free in 4 years.

  • #429110

    Anonymous

    When loans are set up as 2 loans, that generally means that you had an 80/20 and the loan terms are different for the second loan. The auction probably won’t cover the first loan, leaving you high and dry on the second. I’m thinking it’s a recourse loan, meaning they can try to collect from you.

    The lender is NOT required to cancel the debt.

  • #429111

    Anonymous

    You aren’t current on your mortgage (1st or 2nd). We know this because you say “when I get money”. With the manual review in Calif, it’s unlikely that the foreclosure is illegal. If it is illegal, it’s on a technicality, not because you are current on your mortgage. Pay your mortgages and you won’t have these problems.

    You are correct that the 2nd loan is non-recourse in your situation in California.

    My guess is the reason that BofA continues to call is because their is no connection between the two loans. Is BofA the actual lien holder or are they just the servicer? Is it the same lien holder on both loans?

    After the foreclosure, BofA will probably get this straightened out. If not, at some point there will be a court date, you can show up, and it will get dismissed.

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