Are Credit Counseling Services Any Good?
Posted on July 7, 2009 at 2:41 am
if i decide not to go thru credit counseling, what are my other alternatives to consolidate my debt? because i think my wife and I can hadle this thing by ourselves and we don't really need counseling. she just lost her job and my business has not been doing very well. i am afraid that the $2000 we owe would go higher. she actually said that we can settle but I honestly don't know any better, and more feedback from you guys will really be appreciated.
Posted on July 7, 2009 at 4:10 am
debt settlement
debt consolidation loan
chapter 13 bankruptcy
Posted on July 7, 2009 at 4:48 am
Debt settlement is actually one way for you to pay off the loan faster, as you may pay it off within a 12-48 month period. You also have the ability to pay as much as 40-60% off of the loan balance. However, most debt settlement companies require at least $5000 in order to qualify for their settlement programs.
I would vouch for the credit counseling option in reference to your situation. As Steven said earlier, it's a more viable option for debts that aren't too big. It can also be of greater help to you if you are having a hard time making payments due to high interest rates.
Posted on July 7, 2009 at 5:15 am
How is Chapter 13 a form of consolidation?
Posted on July 7, 2009 at 5:26 am
Chapter 13 bankruptcy allows you to pay off your loans from a 3-5 year period. Here, debtors are to propose a payment plan to all their creditors to pay them back in monthly installments. Foreclosure proceedings can stop and delinquent mortgage payments can be cured eventually. Also, chapter 13 bankruptcy somewhat functions similarly to a consolidation loan, where the filer makes payments to a trrustee, who then distributes the payments to the creditors.
Posted on July 23, 2009 at 3:54 am
I've heard of the concept of "fair share" in credit counseling agencies. Can anyone tell me more about it
Posted on July 23, 2009 at 4:16 am
Fair share refers to the earnings that certain credit counselors receive from working directly with creditors. The credit counseling company would receive as much as 15% of the total amount that was received from the debtor. Eventually the percentage lowered to at least 4-10% of the total amount due.
Posted on September 11, 2009 at 2:23 am
how'd i know if the company is legit
Posted on September 11, 2009 at 2:52 am
They need to be properly accredited with the Better Business Bureau, as well as with the
NFCC for non-profit companies.
Posted on September 20, 2009 at 8:13 pm
Are credit counseling services any good even if they pass all these quality standards and whatnot? How would I know if the company I'm working with is the real deal?
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