Posted on
July 16, 2009
at
1:32 am
I have heard about non-profit debt settlement and i find that concept very interesting. I am currently in debt right now and i want to know how to avail of this service. I know this will help me a lot and allow me to getback in shape. Please tell me information on how to get in touch with a non-profit debt settlement company.thank you
Posted on
July 16, 2009
at
2:56 am
yes, i've heard this too! a company offered me their services and said that they can lower my interest rate and it will take five years before the loan will be paid off. and they're not asking for any fees or whatnot either.
Posted on
July 16, 2009
at
3:37 am
As far as I know, no such non-profit debt settlement companies exist. Typically these agencies charge 15-25% as a set-up fee from their clients.Debt settlement is typically confused with debt consolidation, but at the same time settlement is actually a
form of consolidation. Rainbow Sunshine - that does not apply towards debt settlement. You may have had spoken with a credit counselor offering you a debt management program.
Posted on
July 16, 2009
at
3:57 am
Right. Debt settlement reduces the amount that you need to pay at a certain percentage and it around takes 1-3 years before the settlement is completed. Credit counseling lowers the interest rate to around 15% and it takes as much as five years for the account to be paid.
Posted on
July 16, 2009
at
4:48 am
So what you're saying is..... the non-profit debt settlement companies are SCAMS????
Posted on
July 29, 2009
at
1:59 am
I have not heard of an organization that claimed it was a non-profit debt settlement company. As mentioned earlier debt settlement companies are primarily for-profit. They either charge their clients with 15% of the total debt amount, spread out over a period of 1-1.5 years, or 20-25% of whatever your debt is settled for. So it isn't really safe to assume that these guys are scammers.
Posted on
August 17, 2009
at
6:20 am
Non-profit debt settlement companies do not exist. When it comes to money, debt, credit card companies, and negotiations..in a capitalist environment..non-profit doesn't mean a thing. The charity stops at the creditors agreeing to cut down the consumer's balance to more or less half of the original amount.
Posted on
August 17, 2009
at
7:31 am
That is correct, non-profit debt settlement companies do not exist. What you may be thinking of is non-profit credit counseling agencies which do in fact exist. However, don't let the non-profit status of these agencies fool you. These agencies are funded by the creditors, so they get kickbacks for any consumer they enroll into their debt management programs.
Posted on
August 17, 2009
at
6:36 pm
How much do the non-profit guys charge, if anything?
Posted on
August 17, 2009
at
8:24 pm
Usually the non-profit credit counseling agencies will charge a small one time set up fee aroun $10-25 and then a monthly fee which on average should be around $25-30. Keep in mind that there are plenty of agencies who charge higher fees- but this is what you should shoot for.
