Do places offering credit solutions, debt consolidations, etc worth giving a try? How would they solve my debt? How does it work? Will they be able to help me to get collection agencies off my back and out of courtrooms? Please answer throroughly. Thank for the help.
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November 8th, 2009 at 5:58 pm
they may offer to consolidate your debt…however, it will NOT stop a creditor from calling you…ONLY u can get a creditor to stop calling you and that does have ramifications.
Your best bet is to start with the smallest debt and pay it off…then move to the next one and obviously STOP SPENDING beyond your means
November 8th, 2009 at 5:58 pm
Go to the forum section of http://creditboards.com and READ READ READ
November 8th, 2009 at 5:58 pm
Debt consolidators will get the money off your back, but for a (somtimes hefty) price. They just want even more of your hard-earned money. Debt consolidators will likely charge you for debt consolidation in a way that lowers your payments, but spreads them out over a longer time period. Ultimately, you will end up paying even more in the long-run. Maybe much more. That’s how they make their money. These debt consolidators are really just looking to exploit people in your position.
You may try negotiating with the collection agencies contacting you. Tell them you would like to make payments, but cannot afford the full amount. Ask them if you can renegotiate the terms and pay over a longer period of time. Or tell them you would like to pay something, but less than what you owe them, to settle the debt. They would prefer to get something rather than nothing. Unfortunately, you have to pay something–there are no free lunches.
Banks will often sell off loans to debt collectors for pennies on the dollar so they can at least get recover some of their money. In other words, banks will simply “write off” loans and sell them to debt collectors. If the debt collector can get more than what they paid for the loan, then they can turn a profit. If you are dealing with a debt collector, as long as you are willing to pay them more than what they paid for the loan, then they will likely deal with you. The trick is finding out what they paid for the loan. Ask them and see what they say–they probably will not tell you.
I would also recommend going to a library and doing a little more research on the subject.
I know, not easy. Of course, it’s much easier to get yourself into debt than it is to get yourself out. Good Luck!