Debt Management Info Blog

ButSiriuslyFolks asked:


We are refinancing our house to pay off some credit card debt. I have heard that the debt management companies will negotiate on your behalf and either lower the interest rates or lower the amount they will accept to pay off the debt. I have also heard you can do that yourself.

Anyone have any experience with this tactic? I have also heard that trying to settle for a percentage of your balance will wreak havoc on your credit rating. Is it worth it to save a couple of thousand dollars?

Do you try and reach an agreement with the first CSR you talk with, or does it only count if you negotiate with a manager or other official? Should you get the agreement in writing, as well as any effects on the credit rating? What is an appopriate percentage to ask for (50%? 60%?), or does it depend on factors like amount owed, past payment practices, etc.? Does it help to threaten you might be filing for bankruptcy if they do not settle?

lucky13darkangelblue asked:


behind on bills and credit companies don’t want to work with me…need help….expecting and can only work part time now….

elaine asked:


All of the debt management companies I have spoken with say that CashCall is considered a payday lender (even though I have a $5,000 personal loan) and cannot be included with credit cards.

psychclaire asked:


I recently applied for a loan with a well known company and was told that I was accepted for a certain amount then, when it came to the crunch, they went back on their word. I have filed a complaint with Consumer Direct, Now I am been harassed via my mobile, at home and at work by so called ‘debt management companies’ and other loan people ringing me up asking to ring 0906 numbers. How can I deal with this harssment if this continues? I only wanted the loan to pay for future course fees!

ArmyWife22 asked:


Hi! My husband and I have about $10k in debt split up through 5 credit cards, and personal loan for about $6k. However, we do own a home with a mortgage of only $100k, and are making payments on a car we purchased about a year ago. I have heard that debt programs can kill your credit score by just not making the payments at all, then they threaten with bankruptcy. Right now I am currently looking for a job, but my husband is in the Military. Do any of you have a solution, or know any debt management companies that do not screw you over? We are current on all of our payments, but the debt just became a realization. Thanks.

Brittany asked:


I’ve heard that In charge solutions is a good company. I’ve heard that they are a non-profit organization.

We have a little over five thousand dollars in credit card debt and other misc. things.

We are only making two thousand dollars a month.

Any answers will be much appreciated!

whitewlf asked:


I was laid off my job two years ago and went back to school, our credit is so bad I can’t even get a checking account! My husband and I lost our home due to foreclosure and we still owe close to 10K in credit card and hospital bills. Since our credit is already ruined will bankruptcy hurt us any more? My husband and I are scared of Debt Management Companies, his aunt went through one that took ALL of her money every paycheck! We have three children and I know that Debt Mang. companies don’t figure in baseball fees, boy scout trips and football cleats into their figures. Am I being selfish to want my children to be able to participate in extracurricular activities?

Margene H asked:


I have 3 cards-Chase ($8000 debt), Discover ($7000 debt) & Citicard ($2000 debt). The minimums are too high for me to pay & I’m now a month behind. I’m sending in what money I have to each creditor, but its still not meeting the minimums.

In your experience have Debt Management Companies been able to set up a Debt Management Program with these 3 creditors? Have the creditors been willing to work with a Debt Management Company?

I’d call the companies myself, but I hear they are horrible to deal with & never negociate lower payments & now I’m a month behind-so I’m sure they won’t want to even talk to me!

cadippoz asked:


ok so im a bit wary of putting this all up here but i dont know where else to turn.
I hate my life.
I lost my job.
Im in debt up to my eyeballs (ive tried Debt management companies but i cant eve afford their repayments!)
My partner does nothing but annoy me
I dont get on with my parents (never have)
I hate where i live
Sometimes i wish id never had my daughter who is nearly 2
I hate looking in a mirror
I hate even seeing my name written down
I just want to stop it all and have a fresh start……
When i go to the Drs, i break down and i just dont tell them half of what is in my head, coz i know im taking up their time and prob dont want to see a 27 year old woman in floods of tears in their office.
Im scared that if i do tell them everything they will lock me up as a complete loon.
WHat should i do?

10 pts for me? asked:


Does anybody have experience with dealing with them? How do they work and can debt that has been charged off be negotiated? Thanks!