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Yes let’s give loans to people with terrible financial histories and debt. Credit score isn’t the only thing people should worry about. Their DTI is something a debt relief company can help them with without loaning them money. Simply make the monthly payments, settle the debts, and either pay off your account in a lump sum or pay off the settlement in payments. Why get into debt to get out of debt. Some relief companies do offer loans about 6 months into the program and even though it helps and seems like it would be faster. I recommend to just finish the program without getting a loan and just worry about the fees you have to pay at the end.
Terrible idea. Those banks loan $10k and you pay back $18k. What?? Do settlement
Here is a short run down that ACTUALLY makes sense. Excuse the grammar and run-ons I’m just trying to get the info out. 1. Debt management programs/DMP – you’ll be required to close all accounts except 1 emergency card and take advantage of pre-negotiated low interest rates and one monthly payment. The monthly payment is usually lower by about 10-30%, you have the same payment for the duration of the plan and as you pay off smaller accounts, the monthly payment rolls into the other accounts (snowball method). DMP’s typically avoids bankruptcy, temporarily lowers credit score but eventually climbs back over 18-24 months with compliance, not all creditors participate in DMP, usually a 1-3% fee to the DMP company
2. Debt consolidation – a loan transferring debt from multiple accounts to one account, doesn’t have any interest rate benefit for existing accounts but consolidation interest rate may compensate, able to leave cards open but not necessarily a benefit if you have difficulty managing debt, likely lowers overall monthly debt payments, credit usually takes a dip due to new debt but usually recovers in a few months if consolidation loan used responsibly
3. Debt settlement companies – unethical in my opinion, they tell you not to pay your credit cards while they go in default and then try to negotiate them for a percentage of the balance. Super detrimental to your credit, risks of being sued by creditors if they know you intentionally defaulted to negotiate in bad faith, often ends in bankruptcy filing
One more thing. Let’s say you pay off the debt with the same amount as a loan with another interest rate and if you don’t have it together mentally with habits I’ve seen people rack up their credit cards again to the same spot right before they got the e loan now they’re in a worse spot with a big loan and maxed out credit cards that will lead to bankruptcy
By the way people do need relief the country and credit cards are at an all time high and if they’re not consistently below a 20 percent utilization rate (balance to limit) they’re hurt your credit. I’ve seen 4-500 credit scores with PERFECT payment history. Also based on Credit Karan the only difference between a paid in full account and a settled for less account at a zero balance is only 4 points
Listen let me simplify it for you because you were all over the place. I’m a team captain and a senior Advisor for alleviate financial. Debt relief is an AMAZing option to pay back half you owe by cutting your monthly bills in half and providing instant cash flow for yourself and your family in a time of need especially loss of job or a hardship. A consolidation is taking one high interest debt and transferring it to another high interest loan with the SAME amount which makes no sense unless you’re above a 680 credit score. Both options are good but for exact or different situations.
What the heck is this
Mmmm mmmm mmm. Hot momma. I have no credit card debt so I’m just here for the babe.
Greetings to all of you. I have loans and I need one loan to pay and close any card and reserve one loan. I have any psychological suffering from a lot of anxiety. In addition, I have 2 children and I am a student in the Automotive Department. Life with one monthly payment and cancellation of loans. Please, I ask for cooperation, because I am in a psychological predicament, and in addition to the bad situation for me, thank you
The question is will they borrow you enough to pay off all your credit card debt?
This was confusing
what debt consolidation company do you recommend ??