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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Can anyone tell me about debt consolidation?
we had this discussion at work and I just listened but caught bits and pieces of what they were saying but found it very interesting and I didnt want to ask - being nosey.
TIA.
Message edited 6/4/2008 9:43:31 PM.
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Posted 6/4/08 4:13 PM  |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Can anyone tell me about debt consolidation?
bump for night crew
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| Posted 6/4/08 9:43 PM |
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wcs3504
my boys
Member since 2/06 2506 total posts
Name:
Wanda (formerly cw0904 on LIW)
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Re: Can anyone tell me about debt consolidation?
You should check out www.suzeorman.com
I watch her show all the time. 
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| Posted 6/4/08 9:46 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Can anyone tell me about debt consolidation?
thanks, I just read what it says on her website and I was right- it does hurt your FICO score, I heard them arguing that it didnt.
anyone do it?
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| Posted 6/4/08 9:52 PM |
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EmmaNick
*
Member since 12/06 16001 total posts
Name:
*
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Re: Can anyone tell me about debt consolidation?
Never done it, but since your FICO takes a hit, you may as well file BK if you qualify. You can pay back all or a portion of your debt with no interest, no acruing late charges, etc. over a period of 3-5 years with a Chapter 13.
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| Posted 6/4/08 9:55 PM |
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Re: Can anyone tell me about debt consolidation?
Posted by Summerrluvv
Never done it, but since your FICO takes a hit, you may as well file BK if you qualify. You can pay back all or a portion of your debt with no interest, no acruing late charges, etc. over a period of 3-5 years with a Chapter 13.
agreed!!  . In a bankruptcy, you do not have to worry about a debt management company going out of business with your payments in their hands and that has happened to a lot of people who then later ended up in bankruptcy anyway.
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| Posted 6/4/08 10:44 PM |
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MrsPJ
Joining Team Blue with Baby #2
Member since 5/06 1155 total posts
Name:
Tiffany
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Re: Can anyone tell me about debt consolidation?
We did a debt cons and got scammed. If you choose this route be really careful. The company NEVER PAID ANYTHING to our creditors and all of our accounts ended up being written off, which stays on your credit report for 7 years and severely drops your rating. We ended up claiming Chapter 7 bankruptcy anyway because then we didn't have to pay off the debt. We would have never been able to pay it all off. We just closed on Friday and now we are starting fresh. FM if you want further info or a good bankruptcy lawyer. Good luck!
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| Posted 6/5/08 1:11 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Can anyone tell me about debt consolidation?
thank you all for your responses.
I am not doing this( thank goodness not in that position), a coworker is and they were discussing it and from what I heard it sounded like it could ruin you and that was my interest in it b/c the other person said it didnt and I was sure something like this couldnt be a great thing to do but if you had to you have too.
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| Posted 6/5/08 2:55 PM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: Can anyone tell me about debt consolidation?
Speaking from experience, it does not take anything from your credit score. What it does do is raise a red flag that you went through debt consolidation. My score actually went way up once I complete the program, however whenever I applied for credit, it was something they would bring up. Most of the time I got the credit anyway. I used Credit Counceling service.
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| Posted 6/5/08 4:08 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Can anyone tell me about debt consolidation?
Posted by LeShellem
Speaking from experience, it does not take anything from your credit score. What it does do is raise a red flag that you went through debt consolidation. My score actually went way up once I complete the program, however whenever I applied for credit, it was something they would bring up. Most of the time I got the credit anyway. I used Credit Counceling service.
did you do consolidation or management? I love learning new things
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| Posted 6/5/08 4:20 PM |
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LeShellem
A new beginning
Member since 2/07 3600 total posts
Name:
LeShelle
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Re: Can anyone tell me about debt consolidation?
It was a consolidation. I did this when i was in college. I gave them $100 and they paid the bills. They were able to negotiate no interest on all my cards except one and one was reduced.
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| Posted 6/5/08 5:05 PM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: Can anyone tell me about debt consolidation?
I did it and it saved my live! I was a zealous spender right after college and lived way beyond my means. It did NOT affect my credit rating.
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| Posted 6/5/08 6:15 PM |
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Re: Can anyone tell me about debt consolidation?
I just started to use a credit report company that provides my client's current credit score and it provides a projected score for one year from the date of the report, assuming the client files bankruptcy. The report tells what the client has to do to get that score (in some cases they will say to open a secured account, it will say they assume the client stays current on a car loan, etc). I do not know if they offer a similar product for people planning to do debt management but I bet there is a company that would provide a projected score.
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| Posted 6/5/08 7:47 PM |
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