Can someone recommend a debt consolidation company...

[Ladyhawk]

...that won't rob me blind?

I'm having serious money issues.

[mcscajun]

1. I'm not sure there is such a company.

Have you considered approaching your bank about a debt consolidation loan?

[miss_kitty]

2. try consumer credit counseling

they contact your creditors, maybe work down some interest rates and stuff. You destroy your cards, send CCC money and they send it off to your creditors.

Be careful of getting a loan to pay off your debt. contact your state's AG office to make sure there's not a case against that consolidation lender in your state anyway.
If you get a loan, destroy your cards. don't use your revolving credit, at least until the loan is paid down.

[mike_c]

3. talk to a bankrupcy lawyer while there's still time....

eom

[Spinzonner]

4. You might also check Nolo Press

www.nolo.com

and this search:

http://search.nolo.com/query.html?qt=debt&col=b2store

for a number of books on debt, credit, and bankruptcy

Even if you choose to not do-it-yourself can give advice on dealing with agencies, lawyers, etc.

Available at most bookstore chains, online, etc.

[Ladyhawk]

5. Thanks everyone. I'm going to kick this for more ideas.

:kick:

[Ladyhawk]

6. Kicking again...please excuse me. :)

:kick:

[miss_kitty]

7. ok :P

:kick:

[Mizmoon]

8. Need more info

How did you get in trouble? Credit cards? Layoff? Illness?

How much debt are we talking about and what's your income? Expenses?

[Ladyhawk]

9. For some reason, my credit card company has started charging me a...

...higher minimum monthly payment. I think it had to do with an unfortunate series of events that almost sent one of my debts to collections.

It just occurred to me--DUH!--to call my creditors and ask them why they increased the minimum payment. I probably shouldn't make any moves until I know why.

[KittyWampus]

13. News Item Today Says Banks Are Doubling Minimum Payments Due

each month.

It's in LBN forum.

I posted the phone number of the Credit Counseling Service that I use... so you can pay off your debt in a set amount of time for lower interests rates.

[Ladyhawk]

14. Well that bites the big one, doesn't it? :(

:cry:

[BlueJazz]

10. Well....You're not going to like this.

You're asking for a pain in the ass. My best friend works as a IT person for a Credit Agency. He tells me that getting "Help" from one of "Those" companies (that consolidate your debts) is a waste of time. It's true that they will lower your payments and all that BUT if you think it's going to help in the long run as far as your credit rating goes...you got another think coming :)

It screws up your credit rating actually worse than if you just keep being late and late and late until at such time as you are able to catch up or say "Fuck it" and go bankrupt.

I asked him about the whole thing 'cause it really didn't seem to make sense but he swears that it's better to be late with your payments than go to one of those outfits....in fact he said it's better to go bankrupt and start over than screw with those companies...

ON EDIT:...Oh..I remember now. He said it has something to do with if a future leader sees that you're consolidated your debts they know that it might take years and years to recoup their dough where-as if you are just late they STILL get their money but are able to keep charging interest. ...so they tend to give people who have consolidated their debts a "Pass" (or Screw you, Lady) :)

[KittyWampus]

12. Your Best Friend Doesn't Give Good Advice. Here's The Service I Use

Consumer Credit Counseling Service of Delaware & Maryland.

They get a lower interest rate and take x amount from your checking account monthly. Usually over 4 years.

You save thousands.

Don't use a service that charges a large fee for this.

When I started with CCCS of Maryland/Delaware... their policy was to send ALL participant's money into the banks to repay.

Now, I believe newcomers pay a small monthly fee which is still less than the rip offs.

Call [phone]

You won't be able to keep your credit cards unless you save ONE to use in an emergency and never keep a balance due on it.

You cannot miss a payment either.

[Mrs_Beastman]

11. Debt consolidation hurts your credit score the same as Bankruptcy

and you have six months before the new law goes into effect. Consider it. If you are really broke(been there) you can skip the lawyer and file yourself using the bankruptcy kits at Office Max or the like.