(Closed) debt questions…need some help please!!!!

posted 6 years ago in Money
Post # 3
Member
2320 posts
Buzzing bee
  • Wedding: October 2011

I wanted to do a consolidation on about the same amount and when I asked around about it, people told me that it was too low of an amount for a consolidation place to take my case.

I think since he is behind on his payments a consolidation might work for him… I don’t have any experience with them personally, but my mom is going through a consolidation. She complains about having to check up on them constantly to make sure that they are doing what needs to be done to get the debt paid off. It seems like such a hassle.

Post # 4
Member
786 posts
Busy bee
  • Wedding: May 2012

I am Pm’ing you — just in case you dont check. 🙂

Post # 7
Member
2320 posts
Buzzing bee
  • Wedding: October 2011

@lightatendoftunnel: I’m trying to go a different route and take out a personal loan for consolidation… we’ll see how it goes.  I can pay my bills but I’m just not getting anywhere on the balances, the interest is so high!

Post # 8
Member
786 posts
Busy bee
  • Wedding: May 2012

@mittens111211 Thats how I feel. I am paying on my balances, but its as if they arent moving at all due to the interest. The debt consolodation was no help for me either with payments I would have to make to them.

Post # 9
Member
418 posts
Helper bee
  • Wedding: November 1999

Check out InCharge Debt Solutions. My dad was in banking and suggested this one to me. I had about 15 in debt and it’ll be paid off in two months (total of 4.5 years). They’ve been great. I suggest them to people all the time.

They lowered my interest rates drastically and were the ones to deal with the credit card companies.

Post # 11
Member
2320 posts
Buzzing bee
  • Wedding: October 2011

@MeganTacky2247: Plus it never fails that when I’ve made some good progress, life hits and I’ve got to charge something on it, even after I use savings… stupid car/dental/medical bills!

Post # 12
Member
1944 posts
Buzzing bee
  • Wedding: June 2009

Personal experience? No they don’t work out. In fact I got screwed over royally. They weren’t making my payments on time and the one I used had a fee built in that they billed for using them so I was paying way more than needed to be. After 2 years I wasn’t out of debt any closer than when I started. Maybe it worked for someone, but for me no. I was 24 when I did this, I’m now 31 and been debt free for almost 3 years. What I did was personally contact everyone and arrange payment terms and paid that crap down. I sacrificed a ton and took a second job. I paid more on the debt at first holding the highest interest rate and when one was paid off I put that money towards the next. I started with $16,000 in credit cards, student loans and hospital bills. I know it seems like a giant hill to climb but it can be done.

Dave Ramsey is a wonderful financial advisor and has some really helpful books. I’d look into them.

Post # 13
Member
6021 posts
Bee Keeper
  • Wedding: September 2017

@lightatendoftunnel:I would not recommend consolidating. I have heard bad stories about the fees they charge for their “services”. I would try and keep up on it and anytime he has extra to throw at it, then do it. I would take em one at a time. Pay minimum on all of em to keep them current but concentrate on paying off one at a time. Going for the smallest ones first. As each one is paid off his credit should get good enough over time to get a zero percent credit card.at that point I would pay off all remaining debt on that card and pay it off within the zero percent time frame.  that would be the only way I would consolidate. I just had to do some shuffling around with my finances and im lucky enough to bank with my employers private credit union. their rates are phenomenal and they really worked with me to get me in good shape. My credit score was horrendous and I just hit a brick wall and couldnt keep up anymore. Well I could keep up but i was not able to make any forward progress. I was just moving things around like a puzzle every month. It was exhausting and the balances never really got lower. They gave me counseling and coached me through it all and in the end I did a form of consolidation by getting a low interest loan through them. The only reason I was able to though is because they handle our payroll and they take the loan payment out automatically. They also did not hand me any money directly from the loan. The loan was in the exact amount of myd ebt and basically cleared my credit report. A few years ago I did what I talked about initially with paying off the small ones and improving my score enough to transfer to a zero percent card and it worked pretty well. My problem after that was that I still had student loans and new medical bills so I was not nearly at square one but for sure had been set back all over again which brought me back to where I was just recently. Money sucks. or lack thereof.

Post # 15
Member
6021 posts
Bee Keeper
  • Wedding: September 2017

@lightatendoftunnel: my debt in total this time around was close to ten grand. Just under it actually. the first time around when I did what I had suggested originally and paid them off one at a time I had around 7 grand in debt total (not including student loans though). No matter how you twist it there is no quick fix but there are ways to make the day to day stuff easier. there absolutely has to be a plan. Pull his credit report and tally it allllll up and make a plan of action and then just get it done lol. its overwhelming at first but once you start to see some of those accounts fall away it feels so good and motivates you. I think thats why I went for the small ones first. With each one that got paid off it gave the illusion that I was making a bigger dent than i actually was and took some of the mental stress away. Plus it made it easier once i was left with the bigger ones to throw bigger chunks of money at each account and make more of an impact on a monthly basis.

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