(Closed) Have you or someone you know haggled to get your debt cut in half?

posted 7 years ago in Money
Post # 3
Member
46334 posts
Honey Beekeeper
  • Wedding: November 1999

In BC we have a Consumer Credit Counselling service that assesses your financial status, works out a plan, negotiates with your creditors, and puts the plan in place to get you debt free . Often this involves creditors accepting a lessor amount to settle your outstanding debt.

Here’s the link to non-profit credit counselling in Alberta:

http://www.creditcounsellingcanada.ca/WeCanHelp/FindaCounsellorNearYou/FindaCounsellor_Alberta/tabid/118/Default.aspx

Post # 5
Member
877 posts
Busy bee
  • Wedding: April 2011

@MissBabeski: I’ve seen that show!  I love Gail and also Til Debt do us Part!  I don’t have any debt, but I do know of people calling their banks and consolidating their loans and transferring their credit card balances into something with a lower interest rate. 

Post # 7
Member
87 posts
Worker bee
  • Wedding: December 2005

It is true. Alot of companies would prefer to have something rather than nothing. It’s just a matter of you having the money up front alot of times so that they know you can follow through with the deal.

Post # 8
Member
46334 posts
Honey Beekeeper
  • Wedding: November 1999

Ask the counsellor. I’m sure the mark would be less black than having a huge amount of unpaid debt and far better than perhaps being forced to declare bankruiptcy.

Post # 10
Member
1944 posts
Buzzing bee
  • Wedding: June 2009

Well….it depends on who you talk to you. Yes, there are credit counseling agencies out there. However, don’t fall for quick fixes. Debt is something that will take awhile and even though you pay it off, sometimes it will still be on your report and still effect you. It is better to talk to the credit companies themself, say if you have a discover card, call them. Even if you settle for less than you owe there are notations on that on your credit report and still be a negative mark towards you. I have friends that are financial advisors and work for credit unions and went through this process when paying off all my debt. I crawled out of about 17K in debt (student loans included) in under a year thanks to them. The best thing I did was talk to the companies individually. You can try and move things to a lower interest card but I don’t see that happening if he already has bad credit. You need to sit down togethor and put a budget togethor and make sacrifices if needed. It can be done, trust me.

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