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(BBC)   Debt management companies may not be acting in your best interest. Shocking, we know   (bbc.co.uk) divider line 35
    More: PSA, Fellowship of Christian Athletes, consumer credits, debts  
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1442 clicks; posted to Business » on 22 Mar 2014 at 1:56 PM (17 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-03-22 01:41:03 PM
In the United Kingdom perhaps. The nice thing about them in the United States of the Americas is that they will work with the creditors and also obtain the very low interest rate and very seldom have the denial from the company who just wants to have the payment. Further while they request the fee for doing this it is the voluntary fee. It has not the requirement. You can utilize the services of CCCS without having to make the payment to they because they make the money from the credit card companies.

It also does not show up on the credit report of the person other than in many cases just saying that the account of you is closed.

Unless you wish for those who would benefit from the services of they do just declare the bankruptcy and have the extended court battle.
 
2014-03-22 02:26:53 PM
FTA: " Debt management companies are persuading people to sign up for "unsuitable" and expensive repayment plans, the Financial Conduct Authority (FCA) says "

img3.wikia.nocookie.net

" Brunt, FCA "
 
2014-03-22 02:59:15 PM

Forbidden Doughnut: FTA: " Debt management companies are persuading people to sign up for "unsuitable" and expensive repayment plans, the Financial Conduct Authority (FCA) says "

[img3.wikia.nocookie.net image 292x256]

" Brunt, FCA "


... and we're done.
 
2014-03-22 03:33:51 PM
The regulator believes these plans do not offer the best value for money for people already struggling with debt.

When you are in debt, NO-ONE gives you the best value for the money. The best you can do is a deal that isn't quite as one sided as the one you are currently in, and most debt places can do that (not hard considering credit card debt collection practices).

Also, a corporation will never cut the same deal with an individual that they will another company. I used one of these services and suddenly the credit cards who were demanding full payment NOW NOW NOW!!!! were willing to drop all fees take less than half of the initial balance (which was still primarily interest and fees that they had charged before I got the debt company).

/Only private industry company I worked for had me move from CO to AK at my own expense and then laid everyone off after 4 months. Learned never to trust private industry - especially if they are not willing to front all costs for getting you to work there.
 
2014-03-22 03:51:11 PM

FormlessOne: Forbidden Doughnut: FTA: " Debt management companies are persuading people to sign up for "unsuitable" and expensive repayment plans, the Financial Conduct Authority (FCA) says "

[img3.wikia.nocookie.net image 292x256]

" Brunt, FCA "

... and we're done.


Seconded
 
2014-03-22 04:06:42 PM

NotARocketScientist: The regulator believes these plans do not offer the best value for money for people already struggling with debt.

When you are in debt, NO-ONE gives you the best value for the money. The best you can do is a deal that isn't quite as one sided as the one you are currently in, and most debt places can do that (not hard considering credit card debt collection practices).

Also, a corporation will never cut the same deal with an individual that they will another company. I used one of these services and suddenly the credit cards who were demanding full payment NOW NOW NOW!!!! were willing to drop all fees take less than half of the initial balance (which was still primarily interest and fees that they had charged before I got the debt company).

/Only private industry company I worked for had me move from CO to AK at my own expense and then laid everyone off after 4 months. Learned never to trust private industry - especially if they are not willing to front all costs for getting you to work there.


Do you (or any other Farkers) have a good recommendation for a debt consolidation outfit? My wife's student loans and our various medical bills are too far and wide to deal with, and I'd like to get it under control and under one payment a month.

It doesn't help that the Feds took our return for the second year in a row (after we made payments last year and they told us they wouldn't take it). I will file yet another "injured spouse" claim... but it's stupid that I have to wait another 8 weeks for less than half a tax return that my income contributes 70% of.

/Time to change my withholding
 
2014-03-22 04:20:25 PM

LesserEvil: Do you (or any other Farkers) have a good recommendation for a debt consolidation outfit? My wife's student loans and our various medical bills are too far and wide to deal with, and I'd like to get it under control and under one payment a month.


Consider filing for Chapter 13 Bankruptcy ( if the debt is too overwhelming, but you still have steady income)

/ doubtful if the balance on the student loans will be forgiven after you pay off the Ch.13, which will take years...
// medical & consumer debt will be forgiven, however
/// oh, and your credit is vaporized for 7 years...
//// I filed for Ch.13 back in the 90's...I'm sure the whole process is much harder these days....
 
2014-03-22 05:05:06 PM

Forbidden Doughnut: LesserEvil: Do you (or any other Farkers) have a good recommendation for a debt consolidation outfit? My wife's student loans and our various medical bills are too far and wide to deal with, and I'd like to get it under control and under one payment a month.

Consider filing for Chapter 13 Bankruptcy ( if the debt is too overwhelming, but you still have steady income)

/ doubtful if the balance on the student loans will be forgiven after you pay off the Ch.13, which will take years...
// medical & consumer debt will be forgiven, however
/// oh, and your credit is vaporized for 7 years...
//// I filed for Ch.13 back in the 90's...I'm sure the whole process is much harder these days....


Yeah, I'm not going that route, for several reasons. For starters, I can make payments... but getting hounded for everything at once is what is overwhelming. I'm not looking to get rid of it. Secondly, my job requires me to hold a security clearance, and a bankruptcy pretty much kills that.

There has to be reputable debt management companies. It's not just consolidating, it's also about cleaning up some issues on my credit report (like my adult son's crap showing up on my report) and getting the idiots off our backs. It's our debt, and we will pay it. I just want to bring back some sanity to the whole process.
 
2014-03-22 05:20:51 PM
Debt collection companies in the US are a farking joke. First, you have ZERO proof they own the debt. Second, a large percentage of the time they can't show where the debt came from. Example: CC company says you owe a debt. You think you've paid it off. All the sudden, you get s notice from a debt collector. They demand payment of not only the debt you think is paid off, but fees and penalties on top of it. And they cannot provide line item proof of the debt. But, they'll surely settle for 70%! Except they "bought" it for pennies on the dollar.
 
2014-03-22 05:40:36 PM
LesserEvil:  Do you (or any other Farkers) have a good recommendation for a debt consolidation outfit? My wife's student loans and our various medical bills are too far and wide to deal with, and I'd like to get it under control and under one payment a month.

It doesn't help that the Feds took our return for the second year in a row (after we made payments last year and they told us they wouldn't take it). I will file yet another "injured spouse" claim... but it's stupid that I have to wait another 8 weeks for less than half a tax return that my income contributes 70% of.

/Time to change my withholding


I'm using this place, they're not perfect, but they didn't try to rip me off either. Worked with creditors to close accounts and lower payments. I don't know how they do on the items you listed, since I haven't had to deal with those specific issues, but it's worth a look.

http://www.moneymanagement.org/
 
2014-03-22 05:44:22 PM

Forbidden Doughnut: FTA: " Debt management companies are persuading people to sign up for "unsuitable" and expensive repayment plans, the Financial Conduct Authority (FCA) says "

[img3.wikia.nocookie.net image 292x256]

" Brunt, FCA "


*shakes tiny federation fist of rage* +100
 
2014-03-22 05:53:16 PM

meow said the dog: In the United Kingdom perhaps. The nice thing about them in the United States of the Americas is that they will work with the creditors and also obtain the very low interest rate and very seldom have the denial from the company who just wants to have the payment. Further while they request the fee for doing this it is the voluntary fee. It has not the requirement. You can utilize the services of CCCS without having to make the payment to they because they make the money from the credit card companies.

It also does not show up on the credit report of the person other than in many cases just saying that the account of you is closed.

Unless you wish for those who would benefit from the services of they do just declare the bankruptcy and have the extended court battle.


Unless CCCS has changed their ways, a decade ago they were a ripoff. I watched as they instructed my then girlfriend to stop paying her CC and start paying them while they "negotiated" with the CC company. Meanwhile, she's getting late notices and fees mounting. And, shocking, the CC company turned them down.
 
2014-03-22 05:59:25 PM

strangeluck: LesserEvil:  Do you (or any other Farkers) have a good recommendation for a debt consolidation outfit? My wife's student loans and our various medical bills are too far and wide to deal with, and I'd like to get it under control and under one payment a month.

It doesn't help that the Feds took our return for the second year in a row (after we made payments last year and they told us they wouldn't take it). I will file yet another "injured spouse" claim... but it's stupid that I have to wait another 8 weeks for less than half a tax return that my income contributes 70% of.

/Time to change my withholding

I'm using this place, they're not perfect, but they didn't try to rip me off either. Worked with creditors to close accounts and lower payments. I don't know how they do on the items you listed, since I haven't had to deal with those specific issues, but it's worth a look.

http://www.moneymanagement.org/


Thanks, looking into them.
 
2014-03-22 06:19:31 PM
Ah, this reminds me of one of my first greenlights. It went something like, "PSA: Paying a company to not pay your bills for you may not be an effective way to get out of debt".

The company in question had you give them all your money, then asked your debtors to style for however much that was. When they said no, you were out the money. The level of stupidity it took to do something like that was mind blowing.
 
2014-03-22 06:41:47 PM

jayphat: Debt collection companies in the US are a farking joke. First, you have ZERO proof they own the debt. Second, a large percentage of the time they can't show where the debt came from. Example: CC company says you owe a debt. You think you've paid it off. All the sudden, you get s notice from a debt collector. They demand payment of not only the debt you think is paid off, but fees and penalties on top of it. And they cannot provide line item proof of the debt. But, they'll surely settle for 70%! Except they "bought" it for pennies on the dollar.


This.  I've swatted down a couple of extortion 'debt collection' attempts simply by requesting copies of all the paperwork, including the paperwork that shows these folks bought the debt.  Make sure you send the request registered, and list every single piece of relevant material you can think of.  They hate it when you do that, because in literally 95% of the cases they have no paperwork at all, and in the other 5% it's incomplete.  They can't keep up those incredible profit margins if they have to maintain annoying things like records, and   neither of those debts have ever shown up as a problem.  I did get one letter regarding a Sprint account that I did owe some money on (Sprint tried to shaft me on a service agreement, and I refused to pay), and I called the folks and made 'em an offer - I'll give you what I felt I actually owed - about 1/3rd of what they wanted - and we'll call it even.  The nice lady on the other end of the phone about tripped all over herself setting things up.
 
2014-03-22 06:49:45 PM

AtlanticCoast63: jayphat: Debt collection companies in the US are a farking joke. First, you have ZERO proof they own the debt. Second, a large percentage of the time they can't show where the debt came from. Example: CC company says you owe a debt. You think you've paid it off. All the sudden, you get s notice from a debt collector. They demand payment of not only the debt you think is paid off, but fees and penalties on top of it. And they cannot provide line item proof of the debt. But, they'll surely settle for 70%! Except they "bought" it for pennies on the dollar.

This.  I've swatted down a couple of extortion 'debt collection' attempts simply by requesting copies of all the paperwork, including the paperwork that shows these folks bought the debt.  Make sure you send the request registered, and list every single piece of relevant material you can think of.  They hate it when you do that, because in literally 95% of the cases they have no paperwork at all, and in the other 5% it's incomplete.  They can't keep up those incredible profit margins if they have to maintain annoying things like records, and   neither of those debts have ever shown up as a problem.  I did get one letter regarding a Sprint account that I did owe some money on (Sprint tried to shaft me on a service agreement, and I refused to pay), and I called the folks and made 'em an offer - I'll give you what I felt I actually owed - about 1/3rd of what they wanted - and we'll call it even.  The nice lady on the other end of the phone about tripped all over herself setting things up.


Jesus man are you my twin? I went through the exact same thing with Sprint in 2007. Apparently, you could get data charges on a RAZR flip phone. OK, learned it the first time. I'll pay the extra this time. They offer me unlimited data. Next month, I get a bill for an extra $600 in data. When I called they said, and I wish I could make this shiat up, "unlimited data means you have unlimited ACCESS to data, you still have to pay for it." Those Farkers haven't gotten a dime from me.
 
2014-03-22 07:22:17 PM

jayphat: meow said the dog: In the United Kingdom perhaps. The nice thing about them in the United States of the Americas is that they will work with the creditors and also obtain the very low interest rate and very seldom have the denial from the company who just wants to have the payment. Further while they request the fee for doing this it is the voluntary fee. It has not the requirement. You can utilize the services of CCCS without having to make the payment to they because they make the money from the credit card companies.

It also does not show up on the credit report of the person other than in many cases just saying that the account of you is closed.

Unless you wish for those who would benefit from the services of they do just declare the bankruptcy and have the extended court battle.

Unless CCCS has changed their ways, a decade ago they were a ripoff. I watched as they instructed my then girlfriend to stop paying her CC and start paying them while they "negotiated" with the CC company. Meanwhile, she's getting late notices and fees mounting. And, shocking, the CC company turned them down.


The idea is that you, a debt buyer, get the mark to put the CC payments into an account you have access to. After enough shows up in the savings to make a profit, you buy the debt and make a profit using OPM.

Why yes, I interviewed with a company that did this stuff. Looking out for the $100k debt you could buy for $10k or less.
 
2014-03-22 07:55:42 PM

LesserEvil: Forbidden Doughnut: LesserEvil: Do you (or any other Farkers) have a good recommendation for a debt consolidation outfit? My wife's student loans and our various medical bills are too far and wide to deal with, and I'd like to get it under control and under one payment a month.

Consider filing for Chapter 13 Bankruptcy ( if the debt is too overwhelming, but you still have steady income)

/ doubtful if the balance on the student loans will be forgiven after you pay off the Ch.13, which will take years...
// medical & consumer debt will be forgiven, however
/// oh, and your credit is vaporized for 7 years...
//// I filed for Ch.13 back in the 90's...I'm sure the whole process is much harder these days....

Yeah, I'm not going that route, for several reasons. For starters, I can make payments... but getting hounded for everything at once is what is overwhelming. I'm not looking to get rid of it. Secondly, my job requires me to hold a security clearance, and a bankruptcy pretty much kills that.

There has to be reputable debt management companies. It's not just consolidating, it's also about cleaning up some issues on my credit report (like my adult son's crap showing up on my report) and getting the idiots off our backs. It's our debt, and we will pay it. I just want to bring back some sanity to the whole process.


Does your employer offer any sort of debt counseling?  As I recall, at least some defense contractors offer benefits that include access to debt counseling services, since the DoD doesn't want cleared personnel to be so desperate to pay their bills that they might start making deals with well-funded foreign agents.
 
2014-03-22 07:57:19 PM

LesserEvil: There has to be reputable debt management companies. It's not just consolidating, it's also about cleaning up some issues on my credit report (like my adult son's crap showing up on my report) and getting the idiots off our backs. It's our debt, and we will pay it. I just want to bring back some sanity to the whole process.


Debt management plan requires you to pay all of your debt but with lower interest (cannot use the cards).
Lexington Law charges $59 (I think) a month to deal with your credit problems.

jayphat: Unless CCCS has changed their ways, a decade ago they were a ripoff. I watched as they instructed my then girlfriend to stop paying her CC and start paying them while they "negotiated" with the CC company. Meanwhile, she's getting late notices and fees mounting. And, shocking, the CC company turned them down.


That is debt negotiation and I am really surprised they did that to be honest. I didn't know CCCS did the negotiations. Those are horrible. I know someone who almost lost her house and didn't get any money back from the company. A debt management plan is completely different and does not show up nor affect (positively or negatively) your credit score. It is usually a 5 year plan, they negotiate interest with the credit card companies, you pay CCCS and they forward all of your payments. You DO pay everything you owe and are still charged interest but it is manageable interest.
 
2014-03-22 08:00:07 PM

LesserEvil: Yeah, I'm not going that route, for several reasons. For starters, I can make payments... but getting hounded for everything at once is what is overwhelming. I'm not looking to get rid of it. Secondly, my job requires me to hold a security clearance, and a bankruptcy pretty much kills that.


Crap, I was too quick. Ignore my CCCS comment. Are these private loans or government student loans? That is going to make a big difference.
 
2014-03-22 08:12:14 PM

meow said the dog: The nice thing about them in the United States of the Americas is that they will work with the creditors and also obtain the very low interest rate and very seldom have the denial from the company who just wants to have the payment.


The impression I get from some of the TV commercial outfits (I'm sure there's a mix of good and bad there) is that they want to roll unsecured debt into something secured like a mortgage.  You may lower the payment, but I don't think it's in many people's interest to put the house in that kind of jeopardy compared to filing bankruptcy.
 
2014-03-22 08:27:14 PM

12349876: meow said the dog: The nice thing about them in the United States of the Americas is that they will work with the creditors and also obtain the very low interest rate and very seldom have the denial from the company who just wants to have the payment.

The impression I get from some of the TV commercial outfits (I'm sure there's a mix of good and bad there) is that they want to roll unsecured debt into something secured like a mortgage.  You may lower the payment, but I don't think it's in many people's interest to put the house in that kind of jeopardy compared to filing bankruptcy.


I was just pondering the same thing.  My credit union offers unsecured lines of credit with interest rates averaging 9%, which might be a good first step in bringing credit card debt under control (most credit cards have interest rates much higher than 9%), but won't do much to help with lower-interest debts.  They also offer home-equity lines of credit with interest rates averaging 4.25%, which would significantly reduce the rate of accrual and thus make the debt easier to pay off, but as you said it makes the consequences of failure much worse.

That being said, most credit unions and smaller banks are much more willing than large banks to work with delinquent customers to try and avoid foreclosure, so the risk of losing one's house might depend a lot on the choice of lender.

Of course, if the debtor doesn't actually own any real estate, it's a moot point.
 
2014-03-22 08:37:02 PM

anfrind: LesserEvil: Forbidden Doughnut: LesserEvil: Do you (or any other Farkers) have a good recommendation for a debt consolidation outfit? My wife's student loans and our various medical bills are too far and wide to deal with, and I'd like to get it under control and under one payment a month.

Consider filing for Chapter 13 Bankruptcy ( if the debt is too overwhelming, but you still have steady income)

/ doubtful if the balance on the student loans will be forgiven after you pay off the Ch.13, which will take years...
// medical & consumer debt will be forgiven, however
/// oh, and your credit is vaporized for 7 years...
//// I filed for Ch.13 back in the 90's...I'm sure the whole process is much harder these days....

Yeah, I'm not going that route, for several reasons. For starters, I can make payments... but getting hounded for everything at once is what is overwhelming. I'm not looking to get rid of it. Secondly, my job requires me to hold a security clearance, and a bankruptcy pretty much kills that.

There has to be reputable debt management companies. It's not just consolidating, it's also about cleaning up some issues on my credit report (like my adult son's crap showing up on my report) and getting the idiots off our backs. It's our debt, and we will pay it. I just want to bring back some sanity to the whole process.

Does your employer offer any sort of debt counseling?  As I recall, at least some defense contractors offer benefits that include access to debt counseling services, since the DoD doesn't want cleared personnel to be so desperate to pay their bills that they might start making deals with well-funded foreign agents.


I'll check into that. My company is certainly big enough to have something like that available.
 
2014-03-22 08:48:55 PM

12349876: meow said the dog: The nice thing about them in the United States of the Americas is that they will work with the creditors and also obtain the very low interest rate and very seldom have the denial from the company who just wants to have the payment.

The impression I get from some of the TV commercial outfits (I'm sure there's a mix of good and bad there) is that they want to roll unsecured debt into something secured like a mortgage.  You may lower the payment, but I don't think it's in many people's interest to put the house in that kind of jeopardy compared to filing bankruptcy.


That is debt settlement, though. A debt management program just puts a middleman who is saying to the CC company, "We are doing debt counseling so work with us." Each CC has their own DMP policies. There is no loan. Your balances go down by a set amount each month based on what you pay.
 
2014-03-22 09:10:52 PM

jayphat: AtlanticCoast63: jayphat: Debt collection companies in the US are a farking joke. First, you have ZERO proof they own the debt. Second, a large percentage of the time they can't show where the debt came from. Example: CC company says you owe a debt. You think you've paid it off. All the sudden, you get s notice from a debt collector. They demand payment of not only the debt you think is paid off, but fees and penalties on top of it. And they cannot provide line item proof of the debt. But, they'll surely settle for 70%! Except they "bought" it for pennies on the dollar.

This.  I've swatted down a couple of extortion 'debt collection' attempts simply by requesting copies of all the paperwork, including the paperwork that shows these folks bought the debt.  Make sure you send the request registered, and list every single piece of relevant material you can think of.  They hate it when you do that, because in literally 95% of the cases they have no paperwork at all, and in the other 5% it's incomplete.  They can't keep up those incredible profit margins if they have to maintain annoying things like records, and   neither of those debts have ever shown up as a problem.  I did get one letter regarding a Sprint account that I did owe some money on (Sprint tried to shaft me on a service agreement, and I refused to pay), and I called the folks and made 'em an offer - I'll give you what I felt I actually owed - about 1/3rd of what they wanted - and we'll call it even.  The nice lady on the other end of the phone about tripped all over herself setting things up.

Jesus man are you my twin? I went through the exact same thing with Sprint in 2007. Apparently, you could get data charges on a RAZR flip phone. OK, learned it the first time. I'll pay the extra this time. They offer me unlimited data. Next month, I get a bill for an extra $600 in data. When I called they said, and I wish I could make this shiat up, "unlimited data means you have unlimited ACCESS to data, you still h ...


Jayphat, I think we had the same CSR at Sprint - definitely the same situation.
 
2014-03-22 10:11:31 PM

LesserEvil: I'll check into that. My company


I'm currently with Apprisen CCCS right now. They've diligently paid everything i've paid them, and i think i'm at less than 5% interest right now, with a fee of 25 a month. Soon, everything is paid off. Hell, within 6 months, i want to have my own home, And ALL of the little debts paid off.
 
2014-03-22 11:04:09 PM

simrobert2001: LesserEvil: I'll check into that. My company

I'm currently with Apprisen CCCS right now. They've diligently paid everything i've paid them, and i think i'm at less than 5% interest right now, with a fee of 25 a month. Soon, everything is paid off. Hell, within 6 months, i want to have my own home, And ALL of the little debts paid off.


I'll check that out. Thanks.
 
2014-03-22 11:27:23 PM

simrobert2001: LesserEvil: I'll check into that. My company

I'm currently with Apprisen CCCS right now. They've diligently paid everything i've paid them, and i think i'm at less than 5% interest right now, with a fee of 25 a month. Soon, everything is paid off. Hell, within 6 months, i want to have my own home, And ALL of the little debts paid off.


If you don't mind me asking, what sort of interest rates were you dealing with before you started using Apprisen?

I'm curious because $25/month seems kind of high for a typical financial service (it's more than the annual fee on an AmEx Gold card), so at that price I would hope that they were able to bring your interest rate way down.
 
2014-03-22 11:38:46 PM

anfrind: simrobert2001: LesserEvil: I'll check into that. My company

I'm currently with Apprisen CCCS right now. They've diligently paid everything i've paid them, and i think i'm at less than 5% interest right now, with a fee of 25 a month. Soon, everything is paid off. Hell, within 6 months, i want to have my own home, And ALL of the little debts paid off.

If you don't mind me asking, what sort of interest rates were you dealing with before you started using Apprisen?

I'm curious because $25/month seems kind of high for a typical financial service (it's more than the annual fee on an AmEx Gold card), so at that price I would hope that they were able to bring your interest rate way down.


They can get them down from the high 20s to less than 5%. It is less than 2% for Discover. People with great interest rates aren't going to need to use them.

The fee is voluntary, although I'm not sure if anyone ever doesn't pay them. CCCS gets their money from the CC companies.
 
2014-03-23 12:40:27 AM

meow said the dog: anfrind: simrobert2001: LesserEvil: I'll check into that. My company

I'm currently with Apprisen CCCS right now. They've diligently paid everything i've paid them, and i think i'm at less than 5% interest right now, with a fee of 25 a month. Soon, everything is paid off. Hell, within 6 months, i want to have my own home, And ALL of the little debts paid off.

If you don't mind me asking, what sort of interest rates were you dealing with before you started using Apprisen?

I'm curious because $25/month seems kind of high for a typical financial service (it's more than the annual fee on an AmEx Gold card), so at that price I would hope that they were able to bring your interest rate way down.

They can get them down from the high 20s to less than 5%. It is less than 2% for Discover. People with great interest rates aren't going to need to use them.

The fee is voluntary, although I'm not sure if anyone ever doesn't pay them. CCCS gets their money from the CC companies.


Thanks for the explanation.  With that sort of a reduction in interest rate, I can definitely see why the service might be worth the fee.
 
2014-03-23 05:00:13 AM

LesserEvil: ....Do you (or any other Farkers) have a good recommendation for a debt consolidation outfit? My wife's student loans and our various medical bills are too far and wide to deal with, and I'd like to get it under control and under one payment a month...



These guys, American Financial Solutions, have been outstanding.  In my neck of the woods, they're based out of Evergreen State College.  YMMV.
 
2014-03-23 07:36:26 AM

dprathbun: LesserEvil: ....Do you (or any other Farkers) have a good recommendation for a debt consolidation outfit? My wife's student loans and our various medical bills are too far and wide to deal with, and I'd like to get it under control and under one payment a month...


These guys, American Financial Solutions, have been outstanding.  In my neck of the woods, they're based out of Evergreen State College.  YMMV.


I know there use to be, well at least in Illinois, a state run program that would negotiate with the CC companies and other places to lower your payments and set up a repayment plan for you, and there weren't any fees at all. I know a few people that worked with them in the 90's and they all had good things to say about them. I would poke around and see if there are any state run programs or not for profits that offer the service for free before I go to a company that makes you pay/
 
2014-03-23 08:11:56 AM

ongbok: dprathbun: LesserEvil: ....Do you (or any other Farkers) have a good recommendation for a debt consolidation outfit? My wife's student loans and our various medical bills are too far and wide to deal with, and I'd like to get it under control and under one payment a month...


These guys, American Financial Solutions, have been outstanding.  In my neck of the woods, they're based out of Evergreen State College.  YMMV.

I know there use to be, well at least in Illinois, a state run program that would negotiate with the CC companies and other places to lower your payments and set up a repayment plan for you, and there weren't any fees at all. I know a few people that worked with them in the 90's and they all had good things to say about them. I would poke around and see if there are any state run programs or not for profits that offer the service for free before I go to a company that makes you pay/


These guys do charge a fee, but they got the interest lowered to less than 5% of the original rate.  Not 5%, but 5% of the original rate.  I gladly pay their fee.
 
2014-03-23 08:24:43 AM
The spammy broken English Weeners in this thread pretty much sealed the deal with my disinterest in reading about loan sharks and their symbiotic friends, the good-cop, bad-cops of the financialized economy.
 
2014-03-23 11:14:15 AM

HotIgneous Intruder: The spammy broken English Weeners in this thread pretty much sealed the deal with my disinterest in reading about loan sharks and their symbiotic friends, the good-cop, bad-cops of the financialized economy.


Spammy broken English is meow's thing...most of the time.
 
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