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Archive for October, 2008

Is debt management as bad if not worse than bankruptcy? When I ask what the difference is they say you don’t have to go through the debt counseling as you would the bankruptcy. Either way it still damages your credit.

There are 3 debt relief solutions you may be considering and I just want to clarify the differences in each as far as the damage to your credit score is concerned. (…)

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I’m 20, I have a student loan and some credit cards that I need to pay off. I want to use a service that basically gives me a loan and pays everything off so I just have one payment to pay to a company …can you help me?

I’m sorry but I do not know of such a service unless you can get a bank loan which is very hard these days even if you own a home with equity in it. (…)

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I have secured debts that I need to have consolidated due to a family illness. How can I have Auto loans, Personal Loans, and credit cards rolled into one lower payment to be able to afford the medical bills?

Hello. (…)

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I have a first mortgage, a home equity loan and a cc bill totaling $160,000 with a $1700 monthly payment. I tried to contact a company about refinancing but they aren’t interested because my home may not be worth what we owe. (typical for nowadays). Is bankruptcy my only option? I’m not really AT that point now, but I am trying to avoid it at all costs. Why wont a bank refinance what i ALREADY OWE THEM to a lower interest rate to make it more manageable….instead of making it harder for me and having the possibility of getting stuck with my house if i file bankruptcy?

Hello. Banks may be willing to negotiate with you but due to the situation in the market they are likely overwhelmed with people in your same situation. (…)

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What if the debt settlement company says you put money in my bank and they will electronic take the money out and I will pay the Credit card company once they have decided what they are going to settle for. Does this sound like a legit company?

Yes, that is often the way it works. The main thing is that you maintain control of your money either in your bank or in a third party trust account they set up for you in your name. (…)

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I need info pronto, I have some paper work filled out for another company and I just looked them up under better business and they are rated F in the debt help company BBB ratings. what to do???

The BBB is not the be all, end all in my opinion when looking at different debt help companies. (…)

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