 Just thought I'd give it a try? |
Hi, this is George Zimmer founder & CEO of the Men's Warehouse, just by change would anyone have a few million dollars to lend me??
I have the craziest business scheme, I'd let ... |
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| My husband and I moved to a new state 4 months ago. Since our phone number was activated, we have received an increasing number of phone calls from debtors and collections agencies asking for two ... |
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| I was 19 when my was destroyed. I needed an emergency surgery and didn't have insurance. The "doctors" couldn't figure out what caused the pain, but told me I have endometreosis ... |
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| I just turned 18 in June. I was told the only way to start was by getting a department store card and then moving on to bigger things. Well, I applied for a JC Penny Card and was not approved because ... |
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 Why can't I get a credit card? |
| I see people all the time who have 25,000 in debt for school loans or people who get pre-approved credit cards in the mail on a daily basis who have NO business having them. I am a 25 year old male, ... |
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 I have no credit history. Should I get a credit card? |
| As the question states, I have no credit history. There is no way I can get someone to co sign for a loan for me. I was just wondering if this was the best way for me to get a credit history if I use ... |
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 I got a letter from Capital One...I think they are suing? |
| I defaulted on my Capital One Card less than a year ago. I recently moved, had the post office forward my mail but unfortunately a letter from Capital One went to my old address at my parent's ... |
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 Do Credit Unions carry out credict checks?? |
| Hi just wondering if anyone knows if Credit Unions carry out credit checks. I doubt very much that they do as they are supposed to be there to help people. I applied for a loan on Saturday and i ... |
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 Payday loans yes or no.? |
| Well it's almost christmas. If you were short on cash for christmas, say around $500.00 would you consider a payday loan yes or no and why?... |
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 I need help with my debts? |
I HAVE LOTS OF DEBTS THAT I WANT TO GET RID OF BUT I DON'T KNOW WHERE OR WHO TO ASK FOR HELP!!! SHOULD I GET A DEBT CONSULTANT???
Additional Details
no i don't own a house and ... |
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| I went to annualcreditreport.com and did my credit report, but how do i get my score? Can I get it for free?... |
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| My credit is bad because last year my husband became ill with liver cancer. We have been trying to get back on our feet. we can afford a mortgage but no one will give us one because of our credit. T... |
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 Has anyone ever heard of this credit card? |
| I recieved an email credit card offer for an Imagine Gold MasterCard...issued from 1st Bank of Delaware...has anyone ever heard of this card and if so can you please let me know..... |
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 If I have no credit, will I be approved for a credit card? Also, if I am approved, when will I find out? |
Will I just get the card in the mail? How long does that usually take?? Also, will I be able to use it as soon as I get it?
Sorry for all the questions, Im just really curious!!! I would ... |
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Martin F | Has anybody used 1 of those companys who help clear your debts its not a loan? |
Additional Details
cheers guys
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dinnerlady
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my husband and i were reeled in by an iva and after paying out to them for a couple of months we realised that we were no better off financially each month AND we were still getting letters from our creditors so god knows where those two payments went. in the end we cancelled our iva and went direct to our creditors who were really understanding and everything is now back on track. please dont be fooled by these companies who promise to reduce your debt/outgoings if you need help either go to CAB or contact your creditors directly yourself. good luck!! |
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alatoruk
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its called an IVA.
what they dont tell you is it hurts your credit as much as going bankrupt, it has to be agreed to by the majority of your creditors and you have someone looking over your shoulder for the whole 5 or 6 years checking how much you earn etc.
advantages - you get to keep your house, whereas if you go bankrupt it could be sold.
disadvantages - it take 5 or 6 years whereas a bankrptcy is over in 1. |
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treverleamon
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i've never personally dealt with any debt relief company, but i know several that have, and all of them have regret. they actually made things worse by telling them to stop all payments on their cards till the credit card companies turned their accounts over to a collection agency... and then advised them to not answer the phone when said agencies called -- and they will call non-stop. i don't know much about the inner workings, but everyone i know had to eventually payoff most of the balances anyway while destroying their credit in the process. |
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pollywallydoodle
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If you are talking of an iva.
pro's
debt free in 5 years
protection from creditors
interest frozen
one monthly payment, decided by your disposable income
professionals can have an iva
after the five years any remaining debt will be written off
cons
possible release of equity in home
need at least 15,000 debt and disposab;le income of at least £200 per month
no credit allowed
will affect your credit file for at least six years from the beginning of the agreement
you are expected to pay overtime in at a rate usually of 50% though you keep the other half and if you asre struggling that is better than paying it on the bills.
Bankrupcy you may be discharged after one year, will still affect your credit rating, may lose your car, will lose your home if there is equity, may have to make payments for up to 3 years of your disposable income. some jobs do not allow bankrupcy. Though if you have no major assets such as home or expensive car then thois can be a better option.
I have an iva and it is the best thing I have ever done, though i am sure some will disagree, I dont want credit anyway and we live a reasonable life, better than we did when struggling to pay everything.
My advice is to research all your options, dmp, iva, bankrupcy so that you cahn make an informed decision oin waht to do. iva.co.uk is great website for info on these subjects, look at the forum. iva.com gives reviews iof the companies and well worth a look at. Initial advice is free.
All the best and hope this helps. |
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l h
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I used to work for a debt management company, whereby you make a monthly payment to the company, they take a cut then share out the rest between the creditors according to the size of the debt (the higher the debt, the more of your payment they get). It's ok if you really cannot discipline yourself, but if you can you could come to an arrangement with your creditors yourself without paying a company to do it. The creditors may not freeze the interest/charges, but they don't always do it for a debt management company either. If you want to use a free company, try Consumer Credit Councelling Service, or Payplan. You can try the CAB, but sometimes creditors can be a bit disrespectful as the CAB will allow you to pay just £1 per month to each creditor, which they find frustrating! |
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Alice
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Avoid them, they really are not a good idea, instead go to Citizens Advice & they can put you in touch with a dept councillor.
Martin Lewis Money Saving Expert is a web site which may also offer some good advice. |
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Carlii
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CCCS isn't a very good option... they do a really great job of getting those arranged payments in late and screwing your credit up even worse than simply signing up with CCCS does!
It's just a fine hairline away from filing bankruptsy, really. Your best bet is to pay your minimums on the high balances, and pay of your low balances as you can. They say to go by the APRs--- pay off the high ones before the low ones, but, honestly... if I have 10 creditors, I want to see that down to 5 really quick - and it's easier for me to miss a due date if I have so many!!! |
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Rick B
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DON'T do debt consolidation. It just moves your debt around. It rolls high interest items AND LOW interest items into the same loan at a mid-range interest rate. It might lower your monthly payments, but that means it will take even LONGER to get out of debt. It also frees up all your lines of credit so you can simply run them up again! Finally, you often have to pay a loan origination fee.
You don't need anyone to do it for you. All they do is negotiate your debts for you and collect a fee. You can do it yourself!
Call all of them and work out a payment plan and try to get your interest lowered or stopped.
Then, make the minimum payments on every one of them. On the lowest dollar value, put all your extra effort toward paying it off. Once it is paid off, then roll that extra money to the next largest balance. Continue this snowball until all your debts are paid off.
You probably need to cut your expenses back to the bare minimum. Get rid of cable, cell phones, internet, etc. Lower your electric bill, gas bill, water bill, etc. Don't eat at a restaurant until your debts are under control. Take a sandwich for lunch. Cancel the gym membership.
Try to increase your income by getting a second job. If you have a car with payments, get rid of it, and buy a good dependable used car for CASH.
Go to the library and get "The Total Money Makeover". Read it and follow it carefully.
Go check out Dave's website as well. Yahoo is blocking his site again, so take out the spaces in the following:
www. Dave ramsey. com |
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M K
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I don't know if you are talking about debt consolidation programs or programs that claim to erase your credit.
No one can legally remove accurate and timely negative information from a credit report. Here are some tips to legally repair and restore credit.
1. Get a copy of your credit report. Dispute inaccuracies and have them removed
2. Negotiate and settle collection accounts
3. Keep 3-5 credit accounts in good standing from this point forward.
4. Limit the amount of times that your credit report is pulled.
5. Only use up to 40% of your available credit limit on each card.
http://www.creditfast.com |
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billiethefish
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DON'T DO IT PLEASE. from previous experience believe me. They take your money monthly, great you think! three months down the line your original creditors are ringing you saying they haven't had any money! They take the money from you ie. £50.00 a month £35.00 of that is admin fee £15.00 left to pay peter, paul, tom, dick, harry takes forever and does your head in. GO TO CAB this is a much better option or ask your bank to refinance your debt with a loan so just have one payment and consolidate the rest. Good Luck |
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Nick B
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If you go to the citizens advice bureau they will negotiate with your creditors for you, or get help from CCCS, a registered charity.
If you are unable to meet your debts in full, most creditors will accept a reduced figure.
If you end up going the IVA route it is common for a figure of 25% to be accepted.
If you organise it your self and offer all your creditors 75% you will probably get that accepted. The snag is you need agreement from everyone.
A lot of debt collection agencies will only have paid 10% for the assignation of your debt, so if they get even 50% it is a good result for them.
The majority of debt management companies are complete cons. Avoid like the plague |
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