Posted by dealmaker on July 18, 2007 at 15:45:37:
I would recommend AGAINST debt consolidation. IT doesn’t work. Changing your habits works. I would recommend getting (from the library) Dave Ramsey’s book (can’t remember the title right now) on personal finance and debt “snowballing”.
dealmaker
Debt Consolidation, Credit Repair-Recommendations? - Posted by IL Investor
Posted by IL Investor on July 18, 2007 at 14:44:51:
I am in need of some debt consolidation assistance. I had posted on here about a month ago and one gentleman had posted a friend of his whom he said he recommends highly and works with you 1on1 in consolidation and repair.
Can’t seem to locate that post or the number, but does anyone else have general advice on consolidation and credit repair?
I have a court date tomorrow relating to a credit card unsecured judgement. I’ve heard if I’ve never been served in person there might be a way to squirrel out of it, but I’m not certain.
In any case, I live in Illinois for all that matters, I am trying to find a service, company, or individual who knows their stuff that I might be able to get advice from or work with on getting my situation straight.
Any advice is appreciated.
Re: Credit Repair-Recommendations? - Posted by GS
Posted by GS on July 19, 2007 at 04:49:31:
I would agree with everyone else. It starts with you. You control your
debt and your income.
When paying down credit cards, pay them until you get to 30%
balances. Once you get to 30% or below, your credit will raise.
Google credit repair and do your research. There are law firms that will
review your credit and send off letters for you to deal with late
payments and the such.
You can do the same thing if you do not have the money to hire a law
firm. ($1,000 - $1,500).
Re: Debt Consolidation, Credit Repair? - Posted by wpage
Posted by wpage on July 18, 2007 at 18:23:38:
My first advice to you would be to make sure you show up in court. Then it is up to the judge to decide what will happen. Make your case to have it thrown out. If that doesn’t work ask the judge for a postponment of 30 days or more to have time to work out a solution with the creditor.
As far as debt consolidation and credit repair you should do your own plan. Only time and a plan will improve your credit score. Start by calling all your credit card companies and ask for a reduction in the interest rate. It is amazing what you can accomplish doing this. We do it on a regular basis as a matter of controlling the amount of interest we pay. We will be successful about 95% of the time. If you don’t succeed the first time wait a week then call again, repeat. The best way to settle your credit card debt is to cut up some cards. Then take the highest interest card and pay the most you can while still paying the minimum payment on the others. Knock them off 1 at a time. Failing that get a 2nd or 3rd job or flip or wholesale a property.
Re: Debt Consolidation - Posted by lukeNC
Posted by lukeNC on July 18, 2007 at 18:19:29:
You can be “sub-served”: someone accepts on your behalf. If it can be proven that you lived at the place at the time the papers were served, there’s no way out except bankruptcy. Even if you were not personally served.
Be that as it may, you will find that the creditor may take a huge discount to settle the debt with you.
How to get out of debt 101:
I hate hate hate debt. I have not had a credit card or auto loan in almost 10 years. In a few more years I may be living in a house I own free and clear.
If you have to buy on credit, you can’t afford it. CASH IS KING.
Re: Debt Consolidation, - Posted by michaela-CA
Posted by michaela-CA on July 18, 2007 at 17:46:49:
I agree with dealmaker - do not consider debt consolidation. I’ve heard of many people who had many delayed payments after they signed on, yet they made th epayments in time to the debt cons. co.
Go to www.creditboards.com and read the forums. It’ll open your eyes. Yes, you do have to get served personally or and if not, then you can try to vacate the judgment.
Michaela