Anyone here go through debt consolidation?

[Mully]

my creditors are really starting to piss me off. My wife and I have a substantial amount of credit debt, but have never missed a payment and live a comfortable lifestyle. All of a sudden, interest rates a going threw the roof and I wish we wouldn't have spent so foolishly. Anyway, an outfit by the name of The Modification Group as layed out a 4 year plan that will wipe out all of my credit card debt and save us about $500 a month. Only catch is our credit score will suck during this time, but will be back in good standing after the program. Anyone here do this? I need some feedback.

Thanks in advance..

 

[Skulnik]

Mully, my sister did one of those things and it was a waste of time and money, I watch Clark Howard on the weekeds and he recommends the not for profit NFCC, I would recommend checking out his site.

http://clarkhoward.com/


BOL.


http://clarkhoward.com/shownotes/category/6/23/169/

 

[Woodson]

Joker can give you some good advice. I don't want to steal his thunder but cash is king. First step is realizing you're over spending. Hard habit to kick believe you me. I've blown a lot of coin easily in the last 6 years on crap. Now jobs are getting tight and I'm shaking my head at my foolishness.

Never again. :nono:

If Joker doesn't answer I will. Don't agree until tomorrow or the next day.

 

[Old School]

The Modification Group

what independent research have you done to be assured that these folks are who they say they are.Do a wide search...Power of the web.

Have you exhausted all avenues directly with those you owe.

Have you asked your bank to certify The Mod Group and their standing within the business community.

Have you considered a lifestyle change with the liquidation of the unnecessary and all if any playtoys w/it....ie..boats..additional autos..etc

Keep us posted young man..Lotta SMART MONEY FOLKS here..

 

[MadJack]

my creditors are really starting to piss me off. My wife and I have a substantial amount of credit debt, but have never missed a payment and live a comfortable lifestyle. All of a sudden, interest rates a going threw the roof and I wish we wouldn't have spent so foolishly. Anyway, an outfit by the name of The Modification Group as layed out a 4 year plan that will wipe out all of my credit card debt and save us about $500 a month. Only catch is our credit score will suck during this time, but will be back in good standing after the program. Anyone here do this? I need some feedback.

Thanks in advance..

Don't you have that big house in FL? Get a cheap % loan off that to pay off those CC's and cut them up. Stretch out the loan over 30 years to keep the payment low and pay off when you finally sell it.

 

[Mully]

Don't you have that big house in FL? Get a cheap % loan off that to pay off those CC's and cut them up. Stretch out the loan over 30 years to keep the payment low and pay off when you finally sell it.

That would be ideal, however, my aunt and I co own that property . She would have to go along with it as well.

 

[MadJack]

That would be ideal, however, my aunt and I co own that property . She would have to go along with it as well.

That's your best shot out and without ruining your credit. Just have a note drawn up between you and her giving her your borrowed amount back at closing to square things back up.

:mj06:

 

[The Judge]

I'm sure hedgehog can give you some good advice. ... :0corn

 

[ageecee]

my creditors are really starting to piss me off. My wife and I have a substantial amount of credit debt, but have never missed a payment and live a comfortable lifestyle. All of a sudden, interest rates a going threw the roof and I wish we wouldn't have spent so foolishly. Anyway, an outfit by the name of The Modification Group as layed out a 4 year plan that will wipe out all of my credit card debt and save us about $500 a month. Only catch is our credit score will suck during this time, but will be back in good standing after the program. Anyone here do this? I need some feedback.

Thanks in advance..

Dont do it. Your going to spend more money that you dont have. Dont do it.


1-Pay the lowest card off and the rest will have to wait.

2-Sell anything you can and i mean anything.

3-Get a 2nd job if nescessary



Let the credit cards bitach and moan. Pay the necessities first and then the lowest card. Fuk the rest. Dont even worry about ur credit history.

 

[The Joker]

I agree with most of the stuff here.

Just a little background on where I am coming from....

I was in debt to the tune of $40,000 in 1999/2000. The debt came from college loans, a car loan and about $2,000 in credit card debt.

The person who got me out of it was a man named Dave Ramsey.

He taught me how to eliminate debt and build wealth.

In 2006 I got married and at that time, I was debt free and my wife's debt was eliminated the following year.

My wife and I now do everything with cash. No car loans, NO CREDIT CARDS, no home equity etc...

Dave Ramsey taught me how to do it. We aren't wealthy, but we are able to save up so fast because we pay only a mortgage and that's it!

It is all common sense. He teaches the kind of stuff that our grandparents knew. Owe nobody, pay nothing.

Mortgages - certainly you need a mortgage, but nothing else credit related. (Although, you should have a plan in place to pay it off once you are rid of all consumer debt.)

I would be happy to answer any questions you have - get my email from Jack AND if you send me your address, I will buy a copy of Dave Ramsey's book and send it to you!

P.S. Please check this site out. http://www.daveramsey.com/article/the-truth-about-debt-consolidation/

I am very serious about helping people get out of debt.

Take care,

 

[hedgehog]

I'm sure hedgehog can give you some good advice. ... :0corn

what Jack said...very good advise:toast:

 

[saint]

Step 1: Stop gambling on sports

 

[hedgehog]

I agree with most of the stuff here.

Just a little background on where I am coming from....

I was in debt to the tune of $40,000 in 1999/2000. The debt came from college loans, a car loan and about $2,000 in credit card debt.

The person who got me out of it was a man named Dave Ramsey.

He taught me how to eliminate debt and build wealth.

In 2006 I got married and at that time, I was debt free and my wife's debt was eliminated the following year.

My wife and I now do everything with cash. No car loans, NO CREDIT CARDS, no home equity etc...

Dave Ramsey taught me how to do it. We aren't wealthy, but we are able to save up so fast because we pay only a mortgage and that's it!

It is all common sense. He teaches the kind of stuff that our grandparents knew. Owe nobody, pay nothing.

Mortgages - certainly you need a mortgage, but nothing else credit related. (Although, you should have a plan in place to pay it off once you are rid of all consumer debt.)

I would be happy to answer any questions you have - get my email from Jack AND if you send me your address, I will buy a copy of Dave Ramsey's book and send it to you!

P.S. Please check this site out. http://www.daveramsey.com/article/the-truth-about-debt-consolidation/

I am very serious about helping people get out of debt.

Take care,

I have no payments for anything, if you can't pay cash for something other than a house, you don't need it.

 

[Phenom]

I agree with most of the stuff here.

Just a little background on where I am coming from....

I was in debt to the tune of $40,000 in 1999/2000. The debt came from college loans, a car loan and about $2,000 in credit card debt.

The person who got me out of it was a man named Dave Ramsey.

He taught me how to eliminate debt and build wealth.

In 2006 I got married and at that time, I was debt free and my wife's debt was eliminated the following year.

My wife and I now do everything with cash. No car loans, NO CREDIT CARDS, no home equity etc...

Dave Ramsey taught me how to do it. We aren't wealthy, but we are able to save up so fast because we pay only a mortgage and that's it!

It is all common sense. He teaches the kind of stuff that our grandparents knew. Owe nobody, pay nothing.

Mortgages - certainly you need a mortgage, but nothing else credit related. (Although, you should have a plan in place to pay it off once you are rid of all consumer debt.)

I would be happy to answer any questions you have - get my email from Jack AND if you send me your address, I will buy a copy of Dave Ramsey's book and send it to you!

P.S. Please check this site out. http://www.daveramsey.com/article/the-truth-about-debt-consolidation/

I am very serious about helping people get out of debt.

Take care,

Just finished facilitating his course 6 months ago, been able to pay off $7000 in debt, working on the rest, I completely agree with Joker...

 

[saint]

if you can't pay cash for something other than a house, you don't need it.

i couldn't pay cash for my dental school education.

I'd say I needed it.

 

[Jinxbreaker]

I listen to his radio show almost everyday and he seems to know his shit....in 2000 I joined up w/a company in SF and they worked w/the 3 credit card companies I was with and basically I ended up paying about half of all the balances and it didn't cost too much. Alot of people have been there so GOOD LUCK.

 

[kegray1]

Step 1: Stop gambling on sports

:mj07:

This is subject is a comical topic to ask a bunch of gambling degenerates.
My best advice is to max out the lowest interest card into your gambling site and try to win back the rest.

If you are already in too deep then what is a little more.

 

[pug]

Since I am a bankruptcy attorney I deal with this issue on a daily basis. Generally, using a credit consolidation companie is a bad idea. First of all, most of them charge very high fees. These fees usually get paid before any of your creditors get paid. How it works is you pay the credit consolidator a monthly fee. All of your debts won't get paid for several months while you build up your account with the credit consolidator. This will trash your credit. Then, the credit consolidator will make lump sum offers to your creditors one by one offering something like 25% of the total debt owed. Some will accept it and some won't. The problem arises when one doesn't accept the offer, sues you, and then garnishes 25% of your pay. This generally makes you unable to finish the credit consolidation plan because you lose 25% of your pay to a garnishment. Then you will be dropped from the credit consolidation plan and will be out all of the credit consolidator fees that you had to pay first. Then you will be forced to file bankruptcy and will be out much more than you would have been if you just filed bankruptcy in the first place. If you are dead set against bankruptcy, then you can do the same thing the credit consolidator is offering by yourself and not pay them their fees. Let me know if you have any questions, I would be happy to answer them.

 

[hedgehog]

i couldn't pay cash for my dental school education.

I'd say I needed it.

house or school...is that better?

 

[hedgehog]

Since I am a bankruptcy attorney I deal with this issue on a daily basis. Generally, using a credit consolidation companie is a bad idea. First of all, most of them charge very high fees. These fees usually get paid before any of your creditors get paid. How it works is you pay the credit consolidator a monthly fee. All of your debts won't get paid for several months while you build up your account with the credit consolidator. This will trash your credit. Then, the credit consolidator will make lump sum offers to your creditors one by one offering something like 25% of the total debt owed. Some will accept it and some won't. The problem arises when one doesn't accept the offer, sues you, and then garnishes 25% of your pay. This generally makes you unable to finish the credit consolidation plan because you lose 25% of your pay to a garnishment. Then you will be dropped from the credit consolidation plan and will be out all of the credit consolidator fees that you had to pay first. Then you will be forced to file bankruptcy and will be out much more than you would have been if you just filed bankruptcy in the first place. If you are dead set against bankruptcy, then you can do the same thing the credit consolidator is offering by yourself and not pay them their fees. Let me know if you have any questions, I would be happy to answer them.

:mj08: