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I am 27 and looking to buy a house but I am 50 points shy of getting a good loan and my debt to income ratio is over 50%. I’ve been googling a bunch of information but can’t tell who is reliable how being with a credit counseling would help or even a legal services that are being advertise to pay off short term debts. I just want to know my best opitions to help repair my credit score (as quickly as I can) in addition to it not affecting my taxes.
I entered a DMP (Money Management Intl) 4 years ago with a pile of debt and am now a month away from being debt free. I will say the service wasn’t exactly what I expected going into it – the DMP was very hands off and didn’t provide much in the way of real conselling. They don’t even explain the process very well, so it’s worth doing a little research on your own. That said, I’m not sure I could have tackled my debt without the reduced interest rates and the one-payment structure.
Howard – The problem with Chapter 7s is that you must meet minimum income requirements (based on the minimum income threshold in your state). This means there’s a possibility that you may not qualify for a Chapter 7, so it may not be an option for wiping out credit card debt. Before you decide to go the bankruptcy route, have you considered a Debt Management Program? I know 45k is an huge burden and it’s stressful, but there are other options that may help. Before you decide on bankruptcy, we’d advise exploring all of your options. It’s worth contacting a consumer credit counseling service. They’ll be able to review your individual personal financial situation and debt load to determine whether or not you’d be a good candidate for a DMP. If you are a good fit, they’ll work with your creditors to lower you interest rate and lower your monthly payments to one monthly payment you can afford. If a DMP isn’t a good fit, and bankruptcy is your best option — they’ll be able to tell you that as well. A consultation is free, but make sure you choose a consumer credit counseling service that is accredited by the National Foundation for Consumer Credit Counseling.
Once you have enrolled in a debt management plan, and if you let your debt management plan pay all of your creditors each month, you may never have to worry about your debt again. Your payment is auto-debited from your bank account, and your debt will be gone in just a couple of years. Of course, it is smart to allocate more money to your payments whenever you are able, but that is just a matter of logging onto your debt management company account page and increasing your payment.

But debt consolidation is not for everyone. If you have a lot of debt, you may not be able to secure the low debt consolidation rates that this approach depends on. And consolidating debt doesn't necessarily help you reduce it — consumers taking out consolidation loans often find their debt remains the same or actually increases over a period of a couple years. Your ACCC credit counselor can help you decide if debt consolidation makes sense for you.
McClary advises following the 50-20-30 rule of budgeting: Allocate up to 50 percent of your budget to fixed expenses like mortgage, rent and car payments; 20 percent to savings; and 30 percent to variable expenses, especially discretionary spending for things like hobbies, recreation and dining out. That 30 percent zone is the first area to target for cutting back, McClary says.
It depends — is your credit in enough shape to qualify for a lower interest rate on a consolidation loan? Will you be able to make the monthly payment associated with the loan? Unlike a credit card, where you can pay the minimum, an installment loan locks you into a payment each month for a set period of time. You can also consider a balance-transfer credit card, which could help you save on interest. More info on the pros and cons of all those options here:
This really depends on the agency you work with and what they offer. In some cases, a company pairs credit counseling and credit repair. To do this legally, that means that they have both certified credit counselors and state-licensed credit repair attorneys on staff. In this case, they help you eliminate your debt, and then help you dispute any lingering mistakes in your report.
Debt consolidation loans can help you pay off bills as well. They are a type of personal loan in which you can consolidate all types of outstanding debts as well as other expenses, including credit cards, other higher priced borrowing, and medical bills. The individual will take out a new loan, at a lower interest rate, and use that money to pay off other accounts. This will reduce your monthly payment, and therefore will save you money. Debt consolidation loans are just one option available to help consumers get better control of their finances.
There are four debt consolidation programs that can eliminate credit card debt: debt management programs; debt consolidation loans; debt settlement; and bankruptcy. The first two are aimed at consumers who have enough income to handle their debt, but need help organizing and dealing with it. The other two apply to consumers in desperate situations where the debt has reached drastic levels.
It’s important to know that as part of this first call National Debt Relief will run a soft credit check to see who your creditors are, how much you owe and if your debts are eligible to be included in a debt settlement plan. We recommend taking quick stock of your budget and your monthly expenses. The debt specialist you speak to will ask about this so they can calculate how much you can afford to pay into a debt settlement plan.
It might be painful to learn the truth but you have to bite the bullet. Then you’ll see that it’s not hard to end this bad habit. In fact, you can get the credit card companies to help you. Just look at the back of your credit cards for their number, call them, and ask them for the amount of debt you owe, the APR, and the monthly minimum payment on the card.
For example, when you initiate a debt management plan, you may be asked to close credit card accounts. Doing so changes your credit utilization ratio — the comparison between the total amount of credit you have available versus the amount you're actually using. Closing accounts lowers the amount of credit you have available (your credit limit), which increases your credit utilization rate and negatively impacts your credit score.
I have nothing but great things to say about my time at NDR. In my first six month, there was a bit of a learning curve, but I had a great team and management behind in me who encouraged me to push myself and grow. An exciting aspect of this company is the tremendous growth taking place. In my short time here, I was able to develop the skills necessary to move up and become a team lead. I've worked many jobs on the phone,...
In the United States, credit counseling agencies are loosely regulated by the Federal Trade Commission (FTC), the nation's consumer protection agency, which can sue companies that have deceived consumers about the cost, nature, or benefits of their services.[1] Different states may regulate DMPs individually and attorneys general are empowered to protect state citizens from fraud.[5]
Reducing the term of your loans, even with a lower interest rate, will likely increase your current monthly payment. But with fewer years of payments to handle, you can save a bundle over time. SoFi, a top student loan refinancing provider, offers one such service. With no prepayment penalties and no hidden fees, it’s an easy way to save thousands of dollars in interest payments over the life of your loan.
Debt management is one of several debt-relief options for those who are struggling to keep up with a growing pile of bills each month. When you sign up for a debt management plan, you pay a single company every month instead of all of your creditors individually. The debt management company then pays off your creditors for you, usually after negotiating lower interest rates and payments.
For most people who are struggling with debt, non-profit credit counseling is the better option. You pay  fewer out-of-pocket costs, which can be helpful. That last thing you need as you get out of debt is a big bill. If you’re looking for non-profit counseling services, fill out the form at the top of this page. Debt.com only refers you to the best accredited non-profit consumer credit counseling services.
People are creatures of habits and spending money is no exception. We shop at the same stores, eat in the same restaurants and drive the same car, because it’s comfortable. It’s also costing you more than you can handle financially. Remedy: If you won’t change your spending habits, you won’t ever get out of debt. Start with your morning habits (have your coffee and breakfast at home). Go to lunch with a brown bag, not a wallet. In the evening, watch games or movies on TV, while eating a home cooked meal. You will see an immediate impact on your daily spending habits. You don’t have to do without. You just have to make better choices with what you do.
Another gray area involves paying to become an authorized user on someone else's credit card. Winkfield says he's heard of people paying $1,500 a month for this service. Credit repair companies solicit people to "rent" their good credit score to others by adding authorized users to their credit cards. The credit repair agency gets a cut of the monthly payment in exchange for setting up the arrangement. The credit account will appear on the report of an authorized user and factor into an improved credit score. Known as piggybacking, the practice isn't illegal, but may violate the terms of service for card issuers.
Freedom Debt Relief Disclosure: Clients who make all their monthly program deposits pay approximately 50 percent of their enrolled balance before fees, or 65 percent to 85 percent including fees, over 24 to 48 months (some programs lengths can go higher). Not all clients are able to complete our program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific circumstances. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Our service is not available in all states and our fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S. 12-03825. 
I know they stay on your report for 7 yrs……….but out of all of them while the others of course are on the report as not paid, they are not listed in a separate section that says “in collecions”……the ones that were on the report under the collecions status concern me because I ws sued on two of them……the small claims Calvary was very nice….after they obtained the judgment, I offered thme 300.00 and hey volantrly dismissed the judgment……….do you know how many points affect a credit score with a judgment? Portfollio will never get dime from me…..I offered them 1500 when a cousin offered me a loan and they scoffed………the only thing I have in the bank is my own money however I took out a collateral loan against its is secured……assuming if Portfolio tried to get it, then the bank has first dibs……….
No guarantees. Lenders usually want to work with you, but they can choose not to. This is especially true with debt settlement. You may contribute to the fund used to make a settlement offer for 6-8 months and then find out the lender won’t accept the offer. If you choose this route, be sure to get a written agreement from the lender that they will work with you.
As the debt relief company is negotiating with your creditors, you stop paying the bills involved (e.g. monthly credit card bills). Instead, you will be making smaller payments to a separate trust account to pool in your resources. Ultimately you will need to come up to the pre-planned amount that you agreed to with the debt relief expert handling your case.
National Debt Relief is proud to be reviewed and ranked as a Top Provider by these independent review websites. National Debt Relief does not compensate these providers to apply their objective criteria to our company and rank us compared to our peers. We do, however, advertise on their websites because we are proud of our independent rankings. We have confirmed that each independent review is subject to its own criteria and not influenced by our advertising.

Indeed, accumulating debt can certainly take an emotional toll and negatively impact your overall life satisfaction. However, you can take simple steps to pay down debt and turn your financial situation around. No financial situation is permanent, and with some patience, persistence and implementing of best practices, you can find yourself back on the path to financial recovery. So take a deep breath, keep your emotions at bay and work on tackling your debt in a practical manner.
Make sure you are working with an NFCC-member nonprofit credit counseling agency like InCharge Debt Solutions. Nonprofit credit counselors provide impartial financial advice that has your best interest in mind. A nonprofit debt management program will have low fees and work to secure interest rate reductions on your credit card debt, so that you are able to pay off your debt by making consistent affordable payments.
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