fantana06x asked:


I currently have 6 seriously delinquent/charged off accounts totaling about $9,000 and one $11,000 car loan that is current and paid on every month. This is technically my only revolving credit. I can’t get a loan anywhere and am denied any type of credit and i don’t own a home. I need to get my debt settled and want to know the best way to to that. I’ve heard conflicting information on charged off accounts. What is the best way to handle these accounts? In particular, I have about 3 accounts with balances over $2,000 that are charged off and some sold to outside collection agencies. My oldest debt is about 3 years. I’ve even heard that charged off accounts should just be left alone as if they will disappear with time! That can’t be true?

Is it better to consolidate all my debt with a non-profit debt consolidation company?

If i choose to negotiate myself can I negotiate directly with the original company for a lower pay off or do I need to negotiate with the outside agency?

Jose

Apurva Shree asked:


A bad credit debt consolidation company can get you out of a cycle of debt. Whether you have incurred debts on education, or through excessive use of your credit card, it is a good idea to ask for professional help in managing your debts. Taking the help of a debt consolidation company can help you avoid bankruptcy and foreclosure of property.

Bad credit debt consolidation helps you put all your debts into a single debt, making it easier for you to manage it. A credit debt company helps you make the best of your debt situation, and negotiates with debtors on your behalf.

Credit Card Debt Consolidation Program – Make Your Debts Manageable

Bad credit debt consolidation helps you repay your debts instead of filing for bankruptcy or getting your assets seized. Most debt consolidation companies help debtors by consolidating all debts into a single debt, then negotiating with creditors for easier payment options. This can be in the form of longer loan term or lowered interest. All you need to do is pay a fixed amount every month to the debt consolidation company along with low interest. The firm will also counsel you on how to save for repaying the debt.

Do You Need Bad Credit Debt Consolidation Loan ?

Sometimes, despite all your efforts, it may not be easy to save enough to pay your consolidate debt. In that case, your company will offer a bad credit debt consolidation loan to you to help you tackle your debt burden. You need to take another loan after bad credit debt consolidation to pay the amount owed. You can opt for the low interest secured consolidation loan, or go for high interest unsecured consolidation loans where you need not offer collateral.

Debt Consolidation For Free

If your situation is so bad that you cannot even afford to hire a debt consolidation company, you need not despair. You can find many organizations offering non-profit debt consolidation help. In addition, you need not go too far to look for free debt consolidation; simply go online and search from many non profit services available.

Financial Counseling

Once your bad credit debt consolidation program has succeeded in paying off your debt, you will be counseled by the company on ways to manage your finances. Credit card debts are a major liability, so you will be taught ways to avoid such falling into such debts. If you are stuck with spiraling debts and accumulating interest, then you should not wait any more before going for bad credit debt consolidation.



Agnes