Comments for Debt Consolidation Blog http://www.lndx.org Sat, 13 Oct 2012 17:02:24 +0000 hourly 1 http://wordpress.org/?v=3.2.1 Comment on Debt Consolidation Loan For Bad Credit? by leb http://www.lndx.org/20120221/debt-consolidation-loan-for-bad-credit.html#comment-656 leb Tue, 21 Feb 2012 11:37:46 +0000 http://www.lndx.org/20120221/debt-consolidation-loan-for-bad-credit.html#comment-656 Bill and debt consolidation are basically the same thing. The entire concept behind consolidation is that a bank or credit union (please don't go somewhere shady and get scammed) totals up your entire debt in credit card bills, personal loans, etc. and gives you a loan for all those items so that you can pay off every creditor immediately. Then you just have one loan and one payment at the financial institution, hopefully, at a lower rate than any of those prior loans. A consolidation is NOT a debt settlement. You are merely borrowing from one creditor to pay off all the others. Many people use their home's equity to do this. If you have a home with any equity, you're more likely to get a good rate (as low as prime right now) on a prime asset line of credit. If you do not own a home or have very little equity, call a few credit unions or banks in your area to see if they offer anything similar without using home equity. Bill and debt consolidation are basically the same thing. The entire concept behind consolidation is that a bank or credit union (please don’t go somewhere shady and get scammed) totals up your entire debt in credit card bills, personal loans, etc. and gives you a loan for all those items so that you can pay off every creditor immediately. Then you just have one loan and one payment at the financial institution, hopefully, at a lower rate than any of those prior loans.

A consolidation is NOT a debt settlement. You are merely borrowing from one creditor to pay off all the others. Many people use their home’s equity to do this. If you have a home with any equity, you’re more likely to get a good rate (as low as prime right now) on a prime asset line of credit. If you do not own a home or have very little equity, call a few credit unions or banks in your area to see if they offer anything similar without using home equity.

]]> Comment on My tax refund offset due to defaulted student loans would debt consolidation prevent them from taking refund? by Rex http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-852 Rex Fri, 17 Feb 2012 16:35:19 +0000 http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-852 hello no i think it cannot stop it even tough if you made regular payments form then and i hope your refund will not be taken hope it helps you hello
no i think it cannot stop it
even tough if you made regular payments form then and i hope your refund will not be taken
hope it helps you

]]> Comment on My tax refund offset due to defaulted student loans would debt consolidation prevent them from taking refund? by Jennifer http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-851 Jennifer Fri, 17 Feb 2012 15:43:23 +0000 http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-851 Hi, I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% and improve my credit score .It's legitimate . I came across this company on NBC News Special Edition.Check it out here: http://Credit-Solutions.notlong.com Hi,

I used “Credit Solution” to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58% and improve my credit score .It’s legitimate . I came across this company on NBC News Special Edition.Check it out here:
http://Credit-Solutions.notlong.com

]]> Comment on My tax refund offset due to defaulted student loans would debt consolidation prevent them from taking refund? by Tonya http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-850 Tonya Fri, 17 Feb 2012 15:17:09 +0000 http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-850 If you haven't already filed your taxes you should call 1-800-304-3107 and they'll give you the name and number of your creditors. Call them and set up a payment arrangements for like 50.00 a month. It may take up to 4week for them to update their system but, you can get your refund back. Make sure you keep making your payments. Good Luck If you haven’t already filed your taxes you should call 1-800-304-3107 and they’ll give you the name and number of your creditors. Call them and set up a payment arrangements for like 50.00 a month. It may take up to 4week for them to update their system but, you can get your refund back. Make sure you keep making your payments. Good Luck

]]> Comment on My tax refund offset due to defaulted student loans would debt consolidation prevent them from taking refund? by Amy W http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-849 Amy W Fri, 17 Feb 2012 14:40:25 +0000 http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-849 nope too late..shouldnt have waited until the last minute...and I dont get how anyone can default on a student loan..they have deferrments....my lender even has a thing where if you make under a certain amount you can pay it off in 25 years instead of the standard 10...but i dont have to pay yet..im still in school..plus...shouldnt your degree have gotten you a good enough job that you shouldnt be struggling that much? sorry..dont mean to sound harsh, it just bugs me when people default on a student loan when it is so easy to use another option. nope too late..shouldnt have waited until the last minute…and I dont get how anyone can default on a student loan..they have deferrments….my lender even has a thing where if you make under a certain amount you can pay it off in 25 years instead of the standard 10…but i dont have to pay yet..im still in school..plus…shouldnt your degree have gotten you a good enough job that you shouldnt be struggling that much? sorry..dont mean to sound harsh, it just bugs me when people default on a student loan when it is so easy to use another option.

]]> Comment on My tax refund offset due to defaulted student loans would debt consolidation prevent them from taking refund? by Shadow http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-848 Shadow Fri, 17 Feb 2012 14:14:24 +0000 http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-848 This year is gone. You'll need to consolidate soon, though. If you don't make a set number of on time payments once you consolidate, you'll lose next years also. This year is gone. You’ll need to consolidate soon, though. If you don’t make a set number of on time payments once you consolidate, you’ll lose next years also.

]]> Comment on My tax refund offset due to defaulted student loans would debt consolidation prevent them from taking refund? by the kid http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-847 the kid Fri, 17 Feb 2012 14:11:24 +0000 http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-847 Too late. They need their money too.... Too late. They need their money too….

]]> Comment on My tax refund offset due to defaulted student loans would debt consolidation prevent them from taking refund? by Judy http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-846 Judy Fri, 17 Feb 2012 13:17:51 +0000 http://www.lndx.org/20120217/my-tax-refund-offset-due-to-defaulted-student-loans-would-debt-consolidation-prevent-them-from-taking-refund.html#comment-846 No. If you had consolidated them several months ago AND MADE REGULAR PAYMENTS SINCE THEN, your refund wouldn't be taken if your loans were considered to be rehabilitated. No. If you had consolidated them several months ago AND MADE REGULAR PAYMENTS SINCE THEN, your refund wouldn’t be taken if your loans were considered to be rehabilitated.

]]> Comment on I have a question about Debt Consolidation? by what? http://www.lndx.org/20120210/i-have-a-question-about-debt-consolidation.html#comment-845 what? Fri, 10 Feb 2012 18:36:01 +0000 http://www.lndx.org/20120210/i-have-a-question-about-debt-consolidation.html#comment-845 you can always just take out a personal loan, and use it to pay off the various debts. but really, just set up automatic payments and you won't have anything to worry about. you can always just take out a personal loan, and use it to pay off the various debts.

but really, just set up automatic payments and you won’t have anything to worry about.

]]> Comment on What is better,bankruptcy, debt consolidation or debt settlement? by Jennifer http://www.lndx.org/20120210/what-is-betterbankruptcy-debt-consolidation-or-debt-settlement.html#comment-556 Jennifer Fri, 10 Feb 2012 04:07:04 +0000 http://www.lndx.org/20120210/what-is-betterbankruptcy-debt-consolidation-or-debt-settlement.html#comment-556 Hi, I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate. I came across this company on NBC News Special Edition.Check it out here: http://simurl.com/lagjaz Hi,
I used “Credit Solution” to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It’s legitimate. I came across this company on NBC News Special Edition.Check it out here:
http://simurl.com/lagjaz

]]> Comment on What is better,bankruptcy, debt consolidation or debt settlement? by Eds http://www.lndx.org/20120210/what-is-betterbankruptcy-debt-consolidation-or-debt-settlement.html#comment-555 Eds Fri, 10 Feb 2012 03:42:09 +0000 http://www.lndx.org/20120210/what-is-betterbankruptcy-debt-consolidation-or-debt-settlement.html#comment-555 Debt Consolidation is better. Before deciding to go for credit card debt consolidation, first find out if it is right for you. Start by totaling all the balances on credit cards and store cards and the APR charged on these balances. Be sure to include any other fees and charges applicable to the balance and even those levied if the balance is nil. This will let you get an overview of all your debts on one sheet, to let you compare them at a glance. This information will give you a picture of the cost of each debt in terms of interests and charges and will help you in comparing it against the consolidation loan quotes that you will have to get later on to continue the comparison process further. Asking Loan Quotes From Various Lenders Begin with ... Debt Consolidation is better.

Before deciding to go for credit card debt consolidation, first find out if it is right for you. Start by totaling all the balances on credit cards and store cards and the APR charged on these balances. Be sure to include any other fees and charges applicable to the balance and even those levied if the balance is nil.

This will let you get an overview of all your debts on one sheet, to let you compare them at a glance. This information will give you a picture of the cost of each debt in terms of interests and charges and will help you in comparing it against the consolidation loan quotes that you will have to get later on to continue the comparison process further.

Asking Loan Quotes From Various Lenders
Begin with …

]]> Comment on What is better,bankruptcy, debt consolidation or debt settlement? by Andrea S http://www.lndx.org/20120210/what-is-betterbankruptcy-debt-consolidation-or-debt-settlement.html#comment-554 Andrea S Fri, 10 Feb 2012 03:02:32 +0000 http://www.lndx.org/20120210/what-is-betterbankruptcy-debt-consolidation-or-debt-settlement.html#comment-554 Debt consolidation programs give you a loan to help you manage your way out of debt by allowing you to pay off your earlier creditors. Debt settlement, on the other hand, is your rescue ship if you are drifting toward bankruptcy. The bankruptcy tag accompanies you for a very long time--almost seven to ten years after your filing for it. This takes away your financial freedom and books you as unreliable in the eyes of creditors. Debt consolidation programs give you a loan to help you manage your way out of debt by allowing you to pay off your earlier creditors. Debt settlement, on the other hand, is your rescue ship if you are drifting toward bankruptcy.

The bankruptcy tag accompanies you for a very long time–almost seven to ten years after your filing for it. This takes away your financial freedom and books you as unreliable in the eyes of creditors.

]]> Comment on What is better,bankruptcy, debt consolidation or debt settlement? by Steve B http://www.lndx.org/20120210/what-is-betterbankruptcy-debt-consolidation-or-debt-settlement.html#comment-553 Steve B Fri, 10 Feb 2012 02:19:25 +0000 http://www.lndx.org/20120210/what-is-betterbankruptcy-debt-consolidation-or-debt-settlement.html#comment-553 debt settlement (IVA) is your best bet = this means getting your (unsecured) creditors to stop charging penalties and interest and accept partial payment 'debt consolidation' is not a good idea = it means getting a new loan (secured against you house) to pay off your other loans .. this means you could loose your house Bankruptcy means your creditors get a whatever assets you have .. which may be almost nothing. Go to Citizens Advise ASAP. debt settlement (IVA) is your best bet = this means getting your (unsecured) creditors to stop charging penalties and interest and accept partial payment

‘debt consolidation’ is not a good idea = it means getting a new loan (secured against you house) to pay off your other loans .. this means you could loose your house

Bankruptcy means your creditors get a whatever assets you have .. which may be almost nothing.

Go to Citizens Advise ASAP.

]]> Comment on What is better,bankruptcy, debt consolidation or debt settlement? by angel_love_daydream http://www.lndx.org/20120210/what-is-betterbankruptcy-debt-consolidation-or-debt-settlement.html#comment-552 angel_love_daydream Fri, 10 Feb 2012 01:42:26 +0000 http://www.lndx.org/20120210/what-is-betterbankruptcy-debt-consolidation-or-debt-settlement.html#comment-552 Bankruptcy and Settlements both show up on your credit report for a good seven years and though settlements dont look as bad as a bankruptcy, they certainly don't look good. A debt consolidation loan is nothing more then another loan, hopefully with a lower interest rate that pays off all of the current bills and gives you one new one. It will not only show all old bills as being payed in full (which is what you want them to show) but it also helps you rebuild your credit as long as you make the payments on time every month. Take it from a former collector. Bankruptcy and Settlements both show up on your credit report for a good seven years and though settlements dont look as bad as a bankruptcy, they certainly don’t look good. A debt consolidation loan is nothing more then another loan, hopefully with a lower interest rate that pays off all of the current bills and gives you one new one. It will not only show all old bills as being payed in full (which is what you want them to show) but it also helps you rebuild your credit as long as you make the payments on time every month. Take it from a former collector.

]]> Comment on Dealing with credit card debt? by stan c http://www.lndx.org/20120203/dealing-with-credit-card-debt.html#comment-844 stan c Sat, 04 Feb 2012 00:25:22 +0000 http://www.lndx.org/20120203/dealing-with-credit-card-debt.html#comment-844 If they have not connected you, leave well enough alone and let them fall off after the 7.5 years. Paying them off would not help your credit score in any way. If they have not connected you, leave well enough alone and let them fall off after the 7.5 years. Paying them off would not help your credit score in any way.

]]> Comment on Dealing with credit card debt? by Gerae http://www.lndx.org/20120203/dealing-with-credit-card-debt.html#comment-843 Gerae Fri, 03 Feb 2012 23:56:42 +0000 http://www.lndx.org/20120203/dealing-with-credit-card-debt.html#comment-843 Not sure about debt consolidation loans, but I DO know that if your debt has been moved to a third party collector - you will have to settle with them NOT the original debtor. How long has it been since you stopped paying on these cards? Not sure about debt consolidation loans, but I DO know that if your debt has been moved to a third party collector – you will have to settle with them NOT the original debtor.

How long has it been since you stopped paying on these cards?

]]> Comment on Dealing with credit card debt? by CatDad http://www.lndx.org/20120203/dealing-with-credit-card-debt.html#comment-842 CatDad Fri, 03 Feb 2012 23:52:55 +0000 http://www.lndx.org/20120203/dealing-with-credit-card-debt.html#comment-842 Per your update....I would discourage you from renewing contact with debt collectors over defaults of this magnitude. Paying the debt or settling for less will not fix your credit and you'd probably stir up a hornet's nest by renewing contact over defaults this large. These defaults will stay on your credit report as status R9- charge off for 7 years....the clock starts on your original default date. Paying or settling the debt now will not remove the charge off notation...at best it would be updated to Paid/settled R9 charge off....a little better but still a serious black mark. You were VERY lucky you weren't sued over these big defaults. Hopefully you can coast by the statute of limitations for your state...after which time the debt will be legally time barred and they could not longer successfully sue you. Credit card debts become time barred after a certain # of years have passed. This is called the statute of limitations. This time period varies for each state. You can find this for your state by going to this link and looking under "open" accounts. http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml If the # of years since your last payment is greater than the time period listed for your state, then the debt is time barred. ------------------ Absolutely do not contact debt collectors about getting on a monthly payment plan for these defaults. It would not help your credit rating one bit...and the debt collectors would most likely immediately sue you.. Per your update….I would discourage you from renewing contact with debt collectors over defaults of this magnitude. Paying the debt or settling for less will not fix your credit and you’d probably stir up a hornet’s nest by renewing contact over defaults this large.
These defaults will stay on your credit report as status R9- charge off for 7 years….the clock starts on your original default date. Paying or settling the debt now will not remove the charge off notation…at best it would be updated to Paid/settled R9 charge off….a little better but still a serious black mark.

You were VERY lucky you weren’t sued over these big defaults. Hopefully you can coast by the statute of limitations for your state…after which time the debt will be legally time barred and they could not longer successfully sue you. Credit card debts become time barred after a certain # of years have passed. This is called the statute of limitations. This time period varies for each state. You can find this for your state by going to this link and looking under “open” accounts. http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml

If the # of years since your last payment is greater than the time period listed for your state, then the debt is time barred.
——————
Absolutely do not contact debt collectors about getting on a monthly payment plan for these defaults. It would not help your credit rating one bit…and the debt collectors would most likely immediately sue you..

]]> Comment on How can I get debt consolidation with hospital bills and non credit card debt? by Emma F http://www.lndx.org/20120128/how-can-i-get-debt-consolidation-with-hospital-bills-and-non-credit-card-debt.html#comment-841 Emma F Sat, 28 Jan 2012 04:44:01 +0000 http://www.lndx.org/20120128/how-can-i-get-debt-consolidation-with-hospital-bills-and-non-credit-card-debt.html#comment-841 Go and sit down with hospital administration face to face. They will work with you. Go and sit down with hospital administration face to face. They will work with you.

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