Can someone give a name of a respectful debt management organization

Question

To help me consolidate my bills that I am behind on .

Answer 1

Debt consolidation is a bad bad idea.  You are giving away your money that could be used toward your balances.  These companies only pay minimums which get your NOWHERE paying the bills off.  On top of that, I believe using these companies is a bad mark on your credit report (some I think even look like a bankruptcy).  You need DAVE RAMSEY.  His radio or tv show can help you and I would suggest using his plan from his book "The Total Money Makeover" as your first step.  I know loads of people who are debt free because of this guy.  I hope you will be next.

Answer 2

Carefull majority of these places are a rip off.  Heard plenty of horror stories of people paying and the company not doing anything.  

You can take care of your own debt instead of paying someone else to do it.  Depending on what you need it may just be a little budgeting and changing your habits for a while until debts are paid.

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Answer 3

The best option for debt trouble is negotiating your debts with your credit companies to keep the payments from swallowing all of your income. Typically, you have to get a counseling agency to call on your behalf. If you try to work with them yourself, many of them will not cooperate with you because you are not enrolled in credit counseling. Try http://www.womenindebt.info. Good luck!

Answer 4

There are many companies out there who offers special bills consolidation program.

Here is the source of a debt management company which I know named http://ezconsolidation.com for your reference who offers bills consolidation plan.

Answer 5

Honestly, you're probably better off not working with any of them.  It looks awful on your credit and they don't really save you much.  Essentially, you wind up paying someone else to pay bills you already have with your money.  Most people save very little, if anything, by working with these rip off agencies.  They may lower your interest and monthly payments temporarily, but with the amount you pay them you'll never see any savings from it.  Some of them will charge you afee for months, letting your debts go bad and get turned over to collections, then use a portion of what you gave them to settle with the collectors for half what you owed (the agency pockets the rest).  Yeah, the debt is gone, but by this point your credit will be completely ruined for 7-10 years.

Your best bet is to do a monthly budget and see if there's anything you can eliminate to free up some monthly income.  And I do mean anything--cable bills, expensive car payments, etc.  Do all that first, then put that extra cash towards your bills.  

If you've got a car payment (or a gas guzzling car) that's draining your bank account, sell it, even if you only get enough to cover the cost of the loan.  Then buy something cheap to drive until you're on better financial footing.  A lot of people struggle financially because they drive a car they just can't afford.  Whatever you do, though, don't ever let a car get repossessed.  It looks bad on your credit, then the bank will sell it at an auction and still come after you for the rest of the money owed to them

Next, look around the house to see if there are things you can sell.  Jewelry, stuff you just don't use anymore, stuff you don't really like, etc.  Ebay is a godsend for people with too much c**p and too many bills.  Use that money to catch up and hopefully pay off your smallest debt.

Also, if you're working a job where you contribute money to a 401k or other retirement account, suspend your contributions until you're caught up.

Once you've done this, if you're still behind, look at a debt consolidation loan--not an agency--that can lower your monthly payments.  With a loan you borrow one amount and then cut checks to everybody you owe money to, then pay one lender back.  Just make sure you don't get caught borrowing other money or falling behind on your bills again, or you'll be right back where you started.

Answer 6

I have met this kind of problem before,here is the resource I found useful.http://debt-relief.expertips4u.info/debt...

Answer 7

CCCS companies are not free.  Just make sure that you understand what all of the fees are before you sign.

Answer 8

Debt settlement companies act as middlemen between debt-weary consumers and creditors, promising to dramatically trim the amount of money due through negotiations.

Law enforcement officials and consumer advocates say the concept may work  but they have doubts about the basic concept. They accuse the companies of selling unrealistic promises and of extracting high fees. For some borrowers, officials contend, debt settlement is not a realistic lifeline because they owe too much and ultimately are left worse off than when they started.

Once consumers sign with a debt settlement company they are usually advised to stop paying bills and instead save cash or put it in an escrow fund. In return, the firm promises to negotiate settlement payments to reduce or wipe out the debt over time.

The flaw with the concept is that once consumers stop paying their bills, interest rates on their credit cards go up and so do penalties,  consumers' credit ratings are likely to suffer, and creditors' lawsuits can tack on payments and court costs.

Credit card companies and other lenders have their doubts about debt settlement firms. and don't work with them. They ought to be viewed with caution,

In the last six years the Federal Trade Commission has filed more than a dozen civil actions against debt settlement companies. One firm had more than 44,000 clients but settled less than 2 percent of their debts. Another never contacted creditors while pocketing 25 percent of consumers' debt as its fee, according to the agency, and in one case a debt settlement company drained $2 million from a client's trust fund.

If you want to find legitimate counseling agencies use the FTC link to locate one in your area,  Here is the link

http://www.usdoj.gov/ust/eo/bapcpa/ccde/...

Govt approved credit counseling agencies.

Hope this answers your question

LEGAL DISCLAIMER:  The advice contained herein is for informational purposes only.  It is not to be construed as Legal Counsel nor Legal Advice.

Answer 9

I wouldn't have anything to do with any of them. I would check out Dave Ramsey. He has the best solutions on how to get back on your feet. And not only that, he really provides you with a life style to get out and stay out of debt. You can find his broadcast on a lot of local talk radio stations. A lot of times Churches in your area will offer his Financial Peace program (which is well worth the money)

Here's how to get started First you have your necessities (food, shelter, utilities, transportation)((In this order) after all this has been taken care of them and only then do we move onto your debt. First off if you've been late or behind on your bills, it’s already affected your credit and there is nothing you can do about it now, just get yourself out of the debt. Make a list of all your debts take the smallest debt and put everything extra you have towards that debt. Don't even make your minimum payments on the others, just keep putting all you got to the smallest, after it's paid off move up to the now new smallest and put everything towards this one (you should have even more a month to put towards this one since the first debt is gone) then after that's paid off move on to the next, with even more to help pay it off. Just keep at it, and you will see it quickly going away.