PostHeaderIcon Know any reputable debt consolidation companies?


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I am so far in debt it is ridiculous. It has reached a point of panic for me. I am looking for a debt consolidation company that is trustworthy. Do you know any?
There are too many consolidation places out there that are nothing but a scam. I have heard stories of these places paying the credit card companies late, and sometimes, not paying at all. I do not want to be one of those customers excited to begin to pay off their debt only to be scammed out of their hard earned money. My sister is a great example of this. She went to a debt consolidation place a few years ago, and almost six months went by before she realized that they weren’t giving her payment to her credit card companies. She unforunately forgets the name of this place.
I just got placed as a temp at a well known company. I am hoping this is permanent not only because my hourly rate would double, but because…hi…permanent job. The fear of not being a permanent employee has me nervous to set up any sort of payment plan. However, I can’t keep letting these bills pile up. I am ready to sell my beautiful car just to get this under control (don’t owe any money on the car, thank God.)
I understand that debt concolidation/debt management does the same thing I can do on my own; negotiate a monthy fee and set up a payment plan. I don’t have the time or the backbone to do this. My fiancee helped with negotiating my Wells Fargo credit card, and thankfully, they are working with me. The rest of my cards have gone to collection agencies, and they are not so willing to work with me. This is why debt consolidation sounds appealing.
I have looked through numerous sites online trying to find the best place for me, or even if this is right for me. I would really appreciate a real person answering my question, giving me advice, and maybe their outcome after using/not using a consolidation company.
Please let me know, if you can, where to go, what places to avoid, or if I should just avoid this all together, and just pay off my debt the slow and steady way.
Thank you for taking the time to read and post.

6 Responses to “Know any reputable debt consolidation companies?”

  • MVD34 says:

    Very, very few.

    In general, the answer to a problem with debt isn’t debt — regardless of the form.

    That said, what you should try first is legit credit counseling. To find a legitimate counselor, contact the National Foundation for Credit Counseling at NFCC.org or call 1-800-388-2227.

  • CatDad says:

    If your accounts are already in collections/default then you don’t need to waste your money using a debt consolidation firm. These firms have people who are current on their accounts deliberately default so they can try to settle for less. Since you’re already in collections you can do this yourself.

    Many people who sign up with “debt consolidation” firms incorrectly assume that they have the power to force your creditors to accept settlements…they don’t. If your creditors are refusing to work with you then they’ll refuse to work with any debt consolidation/settlement firm that you may hire. If you do use one of these firms…a huge part of your payments will go towards their fees….your creditors won’t be getting one penny for a long time.

    The problem with trying to settle is that you really need to have a one-time, lump sum payment to offer…Creditors don’t like to settle at 40% or so if you can only pay a little every month over several years. You’re either just going to have to sit tight and save money to offer settlements in the future (and hope your creditors don’t sue)….or get on some sort of hardship/payment plan.

  • Craig says:

    First let me give you the name and website of a company you can call to discuss your options and help you decide what might work for you, then if you want to read my long winded answer you can, or you can just call the experts…lol.

    Company Name: United Financial Relief
    Company URL: http://www.unitedfinancialrelief.com

    The first thing I think you need to do is understand your options and what each option involves. I am reading some of the answers given before mine and I will be honest, most of them are coming from a place of misunderstanding and fear. Believe me, when you understand each option, it just becomes a decision of preference.

    Debt Consolidation: typically refers to a loan used to pay off high interest debts. This can be done through any lending institution. Unfortunately, these are hard to get, especially in today’s economic climate, and typically require an asset to secure the loan, in most cases, a lender requires equity in a house to secure it. This can be a great way to reduce payment and interest, but even if you do have equity in your house, consider all options before you tie your credit card debt to your most valuable asset.

    Debt Management: There are 2 primary methods here…CCCS (Consumer Credit Counseling) and Debt Settlement. With any Debt Management Program there are effects to your credit, so it’s something to consider. Sometimes though, it’s more important to worry about your financial stability now rather than your ability to get into more debt…which is what credit allows you to do.

    CCCS: This type of program aims to bring all your payments into one and attempt to reduce your interest. The credit effects are less severe and you typically can get a slightly lower payment. The programs typically range from 5-7 years.

    Debt Settlement: This is by far the least expensive program available. The company works to settle your debts for an amount less than what is owed, typically around 50% of what your balances are. The credit effects are a bit more severe, but your monthly payments can be substantially reduced and you can be out of the debt years faster than the aforementioned options.

    The reason I referred you to United Financial Relief is because they have a very solid reputation and can offer you either program. They will first go through and explain the pros and cons of each option and help you decide if either will work for you.

    Hope this helped!

  • Hector says:

    If you are so far in debt as you said, then debt consolidation is not your option, and bad credit that make the process of consolidating debt more difficult, in this case I suggest you to look into debt settlement as your debt management program for debt relief, you can reduce your debt up to 70% and be debt free in 24-48 months depending on the amount owed. I have listed a resource where you can start researching.

  • Down To The Point says:

    See http://www.esuperfind.com/lowermybills.phpp?id=hra0tt16koo9 the affiliated site is an Experian company BBB approved so very safe.
    They might or they might not have you on. It depends on many factors and how big the debt is.

  • Jennifer says:

    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://CreditSolution.ez-mart.biz

    Note:It’s advisable to fill out the short form.Let them call you back.The line is always busy due to so many customers.

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