Does anyone here have experience with Debt Consolidation?

[krisfnbz 10+ year member]

Man... I probably owe like 3-4k from when I was young and stupid spread out to like 10 different companies...some smallshit like $50, and some bigger stuff like an electric bill for almost a G that was in my name (When I wasnt aware) and got screwed by my mom..

Anyways thats besdies the point. Ive been in the middle of getting my life straightened out over the past 6 months and now my goal for this year is to get completely out of debt. I used to have great credit for about 2 years until shit went down the drain.

Does anybody have any experience with any companies that you would recommend? I really want to get this shyt taken care of. Im getting sick and tired of maintaining my girlfriends credit which is 100% perfect in every way, and having really shitty credit from my past(Something I know alot more about now.)

I want to own a townhouse in about 2 years, so I know I must take this action to do so.

I appreciate any input guys. Please dont make this thread ranting about other shit, Id like to stay on topic.

I think last time I checked my credit score it wasl ike 550(TERRIBLE), Meanwhile my gf's is sitting nicely around 800

Kris

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[duece212 5,000+ posts]

Its 3-4k, you don't have to consolidate, just start grabbing one thing at a time and throw money at it until it goes away, then move onto the next.

 

[miker 5,000+ posts]

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[jeffs42885 10+ year member]

I went to my father for advice, and he co-signed a loan for me since he has A++ credit or whatever perfect credit is. I had several g's in random stuff, just from being dumb and young, and the loan took care of it. My entire paycheck was going towards credit cards and they were going nowhere, I tried credit counsiling but that stuff is mostly a scam. We went to a local bank we've done buisness with for years, and I got a loan at a rate that was unreal..I also have ALOT MORE money per month to play with.

 

[crunktimes.com 5,000+ posts]

I had about 10k in credit card debit I charged off, ended up settling for about half ot that. Just called them and said I want to 'settle' they pretty much wanted 75% of what I owed most of the time, I would tell them 'Sorry I can't afford that now, I will give you a call back when I can' and they would take the 50% at that point.

You have to remember the debit collections companies buy these debits for pennies on the dollar so a lot are willing to take less, if it is still with the company (credit cards) a lot of them will also settle so they do not need to sell off the debit.

To give you an example I owed Wells Fargo 3,300, I paid them 3 payments of $433 over three months and they took that as full payment on the account.

Since then I have one CC I pay off every month, for a while I would suggest just not having one if possibly I waited a year and then got this one once my credit bounced back up a little and I was able to get a mortgage within a year of paying those off with a 615 credit rating, I am now about a 678 2 years later. Got a good mortgage rate (5.75) and also a good car rate (4.7) so it just takes a little time.

I highly suggest http://www.creditboards.com

 

[duece212 5,000+ posts]

I
I highly suggest http://www.creditboards.com

Yup, go there...learn. Great info to be had there

 

[Randy Savage 5,000+ posts]

My girlfriend looked into consolidating her debt, but it wasn't all that much- around $3000 I believe. She ended up calling the CC companies and settling with most of them, she paid around 30-40% of the outstanding balance and settled.

 

[krisfnbz 10+ year member]

Its 3-4k, you don't have to consolidate, just start grabbing one thing at a time and throw money at it until it goes away, then move onto the next.

yeah but the problem is.... I know their are alot of little bills flying around and honestly I dont even know what some of the shit is. Its not like I have each bill sitting here and know exactly what I owe. I would like to get all the shit into 1 payment instead of paying each individual creditor.

Well.. I'm no pro at this by any means.. BUT I would think (if possible) it would be a good idea, to get all of what you owe onto your credit line with the lowest rate.

Yeah I could get all that shit onto my gf's credit line...that wouldnt be a bad idea. We just got a card for 1 year 0 interest....

---

My family is really worthless in every way. Im 22 and I am THE only person in my entire family (like 20 people) whom completely lives on their own, helps my gf financially, AND helps them when they need $ from time to time. I only make about 35-45k a year, and I dont necessarily struggle doing it... but man shit gets rough.

 

[kkpsiguy 10+ year member]

My wife and I was in the same situation a couple of years ago. We had Medical bills to pay because of me, and I wasnt able to hold a job for nearly 3 years, and thats for a different time and place to tell. But anyways...we were having problems paying bills and keeping up so we went to google and looked. We found a place called counsel for debt solutions and enrolled. The guy we contacted set everything up through Financial Freedom. We ended up in more trouble then we went in with. It was the biggest mistake we ever did. They stopped paying the companies, so the companies dropped from the program. We have everything paid off now, but like I just said, that was the biggest mistake we ever made. Hopefully someone else will have something better to say and have better experiences.

 

[krisfnbz 10+ year member]

I went to my father for advice, and he co-signed a loan for me since he has A++ credit or whatever perfect credit is. I had several g's in random stuff, just from being dumb and young, and the loan took care of it. My entire paycheck was going towards credit cards and they were going nowhere, I tried credit counsiling but that stuff is mostly a scam. We went to a local bank we've done buisness with for years, and I got a loan at a rate that was unreal..I also have ALOT MORE money per month to play with.

nice.

I had about 10k in credit card debit I charged off, ended up settling for about half ot that. Just called them and said I want to 'settle' they pretty much wanted 75% of what I owed most of the time, I would tell them 'Sorry I can't afford that now, I will give you a call back when I can' and they would take the 50% at that point.
You have to remember the debit collections companies buy these debits for pennies on the dollar so a lot are willing to take less, if it is still with the company (credit cards) a lot of them will also settle so they do not need to sell off the debit.

To give you an example I owed Wells Fargo 3,300, I paid them 3 payments of $433 over three months and they took that as full payment on the account.

Since then I have one CC I pay off every month, for a while I would suggest just not having one if possibly I waited a year and then got this one once my credit bounced back up a little and I was able to get a mortgage within a year of paying those off with a 615 credit rating, I am now about a 678 2 years later. Got a good mortgage rate (5.75) and also a good car rate (4.7) so it just takes a little time.

I highly suggest http://www.creditboards.com

THis is exactly what I am looking to do.

I know I owe at least 2k, at absolute MOST 5k....but I just dont know whom I owe it to... probably 10-20 different companies and shyt. I would definately like to pay off like 50% that would be freakin awesome.

My girlfriend looked into consolidating her debt, but it wasn't all that much- around $3000 I believe. She ended up calling the CC companies and settling with most of them, she paid around 30-40% of the outstanding balance and settled.

Thing is I dont owe it to CC companies, I owe it to creditors.

 

[krisfnbz 10+ year member]

My wife and I was in the same situation a couple of years ago. We had Medical bills to pay because of me, and I wasnt able to hold a job for nearly 3 years, and thats for a different time and place to tell. But anyways...we were having problems paying bills and keeping up so we went to google and looked. We found a place called counsel for debt solutions and enrolled. The guy we contacted set everything up through Financial Freedom. We ended up in more trouble then we went in with. It was the biggest mistake we ever did. They stopped paying the companies, so the companies dropped from the program. We have everything paid off now, but like I just said, that was the biggest mistake we ever made. Hopefully someone else will have something better to say and have better experiences.

Thank you, I deff do not want to take this route.

 

[krisfnbz 10+ year member]

Yup, go there...learn. Great info to be had there

Im readin it now, thanks guys.

 

[duece212 5,000+ posts]

pull your credit report, that will show most of who you owe

 

[krisfnbz 10+ year member]

pull your credit report, that will show most of who you owe

Good Idea, I remember doing the free credit report thing, but it only showed experian which is like the shittiest bureau

 

[krisfnbz 10+ year member]

Anyone know of a website where I can get GOOD credit report that wont cost me $100, maybe somethin like $20 bucks?