What effect does enrolling with debtwave have on your credit score and the ability to obtain a mortgage or car loan?

What effect does enrolling with debtwave have on your credit score and the ability to obtain a mortgage or car loan?

I’m a smart guy and I tried for nearly two years to negotiate directly with my creditors to reduce rates. I did NOT want to go to a counseling agency. I wish I had just started with them back then, because I would be almost done by now. Instead I paid over $60,000 more in interest than I had to.

Ultimately, a commercial lender I know was the one who referred me to them because he had a number of clients who had success with them.

I did have some concerns, initially, with the Sales Rep who was a little pushy. Do what I did – tell them to back off. If it’s a good idea today, then it’s a good idea in two weeks or a month. After I thought about it a while (and saw that I would recoup my upfront fee in two month’s of interest savings) I decided to go ahead.

A couple of hints if you are starting one of these programs (which you should)

1.) If you have a lot of accounts, start with one or two. First, the set-up fee is based on your initial monthly payments. You can come back later and add more.

2.) If you are interested in protecting your credit, you should make double payments (send one payment to the creditor yourself, on top of the one Debtwave is sending). Sometimes creditors won’t post a payment until a plan has been accepted.

Past due payments during the proposal period can also cause your proposal to be rejected, or come back with different numbers than what were originally proposed.

It’s been a totally positive experience for me, and I have gotten other people involved with Debt Management Programs since. I’m ending my “wage slavery”, so I’m a convert.

It appears that people who have problems with counseling agencies are in denial about the real problem, and just want someone to blame for their problem. People with problems with their CCCS may also be confused with another Johnson Law Group, which is definitely a scam operation and in the news a bit, too. The Florida and Nevada ones – stay clear. San Diego – good to go – RATED A from BBB.

You don’t get something for free and the fees these companies charge are WELL WORTH the service you receive.

Feel free to e-mail me if you want to discuss these guys or credit services in general.

I’m a smart guy and I tried for nearly two years to negotiate directly with my creditors to reduce rates. I did NOT want to go to a counseling agency. I wish I had just started with them back then, because I would be almost done by now. Instead I paid over $60,000 more in interest than I had to.

Ultimately, a commercial lender I know was the one who referred me to them because he had a number of clients who had success with them.

I did have some concerns, initially, with the Sales Rep who was a little pushy. Do what I did – tell them to back off. If it’s a good idea today, then it’s a good idea in two weeks or a month. After I thought about it a while (and saw that I would recoup my upfront fee in two month’s of interest savings) I decided to go ahead.

A couple of hints if you are starting one of these programs (which you should)

1.) If you have a lot of accounts, start with one or two. First, the set-up fee is based on your initial monthly payments. You can come back later and add more.

2.) If you are interested in protecting your credit, you should make double payments (send one payment to the creditor yourself, on top of the one Debtwave is sending). Sometimes creditors won’t post a payment until a plan has been accepted.

Past due payments during the proposal period can also cause your proposal to be rejected, or come back with different numbers than what were originally proposed.

It’s been a totally positive experience for me, and I have gotten other people involved with Debt Management Programs since. I’m ending my “wage slavery”, so I’m a convert.

It appears that people who have problems with counseling agencies are in denial about the real problem, and just want someone to blame for their problem. People with problems with their CCCS may also be confused with another Johnson Law Group, which is definitely a scam operation and in the news a bit, too. The Florida and Nevada ones – stay clear. San Diego – good to go – RATED A from BBB.

You don’t get something for free and the fees these companies charge are WELL WORTH the service you receive.

Feel free to e-mail me if you want to discuss these guys or credit services in general.

A property transfer prior to bankruptcy is going to create a problem. Talk to your bankruptcy attorney about this.

Steve

Are you under the impression that you’d find some way to keep the house without making the required $1,300 mortgage payment? Your name or her name, someone needs to make the payment.

Steve

But who can afford to continue to pay for the house?

Steve

If you don’t think you can afford the house together then maybe you need to consider giving the house back to the bank and including that debt in your bankruptcy. I’m not sure how getting divorced would help you to make the house payment.

Steve

Click here to find a local bankruptcy attorney to put an end to this mess.

Steve