Is there any difference between debt management and debt settlement? How much will I need to pay the creditor if I go through a debt consolidation program?
If you go for debt consolidation program, then you need to pay back the entire outstanding debt including interest and other fees and you get a five to six years time period to pay off the debt. In debt consolidation programs you pay a lower interest rate of about 10%. If you go for debt settlement programs, you get a discount on the outstanding debt amount which includes the interest and other charges.
I think Anthony is right. As far as I know, under debt consolidation or management plans we need to pay back over 130 to 150% of the outstanding debt amount over 5 to 6 years, while under debt settlement plans you need to pay a portion of your outstanding debt amount normally 60 to 80% of your debt. However, you will get only two to three year period under debt settlement plans to pay off the debt.
Do both of them ( Debt Con and Debt Settlemement) have the same 'impact' on your CR? I mean, 'less of the two evils' kind of thing? Debt Cons: 130%-150%..WOW!!....that's alot of money.
Both debt management and debt settlement programs will help you to improve your credit score but normally debt management or debt consolidation programs improves your credit profile more than as it would happen in case of debt settlement. This is because you pay the entire amount to the creditor plus the interest and other charges as a result of which the creditors normally agree to settle for pay for deletion agreement to recover the debt. In debt consolidation or management plans you need to pay a service charge to the debt consolidation company every month.
In case of debt consolidation program, you need to sign up with a debt consolidation company and pay a monthly service charge which you need to pay along with your monthly repayments. In debt settlement plans, you need not pay a monthly fees but make a one time payment towards the debt which includes agency fees as well as the interest payments on the debts. In debt settlement plans, your credit score improves only because the outstanding balance is reduced to zero after you pay back the settlement amount.
cccs is different than debt settlement. debt settlement usually will charge between 15%-20% for their services... but even when you include their fee, they'll be able to reduce your total debt between .40-.50 cent on the dollar.
Lincoln, that sounds like a pretty good reduction rate. You said they charge between 15% to 29% for their services, what is this based upon? Is it the amount of the debt, the amount the debt was settled for or the amount they saved the debtor? Not really sure of how this goes. I don't know who all is aware of this but a news program suggested that if you call the original lender once you default on a debt they will not work their own debt settlement so they do not have to lose the money. Someone may want to try this.
Hi Chargers
As far as I know, CCCS has a debt management and credit counseling service and not debt settlement service. In credit counseling service, they they study your financial position and identify the areas from where you can cut down your expenditures and pay off the debt. If you sign up with the credit counseling company for debt management programs, they will negotiate on your behalf with the creditors to find out a repayment plan which you can afford.
Credit counseling is the first step towards your debt management. It is different from credit repair. You can repair your credit by yourself by sending debt validation and letters to remove hard inquiry, but if your debt is validated and you cannot come to a proper repayment plan to pay off the debt, then credit counseling service helps you to do so. However, you need to pay a monthly fees to the credit counseling company to manage your debt and the debt management company negotiates with your creditor for a repayment plan which will suit your income.
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If you go for debt consolidation program, then you need to pay back the entire outstanding debt including interest and other fees and you get a five to six years time period to pay off the debt. In debt consolidation programs you pay a lower interest rate of about 10%. If you go for debt settlement programs, you get a discount on the outstanding debt amount which includes the interest and other charges.
I think Anthony is right. As far as I know, under debt consolidation or management plans we need to pay back over 130 to 150% of the outstanding debt amount over 5 to 6 years, while under debt settlement plans you need to pay a portion of your outstanding debt amount normally 60 to 80% of your debt. However, you will get only two to three year period under debt settlement plans to pay off the debt.
credit
Do both of them ( Debt Con and Debt Settlemement) have the same 'impact' on your CR? I mean, 'less of the two evils' kind of thing? Debt Cons: 130%-150%..WOW!!....that's alot of money.
Both debt management and debt settlement programs will help you to improve your credit score but normally debt management or debt consolidation programs improves your credit profile more than as it would happen in case of debt settlement. This is because you pay the entire amount to the creditor plus the interest and other charges as a result of which the creditors normally agree to settle for pay for deletion agreement to recover the debt. In debt consolidation or management plans you need to pay a service charge to the debt consolidation company every month.
In case of debt consolidation program, you need to sign up with a debt consolidation company and pay a monthly service charge which you need to pay along with your monthly repayments. In debt settlement plans, you need not pay a monthly fees but make a one time payment towards the debt which includes agency fees as well as the interest payments on the debts. In debt settlement plans, your credit score improves only because the outstanding balance is reduced to zero after you pay back the settlement amount.
credit
Does anyone know if CCCS has a Debt Settlement program? I know they have a Debt Consolidation program. Has anyone had experience with CCCS?
cccs is different than debt settlement. debt settlement usually will charge between 15%-20% for their services... but even when you include their fee, they'll be able to reduce your total debt between .40-.50 cent on the dollar.
Lincoln, that sounds like a pretty good reduction rate. You said they charge between 15% to 29% for their services, what is this based upon? Is it the amount of the debt, the amount the debt was settled for or the amount they saved the debtor? Not really sure of how this goes. I don't know who all is aware of this but a news program suggested that if you call the original lender once you default on a debt they will not work their own debt settlement so they do not have to lose the money. Someone may want to try this.
Hi Chargers
As far as I know, CCCS has a debt management and credit counseling service and not debt settlement service. In credit counseling service, they they study your financial position and identify the areas from where you can cut down your expenditures and pay off the debt. If you sign up with the credit counseling company for debt management programs, they will negotiate on your behalf with the creditors to find out a repayment plan which you can afford.
Credit counseling is the first step towards your debt management. It is different from credit repair. You can repair your credit by yourself by sending debt validation and letters to remove hard inquiry, but if your debt is validated and you cannot come to a proper repayment plan to pay off the debt, then credit counseling service helps you to do so. However, you need to pay a monthly fees to the credit counseling company to manage your debt and the debt management company negotiates with your creditor for a repayment plan which will suit your income.
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MySpace gives a sufficient amount of options to assist women and men look for their excellent soul mate, because it is known on line dating becomes a approach to connect with on a further other in style. This really is less difficult when compared to the old fashion method of dating which created it extra accepted. This really is much easier in comparison with the old fashion way of dating which created it much more accepted. this section will speak about the factors why MySpace is such an ideal venue to meet your soul mate.Most important benefit of MySpace dating compared with other dating internet sites is its price. Register the whole account rewards, Its absolutely totally free. You might charmdatescamreviews.wordpress.com on occasion use a "free trial" course from other dating web sites, Since most using the net dating service set charge to a full account benefit. Webcam sexNot this, There is a massive amount of members. Present members is over 72 million with literally 10, 000 sign ups are signing up daily. This will let customers to have a steady likelihood of meeting members from a man or woman of very same interests.assigned MySpace, Other on the web services offer couple of tools to help you in representing your self and what you really look for. They deliver plenty of approach to express oneself and who you're. power tools involve:Full page profilesability to customize your profileextensive search alternatives Gratis SexcamsNo other internet sites flexibility adequate to help you to express your individuality, Too as look up an ideal match. as an example, you're able to locate a pre made layout alter your profile to fit you! Add music and graphics for your profile page to suit your character. These make it easier to to express your self better than getting a restricted amount of option to add in your characters, That is how most other about the dating services operate.A lot more people are switching for the more hassle free solution to look for dates rather the normal way. It is most pragmatic to start this with MySpace, Because getting older only give member a wider choice to select, a regular membership is entirely free. Give MySpace a go, All achieve nothing at all to shed.