Debt Consolidator

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Debt settlement can be a tricky game, as it can save the borrower money while simultaneously creating tax disadvantages with the IRS. Understand how debt settlement works with advice from a licensed financial planner in this free video on personal finance.

Expert: William Rae
Contact: www.hbwfl.com
Bio: William Rae has been licensed in the insurance and financial fields for over 30 years.
Filmmaker: Christopher Rokosz

Duration : 0:2:7

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Technorati Tags: advice, consolidation, credit, debt, finance, money, personal, relief, reports

I’m explaining the difference between debt settlement, debt consolidation, debt management. For more info contact me at 973-441-5287

Duration : 0:7:47

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Technorati Tags: cards, consolidation, credit, debt, guillermo cervano, managment, quickcapture video, settlement

I have a lot of collections and old debt on my credit report and I have know I idea who or where to start paying. I need someone who can take my credit report and comb through it giving me a plan of action to tackle all of this debt. I know there are debt counselors and consolidators, but do they handle collection accounts that are years old? I really need help ASAP.

I’m assuming ou have a current copy of your credit report. It should give you addresses and usually phone numbers for these places. Assuming they are legitimate debts, contact them and offer a reasonable payment if they will promise to issue a deletion letter. Make them promise "If you pay $X, we will issue a deletion letter" in writing before you pay. Once you have a letter stating that if you pay $X, they will issue a deletion letter, then pay them the $X. Send them a copy of their promisory letter with your payment. Keep after them until they send you the letter of deletion (Must be on their letterhead, must have contact information for who in their company to contact with questions, must mention the account number, and must say, "Please delete this account:"). Once you have the deletion letter, forward copies to the three credit bureaus (TransUnion, Experian, and Equifax).

If you pay them off without following this procedure, it can cause your credit score to drop as much as 100 points per account. The reason is that it’s a derogatory account. You just pay it off, it gets marked current – and so now it has the effects of a brand new derogatory account, instead of the effects of something that happened years ago.

Now sometimes the same account has been sold through three or four collection agencies in addition to the original provider. That gets tricky.

Can anyone recommend a reliable debt consolidator? Most of my debt is student loans and I’ve already been actively trying to pay it off. I don’t want to pay consolidation comapnies a ton of money in hopes to pay the creditors off. I’m really looking for someone to use by recommendation. Has anyone had a good expereince with this type of business? Help! I need someone soon.

?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – creditreport.imess.net

A non-profit debt consolidation company will assist people who need help at a low payment. Get financial counseling from a non-profit debt consolidation company with help from a business analyst in this free video on financial planning and debt management.

Expert: Terry Kuykendall
Bio: Terry Kuykendall is currently a budget analyst for the military in Washington. She is an accountant who has worked at firms helping people deal with personal and business debt.
Filmmaker: stephen kuykendall

Duration : 0:0:49

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Technorati Tags: advice, budgets, card, cards, consolidation, credit, debit, debt, finance, financial, Help, management, money, personal, planning, relief

i’ve got a lot of debt, most which is all sorts of hospital bills. i wanted to do this debt consolidators thing but im still waiting to leave for the airforce april 29th…..i’ve already passed my credit check and everything….am i ok to do debt cons. while im in the delayed entry program or will it screw with things on getting me in the af…thanks

I don’t think that it will screw up your entry…but careful! The military is notorious for making sure that you pay your bills. The last thing that you want is a letter of indebtness from a creditor. If you get too many of those, it is not unusual for your command to place you on restriction (basically you can’t go anywhere) while they garnish your paycheck to pay the bills. I hope this helps.

I have a $5000 bill with a state university and must have it paid before I can attend classes. I’ve used my federal student loan eligibility, and have been told that federal student loans cannot be used to remove past bills anyways (nor can student loan consolidators take the debt).

I’m very close to graduating, just an error in judgement on my part caused a semester’s worth of student loans to be rescinded and the bill (with huge interest) has sat at the university for a few months without my knowledge.

So, I’d like to see if a standard debt consolidator would take the bill – and if not, where else I may turn. This is a pretty huge problem for me.

Before you run out and find another loan, and I’d start with a bank for a personal loan or an alternative student loan–SallieMae, I think, has one that can be used for prior year educational debt up to two or three years after the debt is incurred, btw, rather than a debt consolidator unless you can get really good terms, talk to the Business or Bursar’s Office at your school about a low or no cost payment plan. They may have one that you can set up through AFC to pay this off over time. But, be prepared here, the school does have the right to refuse to issue your diploma or to issue an official transcript while you owe them money.

If you contact me I will check with our loan specialist for the exact loan name and company for the prior year educational debt, although the specialist at your college is probably also able to tell you more directly.

you always here about debt consolidaters, could save 40 to 60 percent on the interest is that a con job or is that for real?

Most of the debt consolidator’s offer Home Equity Loans. This will give you a better interest rate than what credit cards offer, but if you fail to pay the debt consolidators they get to take your house. The best choice with credit cards though is usually to negotiate a lower interest rate, or float the balance to a new card…and close the old one. I recently worked over one of my credit card companies and got them to drop the interest to 2%.

I have a dept of no more than $3K — should I go to a debt consolidator? If so, please recommend one…

No do not get a debt counselor at this point! In many ways it looks like a bankruptcy on your credit report to many creditors. You have several options:
1. Call the credit cards to have your int rate lowered or let them know you will be transfering your balance. (many times they will lower it)
2. If they won’t lower it below 5% look online for a different card to transfer the balance onto with no annual fee or balance transfer fees. When the card comes CUT It UP so you won’t use it.
3. Go to your local credit union and talk with a loan officer about their loan options to consolidate and pay off your debt. For your best rate and most likely approval route, have some security like a car you have paid off.

To file for IRS debt relief, there are a couple of ways to do this and pay less in taxes than you owe. Determine whether you can get relief of your debt with the help of a certified public accountant in this free video on debt relief.

Expert: Miranda Chook
Bio: Miranda Chook is a CPA with expertise in international operations.
Filmmaker: Bing Hugh

Duration : 0:1:58

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