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    need help with debt consolidation

    Hi, my girlfriend and I are looking into consolidating debt. She has about 10k on her credit card, a car loan 26k and a few smaller credit cards totalling to 500 or 600 dollars. What are some good debt consolidation companies? Thank you

    #2
    http://www.savingadvice.com/forums/d...companies.html

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      #3
      Thank you

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        #4
        Not to beat and already bludgeoned dead horse, but many will argue on here that debt consolidation companies won't do anything for you that you can't do on your own by getting yourself on a budget and debt repayment plan.
        Brian

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          #5
          When someone tells me that they are looking into debt consolidation and they have a 26K car loan, it is clear that they are going about this all wrong.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

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            #6
            Originally posted by bjl584 View Post
            Not to beat and already bludgeoned dead horse, but many will argue on here that debt consolidation companies won't do anything for you that you can't do on your own by getting yourself on a budget and debt repayment plan.
            Originally posted by disneysteve View Post
            When someone tells me that they are looking into debt consolidation and they have a 26K car loan, it is clear that they are going about this all wrong.
            I agree with both points. The best company to deal with is My Girlfriend and I, Inc.

            If debt is causing you to think that you need help from a debt consolidation company, the first place I would start is with selling the car and getting one you can afford... for cash.

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              #7
              Debt management

              Hi,

              I would start with a detailed budget of all your outgoings and income. If you have a shortfall, then firstly look for items that can be removed. Secondly looks for ways to do things for less money. Often you will have insurance policies that duplicate cover. Look at things like utility bills and see if you can get a better deal.

              With credit and store cards, you pay dearly for their flexibility. Look around for 0% balance transfer deals, this will give you a breathing space to pay off more of your debt. Don't do this just to reduce payments otherwise you will literally never pay these off. Consolidation loans can be an option as you can get much better interest rates. This can work so long as you are disciplined and don't go off spending again.

              If you are still short, you can negotiate with your creditors to get reduced payments for a period of time. This is what the debt management companies do, but they charge for the privilege. You need to be aware that many of these are not much good and often the fees can create their own set of problems. The charitable ones are better; you are often better negotiating yourself directly and only using this sort of company if you really struggle.

              Hope this helps.

              Steve
              Last edited by disneysteve; 01-05-2011, 11:09 AM. Reason: link posting rules

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                #8
                Sounds like they are trying to rehab your loans.

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                  #9
                  Are you looking into debt consolidation or debt management solutions? They are both totally different things. I agree with DS that someone with a $26,000 car loan looking for these types of services is a problem looking for a place to happen. You are approaching this the wrong way; you need to either sell the car or do some hardcore work on your budget.

                  Since this is a $26,000 car loan, I am assuming the car was bought new? That being the case, I would also be willing to bet that the car is worth less than the loan. Is this a fair assumption. If that is the case, your solution is going to be a combination of selling the car and working on the budget. It will be painful in the short-term but beneficial long-term.
                  Check out my new website at www.payczech.com !

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                    #10
                    just do you best to live within your means....Do NOT go with credit counseling or debt consolidation companies...it will ruin your credit

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                      #11
                      26k car loan and 10k cc's are where the entire problem is!

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                        #12
                        i went to a great debt consolidation company, they not only helped me consolidate debt but they spoke to me and explained things to me that I didn't know before- I will send you a private message with their address on

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                          #13
                          My first move would be to sell the car and buy a beater. You do not need consolidation, you need amputation.

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                            #14
                            consolidating debt worked wonders for me, however i was also suggested IVA which is something that yo should also look into.

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                              #15
                              Debt management company can advice you. But implementation and execution is in your hand. For small debt management you can go with your strategy only. For a high debt management you can opt for debt management counselor, but be assure of them first.

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