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Debt Management Tips
debt management information
Is 123 Debt Solutions useful for debt management?
I am looking to advice a friend on local debt management companies and I came accross 123 debt solutions are they any good for debt management?
I have a ok credit score I was wondering what debt management program is good?
Like debt relief for credit problems
Is it ok to keep at least 1 credit card while in a debt management program?
Never use it just keeping it to show that I have some type of credit.
Canceling a debt management program?
I have been paying my credit cards through CareOne and I think the payments aren't going so far..wat will happen if I cancel it and pay my bills on my own?
Has anyone used Gregory penningtons debt management before?
were you satisfied with them?
Advice on management of debts - or would a debt management program be better?
I appreciate this is a wall of text, but I'd really appreciate any advice that can be offered here.If you don't want to read the whole lot, the first three questions at the bottom don't require much of the reading, and are my main questions. TIA I've been struggling with my monthly payments for a while now, but somehow managing not to miss any. This involved setting setting back payday loans for one months each time, though .I've recently missed my first payment, and gone from a 920 credit score to a 504. There was a space of about three months between the 920 score and the 504 where I didn't check my report, but the single missed payment is definitely the only one reflected on there.Basically, everything has done a long way downhill since I started to use payday loans both parents lost their jobs a couple of months back, and I started to take out loans to cover monthly expenses as my wages weren't enough to cover living costs. I was managing all payments with no trouble until then, and putting spare income aside into a savings account. Savings have long since been eaten up, and credit cards and store cards have been run to the max with family debts .I'm 21, and on minimum wage I take home around 868 per month. I live at home, and don't pay rent. The intial agreement was to buy furniture for the home on a store card and credit card, and pay off part of the balance each month in lieu of rent around 250 per month .I'm not in a position to rely on family those outside of the family home are unaware, and I'm extremely reluctant to ask for help. Partly for fear of being tainted with the same brush as my mother .My mother herself has no job, relies on benefits and is awful at budgeting. I may be being harsh, but it seems to me that I'm paying off her debts all payday loans taken out so far were given to her, purchases on store and credit cards were made by her etc while she spends weekends away at football matches, goes out to socialise with friends etc.Her boyfriend works full time, but is in the same position I'm in poor wages, and all income goes to pay off her debts as soon as he receives it.There's a possibility I may get some money from her this month to put towards the payday loans, but I'm not counting on it.Basically this is the first month where missing payments will be inevitable, no matter what I do. I'm looking for the best allocation of payment to these debts, to minimise the effect on my credit rating. Though I've accepted it's going to take a severe hit no matter what I do .The debts are as follows Credit card 1 100 owing, 5 monthly minimum repayment.Credit card 2 475 owing, 5 monthly minimum repayment.Store card 1 600 owing, 100 monthly minimum repayment.Store card 2 600 owing, 100 monthly minimum repaymentStore card 3 550 owing, 40 monthly minimum repayment starting from January 2012.Payday loan 1 480, no possibility of rolling it backPayday loan 2 90, no possibility of rolling it backPayday loan 3 357.50, cost to roll back this month 82.50, this can be rolled back ONCEPayday loan 4 250, cost to roll back this month 50, this can be rolled back four times.Payday loan 5 578, cost to roll back this month 145, this can be rolled back five times.As mentioned above my monthly income is 868. My minimum monthly expenses for necessities total 250, plus there will be an additional payment of 90 due this month. Car tax .Store card no. 1 was the missed payment before this payment has now been made, but has appeared as a late payment on file. I have four questions 1 Why did my credit rating fall so drastically after a single missied payment? I'm aware my financial situation before was pretty dire, and to be honest I'm surprised it was as good as it was for so long, but was the score basically balanced purely on the fact I'd not missed any payments yet?2 3 of the payday loans don't appear on the credit score not as accounts, searches or to reflect payments already made. Does this mean they won't have an effect on it if I miss payment?3 Store cards 1 and 2 aren't very secure. I've attempted to block my mother several times from using them, but she is able to set up a new online account and thus keep using it as long as she has the account number. Is there any way to stop this while still retaining use of the account myself? 4 Any advice on prioritisation of the debts? Usually I'd pay the payday loans as much as possible first and roll back the one I can to avoid impact on my report. Store cards take 2nd priority. Credit cards I pay off every time as the minimum payments are only 5 each . Is there a better way to do it? I know that carrying balances is bad, and I know that rolling back loans is bad, but I don't have a lot of choice. I'm looking for the
Has anyone here ever been through one of those debt management/ reduction things?
With gas going so high all the time, I'm seriously considering it. How did it work out for you? Do you know how long it stays on your credit file? Does it hurt as bad as bankruptcy?
What is debt management and is a company doing good if their Debt/Assets ratio is 30% compared to 36%?
Can you get a good mortgage rate if you have a debt management?
looking for a lower rate as current repayment is variable.
Could i enter into a debt management plan?
i've had trouble paying off some loans due to me losing my job and the company i owe the money to have managed to get a ccj against me and i've now got a bailiff threating to come to my home.Could i enter into a debt plan so i wont ever have the bailiff come to my home?
Have you ever used a debt management company for your debts?
If you have.... would you recommend them to anyone else?Or do you prefer the services of a charity?
UK I am about to enter a debt management program?
This is due to splitting from my long term partner and the cost of living on my own. I need a sofa and spent a further 450 on a credit card today. Was this a very bad decision? Should I cancel the order and make do with second hand?
Can someone recommend a debt management program?
I had previously anticipated cost of living adjustments COSA's for both the VA disability I'm a disabled veteran and Social Security disability. Thanks to the economy, my projections have been laid waste as the government has friezed those adjustments the last three years. Where I once projected having an extra $400 a month, I'm now finding myself short $45 a month and I've been borrowing against my credit cards to make all my debt payments. Keep in mind that non credit card creditors don't care that I haven't been getting the COSA's and these bills utilities, groceries, security, insurance, etc keep increasing, not just annually, but some have increased monthly.I have three credit cards two of them charge around 21 % interest and the third around 30 %. I've tried to get the interest reduced and have succeeded in some cases, but after a period of time the rates go right back to what they were before. I've tried debt consolidation with my commercial banks the bank I hold my mortgage with and the bank my checking account is with , but have been denied help by both.So, I'm hurting.My question is ... Is there a debt management program that you can recommend that would help me out? One that won't hurt my credit? Or am I better off declaring bankruptcy? I really want to pay all my bills and don't want to leave my creditors holding the bag, so bankruptcy would be the last option if there were any other way.If it helps, I'm a disabled vet certified 100 % thirteen years ago .
How long will the debt management plan last?
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