Question : Is this the way that a debt consolidation company works? They reduce the amount?
What is a good debt consolidation company that will negotiate what you owe by negotiating with the creditor, and then you owe less than before to each creditor, but you owe them for one big new loan , to them for paying your debts? So they are getting your debts down by negotiating and then give you a consolidation loan to cover the amount owed to them now?
- asked by Brycleyn Q
All Answers:
Answer #1
go to www.payplan.co.uk or citizens adviceiwould never pay a company to negotiate my debts.if a company is doing this for you there will be acharge (thats why its registered as a companyrather than a charity) for the service nothingever comes for free.
- answered by mrpaul
Answer #2
Basically, that's how it works.Debt Consolidationpromises to reduce your payments into onecheck.But they don't tell you that the one checkis often just as big as all the little paymentsput together.Plus, if they negotiate to reduceyour debt, your credit is trashed just as if youfiled Chapter 13 Bankruptcy.
- answered by Jeff
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measure and fulfill your financial needs
