Question by warrensmailbox: Will Debt Management Programs mess up your credit?

Our credit rating is good+ but We’re struggling. And most likely will get worse. (lost good healthcare). I hear Debt Management Programs can help but will mess up your credit. Is that true? Most people who use them don’t care because their behind anyway. Lenders aren’t lending for dept consolidations or 2nd mortgages also. We have 2 homes, renovating 1 to move into, want to sell the other (we live in) when we can move in the other. Both are mortgaged. We have another house (3rd) that we are the note holders on and get monthly income. We tried to sell the note but can’t find a bank willing to buy a private mortgage. Any ideas or suggestions?
Thanks

Best answer:

Answer by Grandpa
yes they do i have heard from people i know that have used them all they did was take their money and run and did nothing with their debt and it made their credit even worse so stay away from those people

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Question by Beth R: can anyone recommend a consumer/debt counseling service that’s free or low cost?

I need some help figuring out how to get out of credit card debt.

Best answer:

Answer by SPIFIMAN1
There is only one recommended by the Consumer Action Handbook. Consumer Credit Counseling Services, they are the oldest non profit credit counseling service in the Country.

I used them several years ago and they worked with my creditors to lower both my monthly payments and interest rate. I was debt free in 36-months.

You can contact them at 1-800-388-2227.

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Question by Alitia: business law high school homework help plz!!!!?

1.consideration can be conferred by giving a benefit or incurring a(n) what??
2. a payment offered in full settlement by the debtor and accepted by the creditor to settle a disputed claim is a(n) what and satisfaction??
3. a person to whom a debt is owed??
4. an agreement to buy all of the producer’s production is a(n) what contract??
5.a distinguishing factor between social promises and real transactions??
6.a clause in a contract that allows you to escape the legal obligation??
7.something for which a detriment can be exchanged??
8.a contract wherein the consideration is grossly inadequate so as to shock the conscience of the court??
9.under what doctrine are promises enforced??
10.what type of loss to the promises requires the promise to be enforced??
11.promises to what type of organizations are enforced if the organization stated a specific use for the contribution??
12.what length of time do most states use for a statute of limitations??
13. what is a merchant’s promise to leave an offer open called??
14.what principle specifies a time limit for bringing a lawsuit??
15.under what type of law is consideration necessary for modifying a contract??
16.under the UCC, what length of time must merchants leave offers open??
17.what must charitable organizations specifically state in order for courts to enforce the pledge??

Best answer:

Answer by daaaave
These are some pretty basic questions that I’m sure are easily answered from your textbook, but I will help you with a few, but you need to do the rest on your own.

1. Legal obligation

2. accord

3. creditor

I will leave the rest to you.

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Question by Melissa: Is refinancing your home possible with bad credit?

I entered into a Debt management plan a couple of months ago to consolidate my bills, my credit was over exstended and to keep from getting behind we entered this program. I now realize that I could probally refinance my home and borrow on the equity to pay off debt. My home is owner finance, it was just appraised for $ 111,000 and we only owe $ 39,000 on it. What I am wondering is if it is possible to get a refinance or home equity loan with no or bad credit? If so where?

Best answer:

Answer by His Majesty
Actually your are in a better position than most people . Only 39K to go you are doing good . The likely hood of you getting refinance is not good . Once you paid off the other debt . Just increase the amount of payment on your monthly mortgage note . I wish I only had 39K to go . I be doing cartwheels all the time . My advice to you is in the future . Your revolving lines of credit should never exceed 15% of your total NET pay . That way you debt is totally manageable even if you maxed out the lines of credit . Plus it will look good on your credit report . So if you take home $ 30,000 a year free and clear . you total line of credit should be only $ 4,500 . The reason why I say 15% of your pay . Is because you house payment , maybe a car payment and other expense you have figure in other expenses you will enough room budget your money

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Question by Wee Girl: Has anyone used Freedom Debt Relief Credit Consulting Company?

Any Pro/Cons about this company? Do they really help you eliminate 40-60% of your debt? Are they a trustworthy debt consolidation company?

Best answer:

Answer by mandy
My mom used this company for her debt it has been about two years or so and she only has one credit card to pay off. It takes a while to get started but after that it is all good. Good luck. You no longer have to deal with the credit card companies

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