Archive for May, 2007
May 16th, 2007 | 
Author: 
boxbeatle asked:
Is there a difference between a Consumer Credit Counseling DMP or a debt reduction program where there has been settlement of debts to pay off quicker as for as a lender is concerned? We are avoiding bankruptcy if we can. We can pay off our debt in half the time at nearly half the price with the Debt Reduction company. I have a commerical building mortgage that will be up for interest change in 3 more years. The debt reduction would have us out of debt just prior to that. The DMP with Consumer Credit will take at least 4 1/2 more years. We can’t decide what to do. What would a mortgage lender advise?
Rudolf Camberos
Is there a difference between a Consumer Credit Counseling DMP or a debt reduction program where there has been settlement of debts to pay off quicker as for as a lender is concerned? We are avoiding bankruptcy if we can. We can pay off our debt in half the time at nearly half the price with the Debt Reduction company. I have a commerical building mortgage that will be up for interest change in 3 more years. The debt reduction would have us out of debt just prior to that. The DMP with Consumer Credit will take at least 4 1/2 more years. We can’t decide what to do. What would a mortgage lender advise?
Rudolf Camberos
Posted in 
Tags: 
Caitlin C asked:
My husband and I have tons of credit card debt – $25,000. One of the cards is connected to our debit account and if we have a negative balance in our debit account it will transfer funds from the credit card. It has become a viscus circle. We cannot afford to make payments on our credit cards, but do so anyways by using our debit account, and when we have a negative balance the CC transfers money (happens 2-3 times a month). We own our home, but have been trying to sell it for the last 6 months with no luck. We cannot afford to make the mortgage payments any more. We are not late on any payments (CC or Mortgage), but we are running out of credit card funds to make our bills. We are basically paying our CC bills with the same CC we’re making the payment on…
Shirley Flagg
My husband and I have tons of credit card debt – $25,000. One of the cards is connected to our debit account and if we have a negative balance in our debit account it will transfer funds from the credit card. It has become a viscus circle. We cannot afford to make payments on our credit cards, but do so anyways by using our debit account, and when we have a negative balance the CC transfers money (happens 2-3 times a month). We own our home, but have been trying to sell it for the last 6 months with no luck. We cannot afford to make the mortgage payments any more. We are not late on any payments (CC or Mortgage), but we are running out of credit card funds to make our bills. We are basically paying our CC bills with the same CC we’re making the payment on…
Shirley Flagg