Hi all- I have a dilemma, my brother in law from AL has moved in with us and we live in GA and he has had his mailed forwarded to our home.....blah, blah..so to make a long story short the other day I was reading his mail and I noticed that he has signed up with a debt consolidation company and from my own personal knowledge I have always known that it effects your credit in a very NEGATIVE WAY....so to that effect. Chase which I believe to be tops among PRIME sent my brother in law a letter saying that they were aware of him being involved in the Debt repair program and for that THEY CLOSED HIS ACCOUNT. This is with an outstanding balance of $1700.00 he also has a Southtrust Credit Card with a $7900.00 balance with a credit line of 25,000 what does this mean? As far as the Debt Program I don't know what to tell him I really feel like him trying to fix a bad situation, he has made it worse. Should he come from under the debt program or what ? My vote would be yeah !!!!!!
CCCS (and that type of business is BAD NEWS)...many people have NOT been able to get 100% secured cards or a mortgage 2 years after CCCS... People have got UNSECURED VISA/MC and MORTGAGE 2 years after BK... I AM NOT ENCOURAGING EITHER... I would get a second job, 401k loan, second mortgage, sell stock, sell new car, walk to work (or ride bike), eat PB & J, cancel cable, sell stuff...BEFORE I WOULD GO BK...AND I WOULD HAVE TO BE VERY, VERY DESPERATE TO "CCCS"...
No....which is wrong, but we're on a level where that would not be an issue. I knew about the other things because he told me, so to approach him with the information that I found out is not going to be one of those "why were you reading my mail deal". So I just wanted to know how to approach him
Just to clarify why a credit negotiating service may be a bad idea: They may not make your payments on time. Even if they do, the creditor may forgive the interest, but report it as being delinquent every month. It may take 7 years to get all those derogatory opinions (NOT information!!) off of your credit reports.