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Discussion in 'Credit Talk' started by Illini, Jul 5, 2001.
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IF YOUR TALKING ABOUT...CCCS...YES BAD...
Consumer Credit Counseling Service...
Some people have said they couldn't even get a SECURED CARD after paying in full with CCCS...but people with BK can get PLATINUM CARDS...CAR LOANS...AND MORTGAGES...YOUR DECISION...
I WOULD GO WITH-OUT FOOD AND WALK TO WORK BEFORE I WOULD DO EITHER...
Why does it appear so bad if you are trying to get back on track with your bills? To me it seems like a better thing to do than declare all out bankruptcy.
Many creditors view it the same as a chapter 13 bk.
However, I would not declare BK if I did not have to. There are legal ramifications to that in addition to credit ramifications.
MANY (OR MOST) CREDITORS CONSIDER BK BETTER!!! SEE MY POST ABOVE...BUT I WOULD DO BK BEFORE I WOULD DO CCCS!!!
I'm an advocate for CCCS because I did it.
During the time, no one would touch me with a ten foot pool...except I got a car with Americredit (for figure).
I too have heard that it is viewed as worse than BK13 but there's one difference:
With a BK, it stays on your credit for 7-10 years (if you're not so lucky). After I finished the CCCS program, all notations that I was participating in one were deleted and today, no one (except those creditors and you guys) know that I was even in it. That was 3 years ago (more or less).
If you DO decide to go that route, if you have one credit card that you can manage, keep it OUT of the program. All other cards will be closed. Keep that one card out, pay it down and start rebuilding with that card.
Lastly, try to finish as fast as possible. They had me on a 4 year program. I paid off 13k in debt in 2 years. If you can send more...send more.
If you want to email me, I'll give you the name of the place I used. I WOULD NOT use Ameridebt (as I've heard bad things about them not making payments on time).
I have heard horror stories of people who used this type of service. The debt was negotiated down, and the payments were all made at the same time, regardless of the CCC's billing date. The CCC's showed like 3 yrs worth of late payments, and finally showed the account as "settled" or "charged-off" rather than "paid". Nothing was deleted - it was like the creditors fought to keep the negative info on the CR for the entire 7 yrs. A nightmare.
I am currently using Genus as my CCCS but I have heard mixed reviews of even being apart of a CCCS. I am confused. Should I stay on it and get all of my debts paid off, or should I cancel it and do it myself? Also, if I do go off of it, does anyone know if the notations will be taken off of my credit report?
My Uncle was $10 K in debt and used CCCS. He didn't have anything bad to say about them. I know that he has a Providian Gold and a Capital One card. I'm sure he has others, but the two I've mentioned above are the ones I have seen.
Should you stay in it? Only you can really answer that. I mean, I suppose you got in it because you were having trouble making the miminum payments on your credit cards. I won't assume why this is this case, but if you're having problems, this program can minimze your payments, making them more manageable and give you a cooling off period to collect your thoughts and become more responsible (if this wasn't because of an illness or job loss).
In any case, if you go off, no, the notations won't just come off. You'll have to fight with the creditors to have the notation removed. And if you still owe them money, they may hassle you as to why you NOW you think you can handle the payments and before you couldnt.
Worse case is that your creditors didn't charge off or send your bills to collection because you entered into the program. If they know you're not in it anymore, they may charge them off or send them to collection...quickly.
These are just some things to think about. You might want to try Genus for a few months (90 days) and see if you like them. In any case, this is YOUR financial future so be in constant touch with your Genus Rep and your creditors until you know and feel confident that they (Genus) are doing what they are supposed to be doing. Just because you're sending them the money and they say they are going to pay...don't be passive.
I think that's why things went well for me. I was in constant contact with my Rep...and when I sent extra money, I told them where I wanted them to send it. I even went as far as to make a spreadsheet with month by month payments and they followed it to the letter. If something wasn't clear, they would call me.