sequoias

Hi AD'ers!

Jolie 77 and I talked yesterday about posting on Alldeaf about recommending the best credit counseling services that are reputable. We are not sure who to trust and who will help us to pay all of the debts and pay in one bill in a lower interest rate. You can recommend something else, give us pros and cons about it, anything you would like to say.

Deafness

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LakeTahoe

Umm I am not sure...that is a very good question! Maybe other ADers had experiences thru this. Wish you best of luck get this worked out!

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Liza

Dont know this, but Suze Orman would be best financial resource for this since she looks out for people's interests rather than the corporations' interests. Do recall her mentioning something about credit counseling. One of the things she recommended regarding debts is to give priority to the debt that has the highest interest and pay it down faster than other debts. In case you cant find something to lump all your debts in one whallop.

Deaf Mortgage

OH boyee... My co-worker is in process of developing Deaf Financial Education Center. They are in progress of getting grant to hire employee to help deaf community. I am talking about hiring deaf employee to help deaf clients to clean up credit and help with debt clean up etc...

The website is up running and in process of gathering bylaws. Director is working very hard on developing this and hope to launch by Fall/Winter 2008. That only if Grants get through from HUD (government supports).

Google Deaf Financial Education Center or website DFEC.org Deaf Financial Education Center - Deaf Financial Education Center

If you know a person that is fluent in ASL and very aware of deaf community. Please feel free to PM or leave a message of who the person that you trust and know that can help the deaf community.

Right now nothing is happening until grants get through. Perhaps you can help us.

Deaf Mortgage

Another website to use to find a way to avoid foreclosure etc... is to go to HUD website Homes and Communities - U.S. Department of Housing and Urban Development (HUD).

However, not all credit agency listed there. I am searching for the correct link to locate all credit agency that work with HUD.

Bingo - http://www.hud.gov/offices/hsg/sfh/h...action=summary that where you can find all HUD approved credit agency. I do not endorse their ability to help deaf community. I must emphasize do not endorse it. My co-worker have been in business with Credit Agency and have seen a lot damages to deaf community. Rip off and dishonesty. Problem is the client did not know about it.

Its a start for now. Keep your finger crossed about DFEC non-profit organization in pending to launch in Fall/winter 2008. Hope everything works out for the best in Deaf/Hard of Hearing community for full communication.

Deaf Mortgage

This method works depending on each situation.

One thing I know that works well called Snowball Debt pay down. One of the best way to pay down your debt. Focus on small debt by adding extra cash to paid it in full then use the same amount transfed to next small balance. Repeat until you complete you objective of paying off all of your debts.

Example:
Mortgage $150,000 = monthly $1,200.
Car loan #1 $22,000 = monthly $450
Car loan #2 $8,000 = monthly $180
Credit Card #1 balance $2,000 = monthly minimal $35
Credit card #2 balance $1,500 = monthly minimal $30.

Total debt $33,500.

First focus on Credit card #2 and increase to $150 monthly (if possible). Then it will pay off by 10 months.

You will have $150 cash to use to focus paying off Credit card #2 and your monthly will total $185. You will complete that in 11 months.

Then move on that $185 to next loan Car loan #2. Combine monthly will be $365. 22 months completed.

then move $365 to next Car loan #1. Your combined would be $815. Will pay off by 27 months.

Then you are left with mortgage. Adding $815 to your mortgage is not something everyone want to do. But ideally can complete your pay off your debts faster.

Simple process. This was from Dave Ramsey's Extreme money make over. Its 80% behavior with 20% income. Not exact quote but something like that. You can find it via website Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan. (Daveramsey.com).

Casperman

is that Snowball debt? it helped my friend and she got everything paid off and workin on next debts..

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Deaf Mortgage

So your friend can testify it works?

Liebling:-)))

We have Debt Consolidation here in Germany but I don't know there're Debt Consolidation in America or not. I know this link is from British but I hope this link will help you to find out either America do have one like this or not.

Some friends of mine experienced there and said that it solve real good.

Check this link.
Debt consolidation & management: advice on debt problems from Money Extra

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Liebling:-)))

Found debt consolidation in America. You can find debt consolidation somewhere near your hometown.


Debt Consolidation of America: consolidate debts


USA Debt Consolidation

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Deaf Mortgage

I do not encourage those website. Best to follow where Government are involved like the HUD programs.

sequoias

Hmmm, seems no one in here has used a reputable one to help consoliate their debts.

Deaf Mortgage

Some people will use their equity from home to pay off all of their debts and focus on monthly payment.

If no home, then those agency will do. Recommend use HUD listing because protected by Government.

Secretblend

Why not just do it yourself? Just commit to paying them off and not use credit to buy things.

Just call the companies that you owe money to. Tell them that you are in over your head and need some help to get things paid off..They might work with you by lowering interests rate or etc. Never know.

find out how much you have to pay each month for all of them except for mortgage.

When you know the amount. Just keep paying that amount even tho one bill has been paid off..

example:

Visa card - monthly payment is 50 dollars
Car payment - 300 dollars
computer - 25 dollars

total payment is 375 dollars a month.. or even better pay 400 a month if can afford it..

pay that each month split up to each one..

when one is paid off.. keep paying 400 dollars - just send more to next lowest balance..

when next one is paid off, keep paying 400 to car payment. It will make the balance go down fast cause the extra payment is going to principle instead of interests.

That is what the credit help companies does for people who seek help. Only different is they take your money and split it up for you..

Deaf Mortgage

Good explanation.

Jolie77

I am curious. Why is it recommended to participate in programs such as HUDs, etc that is run by the government in order to help those who needs to clear their credit score?

How is it exactly that it can be possible?

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Isaiah 33:6 - "He will be the sure foundation for your times, a rich store of salvation and wisdom and knowledge; the fear of the Lord is the key to this treasure."

web730

I wondered the same!

Deaf Mortgage

Very good question. If any agency outside of Government support, they are more likely independent on their method of how to pay off debts. Sometime they ask you to pay $750 upfront to do their services. High fee to do the services and do little help. So best if you go with government because grants pays agency and reduce upfront fees.

My co-worker from DFEC - He has seen so many Debt Consolidation agency did a lot harm on deaf community. He does not encourage outside government supports. We still do not endorse any of Debt Consolidation agency because who do we trust. You have better chance to go through HUD and government support to protect your assets. That the reason why he is in process to develop DFEC.org in order to address these issue and improve. Its non-profit organization as free to low cost fee compared those outside of government supports.

BUYER BEWARE! You never know if the agency is good or bad. Risky with outsider of Government support.

web730

Thanks for the interesting tip! I received few calls/emails from them before but ignored them so glad I did. lol

rhondamark

Deaf Mortgage what about the website call Care One. is thata good one?
And how will it be annouce that there is a Deaf Credit Counseling agency been approved and up and running?

Jolie77

Thanks for your input. I am aware there are some consolidation place that charges up front for their service fees. There are some that doesn't. The thing is, Which one is reputable? All of them varies.

Another thing is, Supposedly if this person has no assets at all - How would that also work with such programs that are supported by the government?

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Isaiah 33:6 - "He will be the sure foundation for your times, a rich store of salvation and wisdom and knowledge; the fear of the Lord is the key to this treasure."

Deaf Mortgage

There are ways for all walk of life. With asset or without asset. It does not matter where you stand. Its in your hand where you decide that is the best for your situation. Those program supported by government will seek for the best solution for you. Otherwise you are responsible for your own actions. Government can teach you how to be responsible but you walk through. That what counts the most. Do your homework and check it out to see if its good place to work with.

You can do fake calls and find out how they answer your questions. If they answer reasonable, then you know they are good.

Deaf Financial Education Center is in progress development to address this issue. I am assisting and giving feedbacks to DFEC to steer in right path. Mostly Jason doing hard work and developing new positions and staff in order to help deaf community.

Everything is falling into place in next 6-12 months to really help deaf community to address financial awareness in all walk of life. From schools to deaf clubs, work to expos, etc... there will be workshop about financial awareness in every area. This is to help deaf community to be in control of their financial issues. That way they can disguise if broker or banker is doing right thing with their loan or with their assets.

Keep eye on Deaf Financial Education Center... they will slowly make impact of the deaf community in years to come.

Byrdie714

What about CCS?

Deaf Mortgage

DO you have any link to it? Is it found on HUD website? If outside of HUD, it a risk. If on HUD website, it should be ok. Still slightly risk but those HUD supported get their grant from Governments.

Byrdie714

Consumer Credit Counseling Service -- Non-profit CCCS

Deaf Mortgage

Looks good so far. The service is endorsed by Crown Financial Ministries, United Way, and it is BBB good rating.

Looks good and its non-profit organization.

Check out the BBB. It appears to be good but has some complaints reported to BBB.
Atlanta, GA: Check Out a Business or Charity

Use your best judgment. I cannot endorse this credit agency because I know nobody has gone through with them. If I can listen to experiences, then maybe can say its good agency.

Byrdie714

They are very accomodating and do spend a lot of time with the consumer to make sure that they understand the situation that they are in and how to get out of it as I observed with a deaf friend of mine who was going through it.

Deaf Mortgage

Did your deaf friend complete the goal of paying off debts?

Byrdie714

Good question. I haven't seen him in several years. The last I heard was that he bought a nice two story brick house in the 'burbs.

I guess he did pay off his debt....

Deaf Mortgage

It nice to follow up with people after the clean up their credit history and debts. Then see where they end up.

Good documentary to do in future. I am sure when DFEC establish - then they will do documentary in 10 years later after launch. Hopefully soon.


DFEC = Deaf Financial Education Center. Link Deaf Financial Education Center - Deaf Financial Education Center.