Are there any FREE debt consolidation companies? I'm in deep medical debt and don't want to file bankruptcy!!
Question:
I had a similar problem several years back. Back when the republicans had the majority in congress they made it much more difficult to claim bankruptcy.
The debt consolidation company I found worked this way, they negotiate with all your creditors, lower the interest rate and if possible lower the amount you owe. For this to work, "ALL" of your creditors have to agree to participate. If one or more creditors refuse to participate, you own the consolidation company nothing and you are back where you started. If they do agree you will be sent a report stating how much you will pay each month, if it is still unaffordable, you let the consolidation company know and you owe nothing to them.
By all means, keep your all of your collection bills and a list of all companies you owe money to in the event that bankruptcy is your only option (if you qualify).
Try Care One website. I just did and it saved me 133 a month total and lowered my interest rate.
Debt consolidation is an option, and you should look into it. Just be careful about WHAT you're getting into. Some plans, because of their higher APR rates get you into more trouble than you were.
Also, some lenders look poorly upon it later on. Some institutions believe that it really is a black mark. It will depend upon the types of deals that your particular company or lender work out, and of course, your own individual circumstance. For some with absolutely NO way out, debt consolidation is a welcome option.
Take a good hard look at all the options and plans offered, and don't let a single company pressure you into something you just can't do. Make sure that you're comfortable with the plan offered before you commit to it.
In any case, it doesn't hurt to investigate debt consolidation as an option. It doesn't cost you anything to find out more information about it.
If you want a place to start your investigating, there's information and listings for debt consolidation providers on the page listed below. You'll probably find something of use there:
http://axalda.info/debt-consolidation.ht...
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