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Old 01-05-2009, 02:31 PM
 
Location: Sarasota, Florida
3,412 posts, read 9,373,970 times
Reputation: 1993

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What is your take on the issue. I'm trying to help in research for a friend of mine and i thought i would ask if anyone had experience with this. I work at the bank and offered her an unsecured loan, but she doesn't want to bother with it, plus the interest rate is too high. She does own a house, but not willing to put her home online. I'm not quiet sure how much debt she has, but i'm estimating may be around 40-50K
Anyway, she's been looking at debt consolidation companies, but neither she nor myself know nothing about it.
Did any of you go down that path to pay off your debts? What company did you use, loans, banks, whatnot? I really feel bad for her, as i once been in debt myself and still carry on some, but not THAT much, whew!!
Any help would be appreciated!
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Old 01-05-2009, 03:05 PM
 
28,453 posts, read 73,520,385 times
Reputation: 18485
I think it is a fair bet to say that 90%+ of all "get out of debt" services / sites are NOT set up to help the debtor. Sometimes it is a 'scam' to sell information that is otherwise free, funnel people to bankruptucy lawyers, dig a DEEPER hole by arranging NEW loans, et cetera...

I did talk to a kid at work who had some help from these people: Chestnut Health Systems - Services - Credit Counseling Services - How It Works

If you look at what they propose on the site, this is pretty basic stuff. I don't think they can work miracles -- $50,000K is going to take a loooong time repay no matter how you look at it, but maybe if they do help set people on the "right path" they at least won't dig themselves a deeper hole...

Good Luck!
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Old 01-05-2009, 03:34 PM
 
Location: Sarasota, Florida
3,412 posts, read 9,373,970 times
Reputation: 1993
Thanks for the link, i will pass it to my friend. I don't know how she's going to pay off that much, yikes!
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