Does debt consolidation mean that I hire a company to pay off the debts?
Date: Thu, 04/21/2005 - 19:12
Does debt consolidation mean that I hire a company to pay off the debts?
1. Does debt consolidation mean that I hire a company to pay off the debts I have, and then I make monthly payments to just one place? Or do I still make separate payments to separate places?
2. Are student loans eligible?
3. How much money in debt makes for a good candidate of debt consolidation?
4. Who are the recipients for the debt samaritans club?
Thank you for your help! I am so new to this!
Re: A few new questions...
[quote=saraastle]I know that this all seems common sense to most of you, but I have a few questions.
1. Does debt consolidation mean that I hire a company to pay off the debts I have, and then I make monthly payments to just one place? Or do I still make separate payments to separate places?
2. Are student loans eligible?
3. How much money in debt makes for a good candidate of debt consolidation?
4. Who are the recipients for the debt samaritans club?
Thank you for your help! I am so new to this![/quote]
Well I will attempt to answer all of your questions.
1. One form of consolidation involves taking out a loan and paying off your debts with that loan. Another form involves working with a debt consolidation company. This company will contact all of your creditors and negotiate lower interest rates for your debts. This will in effect lower your monthly payments. And yes, you will pay all of this in one place.
2. debt consolidation companies usually deal with unsecured loans. If your student loans are unsecured then you should be able to consolidate.
3. It usually varies from company to company. Some companies have minimum debt requirements such as 5 grand or 10 grand. And others do not have a minimum. So really, anybody is eligible to consolidate. You just have to find the right company that is able to meet your needs.
4. I believe that you have to send an email to the moderators in order to be considered for the debt Samaritan title.
RE:
Hi saraastle,
Welcome to the debt consolidation care forum.
There is nothing unusual about your questions and I have all the answers for you.
1. Quote:
Does debt consolidation mean that I hire a company to pay off the debts I have, and then I make monthly payments to just one place? Or do I still make separate payments to separate places? |
Debt consolidation means that your multiple debts are consolidated into a single amount. Thus you have to make just one payment in one place and no separate payments in different places.
2. Quote:
Are student loans eligible? |
Yes, student loans are eligible and fall under the category of unsecured loans. Debt consolidation helps you to clear your unsecured loans.
3. Quote:
How much money in debt makes for a good candidate of debt consolidation? |
Any amount of money you owe as debt could be a good amount depending on the type of debt Consolidation Company you are approaching.
4. Quote:
Who are the recipients for the debt Samaritans club? |
If you are interested to help debt struck people by answering queries and giving them advice through our forum you are eligible as a debt Samaritan. All you have to do is study the sub-category "Debt Samaritan Club" under the section "Joining rules and suggestions". After you go through it thoroughly, just mail us and we will give you the feedback.
Please feel free to come forward with any further queries. We are here to help you with the best possible information. Hope you remain as an active participant of the forum in the future days to come.:D
Cheers,
Jason
