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Does the state matter?

Date: Tue, 05/24/2005 - 15:01

Submitted by kaunkst7
on Tue, 05/24/2005 - 15:01

Posts: 11 Credits: [Donate]

Total Replies: 4

Does the state matter?


I'm looking into a debt consolidation company that I found. I haven't agreed to anything yet but it seems very reasonable at this point and I'm asking a lot of questions before I commit to anything.
My question for you guys here is:
Is there anything wrong with going with a debt consolidation company that is not in the state I reside in? I just didn't know if this would be a problem where laws are concerned, should there ever be a problem?

Thanks!

Kate


Hi Kate

Welcome back. The debt consolidation company has various partners in different states and there is one specific company in your state too. So, all the laws prevalent in your state will only be applied in your case. You don't have anything to worry regarding this matter as everything will be fair and lawful as per your state.

Please do let us know if there is any further query. We will be glad to assist you further.

Regards
Roxette


lrhall41

Submitted by roxette on Tue, 05/24/2005 - 15:48

( Posts: 4009 | Credits: )


Hey Roxette, thanks for remembering me. I want to say this forum is a great source of information and I appreciate all I am learning here.
I have another question and my contact at the debt consolidation company is gone for the day so I thought I'd approach the subject here.
I am keeping two of my credit cards. For one, they have very low limits and they also don't qualify for the particular program I am looking into. I also started investigating debt consolidation with wanting to keep these two particular cards anyway. So, my question is with these two cards that I'm going to keep. Will these companies know I am enrolled in a debt consolidation program and will it affect my credit worthiness with my accounts that are remaining open? Could this be a bad thing for my accounts that I am and have been in good standing with?

Thanks!

Kate


lrhall41

Submitted by kaunkst7 on Tue, 05/24/2005 - 16:05

( Posts: 11 | Credits: )


Hi Kate

Thanks for the appreciation of this forum. I expect that you will gather valuable information each time you visit this site.

Quote:

my question is with these two cards that I'm going to keep. Will these companies know I am enrolled in a debt consolidation program and will it affect my credit worthiness with my accounts that are remaining open? Could this be a bad thing for my accounts that I am and have been in good standing with?


In my view, debt consolidation program takes only those accounts which have been taken into consideration and the companies kept outside the program will not come to know in any way that you have actually enrolled yourself in such a program.

Consolidating your debts at any point of time is a perfect bliss for yourself as all your bills get paid and thus improve your credit rating. In other words, it is and will never hamper your credit.

Thanks for sharing your views in the forums. We will look forward to stay in touch with you.

Regards
Roxette


lrhall41

Submitted by roxette on Tue, 05/24/2005 - 16:27

( Posts: 4009 | Credits: )


Hi Kate,
Welcome to the forums. I went through your queries and came up with some probable answers.

There is nothing wrong if you enroll yourself with a debt consolidation company located in another state,becuase state law of your resident state will apply to the debt consolidation company even if it is situated in another state.

As far as your second question is concerned the credit card issuing companies will not know about your debt consolidation program if you instruct in the following manner to the debt consolidation company where you have enrolled.

In addition debt consolidation program will not affect your credit worthiness and you will continue to remain in good standing as far as your open ended accounts are concerned.
Hope you find this forum useful.



Regards
Peter


lrhall41

Submitted by peter on Wed, 05/25/2005 - 03:59

( Posts: 285 | Credits: )