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Credit counselling and such??

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Forum Name: Bankruptcy and Proposal Info and Issues
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URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=4501
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Topic: Credit counselling and such??
Posted By: ajaxguy
Subject: Credit counselling and such??
Date Posted: 10/October/2007 at 4:27am

 I have a question regarding counselling services that cut your debt by like 75%, i heard that these places are as bad for your credit just like bankruptcy, is this true?




Replies:
Posted By: Guests
Date Posted: 12/October/2007 at 5:47am
Yes they are.You have to ask who do they really work for,and what are you getting in the end.NOTHING
ANYONE CAN NEGOTIA A DEBT,THE QUESTION IS DO YOU REALLY OWE THE DEBT,AND WHERE IS THE VERIFICATION THAT YOU OWE THE DEBT.ALLOW THEM TO PROVE THEIR CASE BEFORE YOU START TELLING THEM YOUR LIFE STORY!


Posted By: Typar
Date Posted: 15/October/2007 at 10:14pm
I went to Credit Counciling, was the worst mistake I ever made in my life (other than borrowing student loans).  My credit rating is worse than a bankruptcy, and all the debt was paid off 1 1/2 years ago.  Unfortunately my student loan debt was not included as I was on interest releif the entire time, but I will tell anyone to NEVER enroll in debt management. 


Posted By: Typar
Date Posted: 15/October/2007 at 10:25pm

Just to add to my last post.  It took me 4yrs to pay off the debt I had, and it will take two more years for my credit rating to be cleared, and even though my credit report shows the debts have a zero balance, it still shows up as R7 for each debt and it states in the report I was in debt management. I can't even get a secured credit card.   Even when I was in the program I had collection agaencies calling threatening court action, and that was for creditors who had already AGREED to the repayment plan.  I will say the councilors put an end to that quickly, but you still have the stress of dealing with the phone calls.  And all the debt management plans do is get the creditors to agree to accepting lower or no interest, something as stated in another post you can do yourself. 

With regards to student loans, my councillor told me to let them take me to court, that way the loans are out of the governments hands and is the best hope of getting an affordable payment (from a judge).  Don't know how true this is, but will find out someday I am sure.



Posted By: SolveStudentDebt
Date Posted: 16/October/2007 at 2:48am
Debt management programs are nothing more than a collection scheme. The groups that set them up earn a commission from the creditors. Student loan groups do not accept them and that is why these groups steer clear of student loans. It is for a profit even though they may claim to be non profit. These groups are deeply embedded with the provincial governments and creditors, which provides them with a very safe shelter.
 
The head scratcher is the fact they told you to let them sue you. How productive is that? As long as your debt management program is looked after, they don;t care what goes on in your student debt life. Otherwise, they would have really counselled you and solved the problems.
 
Johnny


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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

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