Considering going to Consumer Credit Counselling...

[Lyndzer Torte]

I would like to know how it will affect my credit? Does anyone have any experiences good or bad with CCC? I also found Clear Debt Solutions online and was curious about them.

[kingcalvin]

CCC is generally considered a "bankruptcy" by most mortgage lenders.

[mouse]

"Lyndzer Torte"
I would like to know how it will affect my credit? Does anyone have any experiences good or bad with CCC? I also found Clear Debt Solutions online and was curious about them.

Not that a BK is good

But many say that a BK is better than CCCS

[Lyndzer Torte]

Wow- I haad no idea that a BK could be better than CCC.

I talked to a nice lady at Clear Credit Solutions and she says what they do is negotiate with your debtors to lower the balance then your payments go into a trust fund and once there's enough in there, the debt is paid off 1 at a time. However, they will keep reporting on your report until paid (in my case 30 months).

[timmbukk]

dont do it.

[christina33]

Credit counseling is not for everyone but I also know that with everything you have to do your own research. I agree that there are a lot of agencies out there that prey on people in debt and there are some that are very good you just need to make certain they are nfcc-certified and should not demand huge upfront fees if you are already in debt.. You still have to check your statements and make certain the agency pays etc.

My CCCS uses harbour credit ( 40debts.org) and I have no problems with them. I find that a lot of people on these boards do not like CCCCS but they tend to lump all the agencies together and likewise are very lax about checking paperwork and CC statements. I do not like the way your agency wants to handle the payments .. you should not need to put money in trust fund. My agency pays a 1-2 later after I make the payments and I still get statements from CC companies.
If you are contemplating doing this.. do not do so if you are planning to buy a house within the next two years or car ( because you may need traditional financing).

If you are contemplating let me know and I will give you so info on things I have learnt from being enrolled

[timmbukk]

dont do it

[timmbukk]

you might as well tie a nice 100 lb ball and chain around your ankle, because that is what you will be carrying around for a long long time. You will be in credit prison....one of my good friends did it and said it was the worst mistake he ever made.