Alternatives to CCC? - Mothering Forums
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#1 of 7 Old 02-01-2005, 08:02 PM - Thread Starter
 
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Dh wants to go through CCC but I am gathering here that it's not necessarily a good thing. What are some alternate ideas? Is CC always a bad thing?
Annette

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#2 of 7 Old 02-04-2005, 02:32 AM
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Here is our experience...

We had to pay to apply. Once we did that they gave us an estimated payoff of 5 years (this was summer 2001) Unfortunately, they did not calculate interest correctly - and I am here to tell you - 4 years later - we are NO WHERE NEAR!!! getting paid off. Also, they don't keep very good track of what is going on with your accounts. For instance - one of Dh's credit cards got bought by another company, and the CCC service didn't renegotiate witht he new card company. So they started calling us. We ended up paying it off at a discounted rate, and declaring the difference on our taxes. The CCC didn't catch that it had been paid off and let it go two month before we called and checked to make sure that they had reallocated that money to another card.

Also, DH is not on the car - because a lot of them put flags on your credit saying that the person cannot borrow money without the permission of the CCC.

All told - you can do what they do - call the companies and tell them that you want your account closed pending payoff and that you want a reduced interest rate. You can also threaten to move your account to someone else. You can do all the negotiating that they do....

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#3 of 7 Old 02-04-2005, 11:20 AM - Thread Starter
 
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Thanks Adina!
We actually went through CCC once before when dh was in seminary.
We did pay off what we owed in 4 years, and didn't have to pay to apply, but I have no idea if/how it affected our credit.
Annette

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#4 of 7 Old 02-04-2005, 12:22 PM
 
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I think it really depends on where you are credit wise as far as making the decision to go with CCC. Frankly if you are totally behind in your bills, I'm talking late/no pays so your credit is already looking bad then CCC is probably not a bad thing. It will help you pay the bills off and any impact on your credit will be minimum since your credit is not good.

I think using CCC becomes dicier where you are making the payments and your credit is still looking good but you want to reduce payments. For starters as I learned they don't reduce the payments, just the interest. Frankly for what they do if you are in good standing with your creditors you can all and try to negotiate on your own.

Personally I find their services questionable. I recently called them and talked to a counselor who based off my bills/debts came up with a payment amount that was more than the amount of money I had. When I questioned the counselor on how she thought me paying X amount on my income was feasible she admitted that their formula did not take my living bills or income into consideration, just my debt and what the costs would be of paying the debt off in X amount of years with a lowered interest rate. Considering that if I went with CCC, I should not obtain additional credit, a debt repayment plan that leaves no extra money for emergencies (car break down, etc) does not seem like sound financial management to me.

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#5 of 7 Old 02-04-2005, 03:36 PM
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Yeah - there are more dicey ones that good ones - if you are really in trouble - it is better than bankruptcy - but not by much. And you really have to do a hell of a lot of research - make sure you aren't paying them a bunch every month (a lot of places will charge you a payment each month in addition to what you are paying your cards.), make sure they take interest into account, make sure they are giving you a date for your pay off and make sure that they will renegotiate if the cards/accounts are bought by someone else. Also make sure they send you statements of your payments!

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#6 of 7 Old 02-04-2005, 08:08 PM - Thread Starter
 
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Well, dh has an appointment with them on Monday (I'm staying with the kiddos) so we'll see what the info is like. He wants to go to the appointment, but says we don't have to do it.
Annette

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#7 of 7 Old 02-05-2005, 07:37 PM
 
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mine told me to let them know if I receive any such notices from my creditors. While they would try to stay on top of my account, changes will happen and the creditor don't always notify the CCC of the change because you're still their prime contact.

Also, when I was still researching CCCs, I had read that you shouldn't have to make payments with a CCC -- anything like that is purely voluntary. Mine has a suggested "donation" amount to help with things like paperwork and etc (since they're non-profit), but I opted for half of that. I could've said no entirely. It was never a requirement. Maybe that's one thing that separates the better ones from the more questionable.
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