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debt management

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  • 26-01-2011 3:33pm
    #1
    dee1969
    Registered Users Posts: 14 ✭


    Could someone give me any advice or if they have used cornerstone debt management agency? or could give me some advice if they have used similar ,thanks


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    #2
    coylemj
    Registered Users Posts: 25,435 ✭✭✭✭coylemj


    They are a commercial operation, I don't know anything about them but they sure as hell are not doing this out of a sense of charity so they are going to make money out of your situation.

    If you are in debt and finding it difficult to sort out your finances your first port of call should be MABS (Money Advice and Budgeting Service), a completely free service provided by the Government. Anyone else providing this type of service will probably have some kind of arrangement with a subprime lender who will charge exorbitant interest rates for taking on your debts, you could be out of the frying pan and into the fire, go to MABS first.

    www.mabs.ie

    The classic tactic used by commercial organisations to sort out your debt is to 'wrap up' all of your debts into a new mortgage, they then get a subprime lender to take you on at a much higher rate of interest than is being charged by the main banks. You then end up paying your credit card and other debts over 20 years and get completely screwed on interest and there's usually lots of hidden charges called 'administration' and 'setup' fees which inflate the loan before you start paying it back.


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    #3
    dee1969
    Registered Users Posts: 14 ✭dee1969


    Thanks a mill for that ,i'm gonna take your advice ,i sort had a bad feeling about it ,going to write letters to creditors and try do most of the work my self ,again thanks


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    #4
    coylemj
    Registered Users Posts: 25,435 ✭✭✭✭coylemj


    If you're going to try to tackle the situation yourself, just bear in mind that your top priority should be to reduce the outstanding balance on your accounts that charge the highest rate of interest, for most personal credit that means credit cards. Take a scissors to your credit card and stop digging yourself into expensive debt.

    If necessary, try to negotiate interest-only payments for your mortgage and other bank loans and divert as much money as you can to reduce the balance on any credit card accounts that you have. Then if you can wipe out your credit card debt, go back to making interest and capital repayments on your other loans.


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    #5
    zonekarter
    Registered Users Posts: 1 ✭zonekarter


    If you want to consolidate your debt then the refresh money is the best option. If you have any type of debt management problem, then you can use then you can help your self. Just make notes of your investments and go through the mathematical work and can save your debt management money which you have to give to any company.


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