Debt Counseling

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How long after my debt has been paid will the creditor remain on my credit report? Will it automatically update to being current and paid? How long will the phrase, "managed by a consumer credit agency" appear on my credit report after my debt has been paid thru a debt counseling program?

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it stays on there for up to 7 years after its been paid.. and is removed after the 7 years are up..

I have finished debt counseling now I am hearing reports that I was probably better off filing for bankruptcy. Any advice?

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I have done both. I first tried Debt. counceling and consolidation. All it did was make my credit worse. The company only paid the minimum balance if that and creditors still hounded me daily. Once I filed for Bk they were not aloud to contact me again. My credit has actually improved since my bk was final and I was able to purchase a vehicle and a low balance credit card. I am able to purchase a home but at a crazy high interest rate. It has been almost a year and a half since the bk was final and my credit is better than it has been in years. I recommend that if you are choosing one go with the bk, it gives you a fresh start. Just remember that it does stay on your record for eight years and you can not file again for eight years depending on which chapter you file under.

This is for people who have been in and have completed a debt counseling program only!!!! How was your credit after the program? Your score? Ability to get credit? How long after the program was your credit in good standing?

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I used Consumer Credit Counseling Services several years ago and was debt free in 36-months. They worked with my creditors to lower both my monthly payment as well as the interest rates. The effect on my credit was a lower score at first due to my accounts being listed as "included in credit counseling" on my credit report. But after the accounts were paid off, this resulted in my score going up a lot more then it went down when the process started. As far as your ability to get credit while you are in credit counseling, it's hard because of the accounts being listed as I described above. But anyone that is in credit counseling has no business goin out and trying to get more credit anyway. Overall, it was the best thing I ever did and I would recommend them to anyone who needs help with their credit card bills. And the best thing is that their services are free.

I have a question about consolidating my debts. I have a friend who used Debt Counseling Corp to do this and has been doing really well. (the website is www.DebtCounselingCorp.org) They send her great info and really seem to be doing a great job. I wanted to see if anyone has any experience with them. Please don't respoond with telling me about other company's. I would like to hear of other experiences with them specifically. Thanks! Thank you for your input--but it is not a settlement company like you mentioned--those are soooo bad for your credit. This company works directly with the creditors. My friend gets her statements every month and sees the lowered interest and that the payments are being applied. One of you mention that you did settle--I am not sure if you are aware, but those company's that settle--they dont tell you that come tax time, you will get a tax form to claim that money as income --the money that they "saved" you. I would NEVER go with them.

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OMG--i did use this company! They were great! My counselor was so informative and I felt very comfortable going with them. I have actually graduated from my plan already but would recommend them to anyone. My credit is so much better now. I still got my monthly statements from my creditors and they really did lower the interest and the payments. I know that there are those settlement company's that are out there but this is not one of them. I paid all of my debts in full by the time it was over You should go with them. I just checked out the website you listed-very nice --they have updated it. There is a lot of great info there and that talking lady is great!

Many people have different views on getting help to pay debt thru a debt consolidation program. Some say it's a con some say it's good. I am currently with Care One and was thinking about stopping I have about another 2 years with the program. Any advice as to how to stay on top of my debt and actually pay it off, if I discontinu the program? Card 1= 408 Card 2= 3,000 Card 3= 2,500 Collections= 180 Serious answers please

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This calculator applies basically the same principles debt couselors use. It gives you a monthly payment schedule (click 'Show Amortization') and can be printed using the printer icon at the bottom. If you have the self discipline to do it yourself, this is all you need. http://debt.bizcalcs.com/Calculator.asp? Calc=Debt-Elimination Best of luck to you.