Can you use a credit counseling service to pay the deficiency balance in a repo in nc?
I was a Certified Credit Counselor in the state of North Carolina, and the answer to your question is no. The only accounts that a credit counseling organization will accept are revolving accounts (credit cards), payday loans, utility debts, and medical debts. Repossessions will have to be negotiated between you and the collection agency or lender that has this account.
CCCS refers to a consumer credit counseling service that provides credit counseling and other financial education to the communities it serves. A consumer credit counseling service is a nonprofit charity. Additionally, organizations that carry the CCCS name are members of the National Foundation for Consumer Credit (NFCC).
A consumer credit counseling service is used by people who need help in management of their debts. This service works with companies to establish a repayment schedule that is more manageable for the debtor. Usually the counseling service is able to secure a reduced rate of interest on the amount owed. Further debts are restricted while payments are being made.
If seeking simply the credit counseling requirement needed to file for bankruptcy, some sites online offer the service for as little as $5. Yet professional and sincere credit help may cost you nothing. If an individual truly wants help reducing his or her debt, very many credit counseling firms are non-profit and offer such a service for free.
If you use a debt counseling service that consolidates your debt for you can you still make payments to your credit card company directly?
When you use a debt counseling service that consolidates your debt for you, you are supposed to make one monthly payment to the credit counseling company instead of paying your credit card companies individually. However, if you come into some extra money and you want to make an extra payment directly to the credit card company, you may need to do some research. Once you sign a contract with your credit counseling company you'll need…
By using a credit counseling service to help correct your consumer credit, you can avoid bankruptcy and get on a debt repayment plan. To avoid fraudulent practices, the Federal Trade Commission recognizes accreditation of such services by the National Foundation for Consumer Credit. Credit counseling services must try to provide the debtor with a realistic plan based on the debtor's ability to pay. The service must furnish the debtor with a time period under which…