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I am struggling with my finances with the recent loss of my job and I don't know how I'm going to stay on top of payments. I have a few credit cards and I'm still paying off my student loans. Not only do I have to pay these off but I need to feed my family. I am getting desperate and need some help. Has anyone used triad debt relief for help?
If you have used them or know of information on them please let me know. Or if you know of better people to go with I am all ears.
Sorry to hear about what you're going through. The Better Business Bureau has some general tips for choosing a credit counseling service so you might read through that before making any decisions http://www.bbb.org/us/article/566 You can also contact them to see if there have been any complaints against the companies you're considering. You definitely need to be careful--there are some legitimate companies out there who can help you, but there are also other ones who are more likely to rip you off so definitely be careful.
The other thing you might consider before going to the debt relief company is calling your credit cards, student loan, etc individually and explain your situation and ask them if there's anything they can do to help--they might be willing to work with you. If you can accomplish what you need directly with the creditors that might be easier and cheaper in the long run. Of course if they can't get you where you need to be then you'll need to consider other options but it's at least worth a try.
I'm assuming you're also applying for unemployment, and any other public assistance that you might be eligible for (food stamps, etc)? That should help with things like food and basic necessities.
I stumbled upon Dave Ramsey's radio broadcasts and have learned a lot. On the site you can search for a station near you that carries the daily call in show. Much of the discussion deals with your situation.
I think his advice is universally wise and if we could all just get out of debt and keep it that way, we'd live with a lot less stress. I just wish I'd been able to learn his techniques when I was a young adult. It would have saved me from some painful mistakes.
To answer your question... The credit counseling industry cannot do anything for you that you can't do for yourself and most are "for profit" entities. If you're unemployed, you have time to talk to the people you owe and cut a good deal without racking up even more expense. Good luck.
Sad but true that your creditors do not have to make any concessions to you. A couple of points:
Search for "certified credit counselors" on the Net. They can help at low or no cost, but again, creditors do NOT have to agree to restructure your debt. If they can't help you, they will tell you so.
Bankruptcy is more expensive and difficult nowadays. You would need cash to pay the attorney. A judge must rule whether you are eligible to file or not. If he disapproves your petition, that's it, no recourse.
Be aware that any retirement savings are fully protected from creditors! Many people make the mistake of emptying their retirement accounts in a futile attempt to avoid bankruptcy (don't ask me how I know this, LOL). Creditors cannot touch 401k's; IRAs are sometimes not as well protected though.
Start applying immediately for any state, county or city, or non-profit charitable programs you are eligible for. The worse they can say is 'no.' You can get help with food, clothing, medicine, gas & electric utilities, etc. This is no time to be proud, your taxes helped pay for these services and if you need them, use them.
