Did I make a mistake ?
March 12th, 2006 by Questions
I was in serious financial trouble and creditors were on my back 2 years ago .I choose to pay my creditors through a credit counselling service .I have less than two years left to pay (approximately 35,000) . I continued paying my car lease which ended last month . It is an absolute necessity that I have a reliable vehicle for my job.Without one I do not have a job. I had been saving extra to ensure I had a down payment for another car when the lease ended . I tried for 2 months to lease or buy a vehicle with a 10,000 dollar down payment. I tried almost every dealer ,bank and high risk lender and they told me no .Wells Fargo wouldn’t even discuss it with me they just turned me down. The banks told me that my credit is worse than if i had declared bankruptcy.Now I feel that a counselling service only benefits a creditor and not a debtor.In what way does a counselling service help a debtor ? I would never recommend this to a family member or friend .The only good advice is to go bankrupt or make a proposal .