Money Management Inyernational and ClearPointCCS

legacys7 · ‎08-28-2017

Is anyone familiar with this company? I saw a video on Youtube where a woman who was in debt, used their services to get out of debt. The non-profit company talked to all of the lenders who she was in debt with, made her interest rates lower where she waqs able to get a lower payment. I had spoke to them on the phone to feel them out. But I want some points of view from those on here who might be familiar with them. Thanks in advance.

Anonymous · ‎08-28-2017

@legacys7 wrote:
Is anyone familiar with this company? I saw a video on Youtube where a woman who was in debt, used their services to get out of debt. The non-profit company talked to all of the lenders who she was in debt with, made her interest rates lower where she waqs able to get a lower payment. I had spoke to them on the phone to feel them out. But I want some points of view from those on here who might be familiar with them. Thanks in advance.

Guessing this is the same as all of the other consumer credit counseling services/debt management plans. I am generally not a fan.

MauiMan85297 · ‎08-30-2017

MMI is a good rated company, In CCCS the company you hire consolidates your debts into one monthly and negotiates the interest rates down to single digit numbers (6-9%, sometimes lower) and the monthly you're on goes into an escrow account where that company distributes those funds on-time to your creditors typically for no more than 5 years (shorter times for smaller debt amounts). The program itself doesn't impact credit because you're still paying back 100% of what you owe at reduced rates but the cards are closed off and depending on your AAoA that could impact scores slightly. This program isn't designed to significantly lower your monthly (like a debt settlement plan does) payment so it wouldn't work if you're already struggling to pay your minimums.

Note: No, I don't work for MMI