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Money Management International (MMI)/Consumer Credit Counseling Services (CCCS)?

Discussion in 'The Lounge' started by Steelwolve, Apr 30, 2008.

  1. Steelwolve

    Steelwolve COCC- Director

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    Hey guy's I'm starting to worry about my financial situation, gas, interest rates, bank fee's, and grocery's are just wiping me out these days, I'm sure I'm not the only one seeing these issues lately. I was doing some surfing and came across this ( Money Management International (MMI)/Consumer Credit Counseling Services (CCCS) )"non-profit" org. that is supposed to give free credit counseling. Of course I'm always skeptical of "non-profit" Org's, and before I began the proses Ive done a couple of searches and they seem pretty legit and well known. But Id still love to hear if anyone has had any dealings with this specific company, good or bad.

    Thanks SteelWolve
     
  2. Be very careful, there are some good ones but there are also alot of bad ones! Whatever service any of these places offer can usually be negotiated by yourself, without ruining your credit.
    You might consider talking to someone older, that is wiser in finance, before initiating any contractual involvements, with one of these facilities.
     

  3. freyedknot

    freyedknot useless poster

    usually they will get creditors off your back and possibly get them to lower your finance rate. then they will put you on a strict budget to get them paid off. that means no more starbucks and you will be brownbagging it for lunch.
     
  4. I dealt with CCCS about 10 or 12 years ago. The system they had then wasn't too bad. Don't know if anything has changed since...... They will work with your creditor's to lower your interest rates and monthly payments. In the end, you make a monthly payment to CCCS and then they disperse it to the creditors. However, they will require you to bring in all credit cards, etc. and destroy them.... They do not give you much leeway on payments either... will not tolerate late payments very long and will drop you out of the program if you miss a payment for whatever reason. Remember that this was quite a few years ago.... some things may have changed. Also, check with someone who deals with loans... car dealer, boat dealer, etc... When I was using CCCS, I tried to get a loan for a car and they told me that CCCS on your credit report is worse then bankruptcy!! Would have thought making an effort to pay my bills would have been better then telling them all to pound salt but it wasn't that way...

    Hope this helps you out..
     
  5. SwollenGoat

    SwollenGoat Scourge of Hoover

    Steelwolve, I believe any change with your situation must come from yourself. Depending on others to solve your problems only puts you in a weakened position and enforces a mentality of "I can't do it without someone helping me".

    If you truly want to change you must make some hard decisions. Figure out what you have to spend every month to live. (rent/mortgage, car, gas, insurance, food, etc.) Make a budget and stick to it! Put all your extra-curricular spending on hold. (Eating out, movies, fishing gear, etc.)

    Pay more than minimums on cards.
    Pay on time.
    Don't forget to save a little each week.
     
  6. Most groups that are "non-profit/not for profit" in dealing with lenders and credit cards are companies that are formed per a Congressional hearing a few years ago. The groups are supported by the credit card companies.

    I too was in your place- check out Dave Ramsey. He is kind of funny but very serious.

    In a nutshell, swollengoat is correct. Live below your means and you should be fine. If not, get a side/evening job for awhile. It's not easy to get out from under a money problem, but try to stay away from the groups that promise a fix. They will not help the issue, which is spending more then you make.
     
  7. It doesn't take a "non profit company" to work with the creditors. I assisted someone earlier in the year who had issues with creditors. We ran the free credit reports to get the reports from the three providers (not the pay services, but the one that the state sponsors). We called each to paint a picture = we want to pay the amounts, but may have to go bankrupt to straighten out the situation. All reduced the amounts to the original borrowed before interest and other fees. Some went well beyond that. Most of these guys seem to feel that getting some of the money is better than getting nothing.

    After the new requirements were determined, a strict budget/financial plan was layed out. In these times of rising prices, the plan must be modified more often than in the past. Just having someone from the outside looking into finances and lifestyle can make a big difference. Things that one may not see as a big deal can add up to make a difference.

    Lunch is a huge contributor if left unchecked. I would hear guys compain about their finances while at their fifth $10.00-$15.00 lunch in a week, also discussing what to drink after work. I have always "brown bagged" the lunch unless its a working (business) lunch. Not the most popular thing to do in the office, but it adds up. At least shore fishing is cheap - where you don't have pay $40 or more for greens fees each time you go out.
     
  8. ScottB

    ScottB SW Ohio

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    I second the Dave Ramsey recommendation. Fortunately, I haven't had problems with creditors but listening to Dave on the radio changed my financial habits and I am much better off today.
     
  9. Steelwolve

    Steelwolve COCC- Director

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    Thank you all very much for your input and advice. After speaking to some people today it does seem like the majority of these companies want you to be 3 months late on you payments, that way the creditors will work with you more because they are afraid of losing all the money owed. I'm am not in that situation, and will not let them go that late. I'm just getting my getting my credit score back to good/ok (650 range). I was wanting a credit counselor to look at my situation and help workout more of a plan to stay on track instead of digging me out of a big hole. Things have changed greatly in the past 5 years for me, 4 years into 1st mortgage, 3 year old daughter, daycare, health care, insurance, wedding to pay for, all of these things are new to me. I unfortunately don't come from a successful family, and quite honestly wouldn't go to anyone I'm my or my fiancé's family for financial advice. I love my family alot but, don't want to follow into their mistakes. Ive been with my company for 6 years now and love my job, I work hard and make what was 3 years ago a good income, but now times have changed and where I used to have "some" disposable income, now I'm having to hustle hard at work just to keep up. I agree completely about simple things like lunch, Ive cut out all the 6-7$ lunches and replaced them with PB&J's and chips, kicked my Red Bull habit and fishing trips have been limited to spots within 15 miles or so. All of this has helped, but with all of the consolidation offers and refinance mumbo jumbo I feel like I need a degree in finance, to sort though the crap, and figure out whats best for me. I'm looking for a service that, honestly isn't there to sell me a loan. I know I could hire an accountant but would much rather use a free service if they are available, and one that will not harm my credit. Again thanks for the replies.
     
  10. Steelwolve

    Steelwolve COCC- Director

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    When/where does his show air? Ive never heard of him.
     
  11. I have any employee who followed their advise about getting behind and they use that as a tool to pretty much lock you into using their service, since most people can't climb out of that hole.
    Charged him an ungodly amount to facilitate their services, which were nothing in actuality, and it absolutely ruined his credit. Once he thought he was actually done with them, they all of a sudden found more things he owed. They want you to owe money, otherwise they don't make any!
    Just because it's a non-profit doesn't mean they don't charge for a service! Non-profit only means they don't make a profit, if you pay yourself a ridiculious amount of money, I guess you wouldn't be profitable. There are alot of these companies out there that are pure rip-offs.
    Your situation doesn't sound that bad and I'm sure with some sound advise, you can correct easily. If you have problems finding someone who can offer that good advise, shoot me a PM, I'll see if I can't help you.
     
  12. Here's a GREAT website to go to and get answers:

    www.myfico.com and click on their "fico forums". They have threads all ready there that may help you out, or you can post a specific question and get tons of advise on what is the best way to achieve what you want.

    I've just started on repairing my credit and everything I'm trying is coming straight from that website!
     
  13. ScottB

    ScottB SW Ohio

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    I used to listen to him on the way home in the afternoon on 550 in Cincinnati I think, but that was a while ago. His website should list the stations he is on.

    http://www.daveramsey.com/

    Nothing he talks about is complicated, just common sense financial advice.
     
  14. In canton I listen to Dave Ramsey on 900 am 2 to 4 pm , or on his web site you can listen live or go to the archives any time