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Debt consolidation

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EricJo
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Debt consolidation  Reply with quote  

Hi! Let me be short. I had taken a lot of loans for starting my business.Well, the income that I get from my business is not enough to pay back my loan and look after my family. I'm thinking of meeting a debt consolidation service at Mississauga. Is this the right option for me? I don't want to jump into any other complications.
Post Wed Apr 01, 2015 4:02 am
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Richardstegman
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I'll need more information to give you better answers, but I'd be wary. There are legitimate debt consolidation places, but many can be shiesty. Interest rates will probably be ridiculous and you'll end up paying much, much more than you borrowed.

- Why is your new business income not enough? Is it because you're new and still growing (meaning eventually, it will become enough to support your family), or is it because it's a bad business deal? If it's the latter, you might want to consider closing up shop and cutting your losses.

- Any possibility of getting a second job/more income for your family? Not ideal, of course, but maybe necessary.

Every time someone mentions debt consolidation I shudder. Bankruptcy should be a last resort, but debt consolidation is a close second-to-last.
Post Thu Apr 16, 2015 8:18 am
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GardenCat
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Debt consolidation is tricky.
You will still have the debt and payments.
If your business is not making money sufficient to pay current debt you need to consider 1) whether the business has a future or not 2) what can you do to make more money 3) protect your personal assets from a possible bankruptcy, ie is your business an LLC or some other type of entity with protection or is it just you doing business (no protection of personal assets!).

My experience as debt counselor is the consolidation process = working your ass off and not spending much money on non-necessary anything for perhaps years, depending on the amount of the debt.

Good luck, be careful of anyone or any entity that wants upfront money to solve your dillema. Do NOT follow the advice of anyone who tells you to stop paying your loans because they will take care of it for you unless they are part of the nationally certified credit counseling system. Keep in touch with all of your creditors to try and stay out of the "collections" process that leads to the ruination of your financial good standing.
Post Thu Apr 16, 2015 4:35 pm
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Richardstegman
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Debt consolidators are shady at best. Buyer beware!

What kind of loans did you take out to start this business? Were they through a bank or some other establish lending institution? Or did you just take a bunch of cash advances on a credit card? Or something else?
Post Tue Apr 21, 2015 8:55 am
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edward222
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Looks like a troll/spammer just passing by...
Rolling Eyes Rolling Eyes
Post Thu Apr 23, 2015 9:48 am
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DaleDegagne
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well that's annoying.

Does that happen a lot on this forum? To be honest, I joined up to start giving back and trying to help people - but, as I scour the forums tonight, I see stuff like this, people from India shouting dumb crap and...well, just generally it looks like I'm sorting through ads...except they aren't easily and visually identified.

Is there not a report option or is this just the way it's always going to be? If so, I'd rather go elsewhere....
Post Mon Apr 27, 2015 2:02 pm
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DaleDegagne
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Oh - And the Irony of this whole saga....

Shady Debt Consolidation company hires shady SEO company to build links. Shady SEO company spams forums with spammy links thinking it will help.

Both companies fail miserably for being shady.

The End.
Post Mon Apr 27, 2015 2:04 pm
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edward222
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quote:
Originally posted by DaleDegagne
well that's annoying.

Does that happen a lot on this forum?


No its not, many great business men are here, ready to help for those who wants help, theres just spammers who wants to drop by, but if you just look around and read other threads, you might found this forum interesting Smile

quote:
Originally posted by DaleDegagne
Is there not a report option or is this just the way it's always going to be? If so, I'd rather go elsewhere....


yes there is, theres a moderator, you can tell them Smile
Post Tue Apr 28, 2015 9:50 am
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Wino
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We once had several moderators, but about a year ago - maybe slightly less - we had a vicious spam attack. The whole board was closed for like 4 months, and when the code was changed and spammers a bit more subdued, only one moderator came back.

One moderator can't handle the spam load, regardless of the safeguards, so the spammers come in and say, "Blah, blah, blah, and this link" and one person can't really see and diagnose all of them.

Ask a legitimate question, though, and quite a few of us will respond. Oldguy and I continually argue, so you get two sides. He tells his point of view; I tell mine. It's up to you to decide.
Post Tue Apr 28, 2015 6:04 pm
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DaleDegagne
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hmmm - I would be willing to help moderate depending on time commitment & assuming I would still be able to comment on threads. Who do I talk to about this?
Post Wed Apr 29, 2015 12:20 am
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edward222
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quote:
Originally posted by DaleDegagne
hmmm - I would be willing to help moderate depending on time commitment & assuming I would still be able to comment on threads. Who do I talk to about this?


You cant just come here and ask to become one of the moderators,
prove your self first, answer questions, give ideas, and share something you know, then the admin itself will come to you and ask if your interested to become one of the MOD's. Smile

Have a fun stay here Smile
Post Wed Apr 29, 2015 3:42 am
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DaleDegagne
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So "One does not simply, WALK into Money-talk.org and become a moderator"

shoot.

I figured that, but I still wanted to express interest - and of course, prove myself. So who do I do that to?

That said - with all the active members here, how is it that after only 1 mod came back, 3 more weren't found? Seems fishy to me.
Post Wed Apr 29, 2015 11:01 am
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edward222
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quote:
Originally posted by DaleDegagne
So "One does not simply, WALK into Money-talk.org and become a moderator"

shoot.


Great Smile

quote:
Originally posted by DaleDegagne
I figured that, but I still wanted to express interest - and of course, prove myself. So who do I do that to?

I see, so get out of you set and start sharing ideas Smile.

quote:
Originally posted by DaleDegagne
That said - with all the active members here, how is it that after only 1 mod came back, 3 more weren't found? Seems fishy to me.

hhhhmmm you can ask littleroc02us about that. I cant answer that question.
Post Thu Apr 30, 2015 2:36 am
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Wino
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I took the comment to be a play on "No one simply walks into Mordor."
Post Thu Apr 30, 2015 7:19 am
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DaleDegagne
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quote:
Originally posted by Wino
I took the comment to be a play on "No one simply walks into Mordor."


of course. It's a fairly popular meme on social media.

Such as "One does not simply Win 4 games in a Row against Carrie Price"

Ooh. That's a good one.
Post Thu Apr 30, 2015 9:54 am
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