Has anyone used the company MMI (Money Management International) for debt consolidation?

I am looking into using this company to pay off some major credit card debt. Has anyone used this particular company? What was your experience with them? Would you recommend them? Was there a "catch" or hidden cost or anything you ran into after you started working with them? Are you debt free now?

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  • 9 years ago
    Best Answer

    What keeps most people in debt is the fact that they keep spending more money than they make. They look at the "monthly payments" instead of the total debt loan that they are carrying. People need to stop spending now and concentrate on becoming debt free. Please do not consolidate or use a debt reduction company . It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. Or they negotiate your debt down after telling you not to pay for awhile adding another hit to your credit score. Student loans are the only debt that can garnish your wages for non payment without taking you to court first. Just list them out on a piece of paper or a spreadsheet and follow the plan. If you work the plan, the plan will work for you.

    A. Have a garage sale and sell anything that you no longer need or want.

    B.Get a temporary part time job, if you have one, get another.

    Here is a plan that can help you. If you work the plan, the plan will work for you:

    1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.

    2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.

    3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

    To start :

    Debt #1 (highest interest): minimum payment+ extra payment

    Debt #2 (middle interest): minimum payment

    Debt #3(lowest interest): minimum payment

    Debt #1: paid off

    Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment

    Debt #3: minimum payment

    Debt #1: paid off

    Debt #2: paid off

    Debt #3:Minimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.

    That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

    4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.

    5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.

    5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.

    5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.

    You can do it and it isn't as hard as you think. Just follow the plan

  • Anonymous
    5 years ago

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    RE Has anyone used the company MMI (Money Management International) for debt consolidation?

    I am looking into using this company to pay off some major credit card debt. Has anyone used this particular company? What was your experience with them? Would you recommend them? Was there a "catch" or hidden cost or anything you ran into after you started working with them? Are you debt free now?

  • Anonymous
    5 years ago

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    RE Has anyone used the company MMI (Money Management International) for debt consolidation?

    I am looking into using this company to pay off some major credit card debt. Has anyone used this particular company? What was your experience with them? Would you recommend them? Was there a "catch" or hidden cost or anything you ran into after you started working with them? Are you debt free now?

  • 4 years ago

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  • Anonymous
    9 years ago

    I've never heard of MMI, so I'm afraid I can't give you a good or a bad review. But I do know of a debt consolidation company that some friends of mine used and they speak very highly of it. Good luck!

  • 3 years ago

    Money Management International

  • 9 years ago

    Check here and see if they are familiar with MMI before you make any arrangements with them. So many of the debt consolidation companies are SCAMS.

    http://www.nfcc.org/

  • 9 years ago

    They are a great resource if consolidating your debt is the right option for you. You should be aware of all your debt relief options so that you are not sold onto just one, but get a solution that is tailored to your specific needs.

    Personal Credit Solution, is a debt relief agency that provides its clients with all the debt management programs available to consumers. By doing so, they provide their clients with unbiased advise to help them find a solution that is tailored to their needs. They handle all their clients from beginning to end and make sure they are given options and explained the pros and cons to each debt management program available. They have a NO Up-front Fee policy and 0 complaints allowing them to offer all their clients a full satisfaction guarantee. By offering programs from consumer credit counseling to debt negotiation to even bankruptcy, they can help guide you in the right path. Their programs are also available to small business owners, and have helped business find alternatives to filing bankruptcy. They offer a free consultation to all their clients in which all programs are fully explained to you, and they only believe in a performance based fee structure; giving you confidence you will be taken care of before you pay a dime.

    Feel free to contact me anisa@pcsdebtrelief.com, wish you the best of luck during these tough times.

    Source(s): www.pcsdebtrelief.com
  • Anonymous
    3 years ago

    Wow! thankyou! I was wondering the same question yesterday

  • Chin
    Lv 4
    3 years ago

    This has already been answered

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