Money Topic

[kj45b]

I am researching to see if there is a business that does these things:
Gives you a loan to consolidate all your bills- Say $20,000.
They take your check and give you an allowance for groceries/gas
They pay all of your monthly bills for you - cable, phone, electric, mortgage etc.
Works at improving your credit score by taking care of your finances.



Ideas? Responses.

[❤ mollymouser ❤]

I don't know of any businesses that do those things.

Can we help you set up a budget and take control of your finances?

[emptypockets]

yes, there are businesses that do that, but they are the folks who also charge you plenty for those services. Suggest you work with a loan officer at your favorite federal credit union. Take an adult education class on money management, and you be the "business" that handles all your money matters, so you must step out of the box as the "owner" and think/operate as the "business manager" of your financial system, your checking acct. You just need to develop skills and iron will to manage your funds better. We've all been down that road, and learned to better manage our funds.

[kj45b]

I understand what you are saying. I am researching the topic though and was wondering how these businesses work. I need information on these businesses, not their services. Can you direct me on how to search for one or give me the name of such a business?

[resolution]

You can google representative payee services. This is one of the ones on page 1 of the list. www.bbpayeeservices.org/

[moneywhisperer]

Yes - I think it's called "MOM"

Representative Payee Services are normally to manage SS distributions in accordance with their rules. It is not a loan service.

A CPA would typically have the financial bonding to perform the service OP asks about, but wouldn't do the loan. I don't think OP will find many businesses that do both services because it is unlikely that a financial basket case is a good risk for a big loan.

[resolution]

Payee services are certainly more common for Social Security recipients, but I had some friends that used one for their regular paychecks. They repeatedly overspent so they hired the representative payee company to get their checks and pay their bills. There was no loan involved, just the direct deposit of their paychecks to the company and their bills paid. They got an allowance and when they wanted more they would have to request it from the company. Ultimately it didn't work for them because if the company told them they had uses up all their spending money, they would just sign up for in-store credit and kept spending.