Alright, so I hired a debt consolidation company about a year ago, under the promise that they were gonna help me eliminate 3 credit cards. All they’ve successfully done, up to this point is debt 75 bucks from my account every month to pay themselves. If there’s ever any communication I have to initiate it, etc. I’m sick and tired of these idiots with seemingly empty promises. I want to fire them and get my money back.
Is that an option? They promise being able to get a payoff on the various cards for a fraction of the actual amount. Can’t I do that by calling the collection agencies and negotiating with them over the phone? I wanna get these cards off my back (who doesn’t) but I’m feeling ripped off an am sick of it. Any suggestions?
Tags: Collection Agencies, Debt Consolidation Company, Fraction
Caffeinated Content
Yes, cancel the service. Yes, call the agencies your self.
Kansieo.com
Debt consolidation companies can negotiate to reduce your debts but they usually charge a (large) fee.
I would call your card companies or collection agencies directly to set up a sensible repayment plan.
Caffeinated Content
I would suggest canceling the service ~ sounds like they are crooks ~ you could be using that $75 to pay off your debt right
My suggestion to you is to go with a Debt Management Program DMP (I’m in one) what they do is call your creditors negotiate lower interest, you get no late fees, no fees at all while in the program ~ they come up with one low monthly payment that is divided and distributed to your creditors.
Some people think a debt management plan ruins credit ~ this is NOT true ~ I have been in one for four years and while in the program my existing cards are closed and I can’t use them and I can’t get new credit while in the program also there is a notation that is on my report from each creditor stating that I’m in a financial counseling program ~ the good new here is that after the program the notation falls off ~also another misunderstanding with DMP is that it lowers your credit score ~ this is also not true being in a DMP does not effect your score
If you consider going with a DMP try CareOne credit ~ they are non-profit and do not charge any fees!!!! They ask for a voluntary donation but you don’t have to ~ I personally donate $5 per month just because
debt consolidation
AAHHH – the debt consolidation company?? OK. There are good debt consolidation companies. I would have gone with a non profit debt consolidation company first. A monthly charge of $75 is a lot. Usually debt consolidation companies profit or non profit, negotiate a much lower interest rate on your credit card and charge an admin fee of less than $50 per month. The good debt consolidation companies ensure that these charges come off your savings from the debt consolidation. Try Express Consolidation – this is a non profit debt consolidation company. Here’s some more info on debt consolidation non profit companies: