wiser_now Posted January 9, 2003 Report Share Posted January 9, 2003 I don't watch TV very often, so when I do the commercials really stand out to me. Saw this one for... well let's just say "X Consolidation Company" and something about it made me say to myself, "Hey, could it be that there is a connection between credit cards and these consolidation companies? Like they are really one and the same-same song, different verse?" I think what I'm wondering is, who owns the various consolidation companies? If you trace it back far enough, would you wind up at the credit card companies? Link to comment Share on other sites More sharing options...
Laine540 Posted January 20, 2003 Report Share Posted January 20, 2003 I believe that MBNA has their own consolidation company. I have a credit card with MBNA and there is one that they encouraged me to use when I got behind on payments. I didn't trust that set-up and I didn't even consider using them. Link to comment Share on other sites More sharing options...
admin Posted January 20, 2003 Report Share Posted January 20, 2003 Laine - that is VERY interesting news. Hmmmm - I should do some research on this. Link to comment Share on other sites More sharing options...
Laine540 Posted January 21, 2003 Report Share Posted January 21, 2003 Admin - when I missed a few payments, they sent me a letter encouraging me to call to discuss special programs to help me get back on track with my payments. The postscript on this letter says:"P.S. These are not your only options. We can put you in touch with a financial management service to help consolidate ALL of your bills and lower your monthly payments. Call today for details!" And then it gives an 800 number to call.Of course, I can't say for sure that MBNA OWNS this consolidation company, but I wouldn't want a company even loosely affiliated with my credit card company to be handling my bills for me. Kind of sounds like a conflict of interest, doesn't it? Link to comment Share on other sites More sharing options...
admin Posted January 21, 2003 Report Share Posted January 21, 2003 Yeah, it really does! Link to comment Share on other sites More sharing options...
bw4444 Posted January 21, 2003 Report Share Posted January 21, 2003 This is interesting. It will take a lot of legwork (finger work, actually) to go to every state website, find the corporation registration database, and track the trail of ownership of these consolidation services. I've done it with Florida a little and so far no surprises. I'll report back when I discover something. Any volunteers to track NY, Delaware, etc.?BTW, doesn't the credit industry fund the CCCS? Link to comment Share on other sites More sharing options...
admin Posted January 21, 2003 Report Share Posted January 21, 2003 Yes, but all CCCS's belong to the NFCC, and are accredited. Companies like Cambridge and Ameridebt do not belong to these organizations.Even so, joining a CCCS is still a sure way to ruin your credit. Link to comment Share on other sites More sharing options...
bw4444 Posted January 21, 2003 Report Share Posted January 21, 2003 <blockquote>Originally posted by adminYes, but all CCCS's belong to the NFCC, and are accredited. Companies like Cambridge and Ameridebt do not belong to these organizations.Even so, joining a CCCS is still a sure way to ruin your credit.</blockquote>Remembering the Golden Rule, "He who has the gold makes the rules", if the credit companies fund the CCCS and the NFCC, then they make the rules. I'm not sure what the accredation means in this circumstance. I have dealt with them and they seem to be above board, but I got better deals working with creditors on my own. The fact that working their plan ruins your credit takes some of the luster off their services. (BTW, they recommended BK to me.) Link to comment Share on other sites More sharing options...
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