IrishEyes Posted January 23, 2003 Report Share Posted January 23, 2003 I have been with Myvesta.org for about 18 mths. I really hate them and I really hate paying thier monthly fees.What do your creditors do to your interest rates and payments when you leave the program?I know it screws with your CR, it is showing accts paid through CCCS. Should I just continue almost to the end, then back out before accts are closed through them that way if interest goes through the roof I only have a few more payments to make?What if I pay one off early, can I settle as to how it will be reported? Thanks Link to comment Share on other sites More sharing options...
kb9tbq Posted January 25, 2003 Report Share Posted January 25, 2003 Read your agreement with the debt consolidation company, what are the penalties for backing out and so forth...Would not hurt to speak to the creditors, most likely will default the interest rate that was negotiated between them & the debt consolidation company, might even be higher. Also it may be that the longer you wait before backing out of the deal - may be that the OC may not negotiate on the notation being removed from the credit report. Just a few things you want to consider.Have not delt w/ these companies myself, there may be others here that can give more definate ideas for what you can get done. Link to comment Share on other sites More sharing options...
equislee Posted February 3, 2003 Report Share Posted February 3, 2003 I started with Myvesta and really really disliked them from the begining because all I wanted them to do was negotiate my credit card debts and they wanted to take over everything!Even to the point of having my payroll checks direct deposited to a "special" checking account they had set up. I also accused them of having me fork over my 2900 before I knew their full program and requested my money back. My credit counseler there said he was turning my request over to his supervisors and I have yet to hear back from him. I am now trying to handle my own negotiation using the techniques from the CIC e-book with some mixed results, but I still feel better being the one to have full control over the situation. I do have two accounts that without even negotiating with me turned me over to lawyers and I just recieved summons last week from them-Can any one tell me the best way to handle this??? I am trying to find out more about Myvesta and get the word out on how bad (and scary) they are. LEE Link to comment Share on other sites More sharing options...
kb9tbq Posted February 3, 2003 Report Share Posted February 3, 2003 Suggestion - check with the BBB, There ought to also be some governing body that you can complain to about consolidation companies. Might even consider getting lawyer to help out in this matter. Also file complaint with the FTC. Get the ball going all directions, maybe this will help down the line in court, if the judge knows that you had serious problems resulting from this company that hampered you ability to pay.Sorry to hear of these things. From what I have gathered so far, you don't want to deal with these companies, but if you do - take percautions to protect yourself. Like dual billing - so they are not the only ones running the show. Keep in contact w/ the OC to let them know that you see problems resulting. Keep sending in disputes with the OC / appealing to them to give consideration - you went this far to try and fix your debt problem. Keep on them is all I can say at this point. If you search hard enough - you may find other groups trying to sue said company. (Class action suite). Keep you eyes open and try to get every bit of information you can about the company. Do searches on the internet, may run into something that can be of help.Sorry that I just don't have a better answer for fixing everything immediately for you.Good Luck Link to comment Share on other sites More sharing options...
bw4444 Posted February 3, 2003 Report Share Posted February 3, 2003 I looked at the myvesta website and it seems clear to me going in that they want to control all your finances. They are not your normal debt consolidation company. Their approach is to restructure all your spending and manage your debts for you. Anyhow, the contract will spell out the terms and conditions under which you may cancel the program. If you don't have your contract, you can request a copy from them. Link to comment Share on other sites More sharing options...
IrishEyes Posted February 3, 2003 Author Report Share Posted February 3, 2003 Sorry to hear of your trouble with Myvesta, my trouble isn't all that bad with them. I am not in the all paid program like you are, I am in the onepay program which is stricly the debt negotiation/ mgmt. I pay them my lump sum and the divy it up to my creditors, not my whole budget and bills.I wouldn't trust them with any of my money, or control of it. They are just the middle man for me and their fees are ridiculous enough for that. I would be consulting a lawyer if I had almost $3k on the line!! Link to comment Share on other sites More sharing options...
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