CBS6Anne Posted May 19, 2009 Report Share Posted May 19, 2009 My apologies for starting a new thread, but I couldn't find a specific answer to my question. Has anyone tried debt consolidation companies, and if so what's worked? Link to comment Share on other sites More sharing options...
willingtocope Posted May 19, 2009 Report Share Posted May 19, 2009 Start out beliving that all "debt fixers" are scams. Some screw you a little, most screw you a lot. Link to comment Share on other sites More sharing options...
shadokeeper Posted May 19, 2009 Report Share Posted May 19, 2009 None of them work they all take your money and leave you worse off. They do exactly what you can do your self... Link to comment Share on other sites More sharing options...
Fairy Enchantress Posted May 19, 2009 Report Share Posted May 19, 2009 I think Willingtocope and Shadokeeper are correct.This site can help you do it all yourself. Or you can call and get help from this site and or order this sites book. The book can help you do it by yourself also.http://www.creditinfocenter.com/misc/ConsultWithTheExpert.phpCALL NOW to hire a HUMAN Being Who CARES! Personalized phone conference to look at YOUR Personal Credit & Debt Situation!Confidentiality GUARANTEED!Call Toll Free Now for booking! 1-877-933-6932 (only for paid consultations or orders, please)http://www.creditinfocenter.com/Books/Only $19.95 + Shipping/HandlingIncludes a FREE CD (a $12.99 value) containing all the Sample Letters you need to repair your credit and dispute debt!These Letters Not Found On Website!100% Money-Back Guarantee - delivery in 1 week! *The fourth edition (updated May 2009) is here! Updated sections on credit scoring, debt settlement, bankruptcy laws and debt validation. Link to comment Share on other sites More sharing options...
morrow Posted May 20, 2009 Report Share Posted May 20, 2009 They take your money and put it into a "trust" account. You make monthly payments to build up the account. All the while you are thinking that your debt is being "consolidated", with the ability to pay less than what you owe.Technically that is correct. However what you don't know is that the money you are paying every month is not being applied towards your debt, but rather put into your "trust" account until you have defaulted so bad on your credit cards/debts that the creditor is willing to negotiate for a lesser amount, thus "reducing" the debt you owe.In the meantime, you have royally screwed your credit rating since all your accounts are severly in default and you are likely paying the debt consolidation company a fee for doing this.I think they should be outlawed quite honestly.I had some elderly clients call me up wanting to refinance. They are in one of these programs. They were so excited about paying off their debt earlier than anticipated, but they did not fully understand how it worked and thought their credit was impeccable, until I informed them otherwise.Their credit reports were littered with lates, collections and chargeoffs and unfortunatley I was unable to help them.I did call up the debt consolidation company and give them a piece of my mind though. What a joke. Link to comment Share on other sites More sharing options...
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