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Unfortunately I’ve heard that some of these debt consolidation companies can be downright frauds! Why pay them and not have those payments go for your credit card bills? I never could understand it myself. A good company would have worked all this out for you so all you had to do is make a monthly payment and the consolidation company sends it to your creditors. I don’t know how you’d check which company is reputable. Like you need another expense on top of the others that you currently can’t pay!
In the case of my neighbor’s son, some of his creditors did not want to work with the consolidation company and wanted their money now! He pretty much told them that if they didn’t accept what was offered then they would get nothing! They threatened to sue him–well fortunately, they never did. He was lucky because his company told care of things for him. All this sounds fishy to me–would be interesting what your consoldiation company has to say about this tomorrow.
Well, when I started this consolidation I had 5 credit cards so it’s not like they didn’t do anything at all. Now there are just 2 left out of the bunch and they are the ones giving me trouble because I owed them the most. About $6000 and $8000.
The other cards were balances like $600, $900, and I think about $1200. THEY have all already settled and been paid off with my payments over the past year and a half. The fees were taken out of my first ( I think it was 18) payments and were roughly about half of my monthly payment until they were paid off. Now, every penny I pay them is supposed to be accumuliating in escrow to make arrangements with the final creditors which were my two bigguns. One was my Visa (the one suing me now) which paid for a chunk of the house issues we had when we first moved in (water tank, roof costs etc… which added up fast) Plus, when I was battling the insurance company when the house got smashed in by a car, I had to pay up front for materials for that debockel as well. Later on, when we finally got the insurance to pay us back for the damages, my sister kept the money since I put the card in debt consolidation already at that point. Even though I forked over the money for it initally… I just kept my mouth shut about it to avoid an argument.
The Discover (I’m not gonna lie) was from 90% Windstones over the years that just got out of control,but at the time I could affod the payments easily so I never really cared. 😳
Got a busted Windstone?
drag0nfeathersdesign@gmail.com
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Dreamscape, Orion, Poison Dart, Fireberry, Spangler + Tigerberry DragonsNever having been in this type situation I don’t know anything about a credit consolodation company but is there anyway you can find out if that company actually paid any of your creditors or kept all your money for themselves? I don’t know if it would do any good to call Discover or VISA and ask them. You said Discover had 5 witness – 5 witness for what? To stand up and say you haven’t paid them?
Lokie wrote:I’m not accusing, I’m just confused by the process. I thought these debt consolidation companies make deals with the creditors so you owe less to the creditors, and they make payments on your behave? What’s the point of collecting money from you for 18 mnths if that does nothing to get the creditors off your back? I’m so confused. I guess I need to google this.
That’s what I thought, esp. since you have a contract with them and you legally CAN’T pay the creditors.
I, too, have a card that is in debt management, and on my credit card statement it says…. “Your account is currently on a Debt Management Program (DMP). The minimum payment due on your statement is not the DMP payment. Failure to make the DMP payment for two months terminates the DMP and reinstates your previous terms.” My statement also shows how much the consolidation company is putting toward my balance.
The consolidation company should be talking with your creditors, if they are worth anything.
Major hugs, Drag0n, hopefully the judge sees the flaw in this situation and sides in your favor. (((hugs)))
I’m not sure if Drag0n got the same talking to I did but they tell you they can and have setteled the debt they work with for 40% of what you owe so you owe less and as joe blow community member you will not be abel to get them to lower the balance as low as they can get it so who doesn’t want to save money on paying off old debt and sounds worth it tio you when you are drowning in debt
BUT as it sits and matures they get meaner and meaner and eventually to court and get judgment for the full amountDrag0n if you get paperwork to go to court MAKE SURE YOU GO
If you do not show up they will win by deafult and you will owe them EVERYTHING with a court judgment and they will then have no reason at all to accept ANY settlement at allI have no idea who the witnesses are 0.o They sort of freaked me out a bit
Also, I knwo that the point is so in the end I owe less… I don’t know. I mean, I thought I was making the correct decision at the time to do this as opposed to just NOT paying them anything until I got caught up on my issues back when Shaun was out of work and I was paying all the bills alone.
*sigh*
Also, I haven’t (that I know of) missed any court dates. I’ve already gone to 3 “conferences” at the court house, but not a REAL trial before 😮
October 10th…. sounds far away but I know it’s going to come fast. 3 days before my birthday too. Wah!
I’m just hoping BEFORE then my debt consolidation co. can reach an agreement with them.
Got a busted Windstone?
drag0nfeathersdesign@gmail.com
*OPEN for repairs**SEEKING GRAILS*
Arc-en-ciel Emperor
Siphlophis Male Dragon
Calypso Hatching Empress
Ivory Moss Sitting Baby Kirin
Tattoo Mother Kirin
Emerald Tabby Male Griffin
Tie Dye + Orion Hatching Royalty
Indigo Rockfish + Flame Tabby Little Rock Dragons
Dragon Quail + Obsidian Frost Old Warriors
Betta Sun Dragon + Male Dragon
Dreamscape, Orion, Poison Dart, Fireberry, Spangler + Tigerberry Dragons
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