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jordanataji
Joined: 20 Aug 2007
Posts: 1
Debtcc Points: 63
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1825
Debtcc Points: 18434
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 Posted: Tue Aug 21, 2007 4:39 am |
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Welcome to the community Jordan  I'm not sure, but I think I did read somewhere that some collection agencies wouldn't work with consolidation companies, but I may be mistaken.
I'm sure someone with an experience in this will come along soon!..Karen
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Bossy4455
Moderator
Joined: 27 Feb 2006
Posts: 5461
Debtcc Points: 64232
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| Posted: Tue Aug 21, 2007 1:11 pm |
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The situation is different with each company. In some cases, even a credit card company or a pdl company will refuse to work with a dmp company in the beginning. The DMP Company with whom you are enrolling should be able to cut a deal from any company with whom you are having problems in repayments.
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Bony
Joined: 22 Oct 2005
Posts: 291
Debtcc Points: 4207
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1825
Debtcc Points: 18434
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| Posted: Wed Aug 22, 2007 12:38 pm |
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I believe that they must agree to work in "voluntary cooperation". At least that is what the wording was on consolidation proposals I used to get when I was collecting.
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SOAPLADY
Moderator
Joined: 07 Feb 2007
Posts: 1271
Debtcc Points: 14527
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| Posted: Wed Aug 22, 2007 1:01 pm |
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It is up to the individual creditor or collection agency although most of them will cooperate with a "consolidator" like Conumer credit counseling Service (CCCS) because so many of them actually FUND CCCS. Naturally, they would rather see you paying something rather than nothing. Many people going into these plans are doing it as a last resort to avoid bankruptcy and the creditors know that. I would be VERY careful with these so-called "non-profit" debt consolidators that you see advertised on TV. The government is after a lot of them. Most creditors would rather see you go to someone like CCCS rather than file bankruptcy. Just remember that these plans work only if you make those payments. Stop, for whatever reason, and all bets are off.
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Eddie in Florida
Guest
Debtcc Points: 100
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| Posted: Thu Aug 23, 2007 5:02 am |
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Most of these non profit debt consolidation companies charge fees prior to performing any other services on your behalf or even conducting your credit analysis.
I sumtimes wonder....why do they call themselves NON PROFIT!!!!!!!!!
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goodnelly
Debt Samaritan
Joined: 20 Jun 2007
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1825
Debtcc Points: 18434
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