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 Posted: Fri Feb 15, 2008 3:26 pm |
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I'm just curious if anyone else has done consolidation, what was your experience like?? I signed up on January 25th with american credit counselors inc and they have not contacted my creditors yet. I called them the other day and they said they usually don't contact them until after they recieve the first payment (which will be next week on the 19th). The problem I'm having is now my payments are behind and the creditors are calling me non stop. They say it can take 3-6 weeks to get a response from creditors to agree to the terms of consolidation. I can't afford to make my minimum payments on those debts AND pay my consolidation payment so that means I'm going to fall even further behind. I'm just worried that even after all of this, they could say no to consolidation and then I'm stuck with hundreds of dollars in payments I'm behind on. Is this typical of how consolidation works? Just need some encouragement I guess.
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melissa_t_smith
Joined: 11 Jan 2008
Posts: 27
Debtcc Points: 1102
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| Posted: Fri Feb 15, 2008 7:27 pm |
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I am presently eith a consolidtion firm, the way the treated me was first I register and put down all the debts I wantd to consolidate they in turn prepare an informatin package with their proposal of how much $$ to pay the creditors (was based on my income) they notified the creditors only 2 wanted double the amount of what they had offered them they contact me to let me know of these two creditors and that if it was ok I needed to signed the paper they sent, then they got back with the creditor they accepted and I started paying the debt mgment company every month their fee is $35 per month and it is included in the amount they get every month. I am happy with them because I get statements from the creditors showing the payment and I can see the balances going down plus the creditors are reporting the payments to the credit bureau (to my surprise). If you are interested let me know. Hope this will help. OH! I signed up in 2/2007 and the first payment was on 4/2007
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spanisheyes
Joined: 15 Jan 2007
Posts: 283
Debtcc Points: 12506
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| Posted: Fri Feb 15, 2008 8:29 pm |
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Well I guess that's pretty much how things are going for me so far, I'm just worried about getting behind while I wait for ACCI to contact my creditors and for them to accept the proposal. I'm assuming everything should be squared away by next month, but we'll see! Thanks for your input 
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melissa_t_smith
Joined: 11 Jan 2008
Posts: 27
Debtcc Points: 1102
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| Posted: Fri Feb 15, 2008 9:47 pm |
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you are welcme, Anytime
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spanish eyes
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