Ive been using a debt consolidation for 3 yrs
Date: Sat, 10/15/2005 - 16:28
When you use a consolidation co. Is it normal practice for the collection agency that they are paying for you to continue to charge and interest rate of 12%per annum? My principle owed now is $32.00, the interest owed is 517.19 I tried to see if they would settle for less but wasnt resonable enough. Thank you
Hi Wendy Welcome to the forums. After your debt is sold t
Hi Wendy
Welcome to the forums.
After your debt is sold to the collection agency, they collect the debt from you. If you still don't pay to them, they put the financial charges and other fees on it. But as you said, you have taken a consolidation program for making payments to your debt, the consultant should discuss with the agency and try to minimize your debt. He can also put a stop to all the charges once you keep paying towards your account.
So, discuss with your consultant working in the program and arrange a better deal with the collection agency.
Regards
Roxette
