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Process of Debt Consolidation with the creditors.

Date: Mon, 10/17/2005 - 08:59

Submitted by anonymous
on Mon, 10/17/2005 - 08:59

Posts: 202330 Credits: [Donate]

Total Replies: 3


Hello, I've been reading as much as I can on the forums here for a couple of weeks. And I have some questions about what goes on after I fill out the registration on the main page and talk to a counsler. I've read a few post where the person stated that after they started the consolidation process and stopped making payments directly to the CC companies that their credit rating went way down. Why is this? Arn't the payments going to the CC companies? And how come the CC companies still seem to call asking for payments?
Thanks


Hi tgorup

Welcome to the forums.

The consumers who have taken the consolidation program through this website have all been paying regularly to their creditors. None of the members have defaulted in their payments with their creditors through this program. Can you please re-read the posts and clear all your doubts.

After you have filled the form in the sign up page of this website, the consultant calls up and offers you a free counseling. During this discussion, he analyzes your financial situation and looks at your overall debt problems.

He negotiates with your creditors and reduces all the financial charges and the late fees from the total debt amount. Thus, you are offered an amount that is very much easier for you to pay in the program.

The creditors call up only when the consumers are unable to pay on their own to them. But, after using this program, they are willing to work with the consolidation companies and thus, they stop calling to them. If you are also having problems in paying the creditors, you can benefit yourself with this program. I am sure it will be much easier for you to pay through this program rather than paying it on your own.

If you have any doubts please let us know.

Regards
Roxette


lrhall41

Submitted by roxette on Mon, 10/17/2005 - 09:26

( Posts: 4009 | Credits: )


Ok, thank for clearing things up for me. Also you stated the consultant will negotiate with the creditors and reduce financial charges and late fees. Well I am up to date on my payments. I mean barely, if it wasn't for overtime I couldn't pay them. So will my debt still be able to be reduced any?


lrhall41

Submitted by on Mon, 10/17/2005 - 09:49

( Posts: | Credits: )


Hi tgorup

It's nice to get things cleared before choosing any company that will work on your debt related problems. :)

It's good that you have tried hard to pay your debt and make timely payments to it. If you choose such consolidation programs, you are likely to get some sort of reductions probably in the rates of interest when you don't have any financial charges and late fees in the total amount.

I am sure that the consultant will be able to work out a payment plan for you and you will realize that you will be paying less in the program than you might have paid on your own.

Regards
Roxette


lrhall41

Submitted by roxette on Mon, 10/17/2005 - 10:14

( Posts: 4009 | Credits: )