Cancelling a credit counselor program

Date: Sun, 10/26/2008 - 17:47

Submitted by anonymous
on Sun, 10/26/2008 - 17:47

Posts: 202330 Credits: [Donate]

Total Replies: 2

I have started a debt counseling program through a company called CCC (credit counseling corp). I have had nothing but problems with them. All of a sudden, the creditors that I have debt with, but didn't have harrassing calls, STARTED CALLING! Then, the monthly payment that was auto debited from my checking account was always there in the account but some of the creditors claimed they never got any payments! Come to find out, the CCC couldn't explain why the creditors wasn't receiving the payments and the creditors didn't have any answer as to why either! So here my account is debited every two weeks but no one is receiving payments! Then CCC had to redistribute checks for back payment! I am considering cancelling the program and doing it myself but my co-workers said that once you start a debt counseling program like that, if I cancel, it is an even worse negative remark on my credit report and effects my score! Is this true!

When you're in a debt management program and any of the payment

When you're in a debt management program and any of the payment is missed then it affects your credit score significantly. So, from your post it seems that, by not paying the creditors within the time limit, credit counseling Corp has already hurt your score.

Please go through the following page for getting a comparative idea on the effect of different debt solutions on credit score.

lrhall41

Submitted by phoenix on Mon, 10/27/2008 - 00:09

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Ok, if this is a settlement you were enrolled to, then payments

Ok, if this is a settlement you were enrolled to, then payments are not distributed every month, but instead, they will acrue until there is enough to pay off the first settlement. Then the next then the next and so on until all your debt is settled. Now, if it is a debt management Program where your paying back the full amount but at lower rates, then they should be seding payments every month to your creditors.

lrhall41

Submitted by on Mon, 10/27/2008 - 12:49

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