Has anyone had a not so good experience with a debt management  company?
923225
You are correct when you say it is better to work with the original creditors.  My husband and I went with a service that settles you debt, well the settle it you had to wait for the debt to go into collections.  The service was not good even though we did settle all of our bills and don't owe anything, but our credit looks like crap because everything states "Settled for less than the amount owed".  No one looks to highly on that.  Also, there are some companies out there that if they find you are with a debt management company they will not work with you at all and tell you that you have to pay the amount in full for instance if you have a RaidoShack CC they will not work with you if you are with a debt management company.  We went with Consumer Debt Intervention (don't ever use them!) and a little FYI if you have to pay a debt management company then they are a bad company save your money and pay the creditors.  Another FYI if you do settle your debts anything settled over $600 you have to pay taxes on, so watch out because that is considered extra income!
196733
Of course they can. They are a collection agency. A collection comes along and takes over where the original credit grantor left off and gave up. They get a portion of what was owed on the original debt like 25% or so. Sometimes they purchase your debt from the original creditor for pennies on the dollar! Remember, the collection agency isnt your friend no matter how nice they are. They're in it for you money; as much as they can. Sometimes they will offer a "paid in full" for a lump sum of just half of what was owed. Make no mistake. Even doing that they still make money although they wont let you know that. You need to arm yourself with credit knowledge. Start by going to annualcreditreport.com and getting your free annual credit reports. Learn as much as you can by yahooing or googling about such info. If your debt is old, it might be better to not even mess with the collection agency. By law, a negative (unapaid) item in your credit report has to be removed after 7 years. Hope I helped some. Good luck.
940615
They are ripping you off. There are tons of companies that can help the only thing is when people are stressed by debt they end up making wrong decisions.\nso you want to read up on it all so that you'll be able to find a good deal and not fall pray of any con artist.\nhere you'll find tons more info than I could possibly\nwrite myself. It'll take a bit but it's your money and well worth\ntaking your time over it\nhttp://credit-cards.ebookorama.com\nand here http://finance.ebookorama.com \nalso plenty more to read here\nhttp://credit.ebookorama.com\nhttp://credit-repair.ebookorama.com\ngood luck!
876224
I'm doing this right now. It's best if you have or can get a low interest rate loan and pay off balances all in one spot. Debt consolidation companies ARE NOT necessarily the best way to go. Some creditors will not work with these companies. Also, it can reflect negatively on your credit report. \n\nI recently transferred two of my three credit card balances to one loan, then cut up the cards. Now, I'm making two payments instead of four, and it had helped a lot.\n\nI'd say talk to several credit counselors for ideas. Read a lot of websites. There are plenty out there. \n\nGood luck to you!
47000
contact the creditor. If it is a large firm ask for the collections department. Attempt to negotiate a settlement that includes elimination of the negatively reported information. Start by saying "can you help me with this". Explain the original problem and staate that you want to make it good. Sometimes they will be sympathetic. At a minimum, if you pay they have to report it as originally charged off but paid.
1141786
Yes, I believe so.  The best course of action is a debt management company instead of borrowing more.  Try In Charge Debt Solutions.  A friend uses them and seems very satisfied.  They call all your creditors, get your interest rate removed or reduced and consolidate your monthly bills for a lower payment than your total is now.  They charge a small monthly fee but the pay back amount is still less than if you did nothing.  Just do an internet search on In Charge Debt Solutions and they come up along with several others.
544594
They did the same thing to me too.  I moved out of their network and their mover's connect people said that since I moved against my will (military move) I could get outta my contract.  Well it took a month and a half before they shut down my phone and they billed me for it (which was fine I used it),  I paid my last bill in sept., then in March of the next year a collection agency called me up saying that I owed them over a thousand dollars.  Well long story short after 6 months of calls, faxes and letters to their cust. care center they finally said to hell with it and refunded me the money (I paid it so I wouldn't be bothered by the collection agency anymore... which I wouldn't recomend untill they admit guilt).  Just remember this dude. "the Sqeaky wheel gets the grease."  \nP.S. Everytime you call them it cost Verizon $8.50 so just keep calling them, eventually they'll give in!!!!\n\n\nP.S.S. Amy your completely full of sh** the only headway I got from verizon is when I started yelling, screaming, kicking, and bit**ing.  So unless you've been through it shut the he** up!  I also went into there store and they were complete morons in there, twice they acctually tried to resign me.... sh** after all the bs they put me through anytime anyone tells me there thinking of verizon I tell them my story!!!!!!!
533873
Try out A+ Financial their interest rates are really low and the payment are cheap. They even have free advisors come to your home to discuss it all with you. Depending on your debt ratio you might need a co-signer but it is a really good company... I went from paying 870/month on debt to 246/month for 5 years. Their rates are lower than 6%
639852
Go to Consumer Credit Counseling Service.  They can help.  Be careful if you try other services, some are legit but some will just take your money and go more into debt. CCCS helps you make up a payment plan and calls creditors for you and can get interest lowered.
387028
I work for a debt management company. I have heard of them they are a genuine creditor. If they are a good company or if that is a good deal I don't know. What they are offering is typically called a pre-paid or partially prepaid credit card. they are very common when you are rebuilding your credit. there are more well known companies that you could go through- talk to your bank, and I think paypal offers one
259603
there are many excellent credit counseling agencies.  I know this one helped a friend of mine.  She thinks they were great, and was able to manage her debt, and improve her credit rating within 5 years, and that was after nearly declaring bankruptcy.
992150
I am unsure where Californian99 obtained his information, but debt consolidation companies are actually a very good way for individuals drowning in debt to get some breathing space. It is true than when debt consolidation companies were unregulated, many of the smaller ones took advantage of people's desperate situations, but this is NO LONGER the case. There are many larger companies now that are endorsed by regulation agencies and the one that I worked for even had a contract with the Defense Department in order to refer financially struggling soldiers for counseling. In fact a year or so back, when you heard all that news about the changing rules of Bankruptcy filings, one of the big changes was that individuals were to try to appease their debts through debt consolidation counseling before they were allowed to file. I admit that I am currently on the program, and it has helped me tremendously. Here's the basics on how they work:\n1) You have lots of high interest debt. Perhaps you fell behind on some credit cards or private loans, and the late fees and high interest rates are making it very difficult for you to make any progress. With my case, I was always on time, but I wanted to make a change in my life and rid myself of my high interest debt.\n2) you call a credit couneling company. I can't speak for all companies, but at the one I worked for we were trained to counsel the clients. To show care and compassion because they were in some difficult situations. This is sometimes all someone needs. Someone to just listen to, but if the counselor finds that a debt consolidation WILL help, then they will walk you step by step through the program.\n3) Okay so you qualify now what? You enroll your high interest debt into the program and the company will begin contacting your creditors to negotiate lower interest rates on most of your accounts. This is a tremendous help because interest consumes most of your monthly payment anyways. Another important thing that you have to remember is that the creditors also CLOSE your accounts. This is to further help you along in paying off your debts.\n4) You stay in contact with your consolidation company and creditors. But you only make ONE payment to the consolidation company, who in turn forward it to your creditors. \n5) Sit back and watch your debt slowly disappear!\n\nI think that the reason the person before felt so strongly against it is because he has never done it himself and has heard it from a friend of a friend. Also I found many consumers just left the accounts alone thinking the company was taking care of business. But you have to remember when you consolidate with a reputable company, they will encourage you to monitor your statements and call them if you see a fee that shouldn't be there. \n\nSo if you are interested in the company I worked for, it is http://www.incharge.org . If you are interested in the company I have an account with, it is http://www.careonecredit.org/ . Both of these companies are registered with the BBB and have outstanding reputations. The good part is they are also non-profit. They do ask for a monthly donation with your payment, which goes to paying for the counselor's salaries, but you can always decline it if you are really in a bind. I pay it greatfully because they have helped me so much. Anyways, good luck with your research!
475994
I have been working in the debt settlement industry for 4 years and yes they really can get you out of debt!! you can e-mail me if you want more info.
30897
First thing you need to do is to find a debt management company for help.  Please stay away from debt consolidation loans or anything similar.  Find a debt management company only.  What they will do is, they will contact every creditors and make a deal, such as lowering your APR.  Then they make promise to pay certain amount every month.  They will take certain amount from your bank account every month and distribute to your creditors.  \n\nIf you go this route, you don't have to worry about getting threathend by the creditors.  Also, this helps with your credit score.\n\nFor a typical company they charge you anywhere between $20-$50 per month for this service, but it's well worth it because they also provide good financial advice for free.\n\nOne of the company I recommend is called Amerix Corporation.  They helped me get out of debt when I was in debt.  Good luck.
995731
They may well be legitimate, but their level of customer service especially from the company director was well below par. My experience with them was one I would like to forget quickly.
350111
i feel the same way.. i thought about joining one of those credit counselors but haven't decided yet.. i have heard good and bad about them.. i'm interested to see what you get for answers cause i could use some advice too.. good luck
338466
Perhaps instead of a debt consolidation your in need of a credit repair company, as these old debts have been charged-off already.?