Debt Relief???
@nanette64 (20364)
Fairfield, Texas
November 1, 2017 12:05pm CST
I am sooooooo mad, I have no words; except 4-letter and hyphenated ones to express what I'm feeling right now. I am either the most ignorant or stupid person on this planet. I THOUGHT contacting a debt relief company would help me resolve some monetary problems. WELL NO!!!!
My 'understanding' was that they would contact the 5 creditors I have to let them know they were going to NEGOTIATE settlements for all. That the $200 a month they would take would be DISTRIBUTED among the 5 creditors until they were all paid off.
WELL NO!!!! I find out this morning that they continue to collect the $200 a month until they reach a CERTAIN amount that they THINK the creditor will accept and then and only then do they CONTACT the creditor. I said, "HAVE YOU LOST YOUR MIND??"
The biggest creditor I have is with MY BANK for a loan which is a little over $5,000. What happens if they decide to close my account because for the last 2 months, you have been taking the money that they would have been getting? I would be so screwed because my Social Security is automatically deposited into that bank, not to mention all of my bills are paid on line through that same bank.
At $200 a month that this company is taking out of my account, it would take 1 year just to get $2400 together and THEN you're going to contact them and see if they'll settle for that??????????????????????????
I am so upset right now that I'm sick to my stomach. Any suggestions from you guys? I really need your advice.
14 people like this
13 responses
@Happy2BeMe (99399)
• Canada
1 Nov 17
Have you contacted the bank about lowering your loan payments. That is just terrible that they do that. How is that suppose to solve anything if they don't contact the creditors right away. I can understand why you would be so upset anybody would be in your situation.
4 people like this
@nanette64 (20364)
• Fairfield, Texas
1 Nov 17
I had talked to the bank manager about what I was going to do but it didn't dawn on me to see if they'd lower the payments @Happy2BeMe . Thank you for the idea.
4 people like this
@Happy2BeMe (99399)
• Canada
1 Nov 17
@nanette64 I know I had to do that before and they worked with me. I hope it works out for you.
2 people like this
@nanette64 (20364)
• Fairfield, Texas
2 Nov 17
@Happy2BeMe I'm willing to give anything a try.
2 people like this
@1hopefulman (45123)
• Canada
2 Nov 17
Have you signed a contract with this "debt relief company"?
2 people like this
@1hopefulman (45123)
• Canada
2 Nov 17
@nanette64 When I got myself in a financial mess when I was in my 20ies, I went to the bank and they helped me solve the problem by consolidation of debts. Can you go quickly go to your bank manager and tell them your situation and see if they have any useful advise?
2 people like this
@nanette64 (20364)
• Fairfield, Texas
2 Nov 17
Unfortunately I did @1hopefulman .
2 people like this
@nanette64 (20364)
• Fairfield, Texas
3 Nov 17
@1hopefulman I did call him and he said they'd be willing to work with the company but until 'that' company calls him and let's him know how this would work; I don't know if he'll be willing.
2 people like this
@much2say (53958)
• Los Angeles, California
1 Nov 17
Eek - that doesn't sound right! I went with a debt management company long ago (this was in the 90s) . . . and off the bat the counselor had a list of the already-negotiated interest rates and payments the creditors would be willing to take. The money would be given to this company and distributed to the creditors on a schedule - from the very beginning. That "certain amount" collected sounds weird - it's as if they might be making an interest themselves until they actually give it to the creditors. Hmmmm.
1 person likes this
@much2say (53958)
• Los Angeles, California
2 Nov 17
@nanette64 Hope you find a different DMP to go with. Another thing - I was told that you can actually negotiate with the creditors yourself, but it takes a lot of calls and you gotta be super aggressive about it. I couldn't do it myself. Good luck to you!
1 person likes this
@nanette64 (20364)
• Fairfield, Texas
3 Nov 17
@much2say Yeah cause if you ain't aggressive, they just blow you off. Thank you.
2 people like this
@nanette64 (20364)
• Fairfield, Texas
2 Nov 17
That's originally what I though was going to happen @much2say . And you're probably right about what they're up to.
2 people like this
@LovingMyBabies (85127)
• Valdosta, Georgia
1 Nov 17
I'm so sorry. I wish I had some good advice but I just dont. I will be praying that something works out with all of it though. 
2 people like this
@nanette64 (20364)
• Fairfield, Texas
1 Nov 17
Thank you @LovingMyBabies , I need all the prayers I can get.
2 people like this
@jaboUK (64361)
• United Kingdom
1 Nov 17
Oh Nanette, I don't know what to say. Whyever did you think that a debt company could do better than yourself? You could have used that $200 to pay something directly to your creditors. I suppose you know that now - I would fire them and see if you can get your money back. Then talk to your bank!
2 people like this
@nanette64 (20364)
• Fairfield, Texas
2 Nov 17
So much for the idea of consolidation @jaboUK . I apparently picked a crappy company. I 'should' have just called the bank to see if they would lower the interest rate.
2 people like this
@FayeHazel (40248)
• United States
7 Nov 17
Does the consolidation company know of your concern with the bank loan ?
1 person likes this
@nanette64 (20364)
• Fairfield, Texas
8 Nov 17
Oh yeah. I told them they are #1 @FayeHazel .
1 person likes this
@nanette64 (20364)
• Fairfield, Texas
9 Nov 17
@FayeHazel I know right? Geez, try to get ahead and get more buried.
1 person likes this
@FayeHazel (40248)
• United States
9 Nov 17
@nanette64 Good -- hmm, I do hope that it straightens out.... but how anxiety provoking....
1 person likes this
@bunnybon7 (50973)
• Holiday, Florida
5 Nov 17
you have certainly went with a really bad company. you don't even know if they might keep the money themselves. i don't know what to advice.
1 person likes this
@nanette64 (20364)
• Fairfield, Texas
6 Nov 17
I am worried about that @bunnybon7 .
1 person likes this
@nanette64 (20364)
• Fairfield, Texas
2 Nov 17
I'm going to see what I can do @maezee .
1 person likes this
@Letranknight2015 (51532)
• Philippines
7 Nov 17
That's just horrible, looks like they didn't help you at all.
1 person likes this
@jstory07 (134464)
• Roseburg, Oregon
4 Nov 17
Go to another bank and have your Social Security transferred to that bank. They should be able to call Social Security and do it over the phone.
@RasmaSandra (73443)
• Daytona Beach, Florida
1 Nov 17
I can imagine how you feel. I am constantly terrified that I won't be able to stretch my funds for all I have to pay. I found this link. Take a look to see if this can give you some answers There are other sites online that offer ideas too.
Find out 5 different ways to achieve debt relief. Not all debt solutions work for everyone. See the best ways to get true relief from your debts
1 person likes this
@nanette64 (20364)
• Fairfield, Texas
1 Nov 17
Thank you @RasmaSandra , I will check this out for sure.
1 person likes this
@just4him (306352)
• Green Bay, Wisconsin
6 Nov 17
Drop them like a hot potato. Discontinue and start sending that money back to the bank. I had a feeling debt relief didn't work. I hope you haven't given them very much.
