National Bank Card Monitor
@Masihi (4413)
Canada
May 14, 2012 11:04am CST
I just got a phone call from a rep from the National Bank Card Monitor company about transferring my current debts from my bank to their account for a fee of $998 up front which will be absorbed into my savings I'd get from taking advantage of their low-rate loan services to help pay off my debt without ruining my relationship with my bank. I know this doesn't make any sense, but basically it's a company that'll open an account with me, send me a balance transfer cheque, I use it to pay off my visa and credit line, and then I'll pay off my debt with NBCM and I'll be paying back with a really low interest rate. I'm sceptical because I've been scammed before by a business opportunity, and I'm just being super-careful.
I'm making over my min. payments, eating away at the principle of my debt on a monthly basis currently with my bank.
Have anyone heard of NBCM at all?
2 people like this
4 responses
@PhillyDreamer (3039)
• United States
14 May 12
This sounds like a classic pigeon drop scam, because they are asking for money up front. I would do a search for the company online and see if their are any scam alerts. Honestly if you paid that much money towards your principle you already owe would that cut the amount of interest you will pay on your debt?
2 people like this
@PhillyDreamer (3039)
• United States
14 May 12
I looked it up and it is a scan apparently a few people have been burned by them. They also have no better business bureau rating. Do not give them your credit card information. If you want to eliminate your debt, try negotiating with the company you are dealing with to try and find a lower interest rate. Tell them you can pay them a larger sum of money if they can work with you. Now a days creditor are more willing to work with you, especially if you've already fallen behind on payments. You could also try calling some legitimate lending establishments to see if they can offer you better rates.
2 people like this
@Masihi (4413)
• Canada
14 May 12
Ya, I'm kinda wary myself to be honest. I mean I know it's normal for debt relief services to charge a fee but wow a thousand bucks? I don't know. I think I'll go to my bank's credit specialist and see if I can get my interest rate lowered, I feel so much more comfortable with BBB-acredited rated companies anyway, that way I know people trust them on the whole. I've also did some looking into and I haven't found a single positive review of that company at all, and just a smattering of bad reviews. Looks like the company's not really well-known.
@PhillyDreamer (3039)
• United States
14 May 12
Con artist like to prey on people in their weakest moments, but using a bit of common sense and caution will always let you spot them before they burn you. Thanks for alerting me to this company.
1 person likes this
@GardenGerty (169450)
• United States
14 May 12
Never heard of them. People I know who have done this have ended up with some hidden charges etc. that kept them from paying off as quickly as they would have doing what you do. I am sure you have heard all of the advice to put your best efforts on your highest interest loan and as each debt pays off add that payment to the next one down and so forth. You are doing so good, do not get scammed.
@Masihi (4413)
• Canada
14 May 12
Ya hidden charges really eat up whatever resources you have and I want to avoid hidden charges. I was scammed before and I don't want to be scammed again, I mean I'm on freaking welfare I can't afford to get scammed again! My Mastercard is paid off my visa I still owe and my line of credit interest rate went higher a couple of months ago so I really have to tighten my budget (not sure how, unless we go to food banks and ask for charity which I don't want to do because right now we're self-sufficient and we're paying off the principle at the same time LOL!)
Perhaps I am too impatient :-p I got ants in my pants lol
1 person likes this
@Hatley (163772)
• Garden Grove, California
1 Apr 13
hi Masihi from what I have read this sounds like some sort of scam and I would not want to get into debt by giving them all that money,I have never heard of them and it does sound like a scam to me. I would talk to others who have financial know how and see if they do not think its a scam too..
@FrugalMommy (1438)
• United States
14 May 12
My gut reaction says "SCAM!"
I think it's really suspicious that they're basically cold-calling you to sell you their services. Sure, they're offering you a lower rate, but with the upfront fee you could end up paying a lot more to them. Especially if you're already putting more than the minimum payment toward all of your current debts...
This is a really interesting post on the company over at Ripoff Report. http://www.ripoffreport.com/credit-debt-services/national-bank-card-m/national-bank-card-monitor-ll-8bed7.htm
1 person likes this
@Masihi (4413)
• Canada
14 May 12
Well in my case (according to them) I'd be paying a thousand bucks but ultimately will be saving about $4500 in interest fees alone, that's what the guy said. I've read the rip-off report one, it's probably what Philly read as well, because that was the only review I could find, and it's not on the BBB site as accredited either.
With my current plan, and it's the highest I can go, I'll probably be able to pay everything off in about 7 years (using a debt calculator that's offered by the Gov't of Canada) - that's allowing for some minor purchases to be made on my visa. I know many people who owe more than 20K but still, Hubby's parents are debt-free, and Hubby always believed in not owing any money, and I don't want this debt any longer than what I have it now...it was tempting but the fact that I was scammed before that's what stopped me in my tracks.
1 person likes this
@FrugalMommy (1438)
• United States
14 May 12
I wouldn't trust their math at all. Have you done your own amortization calculations to see what the total amount you would be paying with each option would be? My concern would be that the upfront fee would be added to your account balance along with the amount you're transferring, and interest would start to accrue on that amount and capitalize every month.
Just keep in mind that this company is in business to make money. They aren't contacting you to solicit their services out of the goodness of their hearts!
2 people like this
