I got out of that with ‘London Financial’ after months of sending them money and putting up with the nasty calls from creditors.
I pulled out and they sent me most of my money back (Short of their $50.00 fee per month …for doing nothing) and I made payments, dealt with another, got the collection agency on my back, but at least THEY took lower payments… and I am almost paid entirely off to them now, Paid off 5 other debts through the years and after May, I will have 2 bigger (But non-delinquent) debts left to pay off.
Deal with them yourself. Debt management places only save your money, getting the interest and ‘fees’ while YOU are left to hold the bag on the phone calls for years.
In the Debt Management/settlement industry there are a lot of fly by night companies, but there are some that have a legitimate stake in assisting the clients.
The success of a program like that is based highly upon your location and determination to get out of debt. The industry as a whole settles debts for 40-50% of the balance owed and the good comapnies are going to charge you about 15% of your debt.
The industry is NOT for everyone. It is a tough process to go through as you do get late pays reported (which can ultimately be removed) but to look at the big picture, it was your “good credit” that helped get you in that situation.
Look for a company that has been around, and for one that does not hold your funds. In most states that has become illegal and several Management/settlement compamies are behind on the times. Try to find one that will provide you with copies of previous settlements and a rep that takes the time to listen to your situation and not just sell you for a commission in their pocket.
Also, many debt management programs aren’t very good but CCCS of Atlanta is very reputable and will help you get out of debt. They are a non-profit organization and you will not have to pay off your accounts in a lump sum. They will get your rates reduced and you will pay a monthly fee and they will also send you a monthly statement of what was paid where. Check out cccsatl.org. Anyone in the US can use them. You don’t have to live in Atlanta.
I highly recommend this for people with interest rates over 18%. It m y be your only hope to get out of debt.