PostHeaderIcon PLEASE!!! I NEED ADVICE!!!?

I signed up with a debt consolidation company to handle my unsecured debts. I have been with them now since April 08. I got a phone call today from them saying one of my creditors is asking for a settlement and that they want to be paid within a year. So now, the debt consol company is asking me if I can come up with the money to settle with the creditor. And this is,on top of the money that I agreed to pay the debt consol. co. every month for the next 4 yrs. Isn’t the debt consol co. suppose to negotiate for me? I wasn’t even given any sort of reduction on the amount of the debt. I did the math and I can’t afford the payment plan that the creditor supposedly want.
What should I do?

2 Responses to “PLEASE!!! I NEED ADVICE!!!?”

  • Steve K says:

    Most debt consolidation companies are funded by the credit card industry. The sad truth is that they are there to help those companies recover money, not to help you get out of debt.

    My question to you is: can you afford the monthly payments you’re already paying? If so, you’ll have to respectfully tell the creditor that you’re already at your monthly limit for debt repayments.

    The next step is to cut up your credit cards, and never use credit again. Millions of people have already done it successfully.

  • Judy says:

    Tell them no, you can’t come up with the money, and see what they say then.

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