interst rates

Hi Denise

Welcome to the forums. debt consolidation program serves to reduce or wipe off the financial charges and/or the late fees from your total debt.

So, a collection agency cannot further charge interest rates after enrollment in the credit counseling agency. The consultant will be proficiently negotiating with the collectors keeping your interests protected.

Regards
Roxette

I have been with another debt consolodation company for the past 2 1/2 years. I am not happy with them at all. I just received a statement from one of my old creditors and my balance has increased $2000.00 in this time. I have never missed a payment. They are still charging me interest. I need a change NOW!!!!!!!!!! I am so mad.

Denise

Welcome back. First of all, I will suggest you to report your debt consolidation company to the FTC or the State Attorney General office for not complying with the consumer needs.

The debt consolidation company is required to make regular payments to the creditors to reduce the debt substantially. In some cases, they reserve the amount for a few months and then make payments to the creditors. But the consumer should be well informed about it by the debt consolidation company.

The debt consolidation company will lay down the terms and conditions and after reading, you will sign the agreement. It seems that your company has violated the law and hence, needs to face legal action.

If you are looking for a change, research the different debt consolidation companies and make this wise decision. It is the trust that you put on the debt consolidation company for improving your financial position and your interests need to be safeguarded.

Regards
Roxette