debt consolidation

Hi pwdowner

Welcome to the forums. The monthly installment was set in your case after looking at the total amount of debt, reducing it by 40% to 60%, eliminating all the financial charges and other expenses. He can lower the monthly payment by increasing the time period, but he might be concerned that you will be paying more towards this debt which could have been saved. After all, he is interested in saving your money in the long run.

The consultant will be able to make you debt free within the set time frame and with the set amount of money. I strongly believe that your co-operation with him will be helpful to carry on the smooth functioning of this program and thus erase your debt.

Please get in touch with your consultant and know the best what will be favorable from your side.

Regards
Roxette

Hi pwdowner

Welcome to the forums.

You want to enroll in a debt consolidation program and United Christian Financial contacted you in this respect. But the fact is that the upfront fees they will charge solely depend on their company policy.

As far as your second query is concerned many debt consolidation companies use to take deposit every month from the debtor and deposits the same in a special escrow account. Only after a lump sum amount is accumulated in the account they will start paying off the creditor/creditors. But you have to make sure that the debt consolidation company is paying off to the creditors. Also view your credit report at regular intervals to keep a track that all the updation are recorded properly.

Hope you will find this information useful

Regards
Peter