I have been paying down my debt for just ove 2 1/2 years through CCCS (see earlier Post) and I have a couple of questions. 1. My original balance for all of my accounts when I started CCCS was $14,142 I have been paying for 2 1/2 years and my current balance is $10,000 . Over the past 2 1/2 years I have paid $10354. All of the interest rates match, What CCCS said I would be charged and what the creditors are charging me. On CCCS monthly statement it says my estimated total balance is $7867, why such the discrepency? The difference is spread between all of the accounts, I wish it was as simple as one or two accounts not matching. This is very disturbing to me, needless to say I have an appointment set up with my CCCS "counselor". If there is anyone that has any insight into this please share. 2. What happens to open accounts once they are paid off, or you are no longer using CCCS? Does the creditor close them? If they have been in good standing all along, or for a long time will they remain open and be "usable? Thanks, Crile
When I used CCCS a few years ago, it was explained this way - they don't get a copy of your monthly statements, or calculate interest. Every so often the "adjust" your balances they send out on your monthly statement to match those of the creditor. If your monthly statements from the OC's are correct - all payments are being credited, what CCCS is reporting is not a big deal, at least until you get near being -0-. Thats up to each creditor individually.
Am I reading this right? You have paid them over 10,000.00 in the last 2 years and your balances only went down by 4000.00? Don't they lower your interest on most accounts to next to nothing? Something is definately wrong here!!! I had a friend who went though CCCS and everybody (except Sears) lowered her interest rate to below 5%. Also, I was shocked when she completed the program that most of them offered to re-open the card (at a reduced credit limit though). So after going through CCCS for 2 years, she came out with her Chase card & a couple of others. If I recall, Sears was the only one that was really nasty to her.
That's true, although CCCS seems to have a better record for making your payments than some of the other companies offering this type of service. I know there is at least one where the service didn't make any payments for over three months, saying they had to get their "fee" first (and they're supposed to be non-profit)!
