Re: Re: Re: Getting out of a CCCS... My reply was to PsychDoc when I said "True..." I don't know much about Debtscape, but I've heard terrible things about Ameridebt. I believe there is either a government action or a class action lawsuit against them. I remember reading something about it a few months ago. They're associated with another organization, I think Debt Works, which is for profit, and there were some articles around here about them--using the nonprofit to funnel money off or something. I don't remember the details.
Re: Re: Re: Getting out of a CCCS... Doc, I agree with you 90%. Let me address the other 10%. CCCS is not in itself bad for your credit. It's not factored into your FICO score, and once you complete the program, your credit history will be as good as your payment history with CCCS. Many people report that CCCS was bad for their credit, when really it was the circumstances that led to going to CCCS that damaged their credit. If you're already late on your bills, those negatives will reflect on your credit even when you're in the CCCS program. Many people sign up with CCCS, and then become oblivious to everything that's going on except when CCCS wants their next payment. This is understandable, but not wise. When entering these programs, it helps a lot to be aware of what's going on with each creditor, when those payments are due, and when CCCS is doing their disbursements. Sometimes a creditor needs an extra payment before CCCS takes over so it doesn't show as late before going into the program. Some CCCS programs are better than others. Personally, I'd avoid the ones with heavy marketing campaigns. CCCS companies collect fees from creditors for helping their customers avoid bankruptcy (which is appropriate, they need money to operate) but some of these companies will enroll people into their program even if it's not in their best interests. An honest debt management company will tell a consumer when bankruptcy is their best option, and will encourage them to explore other (legit) methods of dealing with their debt. The dishonest ones will hype you on monthly payment savings, and sign you up no matter what. The dishonest companies often sell their service as debt consolidation. It's not. Debt consolidation is when you take out a large loan to pay off many smaller loans. What these companies do is debt management. If they tell you anything else, be careful.
Re: Re: Re: Getting out of a CCCS... Great comments, Mycroft! Thanks. (I agree with your comments 99%, by the way. The other 1% is due to my disagreeable personality, lol.) Doc
