I'm glad I stumbled upon this website... it's been pretty informative. I need some advice!! Here's my story in a nutshell. I had good credit and lots of it through college and was doing ok with my first few professional jobs after college until I landed my dream job. Got the dream job, but not the dream pay. So, I was forced to live mostly off of my credit cards for almost 2 years and managed to build up a huge amount of debt. This coupled with my huge student loan burden has left me a creditors nightmare. Debt to income ratio... disgusting. I owe more than I make on an annual basis. Anyhow, bankruptcy was't an option so I turned to a debt mgmt company. BIGGEST mistake of my life! 18 months later they have managed to thoroughly trash my credit and now I'm left with the pieces to pick up and move on. Basically, I paid the debt mgmt people consistently for the last 18 months or so and they failed to make timely payments to my creditors. As a result I was running past due almost consistently and I couldn't't afford to pay them and my credit card companies directly. Talk about being stressed out. I have enough stress at my job and on my days off having to police these people and fight with the credit card companies was at times, more than I could handle. It came to the point where it became way too ridiculous for me to continue with this organization and I was finally in a better financial position to make the payments on my own. Here's my first issue: they are holding my last few payments and will not forward them to my creditors with no explanation. I'm current on all my accounts now, but they're holding my money! The other issue is the fact that my credit has been ruined it is so sickening. I am boxed into a corner and don't know where to turn. The good part is that I am no longer paying these idiots and I am back in control of my bills. I am considering a small claims court suit against this company to get me my money back. Unfortunately they will not return my phone calls, emails and faxes. They allegedly have proof that all my money has been forwarded, but my statements do not reflect that. But their proof, is not proof by any shape of the imagination. Any suggestions as to how to get my money back? Any suggestions on how to repair my credit that was ruined by this company? THANKS! EKKA
Wow you got lots of issues. They say they have mailed the payments, and each and every one of your creditors hasn't received them? You will probably have to sue to produce documentation. Repairing your credit. Read, read and read some more. Order all three of your credit reports individually from the CRAs to see exactly what kind of damage has been done. Then you can develop a game plan.
Debt manglement companies is a better name for them. Be sure to read the Fix your own credit thread at this link NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ************************************************************
I am sorry to hear about your misfortune. Debt Settlement Companies prey on innocent people who are in major debt and see their advertisements on the internet and on TV.. Settlement Companies take your hard earned money(without ever making a payment to your creditors) they put in their own savings accounts and let it collect interest, while your credit card debts are gradually going from 30 days past due all the way to 180 day and eventually charge off status... Debt settlement companies will send Credit card companies a letter stating that they have Power of Attorney for the Customer and to cease contacting the Customer. These letters are useless. What it does most of the time is get the Credit Card Companies attorneys involved to collect the debt. I wish the I could name all of these companies but the list is to long .. But the main point if the Company has Settlement in it.. more than likely you will want to stay away from them.. I wish you success in getting your money back.. Keep everyone up to date on how you are making out..
Thanks to everyone with their advice... I shall be filing the papers shortly in small claims court. This has definitely been a learning experience and probably the biggest mistake in my life so far. But, lesson learned and I'm already on track in fixing the problem. Nope, not edge solutions. I'd rather not say what company it is publicly until I'm settled, just incase. EKKA
Tried the lawyer thing... he wasn't interested. We're talking about a sum of about $1500 and there wasn't anything in it for him, when all is said and done. I guess we'll see what happens... EKKA
