CREDIT SOLUTIONS..

[randissimo]

I am overwhelmed with my monthly bills and particularly 3 credit cards I owe almost $20,000 on. I contacted CREDIT SOLUTIONS and think I am going to try their 3 year program.. Does anybody here know first hand about the company? I've gone to sites like ripoff.com and can find no derogatory reports..

[Shawn]

I haven't worked with that particular company, they all operate basically the same. I have worked with these guys before and had no problems with them. MMI

I feel your pain, I'm in basically the exact same boat as you are (except I have student loans as well). Good luck!

[Dan Gould]

My wife works with people who have used these programs (people trying to get qualified for first time home buyer's assistance). The one problem she has run into is that some do not make payments on your behalf on time, with the end result that your credit looks worse, not better, because of late payment dings.

[Shawn]

MMI was originally recommended to me by a lawyer, so that's why I signed up with them. I never had any issues with them applying the payments on time and their customer service was always firt-rate when I talked to them.

[Free For All]

Whatever you choose, good luck in knocking out your debt, Randy! (you too, Shawn!)

[randissimo]

My wife works with people who have used these programs (people trying to get qualified for first time home buyer's assistance). The one problem she has run into is that some do not make payments on your behalf on time, with the end result that your credit looks worse, not better, because of late payment dings.

Credit Solutions doesn't make payments. They negotiate settlements with the credit card people and I chose the best settlement deals and pay off the cards while depositing $359. a month in a savings account for 36 months starting June 10th..

They claim that by the end of the program I will actually have a better credit rating..

[catesta]

My wife works with people who have used these programs (people trying to get qualified for first time home buyer's assistance). The one problem she has run into is that some do not make payments on your behalf on time, with the end result that your credit looks worse, not better, because of late payment dings.

Credit Solutions doesn't make payments. They negotiate settlements with the credit card people and I chose the best settlement deals and pay off the cards while depositing $359. a month in a savings account for 36 months starting June 10th..

They claim that by the end of the program I will actually have a better credit rating..

To whom do you deposit the money with, Credit Solutions?

And what, you then continue to make payments directly to the credit card company?

[catesta]

I am overwhelmed with my monthly bills and particularly 3 credit cards I owe almost $20,000 on. I contacted CREDIT SOLUTIONS and think I am going to try their 3 year program.. Does anybody here know first hand about the company? I've gone to sites like ripoff.com and can find no derogatory reports..

Say what?

[Chuck Nessa]

A family member had good results with http://www.ccmcanhelp.com/

[randissimo]

My wife works with people who have used these programs (people trying to get qualified for first time home buyer's assistance). The one problem she has run into is that some do not make payments on your behalf on time, with the end result that your credit looks worse, not better, because of late payment dings.

Credit Solutions doesn't make payments. They negotiate settlements with the credit card people and I chose the best settlement deals and pay off the cards while depositing $359. a month in a savings account for 36 months starting June 10th..

They claim that by the end of the program I will actually have a better credit rating..

To whom do you deposit the money with, Credit Solutions?

And what, you then continue to make payments directly to the credit card company?

CS charges me $2,980.20 to settle on the $19,868.00 owed in outstanding balances to 3 credit cards. First I set up an account at my bank and deposit $359. for 36 months. CS withdraws payments of $303.54 from the account for the first 3 months and then the amount is reduced to $147.83 for the next 14 months. Then there's no more payments to CS and the fees payed to CS the first 17 months are used to negotiate the settlements with the creditors. They guarantee I will be out of debt with these accounts in 36 months after the program is initiated. They claim to typically get better than $.50 on the dollar in settlement offers.

Edited May 31, 2008 by randissimo

[randissimo]

The ripoff report actually endorses Credit Solutions...

http://www.ripoffreport.com/reports/0/264/RipOff0264955.htm

Edited May 31, 2008 by randissimo

[Dan Gould]

My wife works with people who have used these programs (people trying to get qualified for first time home buyer's assistance). The one problem she has run into is that some do not make payments on your behalf on time, with the end result that your credit looks worse, not better, because of late payment dings.

Credit Solutions doesn't make payments. They negotiate settlements with the credit card people and I chose the best settlement deals and pay off the cards while depositing $359. a month in a savings account for 36 months starting June 10th..

They claim that by the end of the program I will actually have a better credit rating..

To whom do you deposit the money with, Credit Solutions?

And what, you then continue to make payments directly to the credit card company?

CS charges me $2,980.20 to settle on the $19,868.00 owed in outstanding balances to 3 credit cards. First I set up an account at my bank and deposit $359. for 36 months. CS withdraws payments of $303.54 from the account for the first 3 months and then the amount is reduced to $147.83 for the next 14 months. Then there's no more payments to CS and the fees payed to CS the first 17 months are used to negotiate the settlements with the creditors. They guarantee I will be out of debt with these accounts in 36 months after the program is initiated. They claim to typically get better than $.50 on the dollar in settlement offers.

I'm still kind of confused - are you making any payments to the C/C companies in the interim? I find it interesting that CD withdraws their fees up front. You are going to deposit $359 each month for three years - but a big chunk of that is going to CS every month. Then at the end, you will have $9943.80 for them to offer to your creditors. But its three years down the line - what is your new balance after ongoing interest?

I'm not saying that they are a ripoff - it appears they aren't - but something seems to be missing in your description. And its definitely not kosher that they take their payment up front. I'm sure they've figured out that people are gung-ho about making a new start at the very beginning, so they are confident of getting their $303.54 for three months, then $150 a month for 14 more. But if you stop making the payments, or miss months consistently, where are you? Out the fee, and with far less money to try to payoff the debt.

[catesta]

The ripoff report actually endorses Credit Solutions...

http://www.ripoffreport.com/reports/0/264/RipOff0264955.htm

First off a lot of creditors will not negotiate settlements with them or anybody but you stand a greater chance with a place like Consumer Credit Counseling.

Sorry dude, I don't care what ripoff report says, this company cannot guarantee shit and look how many complaints they had to resolve before getting an endorsement from that website which still isn't worth much of anything.

Why would you want to deal with a place that takes so much of your money?

[randissimo]

The ripoff report actually endorses Credit Solutions...

http://www.ripoffreport.com/reports/0/264/RipOff0264955.htm

First off a lot of creditors will not negotiate settlements with them or anybody but you stand a greater chance with a place like Consumer Credit Counseling.

Sorry dude, I don't care what ripoff report says, this company cannot guarantee shit and look how many complaints they had to resolve before getting an endorsement from that website which still isn't worth much of anything.

Why would you want to deal with a place that takes so much of your money?

They take $303. the first 3 months, then $147. for 14 months, then after that 17 months they take nothing. During this time (36 months) I would have a bank account that is growing and will be used to pay off the settlements.

[catesta]

Maybe I'm still missing something here.

Is Credit Solutions saying they can get your creditors to wait 36 months for a settlement on the balance due?

What happens in the meantime?

[Dan Gould]

The ripoff report actually endorses Credit Solutions...

http://www.ripoffreport.com/reports/0/264/RipOff0264955.htm

First off a lot of creditors will not negotiate settlements with them or anybody but you stand a greater chance with a place like Consumer Credit Counseling.

Sorry dude, I don't care what ripoff report says, this company cannot guarantee shit and look how many complaints they had to resolve before getting an endorsement from that website which still isn't worth much of anything.

Why would you want to deal with a place that takes so much of your money?

They take $303. the first 3 months, then $147. for 14 months, then after that 17 months they take nothing. During this time (36 months) I would have a bank account that is growing and will be used to pay off the settlements.

I think we understand the way it works.

The concern expressed is the fact that they get $3000 from you over the next year and a half without actually having done anything to eliminate your debts. If you don't keep up with the plan, you'll be out that money and still be in debt.

You also haven't said whether anything will be paid on your debts in the interim, or whether interest will continue to accrue or what.

[randissimo]

The ripoff report actually endorses Credit Solutions...

http://www.ripoffreport.com/reports/0/264/RipOff0264955.htm

First off a lot of creditors will not negotiate settlements with them or anybody but you stand a greater chance with a place like Consumer Credit Counseling.

Sorry dude, I don't care what ripoff report says, this company cannot guarantee shit and look how many complaints they had to resolve before getting an endorsement from that website which still isn't worth much of anything.

Why would you want to deal with a place that takes so much of your money?

They take $303. the first 3 months, then $147. for 14 months, then after that 17 months they take nothing. During this time (36 months) I would have a bank account that is growing and will be used to pay off the settlements.

I think we understand the way it works.

The concern expressed is the fact that they get $3000 from you over the next year and a half without actually having done anything to eliminate your debts. If you don't keep up with the plan, you'll be out that money and still be in debt.

You also haven't said whether anything will be paid on your debts in the interim, or whether interest will continue to accrue or what.

To answer that question: CSA instructs it's clients to stop paying the creditors in the agreement on the activation date (June 10)..

Here's the part where I confess I signed up with their program.. Try and understand I am a right brained knucklehead musician.

I talked today with a lawyer friend and we went over my contract with CSA. He concurs that I don't really stand to benefit from their program and could accrue even more debt since I would need to have at least half of the total $20,000. debt available to settle at .50 to the dollar with the 3 card companies. In 3 months I would have only $165. in my account and in 14 months only $2475. and in 17 months only 3105.00. And most of the settlement offers come in the first 3 - 9 months after the activation of the program.

At this point I want to terminate the contract with CSA and work with my lawyer friend to help settle my debts. I e-signed their agreement on May 22nd and their cancellation notice states that if I decide to back out it must be within 3 days of the agreement (whoops).. Don't know how this works because they don't give any explanation in the contract or on their website as to how it works should one decide to cancel the program after the 3 day sign up period and I haven't payed them anything yet. The June 10 date is also their first fee installment.

Edited May 31, 2008 by randissimo

[catesta]

At this point they have done nothing for you, so you don't owe them anything. My guess is a good lawyer would advise that their contract is not worth the paper it is printed on.

I doubt they have any legal grounds to come after you for money. Even if they did, I'd still say fuck 'em.

Just don't give them access to withdraw any funds. You may need to close a bank account if they have the account number and routing codes.

Watch now, you're going to see what this company is all about.

I would not be surprised if when you call or email or whatever, they will give you a major serving of bullshit along with legal threats about the contract.

Don't give in dude.

[randissimo]

At this point they have done nothing for you, so you don't owe them anything. My guess is a good lawyer would advise that their contract is not worth the paper it is printed on.

I doubt they have any legal grounds to come after you for money. Even if they did, I'd still say fuck 'em.

Just don't give them access to withdraw any funds. You may need to close a bank account if they have the account number and routing codes.

Watch now, you're going to see what this company is all about.

I would not be surprised if when you call or email or whatever, they will give you a major serving of bullshit along with legal threats about the contract.

Don't give in dude.

Thanks for your insights and encouragement. Making a living as a self employed drummer and teaching private drum lessons is getting tougher and the economy here in Michigan is taking a real beating especially with food and fuel prices rising almost daily..

Edited May 31, 2008 by randissimo

[JSngry]

Have you considered opening a doughnut store?

[randissimo]

Have you considered opening a doughnut store?

That would be an idea... Healthy donuts made with organic spelt flour and raw honey !!

[catesta]

I got a name....

The Doughnut Drummer

[catesta]

Have you considered opening a doughnut store?

That would be an idea... Healthy donuts made with organic spelt flour and raw honey !!

See there, you've gone out of business before you even got started.

[randissimo]

Have you considered opening a doughnut store?

That would be an idea... Healthy donuts made with organic spelt flour and raw honey !!

See there, you've gone out of business before you even got started.