Starting with CCCS

[Genenco]

HI all, Well, I gave in and called CCCS. The simple reason was I can pay my bills, but I sure as heck get tired of the dunning calls. I know, they are instructed (It seems) to be disbelieving of anyone who says they don't have the money...

Anyway, the setup and stuff is nothing different to what I could do myself, but the thing was, I was behind by $1,000 on one card and so, I just thought "What difference will it make if I use this group? My CR score is 529 (A new low!) and so like what's the worst that could happen? (Besides it going lower)

So, that's what I have going now. After I send the money they want (Up front) I then can start with catching up with the car payment.

I'll be hanging around.

[StaciMM]

If you're past due but have the ability to make a regular monthly payment, CCCS or something similar can be a good move. After 3 months, your accounts should go back into good standing, and late fees, etc. stop.

Good luck!

[ndbigler]

I was using CCCS for awhile, and it started out okay, and things were going good. But after we started getting our statements, I noticed one of my cards was only going down by 10 dollars each month. I was not happy, and it was past 1000 dollars. In the year or so that we did it, it barely had gotten the card to under its limit. They did have some good points though. They lowered all the interest rates, and got my minimum balance to be lower. It was nice only paying once a month for so many CC. I guess I can't say if I'm happy with them or not, or if I'd ever use them again. But that was my experiance. Maybe it was my own fault that was happening, but I'm not sure.

[tinroofrusted]

I don't personally recommend this route, but good luck with it!

[Genenco]

I don't personally recommend this route, but good luck with it!

Tin, since I haven't sent anything yet, may I hear what you would suggest?

The reason I am doing this, is:

2 CCs, are nice and quiet, they don't call to dun me. (They rarely have, very strange)

2 CC's call almost daily, they want the "Late Fees and normal payments" now. This totals about $1,700.00+

I am also about $1,200 late on Vehicle payments..This, CCCS won't touch, but that's not that bad, if I can get the others to shut up.

I am NOT being sarcastic, if you do have another way, I'd surely listen. Won't cost me anything...

[Minera]

depends on the person, if you feel that you will not miss any payments and always be on time with it well then I would give it a try, but I have heard so many of them the minute you are late once, your pretty much sol. That is why I went the bk route, and also doing the calculation, I came up with the same conclusion as one of the other posters my balances would only be decreasing ever so slightly each month.

[StaciMM]

Some creditors reduce more than others in a CCCS type program. The best ones are AMEX (0% but you must complete the plan-if you get out of it, all back interest is added on), Direct Merchants, Chase/Bank One go to 6-7%. First Premier & Kohls are also 0%. Beneficial loans generally go to 6%. Then, Citicard, Fleet go to 9.9%. Providian, I believe is 8%. Capital One (15.9%) and Cross Country (23.9%) are the worst...

**I've done quality control observing calls for Express Consolidation. There is no negotiating, but each creditor has set policies. Some reduce to a certain amount, others have a range. Like Discover will end up somewhere from 6.9-16.9%. Whatever they reduce to for one program, they'll do the same for all. Discover & MBNA are the main ones that are hard to predict-they look at the financial situation of the customer, how long you've been a customer, etc. So an MBNA customer with very limited $$ who has been a customer for 10 years will likely get VERY low interest in a program. An MBNA customer of 1 year with plenty of $$ may not be allowed to enroll the MBNA account.

Generally, accounts need to be at least 9 months old to be eligible, except MBNA needs to be 1 year old. Chase is the only one that I'm aware of that has no age requirement. You do not have to enroll all your accounts, meaning you can keep somehting out for backup, or keep something on your own if you have better terms on it NOW than what the creditor does in the program. There are 2 exceptions: if you have multiple accounts with one creditor-you either put them all in the program or put none in. (You can't include 1 Citicard and keep one 1 Citicard out.) And, MBNA insists that you keep no more than 1 total open credit card & makes you close any that have a $0 balance. Bank of AMerica allows you to keep out no more than 2. (I'm not sure if they insist on closing $0 balance cards.)

If anyone wants me to look up specific creditors, I don't mind.

[tinroofrusted]

Tin, since I haven't sent anything yet, may I hear what you would suggest?

The reason I am doing this, is:

2 CCs, are nice and quiet, they don't call to dun me. (They rarely have, very strange)

2 CC's call almost daily, they want the "Late Fees and normal payments" now. This totals about $1,700.00+

I am also about $1,200 late on Vehicle payments..This, CCCS won't touch, but that's not that bad, if I can get the others to shut up.

I am NOT being sarcastic, if you do have another way, I'd surely listen. Won't cost me anything...

Oh, I just personally don't recommend it because my best friend and her husband tried it for six months, and those jerks took their money and run. Not one dime of it was sent to creditors, and they had to file BK any way.

Not to mention, credit counseling shows up the same as a BK would on your credit report. (I personally have seen a rejection letter stating this! I can get a copy of it and post it if anyone would like to see it.)

So that's all. To each his or her own!

[Genenco]

Oh, I just personally don't recommend it because my best friend and her husband tried it for six months, and those jerks took their money and run. Not one dime of it was sent to creditors, and they had to file BK any way.

Not to mention, credit counseling shows up the same as a BK would on your credit report. (I personally have seen a rejection letter stating this! I can get a copy of it and post it if anyone would like to see it.)

So that's all. To each his or her own!

OK I see why you feel as you do. There's no harm in it, but for me, yes, it's not major, but I'd rather focus on other things and not those dang calls every 2 hours or so.

On the bright side, all cards (And the sig loan) will average about 9% they all droppped from an averge of 25%

I remember years ago, going to CCCS but when I lost my job they said "Get thee to a BK lawyer" so there's some who know it's a lost cause...

Oh and yes, I was told the creditos CAN put in that I am being helped by a 3rd party..Hey, I'm just a complete basket case anyway

[robivi3]

My Dad used CCCS back in the 70's. His debts were paid in a very short time. It is no longer affiliated with United Way down here. I think from what i have heard it's become a seedy organization. Be careful, all of this is about to become a bureaucratic nightmarish scam with the new laws taking effect.

Bankruptcy will be a money maker for many and Credit Counseling will RIFE with abuses. GW did everyone a disservice.

[ccidiot01]

We tried CCCS in January and just recently stopped making payments. Four card companies continued to call 3 times a day (including Discover) during the entire time we were enrolled. They continued to ask for past due amounts that acrued prior to enrolling. Very frustrating.

Once we stopped being able to buy groceries when needed, we decided it was time to bite the bullet.

[JeepMom]

See my post in this thread:http://www.bankruptcyforum.com/showthread.php?t=8830