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Needing Help!!

Ok so my DH has some credit card debt from before we met, and he has been in a consolidation program for over 8 months, well he realized after a few months they were charging him a finance charge EVERY single month on all of his cards, well it turns out when the consolidation program makes the payment (after we make the payment to them) they dont make the payments on time. Well he called in and was told by one of them that after 3 consecutive payments the finance charges (aka late fees) would stop and his APR would drop to 6%..well hes made 8 consecutive payments and nothing!! and these jerks charge a $50 fee every month for him to be in the program and its clearly getting him no where!! I mean whats the point of it?? Well he called in about still receiving the late fees and he was told by a different representative that the late feeds

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Italiancouture7

Asked by Italiancouture7 at 2:35 PM on Oct. 8, 2008 in Money & Work

Level 4 (41 Credits)
Answers (6)
  • (cont) - would NOT go away, now how in the hell does that make ANY sense?? if THEY cant make our payment on time then its THEIR fault, the program is set up so we pay the consolidation company and they destribute the payments every month, so we asked how their program was helping us and the guy couldnt give us an answer and my DH said I want OUT of the program and the guy didnt even care he just said ok and transferred us to some ladies voicemail that cancels the accounts....My Question is, is that shouldnt they have to pay us back for these late fees?? because THEY are the ones not making the payments on time, I mean if we stop the program we will have control over this and obviously be able to make the payments on time, but by dropping out of the program my DH's APR will shoot back up..so is it possible to negotiate with the credit card companies to keep the APR down on our own without using one of these programs??
    Italiancouture7

    Answer by Italiancouture7 at 2:35 PM on Oct. 8, 2008

  • I would at least try. Send them letters, certified letters. You can't prove anything they say over the phone, so get it in writing.
    customcat2000

    Answer by customcat2000 at 2:37 PM on Oct. 8, 2008

  • Contact the Attorney General's office.
    EireLass

    Answer by EireLass at 2:43 PM on Oct. 8, 2008

  • Yes you can negotiate with the credit card company on your own to lower your rate. The trick is persistence, being nice, and getting the right person with the authority to do it. Many credit companies do not accept terms through a third party (Credit counseling) -- I worked for an auto finance company and we didn't. We wouldn't refuse payments sent in, but we also wouldn't honor all the false promises these companies make about lowering your APR and waiving late fees.
    Serafyna

    Answer by Serafyna at 3:31 PM on Oct. 8, 2008

  • I am going through paying off debt with my hubby as well. I sent letters to every one that he owed to asking them to send me a statement with a contact number so we could make arrangements to pay them off. I was able to take most of them down and they all take the money out on the same day each month. Most of them we only pay $5- $10 a month and after 6 months our credit scores are already up! Cancel the program you are on and take the debt into your own hands you can always send them a few dollars more with the saving of not having that company do it for you!!
    MichaelMommy

    Answer by MichaelMommy at 4:01 PM on Oct. 8, 2008

  • I would contact a lawyer. Obviously if its not helping I would get out, but if you contact a lawyer maybe you could sew for all the money that he has paid the company.. and for the late fee that is there fault that he has. The whole soul puropse of those thing are to get things paid on time and paid off and if you keep getting late fees they will never be paid off..
    atjm0919

    Answer by atjm0919 at 9:05 PM on Oct. 8, 2008

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