Re: Wage Assignments: When does this Happen?

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Posted by: 13er on 07/05/07:

In Reply to: Wage Assignments: When does this Happen? posted by: High Priestess on July 04, 2007 at 18:50:22:

Many people find themselves in your position when it comes to these debt consolidation companies. Sometimes they should have investigated bankruptcy instead of getting further into debt and giong no where with the debt consolidation companies. You already have marks on your credit reports since you are signed up with them (it does appear on your credit reports)and that information is reported by the creditors involved. You signed a contract with them - pull out that contract and read it. When you have that information, see what your options are as to whatever is in your contract. The contract will state what the company and/or the creditors will do if you do not make the required payments on time. Then you will know where you stand and what you can do to resolve the situation.

: I signed up with a debt consolidation company because I had 6 credit cards with high interest rates and the payments were more than I could handle. They were good to me and for a year I had no problems paying them the amounts asked, however I ran into some financial difficulty lately and I can not even pay the debt consolidation company. I called them and explained and was told to pay what I could especially the credit card companies that had already threatened to drop me from the debt consolidation program. I sent in a payment, but it was not the large one that I usually pay. Again, after payday I realized that the next month I could only afford to make partial payments to the debt consolidation company. What happens if I can not keep up? The creditors position is what I am interested in and will they all start wage assignments immediately or what should I expect from them? What will the debt consolidation company do?


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Be careful when considering using companies offering credit counseling and debt consolidation services. Do a little reading to learn from other peoples experiences with debt consolidation and credit counseling. Then you can post questions here to get even more information about either credit counseling or debt consolidation.
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