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A few months ago(may/june) I happened upon this website. Unfortunately I had already "signed up" with a company called Ameridebt before I found the site and read all the horror stories. Well, I am seriously regretting falling for their pitch..
I had no problems making my payments, had no late/past due accounts, just had a large debt/income ratio. I had been making larger than minimum payments but the interest on some of these cards was huge and I wasn't getting anywhere. I called them because they offered a "bill consolidation loan". When I called I was informed that I needed to go thru their "program" for 6 months to verify that I would make payments on time and be worthy of a loan. Also, in the mean time, they offered a service where they would negotiate a better interest rate on the cards so I could get them paid off. Well, I talked to the "counselor" several times and was assured that 1) Because I was paying the entire balances not negotiated payoff that it wasn't considered Credit Counseling. 2)No CCC designation would appear on my credit report.
My first payment was scheduled for June 20th - however I had bills due at the beginning of June. I asked my "counselor" about this and was told not to worry - that they wouldn't be reported past due and that even if they somehow did, the accounts would be "re-aged" and would appear as up to date not late. Several weeks went by, I was still getting calls/letters and my statements reflected no payments to my creditors. I called my counselor again - by this time he is getting seriously anoyed with my calling and made no effort to hide that fact. Again he assured me that my credit report wouldn't suffer, all accounts would be "re-aged" and that they were in the process of "negotiating" which could take 30 days - in which time no one got paid. Then he made the statement "You might consider making extra payments while we negotiate"... this is 2 months after I signed up he informs me of this. I had asked earlier if I needed to make payments and was told no - it would be better if I didn't because sending extra money would hurt the negotiation process.

Well, finally in July some of my statements reflected payments. At that point all the accounts are 30 days past due, some are 60 days past due. Again I called my counselor and was told that because I had started making my payments I wasn't to call him any more and needed to call customer service from then on for any questions. I called customer service and was told that sometimes the negotiations took a while longer than 30 days but not to worry, all accounts would be re-aged and none would reflect as past due. Also that because my payment was at the end of june (20th), the money actually didn't get posted, thru their process, and to the customer until late july, then the customers got 2 payments. So most of my accounts showed no payments for june or july.
Recently I received a promotion and rather large raise and wanted to buy a diferent car. I practically got laughed out of the dealership.. First they wanted to know why I was on CCC - I tried to explain to them that I wasn't on credit counseling, that I was actually getting a loan but had to go thru their process. Well, that wasn't as much of a problem as the 6 accounts that showed past due. 4 of them for 30 days - current now, 2 still show as 60 days past due...
Again I called customer service and was told that I shouldn't have any problems because they were current now. I said that it didn't matter because they all showed up as past due at one point. She said that she didn't have any problems getting a car and that my credit was fine and I shouldn't have any problems - yea right..

I got current coppies of my credit reports and am at a loss as to what to do. My credit went from ok to screwed in less than 3 months thanks to them. If I quit the program then I guess that will be reported also and would look bad. So, anybody have any advice?? The truly ironic thing is with my raise my debt/income ratio is a non-factor. All my bills together can be paid out of 1 check (before taxes) and falls well below the 60% debt ratio... I can and will pay them off asap but is there any way to salvage my credit report???


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