Credit Card ?

[Steve Mccoy]

My wife and I have 7 cards between us and the rates started at 9% and have steadily jumped to 14.99% and now they are 24.99%. We felt like we were just throwing money away so she decided to combine our cards together through a credit place and make 1 payment, and they disburse so much to each place.We will have them pd off in 3 years.Ever since we did that we receive sttements charging us late fees and over the limit fees and our balances are still not moving.They even sent letters saying they will not accept any payment unless it is for the payoff amount.They call our house at least 5-6 times a day. I think thats a litlle rediculous and harrassment. The payment that we make comes right out of our account and we did check and they are getting payments sent to them but they still wont leave us alone! Is there anything we can do about this???Any suggestions would be appreciated. Thanks

[Jon Holdman]

Are you sure this "credit place" is actually making any payments? Sounds to me like you've been conned by some bogus "credit repair" agency that's pocketing the money you send them. Or, even if they are making some payment, they're paying less than the minimum payment. This whole deal only works if the credit card companies have agreed to a lower payment and reduced your interest rate.

This credit place may also have negotiated with the lenders to write off some of the debt. Seems like that debt doesn't really go away, though. It ends up getting sold to collection agencies for pennies on the dollar. These collection agencies then hound you to pay it back, even though the lender wrote it off.

I'd start talking to these callers and find out who they really are, what they want, and why they aren't just accepting the payments sent by the "credit place".