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Forum
-> Household Management
-> Finances
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amother
Magenta
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 Mon, Apr 23 2018, 3:40 pm
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Has anyone used this company? Are they legit? We're drowning and we need relief.
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amother
Copper
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Mon, Apr 23 2018, 3:54 pm
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Yes. They negotiate a lower interest rate on your credit card debt and you make one payment a month to National.They disburse the money to your cards. During repayment you cannot use those cards. Also, they aren't able to negotiate with all banks. I think they can't do Amex or BOFA. I think they charged like $25 a month for their service. They also offer financial counseling by phone.
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amother
Magenta
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Mon, Apr 23 2018, 4:22 pm
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How long did it affect your financial health afterwards? I dont' want to commit financial suicide, but I'm suffocating as it is.
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amother
Copper
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Tue, Apr 24 2018, 9:51 am
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Ask them but I think it wasn't too long. It is different than settling and paying a portion of the debt, which is worse. This is called credit counseling and you will pay back the full debt just with a lower interest rate. Also, I think this program can be started without you having to default on the cards by stopping payments, like for settling.I think they say that by the time you finish the program, your score will be higher because you've paid everything down.
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amother
Rose
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Tue, Apr 24 2018, 12:15 pm
Not op, and I'm in similar situation. Currently paying about $150 a month in interest fees.
If I would work with above named relief company, how much less interest can I expect to pay per month?
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