Of course I managed to find myself in over my head with credit card debt. I viewed a commercial on the television for a debt management consolidation program. The company was stationed out of California. I was hesitant at first but I knew I wasn't getting anywhere on my own. I gave them a call one evening and was set up right then with their program. This gentlemen I talked with spoke in a very fast manner and for some reason I was under the impression I wouldnt have to pay them a monthly fee. To my suprise when my statements arrived I was wrong. I just didnt listen carefully enough when signing up.
The program was unable to lower my monthly payments on the credit cards. However they were able to lower my interest rates. They were even able to lower one to 0%. The way the program worked was that I paid them a $299.00 deposit in which I would receive back when I completed the program. They took my monthly payment directly out of my checking account along with my $39.00 monthly program fee. I still received monthly statements from the credit card companies and a monthly statement from CFA. I was told CFA would also receive monthly statements from my credit card companies so they would be able to follow the progress.
A few things I did not like about the program was since they were suppost to get a monthly statement from the credit card companies I figured they would know when one of the creditors were paid off. Of course not. I would get my credit card statement and see a credit listed. I would eventually have to call CFA to have them stop payment to that particular credit card company and then I would receive a credit refund check later from them. The biggest problem I had was when I completed the program and it took me a year to receive my deposit back. I called them a total of 9 times. Each time I was told it was being audited. Finally after a year of getting the run around I called them with an attitude. Spoke with the "manager/owner" who actually hung up on me. I called them back and spoke with a female who would not transfer the call back to the owner. As soon as I mentioned the Better Business Bureau they got in gear. I received a personal check from that gentlemen who hung up on me within 2 days.
All in all the program did eleminate that credit card debt in a shorter time frame than I could have on my own. I was pleased that I was out of debt with lower interest rates. But it was a hassle in the end dealing with the company.
I would not recommend this company to anyone.