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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Wanted to share our experience
DH lost one of his credit cards and called to ask for a replacement. For some reason they started asking him all these security and financial questions - almost like a credit check - and when they were done told him that they were not issuing a replacement card, but instead they were closing his account!
DH was super pizzed but I do understand why they did it - his calling them called attention to our high debt to income ratio. So there's something to think about.
They put us in touch with MMI, a credit counseling agency. They are not for profit, but it's not free - we pay a small monthly fee to MMI. I'm conflicted based on what I've read online (that it's supposed to be a suggested donation and not actually required), but not enough to complain, because they reduced DH's credit card rates by a LOT and we're making one monthly payment on all his cards. They will be paid off in less than 5 years, and those cards will be closed. We have been told that since we are not requesting that the balances be reduced, only the APRs, that this will not negatively affect his credit (we are not doing this program with my CC debt, so my credit isn't affected no matter what).
This has been a long time coming and I'm truly relieved.
I understand that people may jump in with their opinions  but I won't be entertaining any criticism with this post, I only want to share our experience with others, and see if anyone had a similar experience. 
Message edited 10/13/2011 9:17:44 PM.
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Posted 10/13/11 9:17 PM  |
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Ma-n-Pa2008
Mommy's Big Boy
Member since 3/09 2584 total posts
Name:
Melissa
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Re: Wanted to share our experience
I'm glad things are moving in the right direction for you guys! Not sure what company it is, but DH does the same thing with some of his CC and it will hopefully be paid off soon. I should look into it too!
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| Posted 10/13/11 10:04 PM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: Wanted to share our experience
I know several people who have done similar programs, I think it's great IF you are able to stay out of debt.vthe people that I know Personally are still paying this debt and now have new debt on top of what the already owed.
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| Posted 10/14/11 1:52 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Wanted to share our experience
Posted by Ma-n-Pa2008
I'm glad things are moving in the right direction for you guys! Not sure what company it is, but DH does the same thing with some of his CC and it will hopefully be paid off soon. I should look into it too!
Thanks
Posted by maybesoon
I know several people who have done similar programs, I think it's great IF you are able to stay out of debt.vthe people that I know Personally are still paying this debt and now have new debt on top of what the already owed.
I totally agree!! My husbands credit cards will be closed, and we're out of the country, so he can't open any new ones here, which is great. ALL of his debt will be paid off by the time we go back home, and we should have a great amount in savings. Such a relief 
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| Posted 10/19/11 10:13 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Wanted to share our experience
This is wonderful news to hear. Congrats on being debt free soon!!
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| Posted 10/20/11 12:15 PM |
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AidansArmy
LIF Adult
Member since 3/11 1292 total posts
Name:
Suzanne
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Re: Wanted to share our experience
My SIL used the same company and was extremely happy with them.
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| Posted 10/20/11 9:41 PM |
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sleepie76
enjoying every minute
Member since 12/07 3881 total posts
Name:
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Re: Wanted to share our experience
That must feel so great! Good for you !
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| Posted 10/21/11 9:36 AM |
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