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Review 3/14/2011
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I was referred to Consolidebt in April 2010 by my banker after being unable to obtain a consolidation loan. I was VERY WARY and suspicious. I am fairly sophisticated financially but, unlike what some "experts" say, creditors will not negotiate with consumers directly, and after 1 1/2 years of trying to "do it myself", the referral to Consolidebt gave me the push I needed to try something new. I only wish I had started a long time ago.
At first the consultant was a little pushy, but I told him I was going to take my time in making this decision, read all the documents, check references, etc. Two months later, I went ahead with the program.
Ultimately, everything they told me was true. Consolidebt is a marketing firm which works with DebtWave, who manages the consolidation. This is a fantastic group that always returns calls and e-mails immediately, and is professional, respectful and courteous. These are important elements because of the stigma people who have over-extended themselves feel.
A couple of suggestions if you are considering this:
1.) If you have a lot of accounts, start with just a few. The "Set Up Fee" is based on the dollar amount of the consolidated payment. If you add more accounts later, there is no additional fee. (The Fee is well worth it, given the quality of service.)
2.) Further to 1.), they are consolidating debts, and it takes several months to get the proposals together and the payments synchronized. If you don't want to damage your credit, there are several months where you make double payments, which can be a bit of a challenge cash flow-wise.
My only regret is that I didn't start earlier. After 9 months in the program I am well on my way to being debt-free. The program paid for itself in interest savings in the first two months.
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