Boy was I stupid! At least I admit it! I only had 2 credit cards, Capital One and Citibank - both were paid on time - never one late payment. I was researching the internet to consolidate my bills and save some money in the end - WRONG decision.
I contacted Four Peaks Financial Services. Very polite, helpful, so I thought, and it all sounded like a breeze. Once I was signed up, I thought, wow, that was not so bad. Well, in no time collectors were calling non stop. I thought, how could this be? They take a monthly payment out of my account, and should be contacting my creditors and slowly making progress to a settlement.
WRONG - no communication. Only, don't worry about the debts, collectors, nothing will happen. You are OK with us - wrong again. Month after month, I was receiving non stop calls, letters, etc. Finally, after a year, nothing was settled and I received a letter from an attorney - now my Capital One was in litigation and I was going to be sued soon!!! Talk about scared.
I immediately cancelled with Four Peaks, and literally, have scraped and scraped on my own to settle the balance due on the account - which in the end has cost me just over $2,000.00 from the initial balance of only being $5,000.
Piece of advice, contact the credit card company first, work out a payment plan. Do not fall for any debt management scam - it will cost big bucks to get out of debt and in the long run you pay the company for absolutely nothing, only sleepless nights and constant worry that you are going to be sued - and I know for a fact now, that credit card companies do not play. Be safe - do not use Four Peaks Financial Services.
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