I too got into debt problems after loosing my pay. I tried to handle the debt myself but was unable to stay on top. I contacted Care One Credit even before I was 30 days late with any of my creditors. But I knew I was going to soon be getting behind.
They explained my 2 options to me and since I was trying to lower my monthly payments I chose the debt resolution plan. I still thought they would send monthly payments to my creditors just at a reduced amount and that would stop the over the limit fee and late fees.
Here I am almost 2 months into the plan and I have figured out all that I was told was not true.
I called today because my creditors are still calling me and they state they have not received a settlement letter from the company. Well when I called I was told it could be anywhere around 8 - 10 months before any payments are made. They don't make monthly payments they try to get the creditor to settle for less then what I owe and make one whole payment to them, but I first have to get money in my escrow account before this can be done. They also deduct monthly legal fees from my monthly payment so that reduces what is put into my "escrow account".
Am glad I have found this out now. I will try to work with my creditors myself and the $211 I was paying to Care One Credit I can send to one creditor and get them paid off.
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