I signed on with the Credit Exchange in April. With three credit cards, and over $25,000 in debt, was looking to lower my interest rate and get on a payment plan I could live with.
My credit counselors Manny Lopez and Michelle Croix brokered my business to a third party located in Florida. Over the first several months I was with the Credit Exchange program, my credit score fell by 75 points, my debt increased by $4000, and my phone was ringing every 15 minutes from creditors wondering why they hadn't gotten paid.
Every several weeks I would call my Credit Exchange counselor, complain. They would assure me this was part of the process, and that everything would get sorted. Afterall they WERE paying my creditors, even though they hadn't negotiated anything.
After six months of harassment, the program The Credit Exchange brokered me to was able to finally tell me they COULDN'T negotiate one credit card. I still haven't seen a refund from my original payment for this card. And the balance plus penalties is higher than when I began. Luckily my tax credit and some insurance money has helped me get this card under control... For the moment.
One of my credit cards was negotiated, then a payment was missed by the brokered company. Because of the missed payment, my NEW negotiated payment went up $125/month. The Credit Exchange told me it wasn't their problem, and that I'd just have to deal with it.
After nine months with the program, I have just found out that the company The Credit Exchange brokered my debt to, is in receivership and under investigation. I've talked to my creditors, and I can't get out of the credit program or loose what little ground I've made up. I'm currently back to where I started before the program, making payments but not making any headway, no clear plan to resolve the debt, and now additionally I'm locked into a program with a company in receivership that has no incentive to be my advocate.
I'm dubious about the receivership's ability to pay my bills on time, but my creditors won't let me stay on the program without the third party. This has been a horrible experience, with people who want to make a fast buck. Go use one of the non-profit organizations, get educated and do it yourself. You'll save time, money and heartache.
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