9 August
Dear Sir/Madam:
I joined Cambridge Credit Counseling Corporation in October with $24,000 in credit card debt and have made on time monthly payments of $530 (minimum payment and service fees) to them from the start. My credit report states that I have been making late payments, and I am confused as to what service I am paying for.
I have many concerns with this unscrupulous business, however, my biggest concern is an error on my former account with Chase Manhattan. Cambridge Credit Counseling Corporation transposed some account numbers and, as a result, the account was charged off to a collection agency (World Asset Management).
World Asset Management has been charging me the maximum legal amount of interest (24%) since 2001. I was not notified of any of these changes until I starting calling the credit card companies in 2004 when I was supposed to be finishing the counseling program. My balance has increased by thousands of dollars on the former Chase Manhattan account since 2001.
Cambridge Credit Counseling has admitted to creating the error on the account but refuses to correct the problem! A representative had the audacity to tell me, "If you would have caught this sooner maybe we could have done something about it."
Since October I have paid over $24,000 to this company and am still $17,000 in debt. I find this apalling since over half of my accounts have been charged off with a 0% interest rate, something that was supposed to be avoided. Some months I sent more than the $530 minimum payment, and Cambridge Credit Counseling Corporation charged me a higher service fee.
I am not sure where my money is going.
I have documented records that illustrate the debauchery that has taken place with Cambridge Credit Counseling Corporation. I am a college student trying to fix past mistakes the right way, and am very frustrated.
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