I signed up with Morgan Drexen. Paying $599 /month. Paid 4 times. Have debts totalling $40,000. Some back to June 2009.
Carry on with Morgan Drexen? Or pay off indivdually @ 50%?
Morgan Drexen sure has been in the news a lot in the past year and not for really good stuff. Without looking at your debt settlement contract you singed with them I can’t make any sort of statement about how much you’ve paid already that went to their fees alone.
If you have the cash on hand to settle your debt now and you are behind on your debts there is no reason you need to pay a debt settlement company to do this for you. Just based on average debt settlement company fees of 17% on the debt in the program you would be paying $6,800 just in debt settlement company fees. That’s money that would not even go towards paying your creditors off. And that doesn’t even account for the monthly account fees you may be paying as well.
I think you are right to investigate the path you are on some more and it would be wise for you to contact Damon Day, an independent financial adviser, to review the program you are enrolled with and come up with a custom game plan that meets the goals you want to achieve.
Update June 17, 2010 – Morgan Drexen Blows Bogus Comments
See comments below from Shane and Kate? They are bogus comments being posted by people at Morgan Drexen. You’ll find my comment below where I out them for their deception.