“Dear Steve,
I have over 11,000 credit card debt and I just applied with vortex debt group two months ago which I am think I might of made a mistake. In addition, I am still paying my credit card companies because I was late on one credit card and my minimum jumped from $80 to $217.
This was due to the advise I received from Vortex to not pay my credit cards from this point on which is hard to believe as penalties are being applied which why I am still paying the minimum and paying vortex 400 dollars and also my minimum .
Would like to know if there is a way out of vortex or if i am stuck with them?
Is there a better way to handle my situation? or any recommendation you provide please thank you
Sam”
Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
Dear Sam,
I’m not sure if Vortex Debt Group filled you in completely. Here is how debt settlement works. If you don’t have money to settle the debt settlement company tells you to stop paying the credit card companies and start saving money. They want you to fall behind so they can go to the creditor and say you want to settle because you can’t pay.
Once you fall behind it will hurt your credit and be on your credit report for seven years. A creditor could sue you for non-payment, you could get a judgment against you and your wages could be garnished. In fact NCO collection, a large national collections company told the FTC recently that they’ve been instructed by their clients when they find out someone is in a debt settlement program they should refer that consumer for legal action straight away. See this article for more.
The first step should be for you to read The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy and then if you feel you made a mistake with Vortex you can read How to Get Out of a Debt Settlement Program and Get a Big Refund.
My guess is that this relationship with Vortex is not going to play out in an acceptable manner for you if your expectation is that the debt settlement approach is not going to result in bad credit, collections calls and possible lawsuits.
