How Can I Get Out of My Agreement With The Credit Exchange? – Stephanie


“Dear Steve,

Signed up with The Credit Exchange but creditors still harrassing. I have tried to contact agent for 2 weeks but no response. Luckily It has only been one month and one payment made but want to get out of agreement and try to work with creditors. I have been laid off since January and still looking for full time work while bartending on side to make ends meet while collecting part time unemployment but I am sinking and fast! How can I get out of agreement and what would the benefits of filing bankruptcy be for me and how long will it affect me? I am about $11,000 in credit debt and have a $15,000 car loan, plus rent, etc.

How can I opt out of my agreement with a scam artist debt consolidation company and try and work with my creditors on a plan when I am only working part time?


Dear Stephanie,

I assume when you say ‘The Credit Exchange’ you are talking about the site at www.thecreditexchange.com.

I have now personal knowledge about the folks at The Credit Exchange but if you are unhappy and dissatisfied with the services that any debt settlement company, like The Credit Exchange, provides to you you should first send your request for a refund and termination to the company by mail and via some sort of traceable means like certified mail return receipt requested or FedEx or UPS and request confirmation of delivery. Keep your copy of the letter and the conformation together in a safe place. You might need that proof latter. In your letter advise the company that if you don’t hear from them within 14 days then you will file a complaint with the attorney general office in your state.

If you don’t receive a response within 14 days or the response is not satisfactory then contact your local consumer protection agency or state attorney general office and consider filing a complaint against the company.

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I would be VERY surprised if they agree to refund you any money at all. Typically debt settlement companies pocket all of the initial payments as advanced fees and claim that no refund is available.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Stephanie, if you have a copy of your client agreement or contract, I’d really like to see it. You can upload it to me here.

I welcome a company representative to post a comment below and inform us publicly what the termination and refund policy is of a client account.

Without a full time income it is unreasonable to expect that any debt settlement or debt management or debt repayment plan is going to work for you. To stop creditor harassment you will need to consider filing bankruptcy. Once you file it will end quickly. Please find a local bankruptcy attorney and go in and talk to them about what bankruptcy will mean for you. Most bankruptcy attorneys offer a free bankruptcy consultation to help answer questions.

The reality is that your credit is already shot and working with any debt settlement company is not going to improve it. Going bankrupt at this point is going to be a step in the right direction. Once your bankruptcy is discharged then rebuilding your credit is a reasonably easier exercise.

Please update me on your progress by

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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