The Credit Exchange Referred Me to Allegro Law and Now the Court Has Closed Them Down. What Do I Do? – Stefanie


“Dear Steve,

My husband and I were referred to Allegro Law from another company that we filled out a survey with to see what our options were to get out of debt. Once we talk to the first company which I believed was called, The Credit Exchange, (www.thecreditexchagne.com) we were given all the information up front about our payments, fees, and so for.

Once the contract was signed we were told that Allegro Law would taken care of everything. Well the first month everything went great, they were able to get everything settled with our creditors and the phone calls stop and they were being paid.

The second month, our payment was taken out two weeks later than it was the time before. We didn’t know that at the time that Allegro Law was investigated at the time and all the accounts were frozen.

Do to that happening all our creditors have canceled out the payment arrangement set up with Allegro Law and our calling us and saying we are refusing to pay our bill! We called the original company we contact the first time and talk to the agent we have been talking to and he said that everything with Allegro Law was taking care of and it was a misunderstanding that we have nothing to worry about.

But here we are paying Allegro Law a monthly payment for two years to get out of debt and from the looks of it none of the creditors have received the money or will expect the money! I can’t access the Allegro Law website and haven’t received anything from them since the first month. We don’t know what to do! Do we get out of our contract with Allegro Law and the other company and try something else? Cause the way things our going we are getting more in debts then we were when we first signed up!

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Dear Stefanie,

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

I believe that The Credit Exchange was marketing services for Allegro Law who then in turn sent the accounts to Americorp to service.

Allegro Law was taken over by the court in Alabama and the lawyer in charge lost his license to practice law. It is all a huge mess.

I would suggest that you read through all the comments on my original Allegro Law post. You will find a lot of information about this situation, how to stop your payments and what to expect next.

For many clients in a similar situation, bankruptcy will be a logical outcome since the money is frozen and creditors are knocking at the door. You should also listen to my interview with the court receiver of another similar debt settlement company, Hess Kennedy, that The Credit Exchange referred consumer to that was also closed down to give you some historic insight in how these things can turn out.

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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