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Can I Transfer My Allegro Law Debt Settlement Contract to Another Company? – Rafael

“Dear Steve,

I have been with Allegro since June of 2008. They have helped me pay down over $4000 on a huge debt and lowered my interest rate by half. I have seen the recent news and I am concerned about losing my rate and fixed payments.

The phone system at www.allegrolawreceivership.com says that all the current contracts will be honored by the banks until the completion of the investigation. Is it possible that I will lose the plan and rate that has been established? Can I transfer my current debt arrangement to another agency? How do you think the banks will respond to this situation? And lastly what advice can you give for how victims can work with the financial institutions who hold the loans? Thanks.

Rafael”

Dear Rafael,

It isn’t clear from your question if you are a Allegro Law Debt Management client or an Allegro Law Debt Settlement client. If you are a debt management client then you are making monthly payments that are being sent to your creditors. This is actually what I am assuming you are doing and is happening.

If this is the case then see my previous post “Allegro Law Debt Management Clients. Important Information to Get Better Service” for information on what to do to transfer your debt management account.

Your question about being a victim and how your banks will respond is interesting. The fact that a consumer chose to go with a scam firm is not a problem for the bank. It does not absolve the consumer of any liability and is simply an unfortunate fact.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

morehelp1

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

READ  I've Been on a Debt Management Plan with Allegro Law and Need Some Answers. - Dustin
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Steve Rhode

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.

3 Comments

  • Why would you want to transfer your Allegro contract to another,possibly fraudulent, debt settlement co. Take what hard earned money you’ve got left and run……….run to a reputabe bankruptcy attorney!

  • I am a debt management customer. Allegro debits my account, deducts the $59 fee and credits the balance to Bank of America, who in turn lowered the interest rate to 10%.

    Because BOA has been royally screwing a lot of people I know. It seems that they could just as easily say that they no longer wish to honor the Allegro contract and begin to charge me higher payments or increase my interest rate or both.

    I guess my last question is regarding how I as a consumer can work with or negotiate with my creditor to make the debt more manageable. If they could create a contract with Allegro, what stops them from renegotiating with me?

    • Rafael,

      There is no reason you can’t cancel the Allegro Law debt management account and then just pay Bank of America yourself. Generally people keep the same low interest rate, B of A is getting the expected payment, and you are saving the $59 monthly fee.

      Steve

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