In August 2015 I signed up for some stupid debt consolidation program with Cockburn and Associates. I owe about $27,000.
Due to the wildfires in Fort McMurray, Alberta, I am one of the people who’s jobs are up in the air because of the destruction and uncertainly. I contacted them to explain the situation. My request was denied. WHAT??? My mortgage and car finance companies understand the situation and are willing to help. These people said they can split my payment into 2 if that helps. What a joke.
How do I cancel my contact with them?
How can I resolve my debt now?
First off, I’m so sorry for the tragedy that has been created by the recent wildfires in Canada. The impact will be life altering for some. Their entire life as they knew it has been burned away. So sad.
While many people have been critical of Cockburn and Associates over the years I’d have to say on this point it would be hard to fault them if they are actively making payments to your creditors on your behalf.
Cockburn and Associates sells a debt relief solution where they are to act as an intermediary between a consumer and their creditor. The fact Cockburn and Associates is unwilling to alter your payment is not surprising since it would potentially have a ripple effect with all of your creditors. And that would be a nightmare to manage unless all of your creditors as offering a payment holiday.
Now if Cockburn and Associates is not currently sending payments to your creditors and is simply just escrowing money you send, then I don’t see why they would not make an adjustment.
But from a bigger picture point of view these payment holidays after natural disasters have been nice but insufficient. Following Hurricane Katrina in Louisiana, major creditors gave a few months off from payments. But recovery took a lot longer than that. And for some, while they were not making a payments, the interest was still growing.
If anything, while utterly unfortunate, this situation just reinforces the risks inherent in absolute financial contracts which expect a payment each month, regardless of what life has in store.
Before you leap to cancel at this point I think you should better understand what cancelling means, how much money, if any, you would get back and what action you might be prepared to take with your creditors.
At this point it might be that bankruptcy is the better solution considering the circumstances. Please do some research before you leap to cancel just because you are upset at the moment. I’d hate for you to intensify your financial pain without a plan moving forward if you decide to ditch Cockburn and Associates.