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Sweetheart

Has Anyone Ever Used Care One?

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Now that we have managed to take care of our mortgage modification, I need to find a debt management/settlement firm to work with to resolve our credit card debt. Has anyone used Care One? They apparently have an A rating with the BBB, but I want to hear from anyone who is in a program with them. TIA! :cry2:

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Thanks, Tomsey --

 

I spoke to a Care One representative today. He gave me two options: debt management or settlement.

I am trying to decide which program to sign up for.

 

The settlement program he offered has lower payments over 5 years, but the TLs would all show settled for less than full amount which will kill my scores.

 

The debt management program has higher payments for 4-1/2 years, but the creditors will be paid in full and he said that my credit reports would show "Pays as agreed" during that time. Would my credit score come up gradually, as the payments are made?

 

At this point my score can't get much lower, but I am looking for some light at the end of the tunnel, and will take the option that will help me start coming back up sooner! Thanks in advance... :rofl:

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Never mind about the score part! :rofl: I just noticed your signature...

 

Are you doing the settlement or the debt management (if you don't mind my asking)?

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I spoke to a Care One representative today. He gave me two options: debt management or settlement.

I am trying to decide which program to sign up for.

 

I hate it when these places suggest "settlement" plans. The question they never ask is how do you feel about being sued? That's where a significant number of the "settlement" plans end up.

The problem is the creditors know you:

1) Have income

2) are saving money (for a settlement)

Increasingly they aren't standing in line for their fractional payment, they are suing to get 100% plus costs. First one to the courthouse wins.

Even if you manage to avoid being sued, you'll have a credit report full of charge offs and collections, as the creditors run you through the mill while you are saving up to settle. At the end you'll get "settled for less than full balance"- but the previous charge off/collection notations will remain. It's just bad news all around.

Search the board and you'll find story after story about settlement plans turning into lawsuits.

 

The debt management is a different animal. With that you have an agreement in place with the creditor to accept a certain payment at a certain interest rate- and as long as that agreement exists and you make the proper payments you'll have no trouble with the creditor.

They should report you as "current", ending up as "paid as agreed".

The downside is you will repay 100%.

 

 

How many creditors are you dealing with? Have you tried contacting any directly for a repayment/hardship plan?

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Thanks, Radi8. At this point, I have 9 charged off accounts, and my husband has 5. Only one collection agency has appeared on my credit report (Midland, who I am afraid of), and Asset has one of DH's accounts (another scary one). DH just started working again a couple of months ago, so we are coming back from severe financial distress. Mortgage was just modified, so now it is time to tackle the credit cards. So to answer your question, I have not been in a position to contact the creditors because we had no extra money to pay.

 

However, before I sign up with Care One, I may make a last effort to call to see if it is still too late for a hardship program. I have no problem paying what I owe...it just makes me crazy that they are all adding so many fees and interest, and I don't know where to start. And if the accounts are charged off, then the OC probably does not have them anymore...

 

Bottom line is that I just want to get back to "paid as agreed" on our reports and to get current.

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Personally, I feel that if you can the debt management is the best option. I don't know your situation. I was SO in debt with jacked up rates, and CareOne negotiated lower interest rates for me, and within 3 months my accts were brought current. It dinged my credit report-but it couldn't have gotten much worse. I started with them in 2006 and I should be paid in full by Oct of 2010. I do plan to follow suggestions of some on the board and remove the accts from the DMP when they are at a level that I can afford to pay them even if they rate jack me. The DMP notation should fall off my report prior to the pay off. I know where you are emotionally, and believe me, it does get better-but you have to be patient, and read, read, read on these boards. Thank God for the people who share their experiences both good and bad-and for the experts who know more than I.

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Thanks, Tomsey! :rofl:

 

It was a rough weekend. I have an attorney's office calling me about one of my Barclays accounts, and they are demanding that I settle or they will issue a summons. On a $4400 debt, they are forcing me to settle for $2600, and they want it paid off in no more than 3 monthly payments. I told them that my intention was to pay them back in full through a credit counseling service, and they said no -- to settle and that my credit report would only dip 2-3 points!! :swoon: They will say anything to get money.

 

My initial plan was to pay off the smaller cards first, and then enter the DMP, but I have to put out a couple of fires (the law firm and Midland -- who is tough) before I can even get on the program. I like the idea of paying everyone down until the balances are reasonable, and then taking over myself. That is my goal. Glad to know that there is someone out there who is living my dream of eliminating debt. Thank you for sharing your experiences and for the encouragement -- they are greatly appreciated! :P

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What did you decide to do? Sorry I have been away from the board for a few days. You know, sometimes the "law firms" that call you are nothing more that collection agencies. I had one tell me that my credit was awful, and that I needed to borrow money from relatives to pay him. This was early in my journey, and he scared me to death. Talk with a Careone counselor-or whichever agency you choose. Believe me, they have heard it all. Don't try to fix things before you do. They can help you make a plan. Four years ago, it looked like I would be on this plan for an eternity...now I'm almost done. Good luck to you.

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Thanks, Tomsey.

 

I decided to sign up with Care One and my first payment is next week. My counselor sent me a ton of reading material and resources to help me through the process. I am looking forward to tackling this project, and I think it will feel good to get these people paid off...and off my phone calling me 3-4-5 times a day! :mellow:

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Hope all is going well with you and CareOne. They are very patient-I know I called them about twice a day when I first started with them. Good luck.

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Care One couldn't be nicer. My issues involve the creditors. Barclays is being particularly difficult. One of my accounts went to a law firm for collection, even though my payments are being credited to my account at Barclays. The lawyer/collector/whoever he is keeps trying to pressure me into settling. I told him that I want to pay the amount off in full with Care One. He asked me why I did not want to settle, and I told him that that would damage my credit more than paying in full. He said that settling would only lower my scores 2-3 points, and that if I don't settle with him, Barclays gave him authority to sue me for the full amount (which is what I am trying to pay!) ;) -- and that my Care One payments were returned. I was calling twice a day to find out if this was true...until I noticed that my account balance on line was going down after every payment. Care One told me that none of my payments were returned, so this guy is full of lies -- what else is new??!!

 

I asked him to send me a letter in writing officially informing me that that Barclays rejected my Care One payments, and I will then work directly with him. But until I receive that, I will continue making payments through Care One. The last time he called, I put the request in writing and faxed it to him, but he has not sent anything back to me...but he keeps calling to see "what I have decided to do"!

 

So far, most of the other creditors have accepted the plan and it is a relief to be paying these people off.

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I have spoken recently to a Care One customer who seemed very pleased with their service. He has been with them for some six months, and most of his creditors are being paid as advertised.

 

I don't know about the whole idea of using a settlement company to " negotiate " a settlement. It seems to take so long that ones' credit is ruined in the meantime. It's not like they protect you against lawsuits, because they clearly do not, so what cost/benefit is there to using a company to do the negotiation?

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Sweetheart,

How are things going with you and Care One? I am in my last few months with them. I can't believe I am here after the way I felt a few years ago. I hope all is well with you , and that things are going as well for you.

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Settle,

If you really want to pay what you owe, and you can't because your interest rates are so high that all you are paying is interest, then it is to your benefit to get with a program like the one Care One offers. My interst rates were lowered enough to allow me to pay this debt. I was not interested in a settlement, so that may be where we differed. Good luck in your journey.

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By the way, my credit scores are 690, 710, and 670. The low scores are because of the few credit cards that I do have are at about 80% utilization. This is easy to fix for me, and is just temporary-meanwhile, I have paid so much of what I owed, and I feel GREAT!!! Thanks, CB and CareOne.

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Sweetheart,

How are things going with you and Care One? I am in my last few months with them. I can't believe I am here after the way I felt a few years ago. I hope all is well with you , and that things are going as well for you.

 

The program is working great with the creditors who have agreed to participate. The problem children are Barclays, Home Depot and Lowe's. And unfortunately, Barclays are the biggest creditors. I was forced to enter into a drect payoff plan with one of the Barclays accounts or get sued. I can't afford the higher payments that the other Barclay and Home Depot collectors want me to pay. Sigh...oh well! :huh:

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I have been with care one for 3 yrs.

I have no complaints at all.

They reduced my interest rates and I was able to make the payments.

I had 3 credit cards.

I owed $25600 and down to $10500

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I have a question do they close the accounts when paying off the Credit cards? I know programs will have you close the accounts.

 

Since enrolling in the program do the grantor have an option to close your acct.

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oh okay. Even though this seems like a great program i really don't want to close the accts with this creditor i just want them to lower the interest rate. The accts are current.

 

 

thanks tomsey

Edited by na2

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I am down to my last $1500 owed to the two cc that I had with CareOne. I contacted them and removed these two from the program. I also contacted the cc companies. Haven't heard from the cc companies, but Careone has removed me from the program. The notations about these accounts being managed by a DMP have been removed from my credit reports. At the end of 2005 and early in 2006 I owed over $70,000 to cc companies. A lot of this was to AMEX. Because of Credit Boards and the good people here, and because of CareOne and the good people there, I owe less than $3000 on my credit cards, and I will be completely paid off by Sept 1, 2010. I have learned so much here and I am very grateful.

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I am down to my last $1500 owed to the two cc that I had with CareOne. I contacted them and removed these two from the program. I also contacted the cc companies. Haven't heard from the cc companies, but Careone has removed me from the program. The notations about these accounts being managed by a DMP have been removed from my credit reports. At the end of 2005 and early in 2006 I owed over $70,000 to cc companies. A lot of this was to AMEX. Because of Credit Boards and the good people here, and because of CareOne and the good people there, I owe less than $3000 on my credit cards, and I will be completely paid off by Sept 1, 2010. I have learned so much here and I am very grateful.

 

Glad to hear it worked out so well for you. Paying off almost $70K is definitely an achievement! :huh:

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I am down to my last $1500 owed to the two cc that I had with CareOne. I contacted them and removed these two from the program. I also contacted the cc companies. Haven't heard from the cc companies, but Careone has removed me from the program. The notations about these accounts being managed by a DMP have been removed from my credit reports. At the end of 2005 and early in 2006 I owed over $70,000 to cc companies. A lot of this was to AMEX. Because of Credit Boards and the good people here, and because of CareOne and the good people there, I owe less than $3000 on my credit cards, and I will be completely paid off by Sept 1, 2010. I have learned so much here and I am very grateful.

 

Tomsey, did you request that the DMP notation be removed from your accounts on the credit reports, or was that done automatically when you paid off the balances yourself?

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