My husband and I have joined into a debt consolida

My husband and I have joined into a debt consolidation program in August of this year for revolving debt of approx. 35,0000. This company was given an "A" rating on the BBB website and so I figured this company was good to go with. Anyhow, the person who I originally spoke with advised us that our first month of payment would go strictly to fees and then the fees would be dispersed throughout the next months for approx. 3 years unless cc companies settle for less than anticipated. Anyhow, I am no longer speaking with this individual because they referred me to a "credit counselor" who will answer all of my questions and be in touch with me monthly. The first man also told me that the company sent out a letter to all of our credit card companies stating that we were enrolled in a debt consolidation program. ( the credit counselor is not aware of this ) and also that the lower credit card balances would be settles and paid of first and I would receive a monthly email stating what was paid off. I am yet to receive anything and the credit counselor again is unaware of the conversation I had with the person who enrolled us. He told me the company can't do anything until our accounts have gone into collections. At this point, I am currently getting ready to make our 4th payment and we have had nothing done on our behalf yet. We are nervous, scared and upset all at the same time. I have had 2 credit cards that were closed due to delinquent payments and my credit score has dropped significantly. We are now getting statements in the mail saying " WE CAN HELP YOU". So at this point, we are not sure what to do. Can we back out and try and fix our credit card situation and try and work it out through our companies? Should we wait around and see what the consolidation program will do for us? If we back out, do we get any of our money back? Can we be sued? Can we loose our home?? ( our home is financed through a different bank than any of our credit cards). We are willing to do anything at this point. Please help. Thank you.

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Did you get a contract with this company?  Did you read it?  It should have the refund policy.

Anytime you enter into a debt consolidation/management/settlement program, your score is going to tank as you are NOT paying as agreed.  Debt management programs are done in voluntary cooperation...creditors cannot be forced into these programs and can decline to participate.  And yes, you can be sued while in these programs.




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