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Hi everyone,

Looking for a bit of guidance here. My boyfriend recently decided to sign a debt management plan agreement with Pinnacle Financial Management Corporation. His cost to establish the plan was $400, which he recently paid to this organization. He was under the impression that his credit cards would be paid off, and that he would therefore no longer be receiving bills from these two cards.

However, when my boyfriend recently spoke with Pinnacle regarding the existing minimum payment amounts, charges, etc., that continue to show up on his credit card (now consolidated) statements, he was told that it would take "a few months" for everything to settle in and "not to worry about it". He has not gotten a straight answer and I just want to feel things out with others who have gone through this before. How long should it take before he no longer owes minimum payments to these credit cards, considering he has already paid Pinnacle their fee to begin implementation of his consolidation.

It really bothers me that this company is not a member of either ethical credit consolidation organization, and I am blown away by the fact that he did no research or comparisons prior to signing an agreement with Pinnacle.

Can anyone tell me whether this sounds normal?

Thanks much, Kelly




Hi Kelly,

Welcome to the forums,

Normally it doesn't take months to start the program. If you feel that they are hiding something, call them and clear the process. Try to get things in writing esp. the procedure.

Vikas

Sub: #1 posted on Sat, 08/27/2005 - 11:45

Vikas Vikas

(Posts: 2071 | Credits: 1514.45)

My son inquired about debt counseling and these creeps withdrew 400.00 from his checking. He has no money now for two weeks and a 15 month old baby.They told him it was for fees.He did not return the contract so they didnt have his signature to withdraw money.STAY AWAY from these cons.

Sub: #2 posted on Wed, 11/26/2008 - 14:17

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