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What would be a credit consolidation company to use?

Can you use a debt consolidation company if the credit card companies have already sold your accounts?

  • Can you use a debt consolidation company if the credit card companies have already sold your accounts to collection agencies?

  • Answer:

    Yes, but neither a collection agency nor the original creditor has any legal obligation to communicate or accept the terms offered by a debt consolidation agency.

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The collection agencies will have no problem with you doing a debt consolidation. All the collection agencies want is to get paid. They don't care about where the money is come from However it will be tough for you to find a debt consolidation company that's willing to take over. The only reason that credit card company sold your account is that you failed to pay. I don't think you will get a straight consolidation transfer unless you do secured loan companies that advertise "consolidation plans" may in fact be offering debt management plans. With debt management, an agency arranges repayment with your creditors on your behalf.

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