When the finances are bad, you're willing to try everything that comes on your radar.
The other day, an Alabama-based company called Credit Restorers phoned me with an offer of fixing my bad credit woes once and for good. My credit score would also jump as the result of their intervention.
Don't ask me where did they find my phone number...
Anyhow, with my debts being in the vicinity of $22k and about half of them classified as defaults, they've offered to take it all over, for a low monthly repayment $632.
As it looked quite small, comparing to what I'm repaying now (about $870) they didn't have to repeat the offer again. Almost ready to jump in asking: where do I sign, kind of a bolt of lighting hit my head.
"For how long will I have to repay it to you?" was my first and last sensible question that I've asked the voice on the other end.
"The repayments are calculated over a period of 84 months, sir." was the answer.
Holly cow! My longest loan is on a 48 month term, and some debts are just a year or 18 mths to go. "No way!" was my response.
Feeling fairly deflated, I've cut the call. Later that day, having done some simple figures, it was glaringly obvious: it would have to be the most expensive credit repair attempt in history. By about $27k. Don't forget my experience, when somebody rings, and want to take over your debts!
Beware of credit repair tricks!
