are there penalties for canceling debt consolidation agreeme

Submitted by sbaron55 on Wed, 08/12/2009 - 19:32
Forums

What happens if you cancel a debt consolidation agreement? does your interest rates go back up?

Hi sbaron55

You may cancel a debt consolidation program but then some of your fees might not be returned to you. Maybe your creditors will also no more deal with you based on the lower rates that they agreed upon. You may first talk to your creditors and find out at what rate they would be agreeing to settle the debts for. If you are good at convincing, maybe your creditor will continue with the current consolidated rate of interest.

Thu, 08/13/2009 - 12:30 Permalink