Savings Acct/Take Charge America

sm2008, B of A refered me to Take Charge America for debts consolidation.  I have zero knowledge of what to expect from these program from the beginning.  So, I did my research for 2 months before I fully committed myself to the program through TCA.  I am so impress with your knowledge of how the system works because my debt consultant had told me the same exact thing.  You explained very well and so much easy to follow and understand.  Thank you & god bless ........

"I have worked in the credit counseling field for over 5  years now, and nothing makes me more aggravated than when people who know nothing about it state that being on debt management is as bad as filing bankruptcy. This is a completely FALSE statement, and people should really research this before they go giving out this incorrect advice."

Perhaps the do research advice should be self directed as it was the FHA who, by policy, stated that anyone who is on a DMP should be treated as if they filed bankruptcy. Whenever we had anyone come into the office to apply for a mortgage who was on a DMP, we had to give them the bad news.

On the other hand, there were lenders who didn't care so long as the applicant was current and with a reputable DM. To make the blanket statement that this is completely false makes one wonder if the OP is promoting an affiliate program and not really a debt counselor. Not saying (s)he is, just thinking out loud.

Take Charge America is actually who Bank of America sent me to when I told them I'd default if they didn't drop my rate to something reasonable.  They basically told me I was SOL on the phone but this is what they got me when I sent them a certified letter.  If you have bad credit I don't see why it would hurt.  It certanly helped me no longer missing payments and my balances actually going down.  In about 6-8 months my credit went up 71 points and it continues to go up each month.  I'd assume it would be the same for any legit company that didn't do negotiation on the balance.

I am really skeptical now. Two people on this board who say Bank of America sent them to Take Charge America. Is there an affiliation? Just how bad were your debts? Did you run the numbers to see if you would be paying more interest with the program than if you did the paydown yourself rather than have a third party come into the mix. I have to wonder.

TCA was able to help me pay down 12k in credit card debt to about 2k before my divorce. I was able to buy a car on my own after that, and secure new credit cards. In this economy, post divorce, post layoff, things have gotten pretty bad. Once I have income again, it's very likely that I will go back to TCA or one of the other agencies that helps you pay what you owe. Thankfully, what I owe, though daunting now, will be manageable when things get better. I have no desire not to pay, just no ability to pay right now. :) Best of luck to everyone.

Take Charge America has been a life saver for me. Each month I watch my balances reduce. To answer a few questions that some have I'll share what I do know. TCA does have a affiliation of sorts with BOA. TCA isn't owed or operated by BOA. TCA is a non-profit organization  partially funded by the United Way, and various CC companies. Most CC companies would rather work with a reputable debt management Co. and eventually get paid if full than have a cardholder default and receive nothing. I pay a small fee of $40 a month for TCA to handle all my creditors. I have a monthly draft (optional ways to pay available) that comes out of my checking acct. on the 20th of each month. On the 23rd of each month all the money except for th $40 fee is dispursed to my creditors. I have had absolutely no problems with any of my creditors in going this route. I closed my own accts and explained the reasons I was going into debt management. I will note here that I was current on all my bills. I didn't pay late. But I did have a large amount of cc debt due to major illnessness and loss of a home to a natural disaster. In the months before I decided to go with TCA my husband and I accrued another $20,000 in hospital debt. During this time I had two CC companies that I had large amounts of debt with double my interest rates. Mind you I've never paid late a single time. One of these creditors was BOA.  When I called them and requested a reduced interest charge based on my credit score and history with them I was told that there wasn't anything they could do for me. I explained that I would be forced to default and they in turn directed me to TCA. Call it fate. I wouldn't have struck out on my own here. I'm a proud woman who has always prided myself on paying my way. But I was in an impossible situation that I couldn't see clear of. I realized I would never be debt free if I didn't take a drastic step. It was a difficult decision for me to make the leap to going credit free. I've had a CC for 35 yrs. But, knowing that I will be debt free in just a little of four years was a dream come true for me. As far as it affecting my credit, it will have a small impact to start with. But like the person said earlier in a post, by paying regularly resulting in a reduction of debt  owed it does cause a credit score to rise. Please don't mix up a legitamate debt managment company with a debt reduction company that can charge an outrageous monthly fee and try and squeeze the cc companies that you do business with unfairly and unethically. Most of these companies are for profit businesses that really don't have your interest at heart. Not everyone can qualify for a debt management program. Certain criteria must be met. But if you are seriously in debt, have a way to pay a reg single monthly payment then consider a debt managment company.  I personally will be saving tens of thousands of dollars in interest alone by chooing a DMC.  It's not a decision to enter into easily. Basing your decision a clean facts is a must. Good luck to all.

I signed up with TCA in January of 2006. Since I live in PA, I did not have to pay the $35 monthly fee. I was about $12,000 in debt...which is small beans compared to some other people's debt. My interest rates were the killer. The last time I used a credit card was November of 2005. TCA is the best...I was skeptical at first but MBNA/BOA referred me to this company. 
What I like most about TCA is their customer service reps. They are the absolute best and they take the time to listen to your concerns and make a plan for you to become debt free.
The only thing with a DMA is that you cannot open any credit under the program...afterall, that is the key to becoming debt free. The only thing I pay on the program was the start up fee...which was less than $100, and they take out a $2.00 EFT fee every month along with my payment. I am very happy to say that on April 22nd 2009, my last credit card payment will be made!!! I would refer anyone to TCA in a heartbeat!!!
While in the DMA I learned to budget and save for things that I wanted. I have been trained not to use credit cards...so when the program is over. I will not use my credit cards at all!!!!!!!!!!!! Yippee!

Xena,

I owed about 24k and the balances kept creeping up over at least 3 years due to mostly fees.  I also tried to get things reduced myself for at least 6 months and was not successful.  Credit score was between 600-619 at the begining.  Now I owe just over $15k and credit score 717 and its been little over a year.

C.C. I did get a cheap used car for my wife under the program and they said it was fine just take it out of my personal allocation.  Things actually got a lot better anyway make about $10/hr more and was able to get $10k out of US treasury bonds.  That car is now payed off also in less than 1 year :)

Date:  May 16, 2008.  I wonder too if there is an affiliation between the Bank of American and Take Charge America.  I tried working with Bank of America, but they were unwilling and told me of a debt management company they work with.  BOA tranferred me directly over to Take Charge America.  Before my conversation with the credit department of BOA, I had never heard of TCA.   Anyway, I liked TCA's prsentation and checked them out on the BBB.  They are extremely helpful.  I signed up and I feel relieved.  I think (hope) this will work out for me.