Question: >Also, several people I know (this friend included) >experienced a problem w/ the finance company paying >late, so that they still continued to receive harassing >calls from various lenders.

Leigh, are you the same person that kept babbling on about this for a few weeks before she would admit that she had no clue what she was talking about?

>They’re legal but whether they’re legitimate is a whole ‘nother question. >In general, you would do better to find a way to negotiate >w/ your creditors yourself.

Answer: Since I was on the verge of using Premier Financial I am hoping some of this discussion would enlighten me as to if they can eliminate the interest charges as they claim. And are they legit? I am a bit desperate to get my act together and get rid of the $50,000 dollar credit card charges I have. Thanks. I can’t tell you if this particular company is on the up & up with you or not. I don’t know them. I would expect that your local Better Business Bureau would be more helpful.

If I got correctly what they suggested to you, they are planning to run a debt pooling service for you. In such an arrangement, all of your existing debts will remain owing to the original lenders, who are under no obligation at all to reduce or waive their interest charges. All that Premier Financial would be doing for you would be to accept your payment and split it up amongst your creditors.

You can do that yourself. Without some serious interest concessions on the part of your creditors, this service is of no value at all to you. However (and it is a very big however), there is simply no way that you will be able to negotiate a reduced interest rate or payment as effectively as a professional credit officer can. Your creditors will simply not listen to you whereas they will to some extent consider the views of another professional. This observation stems from my almost 2 decades in the consumer financing business.

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