American Credit Card Solutions review: Bait and switch, consolidation for settlement.

I had been looking for a consolidation loan so I could pay off my debt and try to level set while on a leave of absence when my company didn't pay me for a month.

In comes ACCS, with a loan, that winds up not being a loan until I make 4 ontime payments to their settlement program. Talked a great game "we will settle your debts, which takes 30 to 90 days, and then you can have regular payments to creditors while collecting no further interest, and get out of debt. If you want to make extra payments to hurry it along, great... otherwise your payments will be 400ish/month for 36 months".

I was in a bad spot, and didn't want to bail on my debts. I knew my credit would drop some... not 120 points in a weeks span... not down to the low 500's. I wanted to puke. Still do.

They settled ONE debt. Payments for that debt are less than half of what I am paying them monthly (approximately 100/month)... and they've not bothered to settle any others. Instead they're taking most of the remaining funds for themselves (approximately 290) and not bothering with the rest of the accounts they said they'd handle. The excuse? That the one and only debt they settled, which was less than half of what I paid them (again the 400ish they said would cover the monthly payments to all the creditors and their cut) took up most the funds, and if I wanted to pay more every month, they could possibly try to do their job. We just passed the 4 month mark. I have not missed any payments to this company. They have not bothered to settle any of the other debts, and I'm being harrassed by the companies they said they would settle the debts with.

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