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Report: #396997

Complaint Review: The Credit Exchange - Santa Ana California

  • Submitted:
  • Updated:
  • Reported By: San Clemente California
  • Author Confirmed What's this?
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  • The Credit Exchange 4 Hutton Centre Dr # 1000 Santa Ana, California U.S.A.

The Credit Exchange Sinks you into MORE debt, hurts your credit score, and ties you to a program that doesn't work. Santa Ana California

*UPDATE Employee: Tired of haters

*UPDATE EX-employee responds: In Response To Aaron F of San Clemente

Show customers why they should trust your business over your competitors...

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I signed on with the Credit Exchange in April of 2008. With three credit cards, and over $25,000 in debt, was looking to lower my interest rate and get on a payment plan I could live with.

My credit counselors Manny Lopez and Michelle Croix brokered my business to a third party located in Florida. Over the first several months I was with the Credit Exchange program, my credit score fell by 75 points, my debt increased by $4000, and my phone was ringing every 15 minutes from creditors wondering why they hadn't gotten paid.

Every several weeks I would call my Credit Exchange counselor, complain. They would assure me this was part of the process, and that everything would get sorted. Afterall they WERE paying my creditors, even though they hadn't negotiated anything.

After six months of harassment, the program The Credit Exchange brokered me to was able to finally tell me they COULDN'T negotiate one credit card. I still haven't seen a refund from my original payment for this card. And the balance plus penalties is higher than when I began. Luckily my tax credit and some insurance money has helped me get this card under control...for the moment.

One of my credit cards was negotiated, then a payment was missed by the brokered company. Because of the missed payment, my NEW negotiated payment went up $125/month. The Credit Exchange told me it wasn't their problem, and that I'd just have to deal with it.

After nine months with the program, I have just found out that the company The Credit Exchange brokered my debt to, is in receivership and under investigation. I've talked to my creditors, and I can't get out of the credit program or loose what little ground I've made up. I'm currently back to where I started before the program, making payments but not making any headway, no clear plan to resolve the debt, and now additionally I'm locked into a program with a company in receivership that has no incentive to be my advocate.

I'm dubious about the receivership's ability to pay my bills on time, but my creditors won't let me stay on the program without the third party. This has been a horrible experience, with people who want to make a fast buck. Go use one of the non-profit organizations, get educated and do it yourself. You'll save time, money and heartache.

Aaron
San Clemente, California
U.S.A.

This report was posted on Ripoff Report on 12/02/2008 12:01 PM and is a permanent record located here: https://www.ripoffreport.com/reports/the-credit-exchange/santa-ana-california-92707/the-credit-exchange-sinks-you-into-more-debt-hurts-your-credit-score-and-ties-you-to-a-p-396997. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
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#2 UPDATE Employee

Tired of haters

AUTHOR: Tanus - (U.S.A.)

POSTED: Monday, May 18, 2009

I work for The credit exchange and will continue to work for them. I was a collector for years and people dont want to pay their bills everyone is included in this. one day we wake up and realize that we need help most americas live way past what they make in a year...We are shallow people who live by everyones expectation and care about how people perceive us.. Grow up stop your crying if you call THE CREDIT EXCHANGE, we dont lie to you or make up stories, we tell you what debt management, and debt settlement, and what bankruptcy can do to you and your credit we make sure you can handle the payments and get
you out of debt the best way possible.. Its easy to get in debt,,, hard to get out.. i help people all day and if you cant pay your credit cards why would i use one to sign you up in my program. We dont play the plastic game with our customers and because we have to wake people up that they have to do something it brings them back to the reality that just cutting up your cards and not answering your phone, and not paying you bills,,wont make

it go away, so lets do something ok!!!! where is the high pressure in that..There is none, we know that if we let you get off the phone you will call us in 2 months in more debt.. So do something about it now.. Anyone who has worked for Chris P. knows that he is a fair guy, and to Jim you worked with me and tried to make money form chris. Stop lying on the company all of you !! Stop Hating because you cant keep a job... The credit exchage should not be on a ripoff report.. we help people all day and listen to people who have real needs to get out of debt.. you cant please everyone and nobodies perfect.. ofcourse every company makes mistakes..stop listening to haters, but then haters have a job to do,, they are a sad bunch of people who cant make it and hate the ones who do .. if you are in debt and cant see your way call the credit exchange We Can Help

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#1 UPDATE EX-employee responds

In Response To Aaron F of San Clemente

AUTHOR: Anonymous - (U.S.A.)

POSTED: Wednesday, February 11, 2009

To Aaron F of San Clemente - I am sorry that you got involved with The Credit Exchange and had such a bad experience. My advice would be to seek legal counsel to see if there is a class-action lawsuit of clients against The Credit Exchange and it's CEO, Steve Vanderhoof. Steve Vanderhoof is a slimeball and has pending class-action lawsuits from former employees. Employees would go weeks without paychecks and to add insult to injury, would have to stand and listen to Steve Vanderhoof brag about his multi-millions in berating morning meetings. So that you have been treated like this does not surprise me. The two employees you put on your complaint are, to my knowledge, still employed by The Credit Exchange. Steve Vanderhoof brags that he will be The Credit Guru God of the USA by the year's end. If someone has all this power, then I suggest you continue to pursue this and be compensated.

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