Hi there,

It definately goes against your credit rating. I went to one a few years back. It was advertised on T.V. and I went to the website first. I put in all my information and it told me the monthly payment I would have if I consolidated.

So, I called and had several conversations with a representative. I gave all my information and he came up with monthly dollar amount that was more than the income I told him I made!!! I then told him what it said on-line and he said that was impossible to pay that amount. He also said he had a few calls like this and that the computer was wrong.

In the end I had to claim bankrupcy. My partner at the time was waiting for disability to be approved. Our monthly payments were fine when my partner was working, but once unemployed it was impossible.

Tranquility