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Debt consolidation is the process of consolidating multiple debts into one low interest loan or credit card. Debt consolidation typically involves a new credit line, but could also be referred to you as a credit counseling program or other forms of debt management that do not involve a debt consolidation loan. If you have a lot of debt and want to get some relief, there are a variety of options that may be available to you. Our experienced debt counselors can assist you to evaluate your options and find the debt consolidation solution that is right for your personal situation so that you can get out of debt fast. read more...

As an example let’s look at the matter of John Pfister, in which Barron Newburger performes no role. Pfister, 63, a superannuated AT&T technical supervisor in Denton, Tex., got liquidation under Chapter 7 in 2001. Later in January when he applied for a mortgage, he found out that 2 liquidated

credit-card debt

s, a former Chase account for $2,683 and a Discover Card balance of $6,306, have appeared on his credit references. He complains that creditors sent him away owing to what seemed to be unpaid commitments.

In accordance with Pfister’s reports from credit reporting agencies TransUnion and Experian, the Chase credit has been traded for two times and now it’s in possession of a

debt

purchaser named Pinnacle Credit Services. Lately in May – 6 years after the insolvency liquidation – Pinnacle informed those credit agencies that the

debt

is still liable to recover. On top of everything, Pinnacle has assigned a new account number to the former Chase

debt

. Pfister's attorney, James J. Manchee, states that making a new account number is a tactic used by some

debt

purchasers to complicate the disentanglement of accounts, consequently make the

debt

s emerge leviable. Pinnacle rejected to make comments. In June, Quicken Loans appeared to be the 12th mortgage creditor to decline Pfister.

To reinforce Pfister’s distress collectors for Discover were still inquiring about him in late August in spite of the fact that he has faxed them a copy of his insolvency documents. On September 20 Discover was sued by him in U.S. Bankruptcy Court in Dallas. Questioned by BusenessWeek, a Discover spokeslady laid the blame for the recovery efforts on administrative mistake and confirmed Pfister’s reference has now been updated. She rejected to talk over the legal procedure.