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3 responses so far ↓
1 Go nzalez // Oct 17, 2009 at 9:00 am
I wish I would have seen your website sooner, We have been in contract with a Debit Settlement Company by the name of Lincoln Drexel out of Calif. We are just realizing that we are in a worse situation than before. We have been paying $1525 per month for the last four months and NOTHING has been done. Our creditors have not been contacted and now that we shockingly realize that we have been schamed, we don’t know where to start. We own a business and most credit cards where in our personal and some with a Business name. Also they allowed us to include some business accounts such as an Advertising Bill with AT&T.
We kept being reassured by Lincol Drexel that all this was normal and we just had to sit tight.
Yesterday we received a call from a bank that we had a Line of Credit with that they said they were going to attach our Company, this is when all the RED LIGHTS went on. We don’t know where to start, I don’t think there are any pieces to pick up. Can you help advise us.
2 Kenneth Long // Oct 19, 2009 at 11:21 am
Dear Gonzalez:
Unfortunately, we hear this all too often from consumers that believe the misleading statements made by debt settlement companies. Until the FTC and individual state governments work to shut down rogue settlement companies, these false promises will continue to be made.
I recommend contacting a local credit counseling agency for help. It is possible that some of your debts may have gone to collections, since that normally happens when a debt falls 180 days delinquent. However, a credit counseling agency can at least examine your situation and advise you on whether it is too late to enroll in a debt management program. You may be able to make it in time, but if not, then you might want to speak with an attorney that is familiar with personal bankruptcy.
3 Mike Kuzminski // May 15, 2010 at 2:53 pm
Although my payments to Lincoln drexell are not quite as high, I seem to be in the same boat as Mr Gonzales. The creditors which I have entrusted Lincoln drexell to are currently offering me deals to pay them about half of the owed amount. Lincoln drexell told me they would be doing this, but its been over six months now of paying them, they’re into me for about $2,000, and they have not done a thing except tell me to hang in a little longer. Should I take the deals the creditors are offering me? Should I put a stop payment on Lincoln drexell. I’m very conflicted and frustrated at this point of what I should do.
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