13
May 2009

Debt Settlement Company Ratings

After reading such harsh criticism from Andrew Cuomo, the Attorney General for the State of New York, I decided that I wanted to examine the debt settlement industry to see how accurate his reference of “rogue industry” really was. My findings suggest that clients who sign with debt settlement companies never check to see how reputable those companies are. If they did, they would find an industry dominated by crooks and charlatans!

These ratings were updated in July, 2010 and clearly indicate a disturbing trend:

Debt Settlement Company Location BBB Rating State Investigations or Lawsuits
New Life Debt Relief San Francisco, CA D Colorado
Eagle One Debt Solutions LLC Lafayette Hill, PA D-
Prestige Financial Solutions Westminster, CO B
Century Negotiations Irwin, PA F Colorado, Vermont
Square One Debt Settlement, LLC Nashville, TN F
GHS Solutions Delray Beach, FL F
Able Debt Settlement, Inc. Irving, TX F West Virginia
American Financial Service Bakersfield, CA D+
Total Debt Services Plano, TX F
DMB Financial, LLC Beverly, MA D New York
Clear Debt Solution Woodbury, MN F
US Debt Resolve Dallas, TX D-
Financial Freedom of America Dallas, TX F Vermont
American Debt Control Grapevine, TX F
Debt Regret, Inc. Frisco, TX D
The J Hass Group LLC Scottsdale, AZ F
U.S. Financial Management Inc. San Diego, CA F New York
DebtORSolution Louisville, KY F Texas
FH Financial Service Dallas, TX F Texas
Four Peaks Financial Services Scottsdale, AZ F Texas
Credit Solutions of America Inc. Richardson, TX F Texas, New York, South Carolina, Idaho, Florida, Vermont, Missouri
Debt Settlement America Dallas, TX F Texas, New York
Credit Answers Plano, TX F New York, Colorado
American Debt Settlement Solutions, Inc. Boca Raton, FL F Minnesota
Debtmerica Relief Santa Ana, CA F New York
Freedom Debt Relief San Mateo, CA F New York, Colorado
New Era Debt Solutions Camarillo, CA F New York
New Horizons Debt Relief Inc. Aliso Viejo, CA F New York
Nationwide Asset Services Phoenix, AZ F New York
Nationwide Support Services Newport Beach, CA F Illinois
SDS West Corporation Aliso Viejo, CA F Illinois
Debt Relief USA, Inc. Addison, TX F Illinois, Texas
Hess Kennedy Chartered LLC Coral Springs, FL F Florida, North Carolina; (shut down and under receivership)
ClearOne Advantage Columbia, MD NR Colorado
Debt Shield Columbia, MD NR
BC Credit Solution, LLC Dallas, TX F Texas
Debt Remedy Solutions, LLC Boca Raton, FL F New York
American Debt Foundation Inc Fort Lauderdale, FL D New York
Allegro Law Firm Prattville, AL (company was not located in NY as they previously claimed) F New York, Alabama; (shut down and under receivership)
Consumer Debt Solutions NR New York
Preferred Financial Services Inc. Lawrence, MA F New York

The few debt settlement companies that had satisfactory ratings may have dropped since this inquiry. Therefore, we encourage you to investigate any organization directly with the Better Business Bureau prior to entering into a contract with any company. Consider what leading regulatory authorities have stated in regards to debt settlement companies:

Andrew Cuomo, New York Attorney General

…offering consumers false hope, charging tremendous fees, and leaving them in a worse financial situation

These companies prey on people who are doing the right thing by seeking to manage their debt and get control of their finances.

With all of the problems we face in this time of economic distress, it is outrageous that these firms are targeting those who are the most financially vulnerable.

These companies claim to be the light at the end of the tunnel, but time after time they have shown that they only add to the burdens of Americans dealing with debt.

Lisa Madigan, Illinois Attorney General

Too many people who find themselves under a mountain of credit card debt are tempted to turn to debt settlement companies that often worsen their financial problems.

After being enticed by these companies promises to reduce debt, consumers too often end up owing more than their original credit card debt.

Darrell McGraw, West Virginia Attorney General

Debt settlement companies that simply sign consumers up, take their money and then fail to negotiate debts on behalf of consumers will not be tolerated in West Virginia.

Consumers in desperate financial situations should consult an attorney or non-profit credit counseling agency before paying any money to an unknown debt settlement company.

On Tuesday, May 19, 2009 New York Attorney General Andrew Cuomo sued National Asset Services and Credit Solutions of America for engaging in fraudulent and deceptive business practices and false advertising. This is following the investigations of both companies that revealed some startling failures.

Out of the 18,000 New York customers enrolled by Credit Solutions over the past 5 years, less than 2,000 successfully settled their debts. That’s a success rate of 11%.

Nationwide Asset Services fared even worse, with only 64 out of 1,981 New York customers completing their settlement plan. Their success rate was just over 3%.

For more information on why debt settlement is such a troubled industry, read about the pros and cons of debt settlement. You will find several details that most debt settlement companies will never reveal to you.

Tags: , , , , , , , ,

24 Responses

  1. Ryan Davis says:

    Settlement companies protest better business bureau rating system
    03.12.09
    By Gerri Detweiler

    Consumers who are considering working with a debt settlement company may find little help checking out those firms with the Better Business Bureau. “Under the BBB’s new rating system, it is virtually impossible for a debt settlement company to be rated anything other than a ‘D’ or ‘F’,” warns The Association of Settlement Companies (TASC), the professional association for the debt settlement industry.

    Debt settlement companies help consumers who cannot pay the full amount of their unsecured debts negotiate reduced payoffs or “settlements” with creditors. These companies are becoming a popular option for debt-strapped consumers who want to avoid bankruptcy but cannot pay back their full debts through credit counseling. With the economic downturn, the settlement industry is experiencing significant growth, while also attracting criticism from regulators concerned with high upfront fees and aggressive sales practices.

    In a February letter TASC sent to the National Council of Better Business Bureaus, the organization alleged that “there are critical flaws in the BBB’s consumer grading system as it applies to settlement firms.” The letter expressed concern that all settlement companies will be given poor ratings, regardless of the number of consumer complaints, how those complaints have been resolved, or the business practices of the settlement firm under review.

    TASC says the dispute stems from the fact that the BBB does not consider debt settlement a viable option for consumers who cannot afford to pay back their debts and want professional help to negotiate lower payments.

    “We provide a valuable service for consumers and feel we have an obligation to regulate our members,” said Chris Kesterson, TASC president and chief executive of Debt Settlement America in Dallas. “We think the Better Business Bureau is promoting a position that shuts out an important option for certain consumers struggling to manage their debt and get back on their financial feet.”

    In a written statement, the Council of Better Business Bureaus stated, “Debt negotiation/settlement businesses are downgraded in the BBB rating system based on BBB concerns with the debt negotiation/settlement industry. The FTC held a workshop on debt negotiation/settlement last fall, and similar concerns were expressed as to how the industry operates and the likelihood that debt negotiation/settlement benefits a significant number of consumers.” The organization has indicated a willingness to review its rating system upon receipt of further documentation by TASC.

    Until the matter is resolved, consumers should be aware that a debt settlement company’s negative rating by the BBB may not reflect an individual agency’s record of complaints. Consumers who are considering hiring a debt settlement firm must use their own due diligence and review contracts carefully before signing. A list of questions to ask a debt settlement company can be found at Credit.com.

  2. Kenneth Long says:

    Dear Ryan Davis:

    I could not have said it better myself (“Under the BBB’s new rating system, it is virtually impossible for a debt settlement company to be rated anything other than a ‘D’ or ‘F’”). This is an admission from the main trade association representing debt settlement companies that their business model cannot conform to the best practices that the BBB requires organizations to commit to. Debt settlement services are fundamentally flawed with a pricing structure that continues to squeeze the remaining life out of distressed debtors. With the few pros and many cons of debt settlement, no wonder members of this rogue industry cannot comply!

  3. Ryan Davis says:

    There are several debt settlement companies that more than meet the BBB best practices standards. However due to the high volume of inquiries and complaints in the debt settlement industry the BBB decided it did not want to put the work into creating a fair rating system for the industry. The debt settlement industry has been around for a much longer time than most people realize. Creditors have always been willing to settle accounts with 3rd parties in order to avoid losing money in BK scenarios. However due to a few bad apples the entire industry has gotten a bad rap, not to mention the fact that other Debt management solutions have helped to contribute to the negative press in the industry because their pockets were affected by the business that debt settlement was taking away from them . Additionally the creditors and collection agencies have helped fuel the fires of negative press by pushing debtors to complain to the AG,BBB, and FTC, because they claim that they do not work with debt settlement companies. This is the furthest thing from the truth, there was an FTC conference held in Washington DC last year, in which the debt settlement and credit counseling industry all had a chance to testify and help combat some of the claims against them. There were also representatives from the banking community that testified. One in particular was a lady form one of the world’s leading credit card providers who claimed, in from of a room of 150 people that her company does not settle with Debt Settlement Companies. As I was sitting in the audience and heard this, I was also going over the numbers from our most recent settlements. I approached the lady after the conference and confronted here on her comments and presented our settlement report to her. She was speechless because she knew that she had just lied to the FTC and representatives from both the Debt Settlement and credit counseling industry. She then said she had not comment and walked out of the building.

    It is these practices that give the Debt Settlement Industry a bad rap. There are plenty of good honest debt settlement companies out there, and they do provide a good honest service. Debt settlement is not for everyone, but for the right candidate it makes a world of difference. Unfortunately identifying who are the good from the bad is a bit difficult. Consumers have always been able to rely on groups such as the BBB to help when finding a reputable business, however due to the unfair rating system that they have chosen to employ this is no longer an option.
    My best advice in trying to find out which companies are good is to contact numerous companies. Ask detailed questions about the program they offer. If it sounds too good to be true, it probably is.

    Below is a letter that was flagged on a debt settlement company’s website as IMPORTANT NOTICE TO ALL CONSUMERS CLICK HERE. This company is also rated as an F by the BBB. The letter shows that they are taking the proper steps in advising current and new prospective clients of the good and the bad of debt settlement.
    Notice To Consumer
    Dear Consumer,
    In recent days, there has been flurry of news activity regarding unscrupulous practices in the debt settlement business. We would like to take this opportunity to help alleviate some concerns that you may have regarding your debt settlement program or your potential debt settlement program.
    Debt Settlement is in no way an easy method of debt reduction. Debt Settlement takes a commitment on both our parts to work together towards your financial freedom. We make no guarantees, we only promise to put forth our best effort on your behalf. You as the consumer must put forth the effort to save according to your plan and if possible put extra money towards your savings.
    Other companies may guarantee you a savings of up to 50% or more, but we do not. If it sounds too good to be true it probably is. Some of our clients save significant amounts of money during the course of their program, some of our clients have harder times, but in the end, the vast majority of our consumers save some money. Those consumers that abide by the program guidelines and use the tools provided, such as budgets to help reduce spending, get out of debt faster than by paying minimum payments. It is because of the hard work of our tireless negotiations staff and the spending reduction by our consumers that we are able to save people money.
    We also believe in full disclosure to our consumers. So here is our full disclosure that other companies won’t tell you. In a debt settlement program:
    • you will receive collection calls
    • you will incur late fees
    • you cards will still incur interest
    • you could be subject to a lawsuit
    • and any savings of over $600 could be subject to income tax

    Again, Debt Settlement isn’t easy, it isn’t for everyone. It is, however, a last resort to bankruptcy. If you can afford the payments of the program and put forth the effort to save extra money each month, then Debt Settlement may work for you. Again, we don’t make guarantees. The road will be tough, but we are here to help you.
    You will receive pressure from your creditors. They will tell you they don’t work with us. They will tell you they haven’t heard from us. They may even tell you to file a complaint against us. We can tell you directly, that we work with most creditors, and if we can’t get some form of a settlement or payment plan with your creditor, we’ll refund your fees for that account.
    As for fees, we do charge a fee. Our fees are taken over the first half of your program. This is all explained in extreme detail in your enrollment paperwork and you will see a detailed accounting of how fees are taken. We incur significant expenses in working for you and employ a large staff of trained individuals to specialize in debt settlement.
    We look forward to working for and with you towards your goal of financial freedom. Please, challenge your sales representative. Ask the questions now, read the disclosures, and understand what you are signing up for. Debt Settlement isn’t for everyone. If you decide Debt Settlement may be the solution for you, then we will put forth our best effort for you every day of the week.

    Sincerely,
    The J.Hass Group

  4. Kenneth Long says:

    Dear Ryan Davis:

    It is a fact that the debt settlement industry is under attack by regulators due to poor results, high fees and fraudulent and deceptive business practices. This is not a case of a few bad apples. If anything, there may be a couple of good-willed companies among a sea of crooks.

    Since your comment appears to represent the J. Hass Group, I would encourage you to attempt to explain why you believe the J. Hass Group is better than the other debt settlement companies that have been rated poorly. Trying to defend the debt settlement industry is a losing battle. Instead of defending the industry, can you explain how your company deserves better than an “F” rating?

  5. Kenneth M Ohlfs says:

    I am a consumer of Debt Settlement. Like thousands of Americans, I struggled to stay out of debt but life happens and before I knew it, several large ticket expenses threw me beyond my ability to pay.
    I looked into different options, even one that so called would make me rich while getting me out of debt. As time passed, I was getting more desperate to get out of debt, and then I heard a radio advertisement every morning as I drove to work. As I listened to the ad, I thought that this might just work.
    Long story short, I signed up with a debht settlement company that had, I believe, an A- rating with TASC.
    Everything mentioned in the “J Hass Group” letter
    was presented, to the letter to me by the company I signed with. However, I did not do enough homework. I was so tired of my situation I was willing to sign up for anything and I did. I discovered the “F” rating with the BBB, and no way to back out with legal problems having signed a contract.
    Now I’m mounting greater debt each month then what my program can save in late fees and overlimit fees. The phone does not stop ringing. The threatening letters are in the mail almost daily. And after what will be three months of payments to the company I signed with, come Friday, I’ve spent over $1,800 to them, I’m worse off then when I started, and it will be at least another 6-7 months before I can even pay off one creditor, providing my company can perform what they implied they could do.
    I’m sorry, I disagree with the Debt Settlement Industry Standard of collecting the fee up front. I would be much more comfortable paying the fee as each debt is settled. That way, I don’t have to worry about them collecting their fat fee and then leaving me in a lurch.
    This has been a life’s lesson for sure

  6. DO YOUR RESEARCH. The #1 reason that AMERICAN’S are the most obese, indebted, broke, unemployed, uneducated, ect; country in the world of the G8 is because of pages like this. ANYONE that write a page like this has a financial agenda or an AXE TO GRIND. Do you know anyone that goes out of tier way to PRAISE a company or thing for being PERFECT? Sure these companies have low BBB ratings, but most of them have less complaints in 3 years then your local Arts&Crafts store. If you want TO HELP people, don’t paint a picture in which all the banks are dishonest, all the GOOD HELP like debt settlement companies are also crooks according to you but still in business 5 and 7 years running. People have enough problems without you adding a bunch of wrong information and eliminating options that work. What advise do you give? Debt settlement is the most ethical, tight, self regulated, secret shopped, intense industry to work in today – not run by the NASD. BANKS are FAR less compliant or ethical. Same thing for Debt Consolidation companies.

    THIS WEBSITE is a front. These for profit debt managers – change your interest down to a lower rate and ruin your credit in the process no matter how well you stick to the program. Each state has for free what these crooks are pushing on tier Website. CCCS – a great way to take care of your debts. PAYING some nobody company like the ones with ADS and pop ups on this web page is why so many people have horror stories about getting out of debt. That’s why Americans in debt need to stop asking “how much a month” – that’s a bad question. ” What are your credentials?” Do you belong to any Regulatory agency? Are you paying off the local BBB a bribe to have your A grade, but have 115 complaints? Have you EVER had a client FINISH?

    The answer is NO. If they say yes, ask for the number – all you want is one and you want to call yourself. You’re not going to fall for someone calling you, you want a number right now and want to confirm.

    Then call a Debt Settlement company that is BSI accredited, TASC or USOBA members, IAPDA certified http://www.iapda.com, and ask for some real settlement letters samples and ask to speak to 10 GRADUATES. They will be able to give you all of this instantly – or its just some Credit consolidation scam like this webpage owner’s company – trying to use the popularity and ethical reputation of Debt Settlement.

    If you don’t want to be another stupid American – start by avoiding Obvious Scams, Easy get out schemes, DO SOME HOMEWORK YOURSELF and RENT MAXED OUT. See who the hero’s are. Banks, Collection companies, Law firms, ALL LOVE DEBT SETTLEMENT FIRMS. I KNOW – I’m a BANKER. The reason is because reducing the interest rate FAILS and leads to bankruptcy. Debt Settlement saves them money – and increases the RETURN a debt buyer/Collection company gets. Search GOOGLE for the PBS SECRET HISTORY OF CREDIT CARD DEBT. Its Free. Watch it. If you don’t have the will power to at least do this – then you deserve to be ruined by your debt or taken advantage of by jackass Scum bag – no financial education, salesman like this Jerk that put together this utter non-sense ADVERTISEMENT. OPEN YOUR EYES PEOPLE. read below. USE WEBSITE that DON’T SELL STUFF. .GOV. ORG .EDU

    article: BBB GRADES – why the BBB is criminal now – unfortunately. Several local owners are total corrupt crooks but there are no LAWS in place. You can BRIBE them if you want – legally – they are not government officials. the BBB is nothing but a Pyramid Scheme that HAD a good reputation. Now that is gone and they will be gone soon too. CROOKS.

    –>BBB Statistics Contradict Own Ratings of Debt Settlement Industry
    May 12, 09

    (MADISON, Wis.) – Consumers struggling with debt have far fewer complaints with the debt settlement industry than critics have alleged. The Better Business Bureau (BBB) has released statistics that reveal critical flaws in its own grading system.

    According to the BBB’s 2008 Complaint and Inquiry Statistics, the number of complaints issued over the course of the year for credit card counseling is disproportionately higher than the number filed for debt settlement. In fact, credit counseling services had approximately 4.5 times as many complaints recorded by the BBB than debt settlement companies in 2008.

    Yet, the BBB continues to award poor rankings to the debt settlement industry under a system that makes it virtually impossible for a debt settlement company to be rated anything other than a “D” or “F”. Meanwhile, companies in the credit counseling industry are not penalized.

    “As a more valuable service to consumers with unsecured debt, debt settlement should be ranked higher than credit counseling, especially since debt settlement has twice the completion rate and resolves debts in a shorter amount of time,” Chris Kesterson, President of The Association of Settlement Companies, said. “It is facts like this that show the BBB?s rating system needs an overhaul.”

    The BBB’s statistics also showed that debt settlement resolved 91.5 percent of its complaints compared to just 83.9 percent for credit counseling.

    Kesterson said he and his organization will continue to urge the BBB to adjust its ratings so that they may more accurately reflect the statistics.

    About The Association of Settlement Companies
    The Association of Settlement Companies (TASC) promotes fair business practices, consumer protection and industry standards for the debt settlement industry. TASC, founded in 2005, serves to protect consumers through an organization seal that represents best practices and standards of reputable companies. The organization also protects its member companies through lobbying efforts at the state and national levels, as well as awareness initiatives to educate consumers on debt settlement as a financial solution. All TASC member companies pledge compliance to strict association bylaws governing business practices and ethics. For more information, visit http://www.tascsite.org

  7. Kenneth Long says:

    This is quite possibly one of the most spurious and poorly written attempts to defend a rogue industry. Sir, our organization is a tax-exempt nonprofit credit counseling organization as defined under Section 501(c)(3) of the Internal Revenue Code. Companies in the industry you represent (debt settlement companies) are for-profit corporations that are masters of deception. A pretty fair percentage of our clients initially sought debt settlement until they found how lopsided these agreements really are.

    While most companies would probably just delete your comment, we believe that our readers are similarly smart enough to see through your rantings. If New York’s Attorney General has labeled all debt settlement companies as part of a “rogue industry”, then surely clients would be better off learning how to take control of their finances, rebuild their credit and avoid paying you $4,000-25,000 in fees.

    As President of this charity, I am proud to spread the truth to debtors that are facing difficult choices. Anyone who does their research will avoid debt settlement companies at all costs. For more objective information, see the pros and cons of debt settlement.

  8. […] We found only 4 debt settlement companies that had better than a “D+” rating. The vast majority were rated as “F” (See how debt settlement companies were rated). […]

  9. David says:

    It’s a shame that Kenneth has to resort to badmouthing the debt settlement industry in order to keep his credit counseling business running. You are no different than any of us Kenneth. You say “Avoid fees”? You are working on commission as well sir. You just structure your fee system differently and collect interest on clients for 5-7 years when they could have been debt free in 2 years. “Non-Profit”?!?!? ha HAAA!!! What kind of car do you drive Kenneth? Would you be willing to disclose your last tax return to the client of your so called charity? That’s what I thought. Spend more time selling your inferior product and less time trying to throw a wrench in ours.

  10. Kenneth Long says:

    Dear David:

    You are certainly entitled to your opinion, which apparently is not shared outside of the “rogue industry” known as debt settlement. These are not my words, but that of New York Attorney General Andrew Cuomo. My car, by the way is nearly 5 years old. We collect no interest; that is what lenders do. We counsel clients rather than sell them an unrealistic product based on false promises.

    We are a tax-exempt charity as defined under Section 501(c)(3) of the Internal Revenue Code. Our tax return is a matter of public record, and as such it is available for inspection. Please contact me directly if you would like a copy.

    I understand your angst, as I am sure that we cost your industry far more in profits by sharing the truth than our charity receives in revenue. That is part of the cost of being a charity, as we provide substantial public benefit.

    If you really believe your company and service is better, then you should proudly identify your company and yourself as I have done. Otherwise, our readers are smart enough to see through your empty attack. After all, they came to us because they mistrusted you.

  11. Tom Baxter says:

    The Credit Counseling industry as a whole merely functions as a collection wing for original creditors.

    It is very simple- FAIR SHARE- these non-profit agencies receive kickbacks from the lender for each client they enroll. Why? Well, because as long as the client is enrolled in a credit counseling program, they are still making monthly payments, and as a result the creditor still rakes in the interest (yes, I know, at a lower %). It allows them to continue profiting off of each individual’s account.

    And Kenneth you can stop your ranting about Cuomo. The guy is a cowboy on a political mission so when he runs for office he can say he did something to “protect” consumers.

    He knows nothing about the debt settlement industry. He went to law school. He passed the bar. Great. They don’t offer classes on debt settlement in law school.

    And if people were smart, they would simply go by the numbers which have already been pointed out. Debt settlement has a better success rate than both credit counseling and Chapter 13 bankruptcy. And, they have less complaints filed through the BBB than the credit counseling industry.

    And the BBB? They are a complete joke. You pay them a $500 annual fee to have a profile up on their website, while they take that money and spend it on advertising to promote their organization and create the illusion that they actually follow through with due diligence.

  12. Kenneth Long says:

    Dear Tom Baxter:

    As is common among debt settlement providers, you are incorrect and are attempting to mislead our readers. Debt settlement does not have a better success rate than credit counseling, which is documented in this critical review of a popular “academic” study touted by debt settlement providers.

    Yes it is true that credit card companies, the Internal Revenue Service, our local United Way chapter, Freddie Mac and our local municipality provide funding to support our educational programs. This support also reduces the cost that our clients must pay, making credit counseling available at a fraction of what debt settlement companies charge.

    Mario Cuomo is the Attorney General of New York. Lisa Madigan is Attorney General of Illinois. Greg Abbott (Texas) and Darrell McGraw (West Virginia) also serve as Attorneys General of their respective states. You may wish to show them a bit of respect, since you may be facing them in the very near future to answer to your illegal business practices.

    The BBB is only a joke to rogue companies that flaunt the law and rack up hundreds of consumer complaints. We continue to advise our clients to review the reputation of any company that they intend to do business with.

    Perhaps the most humorous nature of the responses from debt settlement providers is that they all appear to fit the bill of “crooks and charlatans” as referenced in the article. The rantings and ravings are not mine, rather I have quoted our government officials that are poised to reign in debt settlement abuses.

  13. Jonathan Walker says:

    Hi,
    I’ve be looking in to using one of these companies to help me settle my debt. And Prestige Financial Solutions is one of the companies I’ve been in contact with. It’s good to see that they have a A- rating with the BBB. But with all the negative comments that everyone has can I trust this company? I’m really in need of help, are there ant honest companies out there!

  14. Kenneth Long says:

    Dear Jonathan Walker:

    If you read enough about debt settlement, you will realize that the best option is to either do it yourself or pay a trusted attorney to draft your settlement letters for you. Debt settlement companies are largely fraudulent, devious and ineffective, not to mention prohibitively expensive. I cannot comment on Prestige Financial Solutions, as I have no direct evidence of their effectiveness outside of their BBB rating. I can say that debt settlement on its best behavior has mixed results at best.

  15. […] are also debt settlement companies you can go through, for instance to get a debt consolidation loan. Although the last thing you […]

  16. […] related information, research debt settlement company ratings or see what New York Attorney General Andrew Cuomo says about debt settlement […]

  17. […] related information, research debt settlement company ratings or see what New York Attorney General Andrew Cuomo says about debt settlement […]

  18. […] related information, research debt settlement company ratings or see what New York Attorney General Andrew Cuomo says about debt settlement […]

  19. Eric says:

    I caution everyone to not weigh the BBB’s ratings very heavily. The BBB only gives good ratings to those companies who pay for the BBB’s service. Other companies that are listed that do not pay the BBB can be subject to lower ratings. A highly rated company may have 100s of complaints but can retain a higher rating because they have paid the BBB. Another company that has not paid might have a dozen of complaints and will have a poor rating. Be educated about the BBB’s practices.

  20. Kenneth Long says:

    Dear Eric:

    Your opinion regarding the BBB ratings is understandable. However, that is not how the BBB ratings are factored. Any company, whether member or nonmember is subject to the same rating scale. Only 2 factors are taken into account. (1) The size and scale of the business–It is expected that the number of complaints will increase similarly to the number of transactions completed by the company. (2) The industry of the business–The debt settlement industry has been plagued by widespread fraud, deceptive advertising and other illegal activities. Very few of the companies that provide debt settlement services can resist the high rewards that come with breaking the law. Therefore, nearly all of these firms have D or F ratings.

  21. Olga says:

    The BBB made a mistake when they gave all debt settlement companies an F. It leaves us consumers blind when choosing a company.

    I am a client of a debt settlement company and it has been far from a good experience. Not only did I pay this company a large amount in fees but I have received terrible service. I have reached voice mails more than I have reached a human voice. The turnover must be astronomical, every time I call I reached a new person that is handling my account. Currently I feel violated due to this company. One of their employees called me and requested me to wire him money to Dallas to pay 2 creditors. I wired him $8500.00 and I called him back to confirm that I did transfer the amount he requested. He pocketed the funds and did NOT pay my 2 creditors.

    I was told that the employee was fired and my money was refunded back to me in monthly payments. I was told by the company that I could press charges against this employee and not the company due to the company did not steal from me.

    U.S. Debt Settlement has purchased several debt settlement companies, American Debt Control, Fast Debt Solutions and from what the internet states, now RAM Financial. These four companies are operating out of Grapevine, TX now and all have the same employees. I asked to speak to Michael Mann who is the CEO of all four companies. I want to let him know the stress this has caused and also let him know the time I spent worried about the return of my money. He did not accept my call.

    If you are looking for a debt settlement company to help you with your debt please avoid these four companies. All you will receive is grief.

    I’m sure they are enrolling new clients which don’t have a clue in what they are in for. I wish there was a true rating system that I could have leaned on and this would not have happened to me.

  22. Debt Settlement Bankruptcy says:

    Thank you for the rating updated, it is really helpful and can be used for by the common people. Keep up the great work.

  23. Alex says:

    Thanks for such an informative blog. You can get 15% on Debt settlement live transfer leads.

  24. game trainer says:

    Trying to make your ex jealous is one of the worst things you can do if
    you want to obtain back with your ex lover, since
    all it is going to do is show him that you
    have relocated on and that he ought to do the
    same. Stay away from acquiring dismayed if he is seeing somebody else,
    considering that you will not be able to quit it no concern
    just what you try.

Leave a Reply

Click to Advertise here