Several of our visitors have complaints about a debt settlement company called Lincoln Drexel. Who are they and are they legit?
The company Lincoln Drexel LLC, also known as Think Debt Relief and formerly known as National Debt Relief, is the subject of numerous consumer complaints and the owner of an F rating with the Better Business Bureau. It also hawks the same “attorney-assisted debt relief” claims that were made by several rent a lawyer debt settlement scams.
You might be impressed that the firm claims to utilize attorneys to work on your behalf to negotiate favorable settlements. Don’t be fooled.
The rent a lawyer debt settlement scam is nothing but a ploy by ineffective debt settlement firms who are now federally barred from charging advance fees to get around that limitation. By claiming that an attorney is working for you, they believe that they can violate your federal right to protection from advance fees charged by debt settlement firms.
Federal regulators banned the charging of advance fees by debt settlement firms due to an incredibly high number of complaints and dismal success rates of their customers. However, attorneys may charge advance fees if they assist with debt settlement services. As a result, debt settlement firms have flocked to law firms so that they can maintain the advance fees on services that they may or may not provide.
As you may have guessed, lawyers are expensive. Profit hungry debt settlement firms are generally unwilling to pay the high fees necessary for attorneys to do the work. Instead, they prefer to pay royalties, or simply, a licensing fee to use their name.
Lincoln Drexel has changed its name multiple times. This is a common practice among debt settlement firms, who seek to rid themselves of their bad press so that they can recruit the next generation of victims clients.
Can Lincoln Drexel settle your debts? Well it is certainly possible. It is by the way their business. Of course, after considering their track record (lincolndrexel.com is no longer an active website), their F rating with the Better Business Bureau and the dubious nature of their industry, are you really willing to start sending them hundreds or thousands of dollars while your debt collectors take you to court? Perhaps negotiating your own settlement would be a better, cheaper and safer option!
Tags: drexel, lincoln
Lincoln Drexel is nothing but a bunch of crooks. They ruined my life until i’m in my 70’s. They never returned calls when the debt collectors called them to make settlements. And they rarely returned my calls. The took for a yr and a half at first $790.00 for a few months than lowered it by thirty or fourty dollars a month. Not one penny was paid to anyone. Know I have a JUDGEMENT on my credit and it will stick there for 20 yrs if I can’t pay them. (they can continue it for another additional 10yrs, after the first) They also change their extention numbers and they always say the person you want to talk to does not work here any longer. I thought I was doing the right thing and I just should have kept paying my (never late on one payment) and have minimal money at the end of the month. I would have been debt free. I had to re-contact all the debt collectors and make agreements on my own, So therefore those piece of craps didn’t do a damn thing for me…I’m not done,..
CROOKS
They completely ripped me off. I was struggling, trying to stay afloat after having been laid off 3 times in a row and living from credit cards in between. Had I known the time frames involved for creditors to swoop in and take what little money I had left, I would have laughed in Lincoln Drexels’ face and their ridiculous plan. They made it make sense and just plain lied. They told me stop paying and pay them instead. They’d negotiate at the last moment. Total BS. They just took my fees (refunded what little there was in the “savings account”. TOTAL RIPOFF. I wish I had the means to start a class action lawsuit.