Hello!
Great info on this site.
Was hoping that some of the earlier posters on this thread could give me (us) their current satisfaction levels with their SDS program.
I received the application and am just a tad hesitant being that I have never missed a payment before. Another lingering question...what if a CC decides NOT to take the amount offered, do I just continue to pay it monthly? After paying the late fees, of course!
Thanks so much!

[damil1234]

Looks like they just recently lost their accreditation, though. That can't be good. Can it...??

"BBB Accreditation expired on 08/04/2008"

http://wynco.bbb.org/WWWRoot/Report....&firm=46004191

[mobile0311]

I am sure they are likely going to pay their members ship dues and they will be members again.

I urge you all not to sign up with this awful company unless your only alternative is Bankruptcy. I joined them 2and a half years ago wanting to minimize my debt. I was making more than minimum payments on a 20k debt after I put my car on a card. I had excellent credit and a revolving line of 35k in credit and all this I explained. They claim to settle most accounts at 50% or less and they calculate your current debt,take half off, and give you an estimated saving of say $11k ( what they did for me)
Now after over two years I go to them and complain and they say that all figures are estimates and the savings of what they estimate to be 50% is on the current balance. So my Chase account which was $10,250 two and a half years later is now $16,750 and they are looking to settle at 8,000. Please don't let me do the math for you. There are other companies who operate in a more legitimate fashion,and I will find them out and post this. That is also when this guy explained to me that this company is a last resort before bankruptcy, and if you are not facing that or able to make payments, then you are not a candidate ( and will most likely be irritated at the results as I am) This program has destroyed my credit, limited my employment opportunities ( A credit check is preformed with large companies as if you can't manage money you are at risk of stealing from the company) And the worst part, your balances are now up 60% from when you joined the company. A year after I fulfilled my obligation as to what money I owe, I am getting court hearings in the mail and they are asking me for $5000 more to settle this account. Yet, I still have another account outstanding that was 10,000, but now probably $15,000 with no remaining funds in the account. I live in New York, so I can't get a job, I can't rent an apartment, and the cards not listed with Superior, say my Amex for emergencies , was taken away when they found out about my delinquent accounts.

I swear on my life that all this has happened and I will do everything in my power to do legal proceeding to get my money back and either set these people straight if not out of business. I just checked the BBB website and all it shows is 17 complaints in the last 36 months and it not being an accredited company on BBB because it's account is expired. (If you didn't know, companies pay money to be a member of BBB, and just as easily they buy membership,they can also pay off complaints sort of say)

Beware and be careful, in a real world a credit company like Chase or Citibank that you decide not to pay for a few years, once all is said and done will never issue you a line of credit in the near or distant future. Even after credit restoration.

Again Superior Debt Services is only a good deal when bankruptcy is the only other option. If you don't believe me, ask them to put it in writing, I bet they won't.

With Deep Regret

Zack

Superior bank has been working on my account since
Jan 08 I could not believe them when they called me
a month ago and told me that they settled a 30 g debt for
4 gran. Just can't believe it. Wow what a company.My question now is am I going to have to pay tax on the differance.

[SusieQ]

Yes, you will get a 1099 from the credit card company for the amount of the forgiven debt, which will have to be filed with your taxes and you will be taxed on it as income, unless you are insolvent (which many settlement clients are). Best to talk to an accountant to see what particular deductions, etc. you'd be able to make.

My experience with Superior Debt has been a negative one. They are always asking me to send them extra money in addition to the nearly $400/mo I already pay. Now that my time is almost up, they have informed me that they need me to send them yet more $$, that the settlement amount they quoted me to get my business was "just an estimate." They can't seem to stick to their agreement, but they made sure they took their cut up front.

Tammy Serata please stop paying them. Ask for your money back. If they don't give it back report them everywhere. The signs are all there for you to see.

[SusieQ]

I've been with Superior for about a year now, and they have settled three accounts at 30%, 30% and 20%. I am hoping for a fourth, small one to be settled before the end of the year. They have never asked for more money. In fact, when I settled one creditor on my own outside of the program because my funds at the time were committed to settling another account, the amount of that account and their fee for it were removed from the program and my payment schedule was re-figured to reflect that, knocking off a couple of hundred dollars a month from my payments! They are constantly in touch with me via email, to keep me updated on the negotiations. There is always someone available to talk to when I call. Chase and Bank of America were the first ones settled.

Yes, this is a last resort before bankruptcy. That is a well-known fact. Anyone joining a settlement program should do extensive research before joining. But if you cannot pay your bills any longer, your credit will suffer anyway. Even if you are paying your bills, your debt-to-income ratio will eventually cause your credit score to slide if you max out your cards. And if that happens, other creditors will close your accounts or lower limits anyway, whether you are in a debt settlement program or not. Your creditors are monitoring your credit reports constantly, and adjust their rates, limits, etc. based on what is happening with other accounts. I knew all this beforehand. I knew the risks, and the reps I talked to before I joined were very explicit in pointing out the pitfalls. debt settlements are not a quick fix, nor are they for the faint-hearted. They ARE a last resort before bankruptcy and sometimes hard to get through. Some creditors are stubborn and don't want to settle. You may receive a summons or two anyway. But I feel that Superior has done a great job for me and I am very happy with the results so far. I guess I just asked all the right questions in the beginning, because any sticky spots I have come up against were no great surprise.

[doollee]

hi all, new around here, is any one still involved with Superior debt? with love an up date as I negotiate these shark infested waters. Thanks

I agree with the previous post. I am with Superior Debt Services, and it is 1 step forward, 2 steps back. They take away $357 a month for their "retainer fee" from the $636 they already deduct a month---and they have settled only 4 accounts in the PAST 2 YEARS! I also was served a summons by 2 creditors, and they say, "That happens." I would like to get out of this arrangement as I can use the extra $636 a month and perhaps settle these on my own, since they are charged off anyway. In retrospect, I shouldn't have let my accounts go to collections as SDS advised me to, and tried to make arrangements by myself. They take out over 50% a month for their fees, yet I still do not have enough to settle an account. I feel they are taking money from underneath me, and not duly settling my account. It seemed like a great way to consolidate my accounts in the beginning, then after 2 years of them deducting $636 a month, and NO SETTLEMENT, I feel like the fool here.

[SusieQ]

Guest above, in your first few sentences, you said they settled four accounts. Then in your last sentence, you say you have not settled any. WTH??? Depending on the amounts of your accounts, four in two years might be great!! Also, you said you thought it was a great way to consolidate your accounts. THIS IS A SETTLEMENT COMPANY, not a consolidation company. Your contradictions make me think you are either just putting up random posts for negative effect, or else you weren't sure what you were doing in the first place.

When you do the proper research, you find that lawsuits are a danger of any settlement program, whether you are in a program OR do it yourself. Some creditors will simply not wait for two years. I have had THREE lawsuits now, and was lucky enough to be able to settle one outside of the program, and Superior settled the other two for me before the court date so the suits were dismissed. That's what they are there for, to negotiate on your behalf. If you were in contact with Superior you would have known this, and could've made settlements on your own in addition to being in the program. They then would've removed that account, and the proportionate fees for it, from the program to allow for it.

Also, no creditor will consider a settlement, UNLESS you are in collections. Letting an account get into the collection process is the only way to start the settlement process, even if you are doing it on your own without a company.

It is a constant amazement to me, that people that join settlement programs just don't seem to know how they work. If you have LOTS of accounts, OF COURSE you can't settle them all at once, and fees etc. will accrue onto the ones that are left for awhile. This happens when you settle on your own, as well. If you have the money to settle multiple accounts all at the same time, perhaps tens and tens of thousands of dollars, you ought to have enough to pay your bills in the first place. Settlement programs aren't for people that have decided they just don't want to pay their bills any longer; they were originally designed for people that are having true hardships and are a last resort, or alternative for those who can't file, for bankruptcy. Your creditors can tell, by your spending habits and what kind of purchases you have made, whether you are having true hardships or you are just an irresponsible consumer. They also know, from other accounts you may keep in good standing, like mortgages and other credit cards, if you are really out of employment, or disabled and have no income, or just picking and choosing what you will and won't pay. Like with anything, the system is being abused and creditors are on to this. (Not that their hiking of interest rates etc. isn't abuse also. I'm not totally defending the creditors here.) But that is one of the reasons that settlements are getting harder, in some cases.

I have now been with Superior for a year and three months. Six of my nine accounts have been settled, and there has been some hard work / tough negotiation involved. I have three accounts left, with some ornery, stubborn creditors and I don't know where that will lead. Maybe it won't be good. But I feel I have a great chance, anyway, because I know how the process works and Superior has done everything they have said they would. Debt settlement is a crapshoot at best, and I feel they have made my odds much, much better than without, at least in my particular situtation.

[love_my_things]

i like susies post, although i did not use this particular company, settlement is something that needs to be considered fully. and researched properly it is not easy. but it does work well but its far from a quick easy fix. some will go easy, some will be a royal pain in the butt and wont budge at all. But be sure that you know the facts about settlement what they can and cant do, what can happen and what will happen. too many are signing up lately for settlement and are unaware of how it works then are angry that they feel they have been scammed when in fact, the company did what its suppost to do.

know the facts about settlement before signing the dotted line. Im a big advocate of settlement, but it is far from being pleasant

email address removed per forum rules---mobile

My husband & myself were thinking of going with a law firm to handle out debt,but since I have checked further I am not so sure.Superior Debt service sounds a lot better.these law firms want 14% to 16% up front to.does any body out there have any advice on this? Help!

I just signed with them. sounds good so far. I'll post in a few months as to how things are going with this company. wish me luck