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#18
12-21-2008, 07:46 PM
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settlement companies
Scubaman,
Other large settlement companies, who are "you" referring to? They have settled 800 million of consumer debt since their inception. After doing some research utilizing TASC, USOBA, IAPDA, and the Internet it's not difficult to add the top 20 list together. Please reveal your “source†about: 1) the state of their clients credit before and or after 2) policies on who they enroll and or actual data 3) if their clients read / understand the contract with them or not 4) if they are current or late on their payments 5) the % of clients being sued and or risk of 6) the % of people who file bk during or after or because of and or risk of 7) the complaints process and state of their clients level of satisfaction with their program The FTC has some interesting data on top consumer complaints. Listed at # 18 is debt management / credit counseling with less than 1% for 2007 combined. After viewing the other categories it seems like you have the “Chicken Little†syndrome to the debt settlement Industry. ftc.gov/opa/2008/02/fraud.shtm From your post on the 10th you stated that most (9 times out of 10) of their clients end in bk, now as of the 21st you state that they are "legit" and that you don't know how many of their clients end up having to file bk. What changed ? As of the 21st you state that “debt settlement†is risky and that it takes a great deal of patience and understanding to complete. Based on what findings and or what data do you have to support this claim? 
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#19
12-22-2008, 01:01 PM
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Credit Solutions
Bill G., Scubaman pulled your card! Get over it. Stop with the stupid statics, it make you an even bigger jerk! Credit Solutions tells you to stop paying your cards so that they can get a better settlement for you. The claim they will negotiate based on your ORIGINAL balances and your payment/savings plan is based on 40% of your ORIGINAL balances plus their 15% fee. IT'S A LIE. They do nothing while your late fees/interest fees skyrocket! The negotiation is on a final balance (after all the fees). I don't care about CSA compared to other companies, I care that they are liars and manipulators and take advantage of desperate people. We were not late or delinquent on any cards prior to signing up. Now thousands of dollars later, it's so out of control there is no other option than Bankruptcy! Stop defending your company you jerk!
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#20
12-23-2008, 01:22 PM
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Quote:
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#21
12-23-2008, 11:20 PM
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Totally misled!,
You may want to read their contract again; it’s specific on how their program works, including any late fees/interest and their service guarantee. Why would a company employ 900 people to sit around and do nothing as you claim? That really seems like a large expense for not doing anything. Guest, It’s called “tortuous interference†and companies and or individuals will typically avoid this unless they want to get sued. As stated in a previous post, the “proposed†class is flawed and has nothing to do with their business practice but rather a CROA claim.
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#22
12-28-2008, 12:07 PM
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Bill G I dont care to argue much more so I will make this my final post. I changed my tempo a little because I know CSA is a legit company. I dont think someone should read these posts and think "oh shit" I have enrolled into a scam and the company is getting sued and will go out of business so I must cancel. However, debt settlement is a complicated thing and should only be considered as an alternative to bankruptcy. I have no sources to provide you, but I do know a lot of these angry people have mentioned they had good credit and were current before they enrolled and that is why they are upset now. So I made the assumption that a lot of your clients are current when they enrolled and not on the brink of bankruptcy. Instead of trying to make as much money as possible, maybe you should set up an approval process with a budget and asset analysis. The BBB states something like they have failed to fix the underlying problem. It is obvious that CSA has angered thousands of clients in its path and you take responsibility and try to fix the problems. Is it worth helping 2 lives if you had to ruin
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#25
01-04-2009, 08:26 AM
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Amazing!!!
I have heard of people like Bill G. before. He reminds me directly of the inquisition or perhaps the holocaust. This is as most things are in life...subject to perspective. If your on the the burning pyre or in the incinerators your idea of evil differs significantly from those that placed you there. You see Bill has no worries because he has either no debt to deal with or a significant interest in this companies welfare...whereby allowing him no debt. If he were like myself and...obviously many others, struggling through the toughest of economic times, he would be more inclined to realize the truth. That companies like this are (listen closely) OUT TO MAKE MONEY!!!! They could care less if they burned people to death along the way. Honesty comes from the heart. If these sodomites have anything on their minds besides blood money it would be apparent from the start. They lied about the way the system works and they take peoples money for nothing. If they were so confident in their abilities they would be paid for their winnings. Not money for false hope. I know that BILL... will sleep well every night. Because when you can eat the still beating heart out of a starving child you can destroy the world and smile. Isn't that right BILL G.?
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#26
01-27-2009, 02:21 AM
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I sleep at Night
Yes i work at Credit solutions and yes i can sleep peacefully at night and not worry about your debt that YOU got yourself into. It is not my fault that you did not read the fine print where it states you can get sued and your credit score will be affected. You should also read the part where you agree only to use an Arbitrator in the great city of Dallas Tx where the laws will protect us from your outrageous claims. This program is not for everyone, i have clients that have success, others that dont try and others that get hit with litigation left and right. Yes i give my clients full Discloure, and most of them continue, others say not for me.
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#27
02-06-2009, 12:10 PM
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Stoping Payments
Allowed or not, fine print or not, the sales pitch from Credit Solutions DOES in fact instruct clients to cease payment on their debts. Aged accounts are the entire basis of the "settlement" industry. If you are current on your debt, then no creditor is going to be willing to negotiate balances.
Now, to the point, this means that 'settlement' should only be an option for those people who are already not paying their creditors. For these people, programs like Credit Solution are a great alternative to bankruptcy. They are already not paying, so CS can step in and help them to the next step. I am OK with that. Where Credit Solutions is being dishonest in my opinion is that they accept people into their program who are not at that point. When I enrolled with CS, I was still current (though soon to be delinquent as the birth of our child caused a re-allocation of our funds). I was explicitiy instructed by my advisor to cease making all of my minimum payments because they wouldn't have any negotiating power until my accounts had build up a delinquent aging of at least 90 days. Again, I was OK with this because I was headed there anyway, but I have known 3 other people who were simply trying to get out from under their credit card debt and were not anywhere near the kind of trouble I was in. They also were explicitly instructed to cease payments. (though the contract does state that CS does NOT advise ceasing payments). I think that this is the grounds on which some lawyer may be able to build a successful case. The contract DOES require Arbitration as you mentioned slvn, however a case could be made that CS has already negated the contract by explicity instructing people to violate their credit card contracts contrary to their own written policy.
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#28
02-06-2009, 10:24 PM
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My only advice to people is do your research and use common sense. Its idiotic that people actually think that a creditor is going to wait 2-3 years for their money. GIVE ME A BREAK. My only advice is if you are going to join a program like Credit Solutions....live in a state that does not garnish and is a homestead state...like Texas. You have a better chance of keeping your stuff that way.
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#31
02-12-2009, 11:18 PM
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Deep Grok,
This link will help you understand the last point you were alluding to. en.wikipedia.org/wiki/Tortious_interference The only party that could conjure up a lawsuit for tort would be the original creditor. The interference that you are alleging is their problem, not the consumers or some unrelated attorney. Despite what you might think from the outside, the banks and 3rd party creditors understand the process of debt settlement and the financial impact that settlement has had and continues to have on their overall collection efforts. Guest, Banks and or credit card companies are regulated by the OCC, FDIC, or FRB depending on their individual classification. Each of these agencies has rules and regulations about delinquent accounts. Most creditors turn their delinquent accounts over to a collection group or agency at some point. A small percentage, less than 1% will try to litigate before that time. Most litigation will end in a settlement arrangement, no different than and other industry. The other 99% will then go down the road of traditional collections which will involve multiple agencies over months and or years depending on when they are able to collect. This entire process is a numbers game for all parties involved. Tammy O, What's your definition of great credit and ruined credit? Most people enrolling into a debt relief program are out of credit, (i.e. maxed out) which by definition would not be great, good or even ok credit. Did you enroll with your credit limits available? If so, then why did you enroll? What was your hardship situation that caused you to contact or even be interested in such a program?
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#32
02-16-2009, 09:13 PM
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my experience
My problem with credit solutions was that the "presentation" I was given over the phone did not match the agreement that was in writing. By the time I got a copy of the agreement and read all the fine print, my 3 days was up and it was too late. Some of the discrepancy between presentation and contract was: I was told that I would not have to pay more than 50% of amount owed at time of enrollment to any of my cards. The majority of settlement offers I've received have been in the 60-80% range. I was told that I would no longer receive any harassing calls from creditors. I still receive 5+ daily. I was told that they only work w/creditors they have relationships with and can negotiate offers with. I've been told by 2 creditors that they "do not and will not work with credit solutions to negotiate debt". I was told that the likelihood of being sued was slim to none. I already have 2 pending law suits and 1 pending arbitration after less than a year. I was told that I would not accrue more interest/late fees. I owe much more on all my cards then I did when I enrolled. I was told they offer a 100% money back guarantee. Now, they won't refund me a cent.
My husband and I both had 700+ credit scores when enrolling (mine was low 700's and his was high 700's) Both of us were current on payments and I had one 30 day late (stupid mistake) on my report. Now, our scores are low 500's and no one will even consider giving us a loan. Also, we were told by our CS representative to stop making payments to all of our credit card companies. I've never even read anywhere that CS does not recommend this?? Since enrolling, I've paid Credit Solutions $6500 in fees and have only been able to settle 1 card for 40% of what I owed and that was initiated by myself and the credit card company, not Credit Solutions. They didn't even negotiate, just handled paperwork basically. I tried to settle on another card recently, asked that Credit Solutions renegotiate and they didn't and I haven't heard from them and either has the card company. I don't know what to do anymore as almost all my cards are being bought off and lawsuits or arbitration being brought against me. I'm settling/working with most of the companies myself to keep us from having to file bankruptcy. To date, Credit Solutions has done very little for us other than send a few pieces of paperwork to some of the companies. Maybe I got a bad representative, but even if everything is written out in the agreement, I don't think its fair that the representatives lie about what Credit Solutions can/will do for you. I feel cheated out of a lot of money that could have been better spent paying off my cards.
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