SDS West Debt settlement

Hi all, I just stumbled on this site as I was cruising the web looking for some help. I started with SDS West debt settlement company a year ago and they have actually settled with one account, however, Target account has sued me and I have to appear in court tomorrow. SDS West does not represent me in court and my knees are knocking. I am very discouraged with this program since only one out of the three creditors has indicated they will settle after one year. I don't want three more lawsuits on my back! If judgement is rendered against me, and I'm sure it will, can Target grab a hold of my bank account? If I pull out of the debt settlement program, can I get the money I've saved with them relatively quickly?
Thanks for your advice!

Get an attorney and get one fast. SDS West is a rip off. They will take all your money if you do not seek legal counsel or file a complaint with your Attorney General in your state.

By filing chapter 7 or 13, the court will stop the law suits. debt settlements are a joke and will create a bigger hole for you.

Our site was hacked and searching, I found this. We don't take Target over $2,000 because they do sue you and we tell everyone that before they retain us, so she did that on her own, knowing that. She did admit that we settled one account, though we normally don't accept Target, so are all the facts represented?

I do work for SDS West and I just happed to see this and I have to reply to Mother Love, who is ignorant because the majority of our clients do get through this without being sued.

It's for people in a hardship and if you can't pay your bills and don't want to file bankruptcy, the cards do accept debt settlement and Master Card even says so here on their website:

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MasterCard Brand Mark
debt reduction Settlements
Debt Know-How
Credit Card & Debt Reduction Settlements

Depending on your circumstances, your credit counselor may be able to negotiate a debt reduction settlement with your creditors. Under a debt reduction settlement, a creditor agrees to reduce the amount you owe in return for a guarantee that you will pay off the reduced amount at specified terms. This process also is referred to as third-party debt negotiation.

The criteria for qualifying for a debt reduction settlement are the same as for a dmp. The settlement can include credit card and other unsecured debt, but not mortgages, auto loans and other secured debt such as student loans, or legal obligations such as alimony, child support and fines.

Under a debt reduction settlement, the debt is generally resolved within one to three years, with creditors settling for between 20 and 80 percent of the original debt. After you pay the agency fees and settle the debt, you will see an average of 40 percent in savings.

However, watch out for agencies that promise to reduce your debt by 50 to 70 percent. Many of these agencies are not reputable and unlikely to deliver. Currently, the Federal Trade Commission is investigating a number of questionable counseling agencies that make such false promises to consumers.
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So what we are doing is accepted by the credit card companies, so how can it be a joke? It sure beats credit counseling & bankruptcy.

CW , I hate to call you out but you are wrong. debt settlement is not better than credit counseling. Nor is Credit Counseling better than Debt Settlement. They are both good options depending on the person's situation.


Credit counseling is for people who are not overextended and thus can afford their minimum payments and just need one payment with a lower interest rate. Credit Counseling agencies will be able to negotiate with all creditors to accept a lower interest rate " usually around 6%-10%, waive late fees and over limit fees and spread your payments out over 5 to 7 years. You will repay 100% of your current balance with a payment that typically runs about 3% to 4% of your total debt.

Debt Settlement is for people who can`t afford the payments for a debt management plan, can't continue paying minimum payments, can't borrow to pay off debts and don't want to file bankruptcy. If and only if you are overextended or if your debt are already severely delinquent should you consider debt settlement.It will get you a monthly payment around half of what you would pay in a dmp and you will be out of debt usually around 24-36 months. Its companies like SDS West that just sign anyone up even if they are not having a hardship that give the settlement industry a black eye. This program is to help people having a financial hardship not people who don`t want to pay back their debt. If you have the ability to repay the full debt you borrowed you should do a Debt Management Plan.These creditors are not stupid . They want to see the client's budget and that client doesn't have one and they show a budget will plenty of money left over at the end of the month the creditor will not settle for much less or they will just sue the client. That is why SDS West has an F rating with the BBB.
Not all Settlement companies are bad. There are some good ones.

Here are some warning signs of a shady company.

#1 If they try to hurry up and rush you to sign the dotted line.
#2 If they don`t do a budget before signing you up. " how can they suggest a program or payment without truly knowing your situation?"
#3 If they had a bad record with the BBB
#4 Make sure they are also a member of TASC or USOBA. They are the accrediting trade associations for the settlement industry.
#5 If they only tell you the pros and non of the cons. Like the possibility of judgment , collection calls , hurts your credit.
#6 Make sure the fees are explained. Most settlement companies charge fees around 15% of the debt enrolled. Some companies charge most of all of their fees up front which is ridiculous. A good settlement company will at least spread their fees in small portions over 24 months or more in order to get funds accumulating faster so they can settle faster.

Like I said BOTH Debt Settlement and Credit Counseling are great options. It just depends on the clients situation.

Im sorry to correct you as well. The BBB in the southland is owned by a gentalman who also ownes a consumer credit counseling firm. SDS WEST is in direct competion with the ccc firm. SDS west like IBM does not belong to the BBB. As a result IBM and SDS WEST GET an F grade. The BBB is under investigation for false reporting. Put that feather in your hat.

It could be possible that the Southland BBB is under investigation. I will have to do some research on that.What is the name of the supposed Counseling company he owns. However, SDS West has an F because they have unanswered complaints. The BBB was ignored when they brought 3 complaints to SDS West's attention. Unanswered complaints from the BBB gets you an F rating. Perhaps a F rating could be a little harsh . Maybe a C- or D+ rating would be more fair since SDS West doesn't have a large pattern of complaints like Credit Solutions of America but the unanswered complaints is a serious lack of customer service on their SDS West's part.

ok BIG flag for me was the LETTER I received from the company saying 1040 at the top. HELLO had scam written all over it. BAD BAD BAD BAD

(sigh)

CCCS is one of the best programs out there honestly. I used it a long long long time ago when I needed to and it works and they teach you how to budget. They are a "credit counselor" They really do help AND they are pretty much everywhere.

I am currently in a situation and have been speaking to sds west for about a week. at the top of the letter they sent was form 450-rn....anyone know what that means?? anyone have any advice for me??

karri, i can help you with your question about 450-rn. message me or email me at charles xxxxxx Email removed for your protection-Bossy4455

No one has posted here in a while but I wanted to give props to this company(I think Micki is referring to. They got me out of the hole years ago. Although I don't think they teach you how to budget. You have to learn to discipline yourself.

mother love is not correct. settlement is a good option and better than bk if you can swing it and hang in there. Im seeing more and more people join settlement companies and quit half way through. this is very counter productive and hurtful to yourself. No one ever said settlement was easy. and if they did, you should have done some more homework.

what will napen if i come out the program

first of all i dont know about the program you are in and/or if its a scam or not. But i do know this. If is a scam yes you should quit the program. so research and find out for sure.

Now the key to being sucessful in settlement is time. So how long have you been doing the program? that is about how much time you have wasted. See settlement is to work fast so that you dont get sued or limit the amounts of getting sued and this usually happens around 2-3 year mark of non payment. some creditors are more agressive and go earlier some wont take you at all. Its all a gamble. But the key is time and if you have been in a program for a year that is critical. Becuase the more time goes on, the more likely you are to get sued.

If you are with a good company you should get your funds mostly back minus some fees. and you will be left to deal with the debt on your own. By this time the creditors are going to be real agressive. so be prepared if that is what you decide to do.

I have been with SDS West for 18 months, and so far they have taken over $17,000 in fees for only settling @ $40,000 in debt. I have been sued by 3 debtors so far, and more is yet to come, even though I signed up with them to AVOID all the blood, sweat and tears that comes with fighting creditors in court. I have had to settle thousands of dollars of debt OUT OF MY OWN POCKET, yet they are still retaining all fees collected!!!! I am BEYOND disgusted with their inability to follow up with any communications, whether they be by mail, fax or phone. They have left me hanging on my own for 18 months. If you are in debt, DO NOT sign up with a company that only asks for you to put yourself in MORE debt just so they can "help" you. What a joke. Learn from my bad judgment and stupidity: just negotiate with the companies yourself. That's what I am doing now, and most of them are taking payments @ 50% of my original debt JUST BY TALKING TO ME!!! Signing up with SDS West was the worst decision I have ever made.

Most of you have the wrong information. I have been with the SDS West Corporation for over three years. Needless to say, mu husband and I fell into some very hard times. We had a considerable amount of debt-over $100,000. We had a job loss and could no longer make payments. SDS steps in to settle the accounts at a much lower rate. Yes. I am paying them and it was in the first year but now all money goes into an account and then goes to the creditors. It is a lot of hassle from collecting agencies but it has been well worth it. Our alternative would have been bankruptcy. Credit counseling payments were way to high. A person needs to pay attention to their account and keep in touch with them and SDS will guide you all of the way. I am happy to say that I will be out of the program in a year or so but I have paid nowhere near what I owed!