Debt Settlement Scams

guess what i just check the bbb for curadept and i found no such co so believe what you want im in a co getting out of this mess and my creditors have informed me they are working with the co. the call have stop coming in there were as meany as 15 a day now there is about one

Thanks for the information. We can ALL use this.

Thanks for the information. We can ALL use this.

Thanks for the information. We can ALL use this.

That's not an information piece. It's a blatant advertisement for a company.
1. There are several reputable settlement companies around (albeit they are in the minority), and to suggest that through diligent research they have found only one is ridiculous.
2. To call credit counseling a "scam" because you pay your creditors in full with interest is downright shameless. For people in distress, who still have the hope of salvaging their credit, this should be your first option. Like settlement companies you need to do your due diligence to be sure you are with someone reputable, but some major creditors will even refer you to a good agency if you have fallen behind with them.
3. To make the statements about the negative credit aspects of credit counseling (which are mostly short term, and for some credit profiles there are immediate POSITIVE impacts) and not even address that in order to settle, your accounts will need to be in a charge-off status.

There is a place for both types of business, and this article does little to clarify the realities of making a good decision based on your actual situation. Check out any company in either industry for complaints with the BBB, the FTC, and your state. The company this post is clearly advertising for may very well be legit, but the information provided is lacking and misleading.

I thought the article was upfront but there are certainly a few more companies that are trustworthy. My experience has not been good with any of them and I tried more than one that was reported as good by others so YMMV.
Also BBB reports are not tried and true. I have read that in CA the person who owns one of the states BBB's also has a settlement company so he grades his competitors more harshly to make his company always come out on top. One of the companies I went with was highly recommended but not a member of the BBB so I was not able to log in on my unfavorable experience.

Hi all

In my opinion prior to signing up with any debt settlement company,one must consider these points :

1) find out about the fees: As per the Consumer Federation of America one should not pay more than $50 as the set-up fee and not a single dollar more than a $25 monthly maintenance fee. If you find that the representative is reluctant to talk about fees,then consider it as a warning sign.

2) Avoid companies that over promise.

3) One can also check with the local consumer protection office.

Last but not the least do your home work properly....after all its your money!

Nelly