Life Line Credit Services

Our experience with company's offering debt negotiation services is that clients are instructed by the company or its affiliates, not to pay creditors and instead, to make payment to them. The company then disburses the funds, or stores the money in a trust account until they believe they have enough money to offer a cash settlement, which may take several years. In the meantime, the client's credit is likely to be adversely affected, interest and other charges will continue to accrue on the accounts, and creditors may proceed with collection actions including lawsuits. Also, if creditors do accept less than the entire balance, the amount forgiven constitutes taxable income. We believe that since this company is paying the debts or transferring the money of consumers, it may be required to post bonds and be licensed with the California Department of Corporations as a Prorator. To verify registration, call (213) 576-7514. Companies that advertise the availability of loans in exchange for an advance payment are required by law, to register with the Attorney General and post a $100,000 bond. Even if registered, it is unlawful to collect payments in advance of performing services. This company has not complied with this law. To verify registration requirements contact the Attorney General by calling (916) 322-3360.