199 inquiries | Debt Relief Services - non-compliant with FTC Rule
(888) 896-8188
Company Rating
F
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N/A
Membership Information
This business is not a member of Business Consumer Alliance. This fact does not disparage the company in any way.
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BCA's Summary and Analysis:
Complainants allege unfullfilled contracts and difficulties obtaining refunds. Clients complain their creditors continue harassing them they are sued or that no action had been taken to contact their creditors. Many complainants allege the company had been deducting several hundred dollars per month form their account for extended time periods even though they'd made no contact with their creditors.~~In a few cases the company responded by offering refunds or partial refunds. In other cases the company advised complainants they had not been enrolled long enough to have saved sufficient funds to negotiate debts.
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Company Info
This company's business is providing debt negotiation services.
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Licensing
California law requires bill paying services and pro-raters accepting money from clients to be disbursed to creditors on behalf of the debtor to be licensed by the California Commissioner of Corporations and file a $25 000 bond. As of our last verification this company had not obtained the license as required for their industry. For the most up to date licensing information cionsumers may contact the DOC by writing to 1515 K Street Suite 200 Sacramento CA 95814-4052 by calling (916) 445-7205 (866) 275-2677 or 866 ASK CORP. Prorater licenses can be verified on-line by accessing the DOC website at www.corp.ca.gov.
BCA has no information regarding government actions at this time.
Our experience with debt negotiating companies is that they attract heavily indebted clients by claiming to be able to settle the clients’ debts for far less than the amount owed and to stop creditors’ calls. ~~Debt Settlement companies usually instruct their clients to stop paying their creditors. Some companies direct them to make their payments to the debt negotiation company instead and promise when the company has accumulated enough to offer a cash settlement to one or more creditors (which can take as long as two or three years) to pay off the debt. The debtor must pay fees to the service during the time the payments are accumulating. ~~Other companies simply collect the fees and advise debtors to save their money to pay their creditors themselves. California law limits the amount of fees debt negotiators can charge you but by not collecting the money and distributing it to your creditors for you companies can remove themselves from the limiting statutes and charge whatever they wish. What they are supposed to do for you while you’re saving up your money is to contact your creditors and inform them that they’re working with you negotiate the amount to settle your debt and ask them stop contacting you. ~~However the company operates though complainants allege that creditors continue to harass them fees and interest continue to accumulate the companies do not contact the creditors creditors increase their collection efforts and sometimes sue for payment the debtor’s credit is ruined and they end up worse than before they contacted the service. ~~Debtors may not realize that if their creditors do accept a negotiated settlement the amount forgiven constitutes taxable income.
We know of no other matter or practice relating to this company that may assist you in your consideration of this company.
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