Y Debts Inc.

This company advertises via websites that they are able to settle debts for 25% to 50% avoid bankruptcy stop paying on credit cards and stop creditors calls. One customer alleges the company did not remove the inappropriate Discover proprietary information on their website after repeated requests. This complaint is closed as satisfied. Our experience with companies operating similar programs has been that: creditors continue to harrass them fees and interest continue to accrue their credit is worse than before that creditors were not contacted and creditors sue for payment. Specifically these companies rely on negotiating with the creditors for a lump sum payment which generally requires the consumer to withhold payments for an extended period of time. Also the fees for these services are generally required to be paid in advance before any services are performed. It is during this time that the creditors will likely take steps to secure payment such as; telephone calls derogatory credit reporting arbitrations or law suits. For the foregoing reasons we advise caution in dealing with debt negotiation/settlement companies.