11/2/2010 8:23 AM (PST)
Click the links above to view the reviews and BBB Report, neither give the company a good face. Here's a to-the-point excerpt from the BBB Report that pretty much says it all:
"Complainants allege once fees are paid, the company fails to notify them of the status of their case, creditors continued collection efforts, creditors they contacted claimed they had not heard from the company, and they experienced difficulties reaching the company by phone. Most complainants request refunds. The company responds to some complaints by agreeing to issue refunds. In other cases, they offer explanations for service issues, and explanations for their actions. One or more complaints are unresolved meaning the company failed to properly address the complaint allegations or their response was inadequate."
If you have read any previous posts here you will know that the experience of the BBB with debt settlement firms has been decidedly negative. Most people who complain about these companies state that their debts weren't negotiated, they were told to stop making payments, and the result is that they're in worse shape than when they started. Many are sued and are forced to file bankruptcy to rid themselves of the lawsuits.
There are many reasons why the debt settlement industry is under scrutiny by the FBI, Secret Service, State Attorney Generals, and other financial crime regulators. This industry is rife with companies using predatory fee models and deceptive advertising. Don't fall for the ads that are all over television: they are produced by slick third party lead generators and oftentimes if you call the phone number you see on TV you will be speaking with the lead generator who will screen your call for distribution to any referral receiver who will pay. The FTC’s proposed rules will shut down the industry as it stands today - for good reason.
Have you tried a nonprofit credit counselor? Check out www.nfcc.org to be connected to a local accredited agency and also check out their "Debt Settlement Consumer Alert". Their national hotline is 800-388-2227.