11/3/2009

The company's BBB report shows them as "debt consolidation" but this is actually a debt settlement firm; it's possible that the BBB issuing that rating may have the company categorized incorrectly. The debt settlement category is considered by BBBs to be inherently problematic, and when a company is classified as one of these it results in a much lower rating than when the debt management or debt consolidation categories are used. The BBB's history overall with debt settlement companies has not been good.

They have 6 complaints since 2007. Of course, a company's size, volume of business and number of transactions may have a bearing on the number of complaints received by the BBB. Perhaps call the reporting BBB to find out more: 561-842-1918 West Palm Beach, FL).

http://www.bbb.org/us/Find-Business-Reviews/

You may be interested in the proposed rules on fees and disclosures that the FTC is considering for the debt settlement industry. The Federal Trade Commission issued a press release about these on July 30th :
http://www.ftc.gov/opa/2009/07/tsr.shtm

It’s useful keeping the FTC’s guidance in mind as you evaluate the requirements and promises of any debt settlement company you are considering working with. Why not start with a free counseling session from a nonprofit credit counseling service? Call 800-388-2227 and you will be connected to an accredited nonprofit financial counselor in your area.

Also our Facebook page has info on debt settlement (scroll down to the post on Oct. 28th):

http://www.facebook.com/pages/BBB-of-the-Southland/117568537756

Good luck, getting out of debt is never easy!

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