Debt Settlement Company Strikes Again! Twice in the Same Day!

by Ted Michalos, CA trustee on November 15, 2011

I’d heard of this debt settlement company before, in fact I recall seeing ads for their services on US television stations for years, but until today, I had not met with anyone who had dealt with them. Now within 2 hours I’ve seen 2 different people and both were dissatisfied with what had been done by this company.

Today I met with a woman,who met with this company in July and had been paying them $600 per month since ($3,000 to date) and was having the same experience as the gentleman I met with earlier. Creditors started calling in September and now they were threatening legal action.

She owes $28,000 and so she is also looking at filing a consumer proposal. Based on her situation she will offer $9,600 ($200 x 48 months) to settle the debt.

Unlike the first fellow I saw that is now “mad as hell”, this woman is embarrassed and feels like someone took advantage of her. She was trying to do the “right thing”, but instead she has probably lost $3,000 that she can’t afford to lose on a solution that was never going to work.

On the bottom of each page of her agreement with this company they list a Customer Excellence Team to deal with concerns complaints. I suggested she give them a call and ask for her money back too… If enough people ask, maybe they’ll figure out that whatever model they were suing in the US may not work in Canada. Based on these two people, it looks like using this debt settlement company only made matters worse – and cost these poor people an awful lot of money!

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