Let me know if anyone has ever worked with them!

DrJ

Here are the things you want to know about how this company works:

1) How long have they been in business?

2) Is their Reliability Report with the Better Business Bureau both listed and free of unresolved complaints?

3) Do they require complete information from current statements BEFORE ever giving you a quote (balance, cash advances, balance transfers, etc.)?

4) Where does your money go? (are they asking YOU to save it then come see them when you have enough saved, do they hold it for you while you are saving it up, or do they set up a personal account, in your control, where your money will be deposited?)

5) What are their fees and how are they paid?

6) Did they ask about any MBNA, Citi, or Discover accounts? (and if so, did they explain WHY they are asking??)

7) Did they review any other options with you before telling you that debt settlement is your best choice?

kjackson

DrJizzle hit the nail right on the head. I am in the debt settlement industry and his advise needs to be adheard to line for line.

mjrBAY

I agree with DrJizzle. I have kept all those questions in mind along with a hundered others. I still have not made a decision; but know that debt settlement is an option. I don't really have many other options. I am not filing BK, I already have a second mortgage and I won't be hitting the LOTTO anytime soon, so what else is there to do? With our current DTI ratio there really isn't much else I could do....??!!! Thanks for the advice!

kjackson

You may want to make sure that the debt settlement company has certified mediators/negotiators. Also online access to your account to monitor their communications with your creditors. Check that they are members of the appropriate industry orgibizations such as USOBA and TASC. Check with your state attorny general and theirs for any pending or past issues.

baudhack

I have absolutely no experience with SDS, but a lot of posts on DebtCC have been recommending the following companies:

*DebtXS
*Curadebt
*Forgetadebt.com

The first two negotiate with the creditors like SDS, but the last one apparently submits financial proxy reports that are supposed to make things easier for people instead of waiting to negotiate. If you want to read about them or the other ones, just head on over to DebtCC.

Superior

Most settlement companies use this strategy to negotiate settlements, although the methods vary.

Superior Debt and other settlement companies create the Special Purpose Account for you, while others, such as DebtXS, tell you to save the money on your own with your own bank account. Not the best method, but it works for them I guess.

Superior Debt also pays for credit restoration at the end of their program at no additional cost to the client.

When you say "DebtCC" are you talking about debtconsolidationcare.com? That is a great web site! Very powerful tools and forums there to help you with your debt issues.

baudhack

debtconsolidationcare.com is the forum I'm discussing. However, the establishment of a settlement account (via the fidicuiary agreement) is not at all what I was discussing. An associate of mine who had gone through the forgetadebt.com program had accounts settled without the typical negotiations process that DebtXS, SDS, etc. employ. In other words, there was apparently no bargaining or so-called 'negotiating' with them, which she really liked. The creditor calls were under control as well. I absolutely agree with you that a credit restoration program is huge. However, my associate had accomplished the same thing using a law firm that they recommended. Because they settled her accounts for 45% or so, she could afford to spend a few hundred dollars on credit repair. While her credit is not perfect--it was bad to begin with--she is close to purchasing a new home. In my opinion, the program worked well. That is not to say that SDS is not good, people say good things about them, but I'm not sure they offer anything truly unique. If you go by popular opinion, I think you can't go wrong with any FAD, SDS, or any of the other companies people seem to like.

Fr_Chuck

The first post with the list of things to look for is 100 percent on target,

I have not seen any posts for them, a company by that name has been around for some time, not sure if it is the same one or not, From some of the old askme dot com days, I can remember alot of bad things , but then people on this site often say bad things about companies I have liked. But with all things, what works good for one person may not for another

jmcollision

Absolutely NEVER work with DebtXS. I have had the unfortunate experience to be in contract with them since February, and have paid approximately $4,200 to them so far. However, they have only been in contact with 1/3 of my creditors, and out of that 1/3, have not settled any debts.

I have obtained all the settlement offers myself, yet DebtXS claims that since they participated in the settlements (??) they are entitled to their entire amount of fees.

As I have obtained settlement agreements, I have asked to have those accounts removed from our agreement, which they have not, nor have they reduced the monthly fee due to a settlement being reached.

What a horrible company. I'm ashamed of myself for not looking up their background on the BBB (115 complaints over the past 36 months) prior to signing an agreement with them.

You live and learn-hopefully I can help steer people away from them as well!