Let me know if anyone has ever worked with them!

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?

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.

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!

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.

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.

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.

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.

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 a lot 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

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!

I heard they were part of debtxs in Texas or a branch of it with bad press.

Bbb is a good start, the upfront fees are a huge part.

I lost thousnads of dollars with a simliar company, stay away if they cahrge a percentage of your debt as a fee upfront...

DO YOUR HOMEWORK!

I am using credit assistance network, they only have a few employees, I like that fact, they don't hold my money or charge any fees other the 100 a month.

They offer settlements on a monthly basis.

Just settled 2, only paid $200 in fees so far... very happy.

Does anyone have information about cease and desist demands and how they could potentially piss of creditors into suing??

Hello,

I'm agreed with all above post. I was just surfing about useful sites on Debt and found a good one :: Welcome to X Factor :: may try if anyone looking for good support. I’m sure it would be benefited.


Best of luck.

Gabriela

Hello Mr Bay:

You could do the same thing they can do, and you can do it cheaper than they can. If it were me, I'd NEVER hire one of those guys.

excon

Read up on the subject thoroughly. There are a lot of fees associated with using these services. If you have a true hardship, go to your creditors and work with them, you can do the same thing that a debt settlement can only cheaper. A debt settlement company is not a legal representation for you and all they do is save your money and negotiate your debt, you can do the same thing. They cannot prevent a creditor from suing you and there is no more protection with them than you have by yourself. Consult with a bankrutcy attorney and retain his services if you get in trouble, they know how to negotiate and settle debt, it will most likely cost you less in the end. Some credit card companies will not deal with debt settlement companies and know that if you can afford their services you could be paying them more. Creditors have hardship programs that clients who are delinquent may be able to participate in.

What r some good debt relief programs. How do u find them.

Read the above posts that's your answer! You will be better off to do it yourself and save some money.

I absolutely agree with Dr.J about the things you should always look for in a debt settlement company. To add to that, as of October 27th a new FTC rule requires that all debt settlement companies settle at least one of your accounts before they charge any fees. Also, please check that they are accredited by the BBB, as well as have accreditations with TASC (The Association of Settlement Companies), and/or IAPDA (International Association of Professional Debt Arbitrators). Their business experience is also important. How long have they been in business? If it's less than 5 years I would seriously question that they have adequate experience in this field, or have well-established relationships with creditors. The last thing you need right now is an unscrupulous debt settlement company taking money you don't have. One of my friends was in over 100k in debt and through some basic internet research found Superior Debt Services. This company went knee-deep into her financial battle with her. Their experienced lawyers counseled her on the course of action to take if she did get sued, and eliminated a lot of stress and fear for her. This was one of her primary concerns with working with a debt settlement company to get rid of debt. Though it took her nearly 4 years to complete the program, she is debt free and is now working on repairing her credit. Debt Settlement is definitely not for the faint of heart, but it is a viable alternative to bankruptcy and can get you out from under your debt without paying the entire balances. Of course, this is ideal for those who are experiencing unique hardship situations in which they want to pay but simply can't. Be aware that there are both good and bad companies out there! Please remember that if you do work with a debt settlement company, make sure they do not collect up front fees!
Further, I would be wary of going with a credit counseling agency. Though they may have a 'non-profit' status, they are in reality usually set up by the credit card companies themselves in order to recover as much of the original debt as possible. Nobody works for 'free.' Credit counseling works by contacting your creditors to lower the overall interest rate of a debt.

I am in the process of working with Superior Debt right now. I have had no problems with them at all. I don''t have creditors calling me because they know that I am in this program with them. They have relationships with many of the credit companies which allows them to reduce the amount you have to pay back. They have already paid off one of my accounts and with my next payment another will be paid off. They also call to check on me every so often to make sure that I am doing OK and see if I have any questions. They are even very understanding if something comes up and I am unable to make a payment. I don't have anything bad to say about them.

There is a debt settlement or consolidation company rated five stars by Top Consumer Reviews and a member of the Online Business Bureau. If interested in obtaining assistance, they can be contacted.

Debt Relief 888-208-9197. Call 10am-1pm Sat, or 10am-8pm Mon-Fri, Eastern Time.