Credit Solutions Of America Credit Solutions don't settle your debt they add to your debt. Addision Texas
I like many others had gotten myself into credit card debt. I was in a car accident and fell behind in my credit cards payments. I eventually was turned on to Credit Solution of America. After speaking with them I was relieved ,I thought I made a really good chioce. Ha! They were the worst choice I have ever made. I signed on with 4 credit cards totaling 7500.00, 6 months later I have recieved one crappy settlement offer that I was told was a great deal, It was 25% of the balnce owed. By the time they got me this settlement offer I had accured 400.00 in fees. The offer was for $375.00 off new balance not orignally balance , so instead of saving money I would actual being paying $ 25.00 more then the begining balance, wow what a deal.
My main concern is when I signed up I was given information that wasn't true, the information made the company seem like a life savers, but unfortunatly they don't deliever.
Without writing a novelabout there deception I will sum up my experience as this:
I signed up with 7500.00 and to date including fees I have paid to credit solutions ($560.00) I owe 10,328.60. I am now way in over my head.
I took a few minutes tonight and contacted 2 of my c/c companys I recieved settlement offers right away with no hassle. I settle one that was $1440.00 for 660.00 and can pay it over 4 months, the second one was 4516.00 and I was given an offer of 2016.00 both less than 50% of current balance. It took me 30 minutes to do what it took Credit Solution 6 months to do and I still recieved a better deal. I warn anyone thinking of going with this company to run , I mean run the other way !!
Destine
Wolsey, South Dakota
U.S.A.
4 Updates & Rebuttals
Destine
Wolsey,South Dakota,
U.S.A.
Justice
#5Author of original report
Sun, April 29, 2007
I contacted the better business bureau that services Addision TX. They contacted credit solutions in reguards to complaint. I was then contacted by credit solutions and after speaking with the resolution person, we agreed upon a refund for part of my fees. I haven't recieved refund yet but should within the next day or two.
Aafes
Viernheim,Europe,
U.S.A.
Mike's point is very valid
#5Consumer Comment
Wed, March 28, 2007
If a creditor finds a third party involved that is being paid you are not likely to reach any agreement that is conducive to your future credit.
Most future creditors, in any event, view a "settlement" notation on your credit profile with a wary eye and you are treated with little difference than you would be if you filed bankruptcy.
Mike
Radford,Virginia,
U.S.A.
Absolutely do it yourself.
#5Consumer Suggestion
Wed, March 28, 2007
When someone realizes they have debts they can never pay, they have options. The obvious one is a formal legal bankruptcy. It is often actually the best choice in the long run. But there are some reasons not to do it. Then there is the "informal bankruptcy" promoted by these companies. You quit paying debts and (this is important) convince the creditors that you don't have any money so they won't be inclined to sue you. If they do sue and it looks like you won't be able to prevail, settle. Otherwise they get nothing.
Now a good way NOT to convince the finance companies you have no money is to PAY someone else to talk to them. Creditors get real upset that you're paying a debt settlement company instead of your debts. Then they see the writing on the wall that the only way they'll get a dime fromm you is to sue--promptly.
David
Garland,Texas,
U.S.A.
Glad you saw the light
#5UPDATE EX-employee responds
Tue, March 27, 2007
Unfortunately for you, you were taken as I was working for them thinking that I was going to actually help people. This company tells their sales department one thing and their settlement advisors a different story when hired.
After a couple weeks I learned that the sales team were all liars then transferring them to over to the settlement team where I tried to explain the truth of dollars settled was actually off of the current balance and rarely off the original balance. What they don't tell you is that settlement advisors are NOT even allowed to make outbound calls 90% of the time to actually call customers creditors.
When someone questioned why they could make these necessary calls for their clients, they were told they had to only accept calls from the automatic dialer and ignore calls from their direct phone line.
The simply truth is that no one needs a debt company, just do everything on your and you will come out the same if not better financially.