Gc
Dallas,#2UPDATE Employee
Wed, July 16, 2008
DSA settled this client's debt for 40.14% of the outstanding balance at the time of settlement. In all debt relief programs including consolidation and debt management plans (credit counseling), creditors continue to charge interest/fees. This is clearly disclosed and explained to our clients prior to enrollment. Even if Jaime had continued making minimum payments on his credit cards, he would have continued to pay mostly interest for the first few years. Our clients must complete a two pronged authorization before a settlement is final: First, the client authorizes each specific settlement individually. In other words, each offer we obtain is communicated to the client and only after the offer is accepted by the client do we proceed. Second, the client authorizes each disbursement to the creditor. Our clients authorize/initiate each payment individually to the creditor by phone, by email or by online web authorization. This process was followed for Jaime and he authorized both the settlement and the disbursement by phone. The $5,000.00 settlement was on an outstanding balance of $14,494.18 and equated to a 34.50% settlement an excellent settlement. Regarding the documents, we gathered the requested documentation after his request, but we were unable to reach him to send him the documents since he had moved several times. We have since sent him documents showing the written agreements with the creditors for each of his settlements.