NATIONWIDE ASSET SERVICES - UNIVERSAL DR - GLOBAL CLIENT SOLUTIONS - ROCKY MOUNTAIN BANK/TRUST - FIDELITY CROOKS, LIARS,THIEVES ,WHAT EVER YOU WANT TO CALL THEM. PHOENIX Arizona

FYI: I'm not an attorney and have no interest or relationship to any of the involved parties. I would suggest that you find a copy of the Uniform Debt Management Act on google or wherever and read it...knowledge is power. In your case, Nationwide has clearly violated this Act in my opinion. Section 22 permits an individual's access to the trust account if no payments are being made to creditors and the individual is entitled to interest on the money held in trust until such a time that it is paid out to the creditors or returned to the individual.

Also, per section 20, regardless of any agreement that you signed, you can canel at any time by submitting the cancellation request in writing or when it becomes reasonably apparent that the plan is not working. I think a law suit by your creditors would make it pretty clear Nationwide's plan failed. Section 13 provides for compensation due to loss or damage which obviously applies since you were sued and incurred extra costs due to Nationwide's failure. The post I'm replying to is from '07 so possibly you've already found solution, but to anyone else reading this, I would suggest filing complaints with the BBB and the Attorney General in your state and in theirs. Also, they're required to disclose all the fees they charged, that way you know what to ask for when attempting to get your money back. Also forgot to mention, that the fees they intially charged you are in excess of what the Act allows.

You continue to defend an industry and company.....the industry first, being banned from many states. N.Y. just banned them doing business there. The decision was a fine of over two million dollars.

When Natl Asset Mngment was required to disclose its income stream the majority was from cancellations, over $800,000.

How can you defend an industry that does not disclose, relies on ignorance of people, when they get sued to break the agreement.

And what is with the Rocky Mountain National Bank, little bank in the middle of nowhere Colorado, doing business w/all these debt settle companies, something not right. Wish Colorado, or Feds, would ask why?

Lets do math. First you tell people they have right to Arbitration? Do they. Yes under the Federal Arbitration Act, the auspicies of a retired federal Judge, or attny w/10 yrs experiece.

Use model of $10,000. N.A.S., or whomever usually takes 399 dllrs "enrollment" fee.
Then three "Set up fees" 300 each. Lets say I am lucky enough not to get sued (one bank in particular, had a policy if you enrolled in these programs they would immediately sue) and the smart collection attrnys, were letting $ build up in these accts then sue and lien them. Now the settle companies putting them under their own name? And live off interest, don't live too high on the hog, govt. may close us down, and may have to pay people back.
Back to math, so to get in program $1,300. Usually all is not disclosed and lets say they settle ten grand for 6 thousand, there is a one third fee approx, right Beth Ann, so 6 thou to pay creditor (if not sued) two grand "fees" for sttlment, up to eight, and $1,300 entry, we are at $9,300, and that is not counting monthly debit fees for debiting the checking acct of debtor to debt settle acct usually charge around $40 a month, sometimes whole program, some are nice guys only first five months, so lets use nice guy model, $9,800, and for what, something you could do yourself. They rely on people not completing program, believe the completion rate is 10-15% nationwide, and if you get sued will not return your calls on purpose, that is where they hope you will break conditions of contract and contact attrney. How can a debt settle co. w/no attorneys working for them, in Arizona, or Califonia, protect someone in the program from lets use an example, Maryland?

Only a few of these companies are approved by Natl Foundation for cr. counseling , www.nfcc.org and they take a fee after the settlement, no upfront fees.

These companies continue to take advantage of the most vulnerable, rely on you not understanding and breaking the rules of the program, and it is a great business to go into- unregulated, but the states one, by one, starting to come after them.

Please, if it provides you a job, well times are tough, but to defend them, their activities are gray area at best, and they go in and out of business frequently, or eventually get closed down.

Fess up Beth Ann, do you really work in an honest, business industry?

National Asset Management was required to provide to the state of California a report and their inbound income flow. It showed, more than settling debts, or any other source of income, I believe over $800,000 in "CANCELLATION FEES" the majority of their income came from cancellation fees. I think they were fined over two million five hundred thousand, the info is eaily found on internet, don't remember where bumped into it recently.

The state of N.Y. just passed a law banning debt settlement companies from doing business in that state. Why do many of these companies use this little bank in Colorado, sure wish the Attorney General of both the state of Colorado, and the U.S. would take a look into this, Rocky Mountain Natl. bank. If govt agent reading this here is the info, why do all these so called debt sttle companies USE THIS BANK?

You are told you would have access and monthly statements from Rocky Mountain. Uh-uh, like above poster said no good. Now if I've got a couple of million in there, from my clients "debt settle accts", can live off interest, for a while, and when government catches up w/me pay most of it back, if I don't live too high on the hog, right Bethann, great unregulated business w/o too much risk?

Details? Disclosure? Ok I'll give you one example and respond. Least pmts taken I was told was $300- $399 Registration fee, three $300 enrollment fees. If they were lucky, (or I was lucky enough to not get sued) and enough time went by to accumulate $6,000 and they settled a $10,000 debt for $6,000 they usually take 1/3 as a fee, so lets do the math. Layout $6,000 didn't get sued, phewwww, many creditors will sue as soon as you enter in this program. This was citibanks policy, at one time. Enroll in debt settle, 1 month delnqnt got sued. But back to our math. So, I paid $6 grand to settle, 1/3 fee for services now at $8,000. $1,300 entry fees now at $9,300. Plus what a ripoff presuming the monthly "debit" fees to transfer to my non existing acccount (but Global's, or National Asset Managements acct) a $39-$49 a month I'll be way over the $10,000 originally stated. Now if I had the $ to settle my accounts in 5 months, maybe, but then who needs your services. They don't disclose, secret of signing people up, and after people sign up and realize what they signd, already gone "enrollment fees".

There are but a handful of these companies that are reccommended by National Foundation of credit couseling, just a handful. They take no up front fees. If they settle for you, after successful settlement you will be charged a fee, on backend after services performed. Most of these companies are unregulated (why they have proliferated - great to be in an unregulated business) and they tell you, you have right to arbitration. Yeah under the Federal Arbitration Act. Arbitrated by a federal judge, retired, or an attny w/10 yrs experience. Not a debt settle company.

These companies rely on you breaking the contract. When you get sued they will not return your calls on purpose. Now the collection agencies are getting judgements, don't even recognize their power of attorney, and some try judgement and lien on debt savings account. Maybe why not under your name, hot-shot collection agencies were using this route for a while.

Play w/debt settlement is like playing w/fire. The Feds may eventually come down on them, for now leaving it to the states, have their hands full w/homeland security. And several states have banned them in last year +. It is bad enough taking advantage of those least being able to afford it, but defending it is worse.

Todd,
I have made mention as to the issue in California. To anyone interested, please ALSO read the decision...................

Todd,
I have made mention as to the issue in California. To anyone interested, please ALSO read the decision...................

Please do a search on the web and look for " State of California Business,
Transportation and Housing Agency Department of Corporations" Desist and Refrain Oder (For violations of section 12200 of Financial Code) Against Nationwide asset services,Universal Nationwide,LLC,FGL learwater inc , Global Client Solutions LLC.
Now Try and tell me that there hasn't been lawsuits. I had less than $14000 in debt and since being in this scam I've paid over that with all the garnishments and court cost ect. Now how in the hell is that saving me 50-60% of my debt ?

If the companies were PROVEN to be operating illegally THEY WOULDN'T BE DOING BUSINESS!! And as for lawsuits?? NO. Please provide some information regarding these "law suits".
Why are you still doing business if they are a bunch of crooks----where is the details of how much debt you have and your monthy payment and your estimated time to be debt free?? You provide no substantial information to back your claim of being ripped off. Read your contract.....all the details are spelled out in black and white.................ALL oh and so called Rocky Mountain Bank & Trust is located in Colorado. They're in the book. In case you were wondering, banks are federally insured and the account is in your name.............if it's so bad go get your money.

If the companies were PROVEN to be operating illegally THEY WOULDN'T BE DOING BUSINESS!!! And as for lawsuits???? NO.
Why are you still doing business if they are a bunch of crooks----where is the details of how much debt you have and your monthy payment and your estimated time to be debt free????? You provide no substantial information to back your claim of being ripped off. Read your contract.....all the details are spelled out in black and white.................ALL oh and so called Rocky Mountain Bank & Trust is located in Colorado. They're in the book.