NDS, LLC told us they could reduce our unsecured credit card debt to a pay back of around $.30 to $.40 on the dollar, less than half of what we originally owed including their fee.
We understood from talking to Michael Gregory that our credit score would go down for a time, but as they settled each account in a timely manner, that each account would show that it was paid off and eventually our credit score would rise. They told us that they would start settling our accounts after 60 days, or 3 monthly payments. When they didn't, they told us that they collect 4 payments before they start settlement procedures. Once they got the 4th payment, they told us they weren't going to start settling for 2 more months (6 payments total. Everytime they recieve another payment, they extend the waiting period. Mark Gregory told us that it was not necessary to have the actual dollar amount accumulated with them to begin settling each account, it would be handled like a loan with a minimum profit for them instead of a daily interest rate. When we began getting numerous harrassing phone calls from the credit card banks we followed the script NDS sent us, saying "I have given my Power of Attorney to NDS, LLC. Please call them herefter. Their telephone number is 818-239-0391. I am authorizing you to speak with them. Thank you." If that did not work we were to send them "Cease and Desist" letters, which we did. This did not stop the harrassing phone calls at work and home. We begin contacting NDS to inquire when the negotiations would begin. They never returned any of our phone calls, and if we waited on the line we were put on hold for lengthy times, day after day. When someone finally got on the line they lied to us, saying 'after just one more payment we will start settlement negotiations'.
The next time they would say, 'you don't have enough money collected yet to settle any claims'. Which we actually did. For example, we have paid them $5340.00 so far, which would well have covered at least 2 of our accounts. The only way they will let you pay them is by direct access to your bank account. When we tried to stop their collection efforts the bank said the only way was to change our bank account number, which would involve replacing hundreds of dollars worth of preprinted checks and deposit slips already purchased for our company under the old account number. We own a small business and had excellent credit before this, but we had begun having trouble making the monthly payments on time to the credit card companies due to a drop in business, therefore causing the interest rate to rise and late fees to be tacked on every month. NDS advised us to stop making payments to the banks and sign our power of attorney over to NDS, LLC. By following the advice of NDS, we fear that we may have lost many business opportunities. It was obviously a bad decision, but we thought at the time that it made good sense and we trusted them.
We feel they misrepresented their services. We took this as an option because we were desperate, instead of paying high interest rates and trying to make monthly payments directly to the credit card companies. It doesn't make much sense the way they are actually handling it. We could have done what they're doing now for ourselves; save our own money and settle each account as the money becomes available. We are still receiving phone calls and letters from the banks; however, one bank in particular is agreeing to allow us to pay back half of what we owe on our own, but we don't have the money because this bogus company is holding it. Several of the banks claim they do not work with settlement companies but will settle with us, and get very irate when we don't have the settlement money for them. NDS says our money paid to them is unrefundable.