American Debt Arbitration - Universal DRL - Nationwide Asset Services don't fall for the get out of debt trap, they took my money bankruptcy bound!! ripoff Phoenix Arizona

Result of the attorney generals investigation into National Asset Management, American Debt arbitration.  I'm sure they will find a way to continue taking advantage of the uneducated, and most needy, bottom feeders usually do. 
Quite timely I'd say:
Latest development in Cuomos probe into debt settlement and collection industries
BUFFALO, N.Y. (October 15, 2009) - Attorney General Andrew M. Cuomo today announced that his office has won a lawsuit against a national debt settlement company, barring the company from doing business in New York state unless it posts a $500,000 performance bond to protect consumers. The decision also levies nearly $200,000 in penalties against the company for defrauding thousands of New Yorkers who looked to the company to negotiate reductions in their personal debt.
As a result of the lawsuit filed in May, the Hon. Patrick H. NeMoyer in Erie County Supreme Court issued a decision that bars Nationwide Asset Services, Inc. (NAS), based in Phoenix, Arizona, along with its affiliates, from doing business in New York state unless it files a $500,000 performance bond to protect consumers. Additionally, Cuomos office obtained a civil penalty of $198,100 after the court determined that nearly 1,981 consumers were defrauded.
The court found that the majority of NAS customers were promised a 25 to 40 percent reduction in their outstanding debt but never saw such reductions. Only one-third of one percent of consumers received such savings. The other customers suffered continued harassment and lawsuits by creditors and had their credit ratings destroyed.
This company made promises to people who were searching for financial help and trying to turn their lives around, said Attorney General Cuomo. But the promises never came true and, in many cases, New Yorkers were left in worse condition than when they started. Thanks to this ruling, the company has to put its money where its mouth is with a performance bond if it wants to do business in New York.
The courts decision also orders NAS to compute restitution for 180 consumers who successfully completed the program but actually paid more in fees and settlements than the amount originally due on their debts. NAS has been ordered to compute this consumer restitution and the specific amounts will then be verified by the Attorney Generals Office and the court.
The Attorney Generals investigation and suit determined that NAS and its affiliates, ServiceStar LLP and Universal Debt Reduction, LLC, and its marketer, FGL Clearwater, Inc. d/b/a American Debt Arbitration, based in Florida, engaged in fraudulent and deceptive business practices and false advertising and made significant profits by selling misleading debt settlement plans that very rarely delivered the promised benefits to consumers dealing with debt.
Debt settlement companies represent that they can substantially reduce consumer debt by negotiating directly with creditors, on behalf of their customers, to pay off outstanding balances at less than the amounts owed. However, Attorney General Cuomos Office has found that many of these debt settlement plans are often flawed and, based upon complaints, often mislead consumers about the nature of their services. The debt settlement plans are generally premised on consumers aggregating savings, over one to three years, from which both the payment of the companys fees and any negotiated settlement are to be made. Yet most consumers who are targeted by these companies are unable to meet the savings requirements because of their already-precarious financial situation.
In addition, the companies often take their substantial fees up-front and keep these fees even when they do not provide the promised services. As a result, many consumers find themselves worse off financially because of these debt settlement plans.
As part of his broad investigation of the debt settlement industry, Cuomo issued subpoenas to multiple debt settlement companies and affiliated businesses. The investigation has sought to uncover how these companies structure their fees, how many people have actually benefited from their services, and what kinds of relief are the companies actually providing.
Many consumers may benefit more from working directly with their creditors, seeking credit counseling, or consulting an attorney about filing for bankruptcy. Additionally, even when enrolled in a debt settlement plan, consumers are often still subjected to collection efforts and lawsuits filed by their creditors. Consumers are even told not to discuss their debt situation with creditors.
Earlier this year, Cuomo launched a Web site - www.NYDebtHelp.com - that explains consumer rights, allows victims of debt settlement companies quick access to the Attorney Generals office to file complaints, and outlines the stages of the Attorney Generals investigation. Consumers who believe they are being defrauded by a debt settlement company are urged to contact the Attorney Generals office at 800-771-7755 or www.oag.state.ny.us .
The lawsuit against Nationwide Asset Services, Inc. was handled by Assistant Attorney General James Morrissey under the supervision of Russell T. Ippolito, Assistant Attorney General-in-Charge of the Attorney Generals Buffalo Regional Office and J. David Sampson, Deputy Attorney General for Regional Affairs.
I'm sorry if this post is a bit harsh, but please note the sentence about National Debt Arbitration.  Performed fradulent  etc, etc, while they came here over a long period of time,,,,,,,,,
The industry is employing attorneys to my knowledge, and in certain areas has managed to police itself.  Those that had the nerve to post their innocence here had the option to take that route.  Why this post may sound a little harsh, I wish they had cleaned up their act.  Quite timely I'd say also.
 
 



 
 

Well said, above post.  Now if Am. Debt Arbitration, took those fees and did not turn over the accts to NAS, cut down their staff, oriented for non-volume sales, and handled the settlements themselves, cutting off the additional one third fees, kept the few clients that matched the settlement process, and ran an in house operation that kept their clients informed, had attorney, or attorneys on retainer, and concentrated in one, or two geographical areas, it might work.

Employees would have to be highly trained, and clients cherry picked for understanding debt settlement.  The Natl foundation for credit counseling, has not ruled out debt settlement as a legitimate way of dealing with the Titans of the credit card industry, whom the public has had to bail out despite their "high crimes and misdemeanors", and interest rates that amount to usery.

They refer to a chosen few, who will answer a call if a person calls in that got a summons, and will legitemately try to intervene at that point, rather than rely on a confused and panicked debtor to break a contract, so they can keep the majority, or all the money that they (debtor) put into a program.

It can be done, if the Nfcc endorses it.  Just not a very big endorsement.

Peace, and the expansion of the universe continues the astronemers say, and humankind expands likewise to a period of understanding and tolerance.  Human expansion is supposed to parellell the universes expansion, positive, not negative.

Nothing I posted here was intended to be legal advice, just comments and hope for a better way of doing things, and dispensing information that would hopefully help others.  Not legal advice, but posts based on  lay knowledge, investigation, and experience.    Go Jets!!

You know what, I have been an avid reader of the Report and have posted many rebuttals myself regarding ADA, NAS and the arguments over good and evil. One thing remains obvious, people are still unclear about a great many things. Justice and I have bantered over the months and have come to similar conclusions without agreeing to disagree. However, you can't put the "bad" label on ADA because I am also of the opinion that the customer service department of NAS is reprehensible. It is a microcosom of distaste, lack of caring and mostly unprofessionalism. We as consumers have inalienable rights to protect overselves from predatory businesses that seem to thrive in our delapidated market place. Even so, the big scary monsters are and always will be the banks that we support with our own tax dollars. They call the shots and we either have to take the bullet or choose to duck. If we shoot back, we get petitoned for court. The unscrupulous manner in which these criminals operate is of biblical proportions. Where I am going with all this is simple, anytime you ask a business to help with your finances, take care in choice. ADA might be a great fit for some while another works for someone else. All in all the premise and the outcome should remain the same. A logical and fruitful business relationship. Can't we all just get along? Hell no! Wheres the fun in that?

Dear Julie,

I am so sorry that your experience with debt settlement didn't go the way you envisioned. I know that must have been hard on you. I mean, you already know that everything that happened to you is part of the program. Also, I believe it was explained up front and in detail throughout the entire enrollment process. The non-refundable application fee of $50.00, the one-time set up fee of $399.00 and the first three monthly payments which completed your enrollment fees. I think that if you called ADA and asked them to play your verification recording back for you, I would assume that all your grievances and accusations will be heard in your own voice agreeing to them all, happily.
It's sad that you are even considering dragging yourself into court for something that was done legally and agreed upon by you yourself. The best course of action for you is to reinvestigate an obviously more legitimate program like bankruptcy or consumer credit counseling. That way you are guaranteed to destroy your credit even worse than you are planning to do so now. But, at least you will be out of debt! I wish you the very best......

As of Oct. 08 the Florida Attorney General Bill McCollum began an investigation into several companies here in Florida. American Debt Arbitration is one of the companies being investigated. I'm sure they would want to hear from anyone who feels they have been taken advantage of by this company. The main number for the attorney General Florida is 850-414-3300.

I was able to obtain this information by googling american debt arbitration florida attorney general. You will find the details there.

Where there is smoke there is fire, and I am very surprised that some of the employees would knowingly defend these actions. I presume they really were not aware of how these companies work.

I hope the starter of this thread joins the investigation. Maybe you can recover some of your lost money. Good luck.

Unfortunately, with any business out there, there are always going to be complaints (after all the customer is always right).
however.. when dealing with the public its not always easy.
I truely feel empathy for those who have felt they have been ripped off by this company, because a lot of it was communication and/or lack of understanding on how it works. each customer that I have spoke to about the program I have been on the phone with them one or more hours to make sure I explain everything about it and how all fees break down in the background of the estimated pay off range.

the total fees do not even begin to come close to what the consumer would pay back in interest to the creditor if doing this on their own (let alone the principle that is reduced).

With any program that helps you with your debt there are going to be ups & downs (and this is ALL of them) it's rehab. and never easy.

this program has 40k consumers that are helped and has been around for several years. you dont hear about the thousands that are helped and went through the program sucessfully (by the way, I get referrals a year after I sign up a family member)

after the representive goes over the program and a voice verification is done, going over everything again on tape and they get the verification # so they can call back and listen to their tape, then mailed the paperwork, then again a repesentative goes over page by page and another verification is done and they're given that #.

I have everyone I speak to about the program to write down on a sheet of paper everything I go over with them on the phone, so when they get their paperwork it matches what I told them over the phone.

No program is nor can be sucessful if you quit and give up and I truely hope that the consumers who contacted this page were able to find help, but again these were a few out of tens of thousands, let the numbers speak for themselves

quote: American Debt Arbitration offers debt relief for consumers experiencing financial difficulties. Over 45 complaints have been filed against this Clearwater company, and they have an unsatisfactory rating. The BBB suggests consumers needing this kind of service work with local debt management companies, and, of course, check them out with the BBB first.

I found this w/o much effort, from No. Carolina BBB.

The Debt settlement companies are still preying on uneducated consumers. I had reason to speak w/someone in this business recently. My question was that since the various attorney generals are slowly closing the doors on these companies, why do otherwise honest businessmen choose this unethical means of going into business. I was told that it remains an unregulated business, and w/the mortgage crisis and other financial problems plaqueing the American economy, more important matters exist, and some of the heat has been taken off of them.

And Stupid me, if you read the thread, it was Mandy defending these "questionable" business practices. I believe you didn't follow the posts, Mandy was called a shill by Steve. A shill, in gambling, in Vegas, lets say, is someone fronting for the house, in this case Mandy, being accused of defending unscrupulous business practices for personal gain, as an employee.

Loss mitigation has been regulated in Fl. No mortgage rep, can collect fees for representing a client till services completed. Signed by Gov. Crist, the law goes into effect in October. It is a matter of time, but I hope the debt settlement industry will clean up its own mess. When people get sued and call for advice, laughing, or not answering questions about the program is immoral. At the very least, explain to the customer, help the customer. They don't do that, they want you to talk to the bill collector, or attnys office, and violate the contract, collect cancellation fees, and have no responsibility to the debtor any more. The average person does not understand the program, they are relying on that, yes you might have it in writing, but I assure you the average person does not understand the progaram.

End this nonsense, at a time when the economy is on the brink of collapse. Loss mitigation finally regulated - it is time the state legislatures begin regulating debt settlement which continues its bottom feeder ways taking advantage of the uneducated, and most needy. Don't we have enough hardship and tears for the person losing their homes, do you really want to persecute for profit people who are at the end of their rope anyway?

I sincerely hope this industry comes to terms with its "issues"

Everything Mandy said is true. I went through the same thing except my first payment was $399.00 and the rest were $1100.00 per month. They took the $399.00 and the first three months of $1100.00 each. In addition, I had to pay fees for everything. They settled one account for me. During this time, I was called by collection agencies and lawyers. I have never been through anything like this in my life.

Whenever I needed advice or help, the Nationwide Asset customer service reps treated me like it was all a joke. They said I shouldn't get upset because I couldn't be put into jail. Everytime I spoke with a different rep, I was told something different. I don't think any of them know what is going on.

When I ended my contract with them, they charged a tremendous fee for a company they didn't even settle with. I settled that account myself. When I complained, they told me it was part of my contract. Yeah, right.

You can settle with these credit card companies yourself and save a lot of money.

Unless you have dealt with this company, don't be rude to Mandy or anyone else who has "been there." They are terrible.

Quote : Being bonded and insured and Dunn & Bradstreet

Anyone can be bonded provided they don't have a criminal record in general, and even people who have a criminal record can be bonded under certain circumstances, depending on the nature of the position. Insured, as long as you have the money, you can buy insurance. Listed by Dunn & Bradstreet. Hmm, sounds impressive, but most people you talk to, and many PERHAPS don't know who, or what Dunn & Bradstreet is. It is no more than a credit bureau for businesses, and lists almost all businesses in the U.S. including the corner candy store.

I once again hope your industry, does a turn around, and will be accepted as financial helpers to people in need, but as long as marketing firms turn their "sign ups" like the lady who started this thread, or fees are collected after completing services, it is a matter of time before regulations start strangling this industry. The other thing is disclosure, of fees.

Don't get me wrong, if someone has no education about credit, and the debts are not excessive, the debtor has a strong stomach, for getting sued, calls, etc., maybe,,,,,,,,,,,but again, though the case may have been dropped that you spoke of, when I read that indictment (albeit civil) showed the majority of Nationwides income, as a result of cancellation fees, and described how, when people were sued they all of a sudden couldn't reach Nationwide, judgement filed. Then Nationwide found a reason for no refund.

Two months ago I believe, 4-6 settlement companies put out of business- Calif., violation of telemarketing laws, so, sounds like "insured, bonded, and listed by Dunn and Bradstreet" might be an impressive statement,,,,,,,,,to someone w/o the education, or understanding of ins. and bonding rules and regulations. If I were in debt settlement, I might consider putting it in my script.

I think there is a place for settlement, but you have to clean up the industry.

After the cease and decist orders, all debt settlement companies went in to compliance in regards to an FDIC insured bank, utilizing the Rocky National Mountain Bank in a small town in Colorado.

Now what did Global Solutions do w/all that money that they were supposed to have in their care. Maybe they invested it in bonds, whatever, but having access to all that money, surely had them living the high life.

When it all unravels, and it will unless, and until, this industry goes to full disclosure, but that is unlikely because no one would use their services, I hope it comes out how all these companies wind up utilizing the same bank, in Colorado.

A solution to the industries problems would be to collect fees when services are completed satisfactory. There are very few who will do this, the only way this industry will survive, as different states pass similar laws, regarding third party intervention for someones financial affairs, and the National foundation for credit counseling will recomend debt settlement, but a few, usually run by attorneys, who only collect fees when services are completed.

In Fl. the writing is on the wall, Governor just signed such a bill for third parties representing certain financial industry assistance programs. Fees can only be collected when services completed, and to the satisfaction of the client.

After the cease and decist orders, all debt settlement companies went in to compliance in regards to an FDIC insured bank, utilizing the Rocky National Mountain Bank in a small town in Colorado.

Now what did Global Solutions do w/all that money that they were supposed to have in their care. Maybe they invested it in bonds, whatever, but having access to all that money, surely had them living the high life.

When it all unravels, and it will unless, and until, this industry goes to full disclosure, but that is unlikely because no one would use their services, I hope it comes out how all these companies wind up utilizing the same bank, in Colorado.

A solution to the industries problems would be to collect fees when services are completed satisfacty. There are very few who will do this, the only way this industry will survive, as different states pass similar laws, regarding third party intervention for someones financial affairs, and the National foundation for credit counseling will recomend debt settlement, but a few, usually run by attorneys, who only collect fees when services are completed.

In Fl. the writing is on the wall, Governor just signed such a bill for third parties representing certain financial industry assistance programs. Fees can only be collected when services completed, and to the satisfaction of the client.

Settlement companies are not AKA consolidation companies. They are 2 completely different methods of dealing with debt. You might want to do a little more research

Yes of course this is true, one of the only statements you made with validity. My point in using that, is over the years the two different businesses have been mistakenly merged into the same term, debt consolidation is a loan, paying debts, and debt settlement, over the years, by way of semantics has become known as debt consolidation, yes, mistakenly.

I assure you these are all posts from different people, your accusations are laughable, do you deny that N.Y. has banned your industry from conducting business in their state? Do you deny, that you can't protect someone from a judgement and garnishee, before a settlement, in a state where you have no attorneys to represent your clients? Do you deny that in the case against Nationwide Asset Management, that the majority of their fees were cancellation fees?

Do you deny that Nationwide Asset Management is listed in complaints on almost all consumer oriented websites?

Nationwide asset management in the cease and desist order I found on the internet and mentioned in another theread on this website clearly defines them doing business as a debt management company, not a credit counseling company.

Quote from the Dept of California, Dept of Corporations cease and desist order: Nationwide Asset Services were communicaing to Global Client Solutions, and referring to clients as a bank and will be responsible for bearing their funds and procssing their debt management accounts.. However Global Client Solutions is not a bank and consmers funds are not deposited into an FDIC insured account as Nationwide Asset Management represents to its clients, this just one of many accusations, and they clearly define Nationwide Asset Management as debt management, debt settlement, use the same percentages represented above, and clearly do not refer to them as credit counseling.

I will not utilize name calling, as it gives insight to your character. I would prefer if you post again that you keep it professional, on a agree to disagree basis, though this may be difficult, since you have already defamed your character. However, forgiveness and an apology woud be acceptable, if you want to continue to discuss the situation, as your industry continues to be under scrutiny, and harassment, along w/certain mortgage, and credit repair programs.

I'm sure you will eventually repent and regret your actions, just to satisfy a lust for money, at the expense of the uneducated, and misfortunate amongst us.

For anyone checking this site for information whether or not to do business with Nationwide, take into consideration the rebuttels and comments.
First, look at the history of comments here.
Mandy-employee (by the way she is a great gal) 8-9-07
Then, Justice Once and for all shows up with Steve and Melissa....
Oncey -12-30-07 12:36 am
Steve - 12-30-07 - 7:21 AM!
Melissa??? 12-30-2007 - 8:26 AM??????????????????????
Then Oncey popps up again on 3-11-2008??????????????????????????
Come on Folks............... I do believe it is very obvious that Oncey has supplied most of the complaints on this site.
The location of Port Richey, Fla is close enough to where Nationwide has done business is too much of a coincidence. Are you a disgruntled employee????

Did you get fired for knowing only some of your details for doing business and not doing your job well??? Debt settlement is NOT for every one! That is why responsible employees take the time to qualify people that do not want to go through a bankrupcy...and weigh the options.
NAS follows all recommendations suggested by the Federal Trade Commission and has agents monitor our business and we are in compliance. To all who believe the small, petty accusations of people who are afraid to REALLY identify themselves or be forthright about their intentions or clearly state the complaint??????

Come on people, read between the lines. All the time frames and complaints are too close together.......from all over the country?????? At the same time????? Spread over the middle of the night?????????? One the biggest drinking or drug?? times of the year?????
One of the greatest benefits of living in America is the right to free speech!
One of the unfortunate repercussions of a free forum is lack of accountalbility for being able to speak freely. In other words it is ok to attempt to communicate as if you know what you are talking about even though you don't. Anyone can say anything and not be responsible for their comments. There is no validation of rebuttels or complaints. Make up all the lies you want. Try to do as much damage as you wish. And publish them on a forum so you can hide.

I do believe that most people have inherent good in them. Use your best judgement to determine what the truth is.

Dear Justice OR should I addres you as Once (why are you afraid to use your real name??) & the rest of you that work for conusmer credit counseling programs:
How do I know??? You know just enough about the business to make slanderous accusations and quote half truths. It is also fairly obvious since you, Justice reside in the hotbed area of Florida for credit counseling outfits.
Settlement companies are not AKA consolidation companies. They are 2 completely different methods of dealing with debt. You might want to do a little more research.

You do not know anything about what "clients" ARE CHARGED. Any and all charges and fees are clearly presented in the contract clients recieve. So for you to misrepresent that we do not disclose is malicious. You have absolutely no right to quote numbers on what Nationwide "charges" or what they make. You are ignorant of Nationwides business process.
Also, I never stated that the right to arbitration is on the back of a credit card. As for knowing the law? Arbitrate, negotiate, mediate are all related terms. I have stated nothing improper in my comments. So as for "the gray area" of the law, I would say that is your place.

As for California taking us to task... you are behind the times. If you would have done proper research, you would have discoved that case was dismissed BECAUSE....an over-zealous prosecutor did not do his homework. THEY THOUGHT WE WERE A CONSUMER CREDIT COUNSELING PROGRAM! All information is available on the web. For anyone interested in finding out who the Government is unhappy with.

Please go to FTC.Gov and look up the complaints on consumer credit counseling programs. Anyone ever hear of Ameridebt? Feel free to google it. They set the model for these programs. All information is free on the web. A non-profit counseling program?? Now that is a laugh. Lets talk about fair share contributions the credit card companies PAY these organizations to keep people in their programs. Just a softer ,gentler collection agency for the creditors.

Sure, there are some companies that do not practice good business and violate laws, but Nationwide is not one of them. Being bonded and insured and Dunn & Bradstreet rated is not part of the portfolio for a Sham.
(I also got a kick out of the "Shill" slam on Mandy Brent... how long did it take you to look that up in the dictionary or thesaurus.
Why don't you people move your vindictive efforts on to something else OR better yet yet. USE YOUR WASTED ENERGY ON GETTING A LIFE.

Dear Justice OR should I addres you as Once (why are you afraid to use your real name??) & the rest of you that work for conusmer credit counseling programs:
How do I know??? You know just enough about the business to make slanderous accusations and quote half truths. It is also fairly obvious since you, Justice reside in the hotbed area of Florida for credit counseling outfits.
Settlement companies are not AKA consolidation companies. They are 2 completely different methods of dealing with debt. You might want to do a little more research.

You do not know anything about what "clients" ARE CHARGED. Any and all charges and fees are clearly presented in the contract clients recieve. So for you to misrepresent that we do not disclose is malicious. You have absolutely no right to quote numbers on what Nationwide "charges" or what they make. You are ignorant of Nationwides business process.
Also, I never stated that the right to arbitration is on the back of a credit card. As for knowing the law? Arbitrate, negotiate, mediate are all related terms. I have stated nothing improper in my comments. So as for "the gray area" of the law, I would say that is your place.

As for California taking us to task... you are behind the times. If you would have done proper research, you would have discoved that case was dismissed BECAUSE....an over-zealous prosecutor did not do his homework. THEY THOUGHT WE WERE A CONSUMER CREDIT COUNSELING PROGRAM! All information is available on the web. For anyone interested in finding out who the Government is unhappy with.

Please go to FTC.Gov and look up the complaints on consumer credit counseling programs. Anyone ever hear of Ameridebt? Feel free to google it. They set the model for these programs. All information is free on the web. A non-profit counseling program?? Now that is a laugh. Lets talk about fair share contributions the credit card companies PAY these organizations to keep people in their programs. Just a softer ,gentler collection agency for the creditors.

Sure, there are some companies that do not practice good business and violate laws, but Nationwide is not one of them. Being bonded and insured and Dunn & Bradstreet rated is not part of the portfolio for a Sham.
(I also got a kick out of the "Shill" slam on Mandy Brent... how long did it take you to look that up in the dictionary or thesaurus.
Why don't you people move your vindictive efforts on to something else OR better yet yet. USE YOUR WASTED ENERGY ON GETTING A LIFE.

Dear Justice OR should I addres you as Once (why are you afraid to use your real name??) & the rest of you that work for conusmer credit counseling programs:
How do I know??? You know just enough about the business to make slanderous accusations and quote half truths. It is also fairly obvious since you, Justice reside in the hotbed area of Florida for credit counseling outfits.
Settlement companies are not AKA consolidation companies. They are 2 completely different methods of dealing with debt. You might want to do a little more research.

You do not know anything about what "clients" ARE CHARGED. Any and all charges and fees are clearly presented in the contract clients recieve. So for you to misrepresent that we do not disclose is malicious. You have absolutely no right to quote numbers on what Nationwide "charges" or what they make. You are ignorant of Nationwides business process.
Also, I never stated that the right to arbitration is on the back of a credit card. As for knowing the law? Arbitrate, negotiate, mediate are all related terms. I have stated nothing improper in my comments. So as for "the gray area" of the law, I would say that is your place.

As for California taking us to task... you are behind the times. If you would have done proper research, you would have discoved that case was dismissed BECAUSE....an over-zealous prosecutor did not do his homework. THEY THOUGHT WE WERE A CONSUMER CREDIT COUNSELING PROGRAM! All information is available on the web. For anyone interested in finding out who the Government is unhappy with.

Please go to FTC.Gov and look up the complaints on consumer credit counseling programs. Anyone ever hear of Ameridebt? Feel free to google it. They set the model for these programs. All information is free on the web. A non-profit counseling program?? Now that is a laugh. Lets talk about fair share contributions the credit card companies PAY these organizations to keep people in their programs. Just a softer ,gentler collection agency for the creditors.

Sure, there are some companies that do not practice good business and violate laws, but Nationwide is not one of them. Being bonded and insured and Dunn & Bradstreet rated is not part of the portfolio for a Sham.
(I also got a kick out of the "Shill" slam on Mandy Brent... how long did it take you to look that up in the dictionary or thesaurus.
Why don't you people move your vindictive efforts on to something else OR better yet yet. USE YOUR WASTED ENERGY ON GETTING A LIFE.

Dear Justice OR should I addres you as Once (why are you afraid to use your real name??) & the rest of you that work for conusmer credit counseling programs:
How do I know??? You know just enough about the business to make slanderous accusations and quote half truths. It is also fairly obvious since you, Justice reside in the hotbed area of Florida for credit counseling outfits.
Settlement companies are not AKA consolidation companies. They are 2 completely different methods of dealing with debt. You might want to do a little more research.

You do not know anything about what "clients" ARE CHARGED. Any and all charges and fees are clearly presented in the contract clients recieve. So for you to misrepresent that we do not disclose is malicious. You have absolutely no right to quote numbers on what Nationwide "charges" or what they make. You are ignorant of Nationwides business process.
Also, I never stated that the right to arbitration is on the back of a credit card. As for knowing the law? Arbitrate, negotiate, mediate are all related terms. I have stated nothing improper in my comments. So as for "the gray area" of the law, I would say that is your place.

As for California taking us to task... you are behind the times. If you would have done proper research, you would have discoved that case was dismissed BECAUSE....an over-zealous prosecutor did not do his homework. THEY THOUGHT WE WERE A CONSUMER CREDIT COUNSELING PROGRAM! All information is available on the web. For anyone interested in finding out who the Government is unhappy with.

Please go to FTC.Gov and look up the complaints on consumer credit counseling programs. Anyone ever hear of Ameridebt? Feel free to google it. They set the model for these programs. All information is free on the web. A non-profit counseling program?? Now that is a laugh. Lets talk about fair share contributions the credit card companies PAY these organizations to keep people in their programs. Just a softer ,gentler collection agency for the creditors.

Sure, there are some companies that do not practice good business and violate laws, but Nationwide is not one of them. Being bonded and insured and Dunn & Bradstreet rated is not part of the portfolio for a Sham.
(I also got a kick out of the "Shill" slam on Mandy Brent... how long did it take you to look that up in the dictionary or thesaurus.
Why don't you people move your vindictive efforts on to something else OR better yet yet. USE YOUR WASTED ENERGY ON GETTING A LIFE.

Recently checked out American Debt Arbitrations home page. They have added a states you can participate in program paragraph.

Why? Seems like they can do business in most states, but there are several that they cannot. Reason, some states are finally passing laws about the operation of debt settlement companies, especially those that take up front fees. States are finally banning these abusive companies by law. Hope it catches on, in all fifty states. About time.

However economic conditions are still driving unsuspecting people toward these programs. They seem to have proliferated, at a most unfortunate time, as the economy deteriorates.

I think this banning of the settlement companies will catch on, albeit slowly. My understanding is that many of these companies are doing business (violating the do not call list, Federal Trade commission just came down on seven of them headquartered mainly in western states, for do not call violations) without occupational licences in the states that they are calling in to.

If you get ripped off by one of these companies, or have a problem, with them in any way, another way of dealing with them, is to check if they have a occupational license in the state you live in. If they are calling you and you are on the no call list, FTC has been getting at them through no call violations, and would love to hear from you. If they call, and you want to investigate them check and see if they have a occupational licence to call, or work, in the states they entrap the uneducated in their program.

Melissa: The reason they are popping up all over the place is the nation is swamped in credit card debt, and we are on a cross, can't live with them, nor without them. Without credit cards, might as well cancel Christmas, and almost all retail business. The American public is swamped in credit card debt. They pop up because it is lucrative to take those "up front fees", and then just turn it over to a third party who will charge more fees, and even collect money on so called "administration" fees for mainting the debt settlement company account. People throw so much debt in the program, maybe they may get to settle one for you and they made money, administration fees collected, and the 1/3 of the settlement, e.g. they settled your $10,000 acct for $6,000, they get $2,000, plus all the other admin fees. Now add it all up. The marketing co. charged $2,000 to get you in the program, paid $6,000 to settle, and $2,000 fees for them settleing for you = $10,000 what you started with and I'm not including the so called "administration fees" to maintain your "debt settlement savings account".

They sometimes go out of business also, and bye, bye, at the least of your entry fees.

Steve says it like it is, though I'm hesitant to use such strong language. If they educate someone on how settlement works, they could rebutlle what is that worth?

Not worth the entry fees at all, so Steve I admire your....say it like it is...for the most part; pardon my weakling, careful language.

why all of these "debt consolidation" places are popping up all of a sudden. My instinct is that it's not out of the goodness of their hearts, that they must profit pretty well. I guess my instincts were right.

Mandy,

There is absolutely nothing legitimate about these programs. No one has ever been TRULEY helped by any of them. It is a scam.

The fact is, ANYONE can do this themselves. The ONLY secret is that you have to be AT LEAST 90 days behind in your payments before any creditor will even consider negotiation.

No big secret here.

ALL "debt settlement" companies are a scam and should be avoided.

Mandy,

There is absolutely nothing legitimate about these programs. No one has ever been TRULEY helped by any of them. It is a scam.

The fact is, ANYONE can do this themselves. The ONLY secret is that you have to be AT LEAST 90 days behind in your payments before any creditor will even consider negotiation.

No big secret here.

ALL "debt settlement" companies are a scam and should be avoided.

Mandy,

There is absolutely nothing legitimate about these programs. No one has ever been TRULEY helped by any of them. It is a scam.

The fact is, ANYONE can do this themselves. The ONLY secret is that you have to be AT LEAST 90 days behind in your payments before any creditor will even consider negotiation.

No big secret here.

ALL "debt settlement" companies are a scam and should be avoided.

Debt settlement companies aka debt consolidation companies don't always disclose all information as Nationwide Asset managment states, and it may not even be thier fault. The reason is they have marketing firms getting customers for them who do not completely disclose that they are turning Julie over to Nationwide Asset Services, who build a shield by having the marketing companies get their clients for them. American Debt Arbitration may be charging the enrollment fees of over $2,000, and not disclosing that in fact it is Nationwide Asset Management that will be doing the "hopefully" successful negotiations for her. Furthermore not disclosed, is that Nationwide Asset Management, or what ever similar situation is - a marketing company obtaining clients for the debt settlement company, are charging the monthly administration fee, and usually an additional 1/3 of what they negotiated as the settlement. That is if they ever complete the settlement. Banks, collection agencies etc., usually don't like dealing with debt settlement, or debt consolidation companies, and they may sue you, not wanting, or circumventing the debt settlement strategy.

Many of the debt settlement companies have been taken to task by the government, and some have gone out of business. What then, if you have money in their "debt settlement savings accounts", can you get that money back?


I have seen some debt consolidation companies that advertise they have attorneys to represent you in all fifty states, and if true, they may make the strategy work. Most, almost all do not. They sometimes know you will drop out of the program.......if really debt burdened credit counseling services offer a better alternative, in the sense that the creditors are more likely to work with them, aim for non profit credit counseling services (you still have to pay fees though non profit) and will unlikely sue a person paying in a credit counseling program. Debt settlement companies, again aka debt consolidation companies, will instruct you to make no payments at all, and this may cause more harm than good, for sure, unless the program completed successfully, will ruin ones credit immediately.

Disclosure issues, suit issues, credit destruction issues, go with the territory of debt settlement. Also, if you feel you understand the strategy, you can do it yourself.

Sorry you ended the program. Would you have completed the program you would have realized a signifant reduction in the amount of debt that you owed and therefore, the fee's that were paid upfront and no more than you would have otherswise paid to your creditors, would have been irrelivant.

The fact that your creditors were not being paid is what is called "aging" your debt to get ready for the debt negotiation and settlement and this is all explained thoroughly and repeatedly in the initial conversation then recorded and then sent out to you in legal documentation.

I'm sorry you chose to opt out of the program. It is genuine and is helping thousands of people across the country from getting ripped off by credit card companies.

Next time you might want to follow through with what the experienced professionals tell you to.

Sorry you ended the program. Would you have completed the program you would have realized a signifant reduction in the amount of debt that you owed and therefore, the fee's that were paid upfront and no more than you would have otherswise paid to your creditors, would have been irrelivant.

The fact that your creditors were not being paid is what is called "aging" your debt to get ready for the debt negotiation and settlement and this is all explained thoroughly and repeatedly in the initial conversation then recorded and then sent out to you in legal documentation.

I'm sorry you chose to opt out of the program. It is genuine and is helping thousands of people across the country from getting ripped off by credit card companies.

Next time you might want to follow through with what the experienced professionals tell you to.

Sorry you ended the program. Would you have completed the program you would have realized a signifant reduction in the amount of debt that you owed and therefore, the fee's that were paid upfront and no more than you would have otherswise paid to your creditors, would have been irrelivant.

The fact that your creditors were not being paid is what is called "aging" your debt to get ready for the debt negotiation and settlement and this is all explained thoroughly and repeatedly in the initial conversation then recorded and then sent out to you in legal documentation.

I'm sorry you chose to opt out of the program. It is genuine and is helping thousands of people across the country from getting ripped off by credit card companies.

Next time you might want to follow through with what the experienced professionals tell you to.