Posted on
September 1, 2009
at
4:21 am
Debt Relief USA, also knows as No Debt USA filed for Chapter 11 bankruptcy in June and is also reportedly under investigation by the FTC (Federal Trade Commission) and by the Attorney General of several states.How ironic is it to seek debt relief from a debt relief company - that couldn't relieve its own debts? Share your thoughts here.
Posted on
September 1, 2009
at
4:28 am
If you are asking my opinion about companies like No Debt USA or Debt Relief USA - my answer is - I think them filing bankruptcy is planned. Just like in the military, success in battle is largely due to great strategy, they knew that they're going to file bankruptcy and did not even warn their customers. An underhanded business strategy but one that worked anyway. I think it's pre-meditated. The only ones who were surprised by their filing bankruptcy are the consumers.Only they were caught...now it's up to their lawyers. I think they have thought about that too. I think that even if they settle...their profit is secured.
Posted on
September 1, 2009
at
4:31 am
Wow Gaius, you sound so sure! I don't think that they are that Machiavellian...that smart...or that brave...I think that No Debt USA/Debt Relief USA was just incompetent. I think them filing bankruptcy is due to negligence and lack of business sense. Plus the industry is new. It's unpredictable...
Posted on
September 1, 2009
at
4:42 am
Can the consumers know if a debt settlement company would go down or would file bankruptcy down the road?How can consumers avoid companies such as Debt Relief USA, No Debt USA?
Posted on
September 1, 2009
at
4:48 am
To answer customer no. 5, there is no sure way of knowing which debt relief companies are scams, but there are warning signs that should alert the consumers:-If the company charges a large upfront fee. Debt settlement companies usually charge 15% of the total debt amount spread over 18 months.-If the company claims that debt settlement won’t affect your credit report or does not even know how it affects the credit report.-If the company claims that it can protect the consumer from lawsuits or completely stops creditor/collection calls.-If the company claims it can eliminate debts quickly and easily.
Posted on
September 1, 2009
at
4:54 am
A debt settlement company's program must have a fast completion time, typically 18-36 months, but it should never claim or boast of being easy and or faster than that. Unless the consumer all of a sudden came to a large sum of money, because then the whole debt would just be paid off.That program must also helps protect the consumer's credit standing. It must explain to the consumer the components of the credit score that's going to be affected by the settlement, also when the debt is settled or paid for, the company should also negotiate with the creditors how it's going to appear on the report. It should be "settled", "settled for less than the full balance", or "settled in full."
Posted on
September 1, 2009
at
5:01 am
Another way to help avoid the plight of No Debt USA Debt Relief USA's customers is to check the debt relief company's Better Business Bureau (BBB www.bbb.org) record. If it is a debt settlement company, the consumer should also check its membership with their state Chamber of commerce and the US Chamber of Commerce, also with the following:TASC www.tascsite.orgUSOBA www.usoba.orgIAPDA www.iapda.org
Posted on
September 1, 2009
at
5:13 am
I must be somewhat dyslexic...the first time I read this thread's title, I thought it says No Debt Relief USA No Debt Relief USA....and I thought "oh no prophet of doom...." And so I reread it and also the replies. It's clear now.Not all debt relief companies are like No Debt USA. Many actually look out for the best interest of their clients. Another way of making sure that the debt settlement company can really help you is to ask for a copy or proof of their recent settlement letters. I am just not too sure if that's ethical or legal....
Posted on
September 24, 2009
at
5:46 am
This No Debt USA Debt Relief USA is confusing.
Posted on
September 24, 2009
at
5:49 am
Would there be a time you think, in which the United States (USA) would have no debt? Do you think that the debt relief industry in the USA would last for 10 years more?
