Debt Settlement New York

I just want to share this news:


"October 18, 2009

New York Attorney General Andrew M. Cuomo's office has won a lawsuit against Nationwide Asset Services, Inc. (NAS), based in Phoenix, Arizona, along with its affiliates, that bars then from doing business in New York state unless it files a $500,000 performance bond to protect consumers.
Additionally, Cuomo’s office obtained a civil penalty of $198,100 after the court determined that nearly 1,981 consumers were defrauded."

Why thank you doctor crane for sharing that news...
I think that it's a good thing for the consumers - not just in New York - to know that there still is such a thing as justice in the world.

It's good for the debt settlement industry too, what do you think?

More on that good news: The State of New York winning a law suit against a debt settlement company
"The court’s 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 General’s Office and the court.

The Attorney General’s 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."

News: The State of New York wins a law suit against a debt settlement company.

So the moral of the story is - that life is unpredictable.

To some extent. There are measures that a consumer can do to avoid or minimize being in this kind of a situations. Like know what a credible settlement company is supposed to be:

-The settlement company's program must have a fast completion time. 12-36 months.
-The program must be able to protect and improvethe consumer's credit standing.
-Must be a member of the Better Business Bureau, BBB, for at least 5 years.
-Must also have a good standing with the Chamber of Commerce
-A Member of TASC - The Association Of Settlement Companies and the IAPDA or the
International Association of Professional Debt Arbitrators

but JUSTICE, is membership or affiliation with those groups guarantee the consumer, quality service and a successful debt elimination?

but JUSTICE, is membership or affiliation with those groups guarantee the consumer, quality service and a successful debt elimination?

Oh no. Not at all. The consumer and the debt settlement company's program and character must match for the whole thing to work out. By work out -- it means that the consumer is not going to withdraw or pull out in the middle of the program because of say, a misunderstanding with the fee structure, or the third party savings account...

By work out, it also means that the negotiators were able to get the settlement offer for the consumer.

Speaking of debt settlement company/program and consumer match up:

Destroydebt.com offers a free initial debt consultation, just fill out a form, and get matched up to the right company for your situation.

Replying to JUSTICE and what's next?,

I find it funny how many people rely on a TASC membership when looking for a valid debt settlement company when clearly the TASC organization could care less about what these companies do as long as TASC gets thier dime. 

As an example "Freedom Debt Relief" is an "Accredited Member" of TASC, yet they are one of the companies consistently being penalized by the states for unfair or predatory practices against consumers.

Debt settlement "trade groups" are a complete joke and shouldn't be part of the criteria for finding a "good" debt settlement company.  Check the BBB rating (look for an A or better rating with 7+ years of experience with few complaint, all resolved) and no government actions.  That's it, it's that simple. (Note: I do agree with the rest of JUSTICE's points as decent guidelines, just not the one about TASC / IAPDA).

-JM

So with what Jeff is saying. . . TASC is not exactly a reliable regulatory agency then?

I am able to help anyone in the United States struggling with their credit card debt. Rapid Debt Settlement will settle your debt for 55% of what you owe and literally cut your payments in half. Email Bill Shannon for a free consultation billshannon@financier.com or call me at my office. The number can be found at www.rapiddebtsettlement.com