About 'us debt.org'|The Hidden Tax They Won’t Tell You About…
A friend of mine was recently looking into a debt-settlement consolidation company and I thought I'd better check it out for him before he got taken. The name of the company was US Debt Associates. Don't bother looking them up. They've disappeared off the face of the planet again. I say again because they were known by two separate previous names. Steps to finding out more about the reputation of your proposed debt-reduction company: Look them up on ripoffreport.com. If they've been in business for any amount of time, surely someone will have complained about them. If they are not listed, that is not necessarily good news. They may be such a new con artist or one with a new name that no one has complained yet.Google their business name. Just type in the name of their business in your Google search box and see if any complaints come up. Again this is not necessarily good news. Go to bbb.org. Click on the national section (not on your state) and type in their name. If it does not appear, the company is too new to be rated by the Better Business Bureau. Now that's a problem. A brand new company has no reliability history. So don't even consider them. I noticed on their web site that they had lots of little symbols representing all the organizations they were affiliated with. One of them was the Better Business Bureau. So I clicked on each of the other symbols which represented various credit agencies that policed the industry and of the 3 different symbols not 1 on them listed my company as being a member. Hmmm. So I spoke to an employee and asked him how long he'd been working for the company. He said, "Fifteen years". I asked, "For this particular company." "Oh, I've been in this industry for 15 years, they're all alike." I asked, "But how long for this company." He mentioned something about it having a former name. So I looked up the former name on BBB.org and found that they had an 'F' rating. I also found out they had a previous name which also had an 'F' rating. So I spoke to the employee again and he admitted that they had been both of those companies but now they had been bought out by "the world's largest attorney company-Frank B Lender" and their problems were over. I searched and searched for Frank B Lender and couldn't find him. But I looked back at their first name of the company and it contained the letters FBL. They lied so much you'd think their tongue would fall out of their mouth from all the twisting it does. Warning There are 2 types of debt-reducing companies. One of them, the preferred one, will negotiate with your creditors, get your interest rate and payment reduced and possibly the balance due as well. You will then make one monthly payment to them and then they will send a check to each of your creditors. The other type of company does the same thing except when they take your payment they accumulate it in their "account" and as soon as the balance is high enough to pay off the creditor that you owe the least amount of money to, they send that creditor payment in full while your other creditors twiddle their thumbs waiting for their turn to get paid. Of course, your largest creditor gets paid last, (which may be 6 or 7 years from now). Credit card companies hate these kind of debt-reduction companies because they may have to wait years to get any payment whereas the other kind of debt-reduction company sends them something every month. According to one credit card company I spoke to they consider this second type of company to be worse for your credit than filing for bankruptcy. Be careful not to get trapped by either one of these type of companies that might be unscrupulous. If you choose the first kind, which you should, make sure that the money really is going to your creditors. After making your first payment to the debt-reduction company, check in a couple weeks with your creditors to make sure they got their payment. As always, tread very carefully in this unscrupulous world. |
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