I researched (or so I thought) the possibilities for debt help and came across www.usfmgroup.com (US Financial Management) a debt negotiation service. Suppossedly they will help to contact creditors to reach a settlement on the total debt you owe.in order to get in this program I had to pay a downpayment of $1740 (based on your total debt and the settlement) before I would even be considered active in this program. The company will split the downpayment into 3 monthly payments for you. Now keep in mind that USFM advises you not to have contact with your creditors and to stop paying the bills while on this program.
Once the downpayment is paid you are to set aside a set amount of money to be accumulating to settle debt. A portion of that money goes to USFM for 12 months (yes in addition to the initial downpayment). Their policy states that you can request a refund within 30 days, but how can you see any benefits if any, if they are splitting your downpayment into 3 months? You are into 90 days before you can even be active.
This company told be what my settlement amount would be and within 8 months I had that amount and was ready to be debt free, or so I thought. I contacted USFM and advised I had the amount and was ready. A couple of days later I followed up with them only to find out that I couldn't settle the accounts because they were in arbitration and that the full amount owed would have to be paid.By not making your monthly payments to your creditors they will eventually be turned over to a collection agency and they will file an arbitration or judgement against you and you will have to pay what has been owed on that account.
This company will do NOTHING for you but take your money. I filed a claim with the BBB and the company denied by refund request of the $3135 that I had paid them. I have recently filed a claim against netcheck as well as the FTC and on this site of course.
How can they get away with this? If anyone has any suggestions please let me know.
Do not contact this company for help. They will take your money!
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