Persels And Associates
The Dream of Debt Settlement is Now a Nightmare

Seven months ago, after I lost my job and suffered a mini-stroke, we panicked. We called Care One becasuse we knew we were sinking fast and would not be able to make minimum payments to our creditors for long. We could not afford the payment for debt management, so we were offered debt settlement. That friendly, understanding voice on the end sounded like a savior as he explained we could legally settle our debts for 45-55 percent less, be out of debt in five years, all for a payment of 483.00 a month and a 100.00 retainer fee. Even as he explained that some creditors might not settle right away, but that the attorneys would give us good guidance on how to handle a potential lawsuit should it occur. However, he explained most creditors were happy to settle to keep bankruptcy out of the picture so they wouldn't end up without anything.

We were so relieved when we hung up, seeing light at the end of the tunnel, and remained that way for the first few months. We stopped making payments to the creditors, as instructed, so that successful negotiations could take place. Six months and 3000.00 later, we are in the process of being sued by three creditors, and the guidance we received was how to file an answer for 75.00 at the court house and give them more time for negotiations. Then more guidance, please send us 800.00 so we can negotiate further with one creditor to keep your paycheck from being garnished. We've sent 3000.00, why can't you negotiate now? Oh, well, we settled one debt for 240.00 and you only have 102.00 in your escrow account. The rest are fees. More guidance - go to the pre trial conference and don't admit to the debt, that gives us more negotiation time. And final guidance - we can give you a free consultation regarding bankruptcy.
Moral of story - If I had the 3000.00 back that I gave them, I could have paid 2 of the creditors taking me to court and the 240.00 debt they settled. Also, if I wanted to file for bankruptcy, I could have done that for 599.00 right here at home with a free consultation. We signed the contract, which the attorney we talked to said would not have been allowed in our state, too vague, but we signed it so that money is long gone and we are in worse shape than we were when we called. That money was not worth a couple of months of false relief and the nightmare we are in now.

Keep your money and pay the creditors yourself one at a time. Even if you get sued in the process you will not be handing over your hard earned money to someone else who will pay their bills with it, while asking you for more. No one held a gun to our head, and unfortunately emotional duress doesn't count. Oh, and the attorney we talked to told us most of these debt settlement companies are owned by the same creditors you are trying to settle with. If I had it to do over again, I would never own a credit card and would definitely never use a debt settlement company.

Company: Persels And Associates
Country: USA
State: Maryland
City: Columbia
Address: PO Box 729
Phone: 8889397252

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