Credit Solutions – Is it a scam company?
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Credit Solutions is a Texas based debt settlement company. They say their programs are designed to get their customers debt-free within 3 years or less, however, many customers do not believe this. Below are some of the experiences shared by consumers in the DebtCC forum:
Is Credit Solutions a scam?
Many consumers ask “Is Credit Solutions a good company or a scam?” Well, a number of people have grievances against this company. Check out the sections below to find out what people have to say about Credit Solutions.
- Don’t contact customers: One of the common complaints against the company is that they charge their consumers money, but don’t contact your creditors to start the settlement process. Customers who have been with the company for 2-5 months suddenly find out that the company hasn’t contact their creditors to start settling their bills.
The company asks their customers to not contact their creditors on their own. One customer says the company continued withdrawing their monthly fees from his savings, but did not contact him about any settlement proposal. He learned that the loan has been sold to a new company that started threatening him with wage garnishment. He ended up having to pay more than what he actually owed because of the interest accrued on the loan. Check this out
Has anyone had good experiences with the company?
In spite of the numerous stories about Credit Solutions scams, there are a lot of consumers who claim to have benefited from the services offered by the Credit Solutions. Their comments on their experiences are:
- The company settles debts satisfactorily: One customer said he worked with the company for 2 years and was about to pay off his credit card debt within a few months’ time. He always got the paperwork from the company to verify the payments he made and whenever he had any problems, he called the company and the representatives helped him.
- They deliver what they promise: Some customers have said that Credit Solutions delivers what they promise. One customer said the company estimated they would be able to settle a $47K debt down to $24K, but they managed to settle it for just $19k.
- The company is honest about its limitations: Some consumers have said the company tells them which loans cannot be settled. One customer said a Credit Solutions representative told him upfront that they cannot settle student loans and asked him to not include it in the program.
If you have any grievance against the company, you can file a complaint with the BBB and alert other consumers. You should also contact FTC and your State Attorney General’s office and lodge your complaint with them. You should keep sufficient evidence to support your complaint to submit to the appropriate government agencies if needed.