Credit Solutions
| Overall Rating |    |
| Customer Service | |
| Honesty | |
| Pricing | |
| Result | |
Credit Solutions is the largest for-profit debt management company in the United States. Having settled more than $800 Million of debt, they offer service in debt consolidation loan, credit counseling and personal bankruptcy help. They claim that they can work with their customers to completely resolve all debt within 12 to 36 months.
Contact Credit Solutions:
12700 Park Central Dr, 21st Floor,
Dallas, TX 75251
Phone: 1-800-353-7630
Reviews (4)
Anonymous
October 1st, 2007 at 8:10 pm
My experience with this debt resolution company has been a nightmare. When you are signing up, so they can collect their fee, you can reach an associate any time. They sure do want your money. After that, forget it. One day, I made 13, yes, 13 phone calls, before I got to talk to a live person. Their sales pitch is; you will make a saving account and make monthly payments to save up enough to allow them to settle for 40% of the balance.
Of course, the first 13 payments go to them. They neglect to tell you as you make these payments, interest and penalties are racking up on your account. The contract says this but the sales person tells you “not to worry”. “The creditor usually settles for 60% to 40% of the initial balance.” And they send you paper work showing how much money they will save you. In my case it was $9450.00. So far I have paid more than I owed initially which includes Credit Solutions whopping $3000.00 fee.
By the time I settled with one creditor, I paid close to what I owed initially. On another creditor, I did the settlement myself and received polite service and they are the only creditor that did reduce my payment amount. Not by much, but some.
Now, I’m trying to settle my Discover Credit Card balance. I was informed by a summons five days before the supposed court date that they were filing a judgment for approximately $2000.00 more than I originally owed. Credit Solutions and the attorney for Discover Card were insisting that I sign the judgement or they would be in court the following Monday. The Credit Solutions representative told me, “Discover and the attorney don’t care if I am on life support, they no longer will settle.
They want the full amount on the account.” Before I signed up with Credit Solutions I had called Discover to see if they would lower my interest rate which was in the 20% range.
I explained that I had been laid off, legally separated and was struggling financially but did not want to file bankruptcy. Absolutely not was the answer from Discover even though I faithfully paid my payments each month. After signing up with Credit Solutions and being locked into a Credit Solutions contract they finally offer to reduce my interest.
As it stands today I paid their attorney an initial payment and offered to pay 60% of the balance that day which included the whopping $2000.00 penalty, late fees and interest accruing the last two years. They came back and wanted $1300.00 more which brought me up to almost what I initially owed Discover in the first place. The Credit Solution representative told me I was lucky they would work with me at all. Again I was told even if I was on life support they would just go after my estate.
I went to court on the Monday which was my court date according Credit Solutions by information supposedly proved by the attorney. NOPE. Not on the calendar. Just another tactic by Credit Solutions and the attorney to coerce me into paying more than what I started out owing before I signed up with Credit Solutions.
Keep in mind I paid Credit Solutions $3100.00 to do nothing on my behalf with any of these creditors.
You never get to talk to the same person twice unless you are willing to spend two or three days battling their phone system and representatives to speak to a supervisor.
Along with my lay off, legal separation, I had cancer. I felt I wanted to do the right thing. Not file bankruptcy.
To be told by the company you hired that they don’t care if I’m on life support, Discover and their attorney’s will not work with me.To be given a phone extension that appears to not exist when you call it and email addresses that are never answered, I’m puzzled how the company has stayed in business. For three days I have been waiting for an amended letter from the attorney. I called Credit Solutions. Again, someone would call me back. Still waiting.
Whatever decision you make to try to work with your creditors, stay away from this company.
At the time I signed up, one of the major TV networks was encouraging people to use this company.
I feel the creditors are in collusion with the debt solution companies and the attorneys are in collusion with both the credit cards they represent and Credit Solutions.
In any event, find a reputable company to help you. Don’t make the mistake I did. In my opinion, Credit Solutions only interest is to make a great deal of money for themselves and allow the creditors and attorneys to do likewise.
Anonymous
August 5th, 2008 at 8:31 pm
I accidentally found creditsolutions.com over a year ago when I was looking for debt consolidation. They sold me on the whole debt settlement deal. So, I stopped making my monthly payments. Months and months went by. Creditors kept calling me, I kept calling Credit Solutions. Months went by and Credit Solutions wasn’t solving anything. I would call Credit Solutions, wait on hold for a long time, give them the creditor info, and still…no results. More creditor calls. So I settled two of the cards myself. On one of my final cards, I entered the program with about a 2k balance. I just got notice from Credit Solutions that they’re willing to settle for 1800 and that’s a 1200$ savings because my balance is 3000 dollars. When I called to ask where they got a 3k balance from, they told me because of fines and fees, my new B of A balance was over 3k. I went nuts. I was told not to worry about the fees and interest because those would be thrown out when settlement time came. Why would I risk my credit history over a 200 dollars savings? After reading everything about this company online, I’m surprised there is no class action lawsuit against them. They shouldn’t be in business. I spoke to someone else that used them. They had 80k of debt and could only afford to pay off 60 because of loan provided by a family member. Credit Solutions said no problem. Over a year went by, and Credit Solutions was settling accounts, but taking a massive monthly fee at the same time. By the time their 60k ran out, they still had one card left that had a balance of 10k. They would have been better just filing for bankruptcy and not even borrowing from family. What a joke. In my opinion, if you have debt problems, you have 3 choices. Bankruptsy, keep making the payments, or settle yourself. You don’t need to hire a deblt settlement company to settle credit cards. I did the two myself and saved a lot of money. Credit.com has a lot of useful info.
Good luck and do yourself a favor. Never use a credit card, ever, ever, ever, again. It’s not worth it.
Brian D Steed
October 18th, 2009 at 12:18 pm
I have some credit card debt that I was struggling with, and I saw a television commercial that promised a better future, and how they would just take your hand and walk you right out of debt in as little as 3 years. I called as a vulnerable, obviously ignorant consumer that was perfect prey for the perfect sales tactics team they had assembled. There wasn’t a lot of time to think things over because I was rushed into a decision by their sales pitch, and when I hung up the telephone I was signed up and they now have access to my checking account where they have been drafting off of it since April 2009. I have given them an amount of around $1200.00 and thinking how bright my future was going to be I was devastated to see a police officer drive up into my driveway and hand me papers where I was being sued by my creditor! This outraged me! I have since been to an attorney, and since there is noway to repair my damage caused to my already unstable credit I now am in the process of filing bankruptcy! This is truly terrible, and I know that I cannot recover what I have spent because however unethical the company is, it was legalized when I gave them authority to sucker me out of my money! I was told I could file a law suit, but the trouble would be worth more than I could probably recover, so I was instructed to file a complaint. Perhaps if enough people could do this, then Credit Solutions, and other agencies of the same kind, would eventually be destroyed. It is a total shame how they could take advantage of people that are just looking for financial relief in such economical struggles.
crowt006
January 4th, 2010 at 8:26 pm
I lost my job in March 2009 and joined Credit Solutions in June 2009 after trouble paying all my credit card bills. To only have to pay/ save $400 a month instead over $1, 000 I was currently paying on credit card debt sounded like the right decision to make (the only decision in my mind at the time). The first six months of the program was the hardest. I was receiving creditor calls, letters, etc. (someone even showed up at my door) and didn’t have enough money saved to make any settlement offers. Plus, I wasn’t sure what Credit Solutions was supposed to be doing on my behalf since I stopped paying my monthly credit card bills. I couldn’t understand why people kept calling. This was so disheartening.
Then, after 6 months an offer came in from a credit card I owed over $5K on. It was a great offer and I was able to settle my first account for less than half of what I actually owed. I finally had faith in this program I had been buying into for 6 months. A few months later I paid off two more accounts (thanks to Christmas money from family). Recently I was receiving calls from one of my creditors, but it was just sold off to a third party, and Credit Solutions knew about it before I did and updated it for me on my online account. Since this account was sent to a collection agency, I have stopped receiving the annoying phone calls. So, I know that Credit Solutions has been in contact with them and they know I am on this program. I will continue to save and hopefully I will be done in another year (which seems like forever in my mind). If all goes as planned and I continue to save, I will have paid off all my credit card debt in 2 years. I was on a 4 year plan originally with Credit Solution, which at the time was better than the 35 years it was going to take if I continued to pay minimum payments.
The only reason I write this, is because I was one of the confused Credit Solution customers reading all these horrible reviews and wondering if I had made a huge mistake. Well, I am halfway through my debt, so I personally think it has been worth it. Having someone on my side to help me when I had questions while making the negotiations on my behalf has been worth their service fee. Plus I have already saved twice as much as their total service fee and I still have more to save when I settle the remaining accounts. It is not easy, and yes your credit score will be destroyed (I am afraid to look at mine), but in my situation, it seemed like the only way to get out of debt. Paying the rent and buying food for the kids seemed more important than my credit score at the time.
Leave a reply