Debt Consultants of America offers debt settlement services to individuals “buried in debt”. They have established relationships with hundreds of creditors which allows them to help you save up to 60% off your current unsecured debt. Their program like other debt settlement companies involves negotiating your debt with lenders for a reduced lump sum payment less than the full balance owed.
Here are some quick facts about Debt Consultants of America (DCA):
Company Founded: January 2006 per BBB report
Years In Business: 3 years/ 12 years experience per DCA website
Number of Employees: Unknown
BBB Rating: F
BBB Complaints: 34 complaints in 36 months; 24 were closed in the last year
Fee Information: Unknown
Escrow Available?: yes
Source of Funds: client payments
Fee Structure: Performance based
Avg. % Settled: DCA claims to reduce your credit card debt by 40%-60%, unable to find actual settlement percentages.
Refund Policy: DCA offers this service guarantee, “if we are unable to settle an enrolled account, we will refund back to you or adjust your service fee by an amount equal to the service fee charged on that particular account balance at initial enrollment”. Please note: you must have sufficient funds to settle the account in order to be eligible for the guarantee.
Minimum Debt Required: Unknown
About the Company:
Debt Consultants of America mission: to assist their clients with each step involved in becoming debt free. They offer the tools to make an informed decision on which program fits your needs with a team to support and guide you through the process of finding financial freedom. Company highlights include over 12 years of debt settlement industry experience and a signed Pledge to Arbitrate with all contracts containing an arbitration clause.
The DCA is not an accredited member of the Better Business Bureau and currently has a BBB rating of F. The DCA indicates their affiliation with the Better Internet Bureau,
United States Organizations for Bankruptcy Alternatives (U.S.O.B.A), 2006 Member of the US Chamber of Commerce and link to their Dun and Bradstreet report on their home page.
Unlike many debt settlement companies DCA does not offer a snazzy description for their program. Sticking to the basics, the website claims to utilize the experience of their team to help you navigate the debt settlement process. If you successfully complete this process you may expect to have your debt reduced by 40%-60% in a period of 18-36 months.
I found this website easy to navigate however the actual presentation is not as professional as others I have reviewed. Of course the appearance of the website does not reflect the service provided however it does create a first impression and in this case I found myself not completely impressed and felt a more professional website would make me feel more comfortable doing business with them (even if it was a false sense of comfort).
Moving onto the actual content of the website, DCA does an adequate job of addressing the main questions that people have about debt settlement in their FAQ’s section. In addition they offer a “Choosing a Company” section which offers some tips and warnings to look out for when selecting a debt settlement company.
While I found the information they provided useful, I was frustrated by the information not readily available on the website. There was minimal fee information with a section hinting toward a performance based fee structure but little more to go on without signing up for the free consultation.