Total Debt Services Review

Total Debt Services is a debt settlement company based in Plano, Texas. This company was founded long before the recent economic crisis at a time when debt settlement was considered for some a service to help consumers clear up outstanding debts in order to improve their credit or qualify for loans. Times have definitely changed and while the process can be used to settle older debt that is bringing your credit score down, most people seeking this service today are on the brink of bankruptcy. Total Debt Services also has two sister companies providing mortgage loan and insurance services.  This review will focus on the debt settlement program.

Here are some quick facts about Total Debt Services (TDS):

Company Founded:- April 2002

Years In Business:- 7

BBB Rating:- D

BBB Complaints:- 11 in three year reporting period

Fee Information:- unknown

Escrow Available?:- unknown

Source of Funds:- client savings

Fee Structure:- unknown

Avg. % Settled:- 40%-60% (industry standard)

Refund Policy:- limited and very specific- they will refund service fees if they are unable to obtain a negotiated settlement on at least one account within twenty four months (minimum enrollment period)

Minimum Debt Required:- unknown

About the Company:

A file for this company can be found on the Better Business Bureau which gives this company a D rating. The only reason listed for the rating is the business in which Total Debt Services operates. Debt settlement companies are generally viewed in a bad light and have to prove otherwise to earn a higher rating. Based on the last three year reporting period, there have been a total of 11 complaints filed against this company. In the last year six complaints were closed, out of those complaints 3 were resolved and 3 were administratively closed. That means the BBB closed the complaint due to insufficient evidence on either the company or complainants end to support their case. Total Debt Services is a charter TASC member as well as a member of the International Association of Professional Debt Arbitrators. They are also a member of the Greater Dallas Chamber of Commerce.

Website Experience:

Debt settlement company reviews normally have a section describing the program offered by the company. In the case of TDS there simply wasn’t any information provided on the website that specifically discussed their program. Unless I’ve missed an entire link, page or section, there simply is no reference to what they do, how they do it, how much it will cost or some of the consequences of enrolling in a debt settlement program. That is disappointing because otherwise I liked the way the website was designed and the ease in which visitors could navigate the information. The information that is provided is useful in helping people learn about debt settlement in general which of course is the first step before considering this as an option for debt relief. With that being said, how is a potential client going to find out more about TDS and their program? Of course you can call or fill out the online form, but some people like to gather fee information and compare companies prior to disclosing their financial information.

It is great to see settlement companies that offer a guarantee and this one does, but be sure to read the fine print to see how you are protected. In this case, they will refund service fees that have been paid if they are unable to negotiate a (as in one) settlement in twenty-four months. Many credit card companies are actually contacting some consumers with their own settlement offer, therefore the likelihood of TDS not getting some form of settlement is unlikely. So who decides what offer is good enough, the client or the settlement company? Overall I liked the “feel” of the site, but was disappointed at the lack of information specific to the company itself.

A brief search online did not turn up any information that jumped off the page about this company. That could be good in this industry where most often dissatisfied clients take to the world wide web to announce their bad experience. In the end, this company (at least their online presence) blends in with many of the other companies in the industry. There are no glaring inaccuracies or blatant lies, however there is little information that couldn’t be found on a thousand other websites. In real life, we know that they have been operating for 7 years which proves they have experience and not some fly-by-night outfit jumping on-board during the post-recession economic fallout.

Also in three years the BBB received only 11 complaints and in the last year 3 out of 6 were administratively closed. This more than likely means the company did try to resolve the issue or at the very least provide proof they operated within the scope of the contract therefore prompting the BBB to close the complaint. For this reason it is very important for all clients to read the entire contract and more importantly UNDERSTAND what they are agreeing to when enrolling in the program. Otherwise should you find yourself unhappy with the results, cost or consequences of the program you may very well have signed away your rights. This is advice that should be applied to all debt settlement or other financially binding contracts.

Past, present and potential clients who have dealt with this company are encouraged to share their experience by leaving a comment below.

Conclusion