Based in Boca Raton, FL this debt settlement company has been in business for almost four years. Debt Remedy Solutions provides debt negotiation services to clients looking for an alternative to bankruptcy.
Here are some quick facts about Debt Remedy Solutions LLC:
Company Founded:- Business start date 8/10/05
Years In Business:- 3 years
BBB Rating:- F
BBB Complaints:- 90 total complaints
Fee Information:- unknown
Escrow Available?:- unknown
Source of Funds:- Client payments
Fee Structure:- unknown
Avg. % Settled:- unknown
Refund Policy:- unknown
Minimum Debt Required:- $10,000 unsecured debt
About the Company:
Debt Remedy Solutions LLC had a rating of “N/R” from the Better Business Bureau when this review was prepared. A rating of N/R from the Better Business Bureau is displayed when “another BBB issues the report on the subject company, or when the Bureau is conducting system maintenance.” The BBB received 90 complaints in the last 36 month reporting period. Of the 90 complaints 76 were in reference to the company “agreeing to perform according to their contract” and 10 complaints regarding some issues with refunds.
This company is a member of The Association of Settlement Companies (TASC) and offers a link to a D&B Report on their website.
The Program:
It appears Debt Remedy Solutions provides the standard debt settlement services, negotiating with your creditors to reach a settlement for less than the balance owed. I was unable to find information regarding the fees or fee structure on the company website, however, I did find information elsewhere in a review that suggests the company has a front loaded fee structure. Most debt settlement companies that have a front loaded fee structure collect a large portion of their fees in the first few months (1-3) with some form of maintenance fee spanning the length of the program. It is important to understand that any program that collects the majority of their fees at the beginning of the program means you will have less money growing to settle your debt. This will increase the amount of time before negotiations can be made as in most situations creditors require a lump sum payment once they agree to a settlement. In short, when you put money aside for settlements each month and the settlement company collects the majority of that money for fees, you are extending the amount of time before you have enough money to settle your debts.
Website Experience :
The website experience can be summed up in one word – frustrating. I’m afraid there isn’t much information specific to this company available based on the information provided on their website. I found it interesting that on their “About Us” page they have more information about the negative comments on the Internet than they do about the actual company. This may be due to the fact that when doing an Internet search for more information, I quickly discover many negative comments from “clients”. The reason I found this interesting is if they want to warn you about negative information available on the Internet due to “unregulated free speech” then perhaps they might want to beef up the information available on their website about the company, fees, refunds and other information potential clients are looking for when reviewing a company to work with in desperate times.
With that being said, the website covers some of debt settlement basics, such as the potential negative consequences. Of course you are free to contact them for a no obligation complimentary consultation to review your situation. I’m sure at that time you would be able to obtain more information regarding the fee structure and what it would cost to participate in their program.
Regarding the negative comments found on the web, that is pretty standard within the industry. The debt settlement process is risky and not to be considered by anyone with the resources to pay their debts in full. Unfortunately a lot of the comments for this and most other debt settlement companies complain about the actual process itself. The risk of being sued, not having an account settled, wage garnishments and tax ramifications are all possibilities when using this process. Consumers who enter this or any settlement program expecting it to be a simple and pain free process without consequences are setting themselves up for disappointment.
Overall, if I were looking to settle debt and had to choose a company based solely on the information provided by their website (which is not recommended) I would be hesitant to use this company. I would love to see more information regarding fees, refunds, length of program and who handles your money while you wait for settlements. As always, remember this is a review based on my findings and my opinion only; I encourage all potential clients to fully research settlement companies on their own prior to making a decision whether or not to use their services.
Conclusion
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I have been with DRS for 14 months now and have paid in well over $3,000 (and counting) for “service fees”. What that entails I don’t know because I am NOT kept updated on their progress. I am NOT contacted on any regular basis with supposed negotiated settlements or offers. (note- I’ve had MAYBE 3 ‘offers’ in that time) Now that my creditors have definitely got the message that no money is forthcoming, I am in the process of being sued by Bank of America, for one, and I have repeatedly FAX-ed and called by landline DRS with no response. (?) So one is left to wonder just WHAT they are doing with their time and my money? Their phone numbers both FAX and landline have changed over the year-plus I’ve been with them. I am now considering cutting them out of the ‘solution’ picture, cutting my losses and filing CH 7. For the $210 I now pay DRS a month I can accumulate enough to file a CH 7 ($2,000) in no more than 10 months and be done with it. Since I am of advanced age, reestablishing my credit is of no concern, and, truth be told, creditors, whomever they may be, will likely be swarming at the gates to get me and countless thousands of others back on the debt ‘nipple’ as soon as possible, certainly (so I’ve heard) no more than 2 years. Heck, I STILL get to this day offers from numerous credit companies even with my credit in the crapper.
Hi Brian,
Sorry to hear about your predicament. My advice (if you are asking for it) would be to drop them like a rock, especially if you cannot contact anyone there. Immediately cease your relationship with them and start saving that $210 a month for a settlement. I don’t think you have to go to Chap 7 yet. Try to give your creditors a call and explain the situation, and that you have no money to pay the balance, but you might be able to work out a settlement deal if they are willing, This’ll be the start of your negotiations.
Let us know how you do with this. Thanks.
Brian,
I’m not giving you legal advice or any other advice for that matter. But, this is what I would do.
Keep paying DRS their required service fee. I would be afraid of being sued by them as well If I did not keep paying them the agreed upon debt service fee. I would confront my creditors and ask them if I still owed them money and how much. To establish goodwill I would also give my creditors my cell phone number so they can keep in touch with me and notify me of any changes on my account. I would also tell them that I’m a frequent Lotto player and expect to win very soon. If need be, I would visit DRS in person. I am of advanced age, but I would never use it as an excuse to shrink from my responsibilities as a debtor. Some people would, but I wouldn’t. I would take my situation like the man I am and move on. Playing the victim and acting like a cry baby marks a person as a wimp. I would also be worried about any secured debts, such as business loans, mortgages and auto loans. If I owned a business, I would be concerned that the courts would have the sheriff seize property to pay off any outstanding debt. If I owned a house, I would worry that the courts would seize my home. I hope I was able to help by showing what I would do. I’m not in a position to give advice nor am I qualified.
Goon luck,
N