Posted on: 01st Jan, 2007 12:46 pm
has anyone else been ripped off by American Debt Foundation or American Debt Corp?
I have been working with this organization since Oct 2008. I am in the process of terminating my contract with them. My finances are in worse condition now than then. The debts that they supposedly worked out a settlement with have grown to double digit instead of single. Any one is much better working with an attorney. I know that I am.
Thank you American Debt Foundation:
Four years ago, my wife and I were in serious financial trouble. With the job market for engineering collapsing where we had previously lived and with my wife's numerous health conditions, we were forced to let our home go into foreclosure--a home in the mountains west of Denver that I had spent four years in building. We moved to New Mexico to start over, determined to keep the rest of our debt current and try to salvage our credit score. We were current in all of our credit cards and even trying to pay off some of the $30k that we owed for medical and moving expenses. But because of the foreclosure, the bank used that opportunity to raise my interest rates on the cards. In May of 2005, we received two notices in the mail that our interest rates would increase from 9% to 29%! After some research, we called The American Debt Foundation.
Your debt counselors were very professional and helpful. At first the phone calls from the bank and collection agencies were unnerving and distracting. American Debt, helped me to concentrate on making money and providing for my household while they kept the collection-agency sharks at the other end of the pool. The peace of mind and negotiation skills of the folks at ADF helped me to sleep better at night and soon the letters and phone calls ceased all together. Within about a year, I got a call from ADF that they had negotiated a settlement for the first of my three debts. The negotiations for the second debt happened the next year. The last debt took a little longer than expected, but after four years we are finally debt free!
ADF settled for my debts at an average of 34 cents on the dollar. Even with ADF's reasonable fees, my $36,000 debt was negotiated down saving me over $21,000 out of my pocket. Thank you again ADF, it's been a long road but we are finally at the end of it.
Dan & Sherry H
Four years ago, my wife and I were in serious financial trouble. With the job market for engineering collapsing where we had previously lived and with my wife's numerous health conditions, we were forced to let our home go into foreclosure--a home in the mountains west of Denver that I had spent four years in building. We moved to New Mexico to start over, determined to keep the rest of our debt current and try to salvage our credit score. We were current in all of our credit cards and even trying to pay off some of the $30k that we owed for medical and moving expenses. But because of the foreclosure, the bank used that opportunity to raise my interest rates on the cards. In May of 2005, we received two notices in the mail that our interest rates would increase from 9% to 29%! After some research, we called The American Debt Foundation.
Your debt counselors were very professional and helpful. At first the phone calls from the bank and collection agencies were unnerving and distracting. American Debt, helped me to concentrate on making money and providing for my household while they kept the collection-agency sharks at the other end of the pool. The peace of mind and negotiation skills of the folks at ADF helped me to sleep better at night and soon the letters and phone calls ceased all together. Within about a year, I got a call from ADF that they had negotiated a settlement for the first of my three debts. The negotiations for the second debt happened the next year. The last debt took a little longer than expected, but after four years we are finally debt free!
ADF settled for my debts at an average of 34 cents on the dollar. Even with ADF's reasonable fees, my $36,000 debt was negotiated down saving me over $21,000 out of my pocket. Thank you again ADF, it's been a long road but we are finally at the end of it.
Dan & Sherry H
I have an account with American Debt Foundation, I signed up with them about 2 years ago. I do a lot of internet research for my job and found all of these negative postings about ADF and I strongly disagree with the things that are being said. ADF has worked very hard on my account for they have settled with 7 of my creditors. Maybe it is possible that the other people that are posting these items are not understanding how their program works. I suggest that people do more research about ADF then just reading the postings on the internet. I too received a lot of calls from my creditors but ADF assisted me with this. They did inform me that my creditors could still call me but I had to help them with this. I kept a detailed call log of all the calls I received from my creditors and I sent ADF all collection notices I received from my creditors and ADF contacted them immediately to inform them that I was enrolled in their program. I have also referred 2 of my family members to their program and they too have had nothing but good things to say about them. If I could do it all over again, I wouldnt change a thing
I had a lot of financial stress with owing about $50k in credit cards. I enrolled in American Debt Foundation in August of 2007 and ADF has helped me with all of my financial stress. Yes, I did receive summonses from creditors and had to appear in court. ADF could not give me legal advice as to how to handle this but they did explain the settlement process clearly so that I could understand why creditors do the things that they do. Maybe people should take into consideration what these creditors are doing! Why is the Debt Settlement industry getting such a bad report? Creditors are the ones to blame here. Maybe, just maybe, if credit card companies didnt send you the promise of financial independence and then change your interest rate from 7% to 31% when you miss one payment by ONE DAY, then sue you because you got sick and had unexpected medical bills that were more important in your life then making a minimum payment to them, we wouldnt be in the financial stress we all seem to be in these days. Albert C
i don't quite get the leap from nasty, lying creditors who are unforgiving to everyone's savior the debt settlement industry (oh excuse me for not capitalizing it!). creditors are the reason that debt settlement agents are getting a bad report? it couldn't possibly be that some of the agents are creeps who steal people's money after promising relief from debt?
for a wake-up call, grab today's (June 21, 2009) edition of USA Today and read the "Your Money" column on page 3B.
believe me, i am not calling every debt settlement company or agent a ripoff artist, but they definitely do exist, and this article i've cited ought to be a wake-up call for thousands of citizens who are suffering from excessive debt.
for a wake-up call, grab today's (June 21, 2009) edition of USA Today and read the "Your Money" column on page 3B.
believe me, i am not calling every debt settlement company or agent a ripoff artist, but they definitely do exist, and this article i've cited ought to be a wake-up call for thousands of citizens who are suffering from excessive debt.
Ok tell me something I don't know......
Sorry to hear of your troubles with these scam artists. Put your experience on ripoffreport dot com It might save some one else from getting ripped off from them.
Mortgage Company's are scamming people out of there money. They are taking up front fees an making promises to save there homes, besides debt settlement companies, I think we should focus on who screwed us over with upfront payment for a home. I been ripped off by this Mortgage companies like this website. Mortgage companies are all scum stick with the one with known names for example Country Wide they are honest all others are just third party's try to steal your money. In regard to debt settlement companies there some that good some that are not jsut go too BBB.org and find out for your self.
Great company:)
American Debt Foundation
(866)411-DEBT Call Now!
American Debt Foundation
(866)411-DEBT Call Now!
funny post about countrywide up there, fred. it's nice to know you think so highly of them. i hope the rest of the world can bring itself up to their standards (yuck).
American Debt foundation is really a rip off --- They charge a huge fee in the beginining and then monthly. They don't settle on the accounts to be honest unless you tell them the client is about to cancel. They are charging clients for something they can do on their own. I strongly advise anyone who is reading to not enroll in the program because you will lose a lot of money in the long run.
I have an account with American Debt Foundation, I signed up with them about 2 years ago. I do a lot of internet research for my job and found all of these negative postings about ADF and I strongly disagree with the things that are being said. ADF has worked very hard on my account for they have settled with 7 of my creditors. Maybe it is possible that the other people that are posting these items are not understanding how their program works. I suggest that people do more research about ADF then just reading the postings on the internet. I too received a lot of calls from my creditors but ADF assisted me with this. They did inform me that my creditors could still call me but I had to help them with this. I kept a detailed call log of all the calls I received from my creditors and I sent ADF all collection notices I received from my creditors and ADF contacted them immediately to inform them that I was enrolled in their program. I have also referred 2 of my family members to their program and they too have had nothing but good things to say about them. If I could do it all over again, I wouldnt change a thing
glad to know that someone may have been helped by the company
:x I'm very disappointed and will be contacting the attorney general of MI, I believe they are only working for the extra fee they tack on to the situation. It is a terrible program
Before you judge, some of us are paying more than the monthly payments to these creditors so it's not us. The damned creditors decided to take the interest from 6% up to 39% for no apparent reason so we decided to get help. So, not all of us are losers!!!! We just don't want to get ripped!!!!