Has anyone that has ever used Nationwide Asset Services(Debt Consolidation) tell me about their experience?

Question:

My parents are in this and from what they are telling me it sounds a little fishy to me. I am worried that they are getting burned. Over the last six months they have already paid over a few thousand to these people with no results. Just wondering if anyone has anything to offer on the subject. thanks

Answer:
This sounds like debt settlement, not a true consolidation. Debt settlement has a marginal ability to reduce judgments and rarely results in a substantial credit score increase. Plus, the fees can be amazingly excessive. Not to mention, you must pay taxes on forgiven debt ($600+) which is automatically reported to the IRS.

I recommend checking with the Better Business Bureau to ensure that they have a satisfactory rating and are free from an unusual pattern of complaints. If you have been on their plan for a while, you may just want to finish as fast as you can. By this point, your credit will have already been trashed and you would have already paid most or all of the upfront fees.

Has anyone that has ever used Nationwide Asset Services(Debt Consolidation) tell me about their experience?

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