Debt Consultants of America – Should You Become a Client of Debt Consultants of America?

Debt Consultants of America (DCOA) seemed to just pop on the scene and become somewhat of a major player in the debt settlement industry. They have a professional looking website and regularly run advertisements in the Texas region where their offices are located. But irate clients are starting to post complaints about this company on various consumer advocate websites. We decided to look at why. This will help you answer the question, “Should I Become a Client of Debt Consultants of America?”

DO NOT skip over this step or take this warning lightly; read over the Debt Consultants of America’s contract from top to bottom, line upon line. DO NOT lightly glance over one single solitary line or paragraph. After you read the entire contract, get two other people to read it; if at all possible, one of those persons should be an attorney.

Why do we strongly suggest this step? People who signed that contract and later cancelled essentially stated in their opinion that it contained a full page of client obligations and rights that serve only to benefit DCOA. Here are some basic components of that contract…

#1) Apparently No Creditor Gets Paid Until Debt Consultants of America Gets all their money – People who sign up for debt settlement programs administered by third party companies don’t realize that this is a standard policy. Once you sign up for most of these programs and start making payments, the assumption is – the debt settlement company starts paying your creditors. NOT SO! They don’t start paying your creditors until you have paid their administrative processing fee in full. That’s why you hear of horror stories of people getting sued by creditors while they are signed up with certain debt settlement companies.

Be advised, VERY FEW if any of these companies will make any payment to creditors until their initial administrative start up fees are paid in full. That means, although you are making payments to the debt settlement company, NONE of those payments are going to ANY of your creditors. It also means you are getting further behind and additional penalties and fees are being tacked on.

#2) Debt Consultants of America Charges a $299.00 Cancellation Fee – BE ADVISED: after you sign up as a client and later decide this was a bad mistake, you MUST pay them $299.00 to cancel your contract. Once you become a client, you have to pay your way out of the contract. Even if the company doesn’t deliver as promised and even if you are not satisfied with their service, you are still going to pay that FEE.

Although the cancellation fee information is evidently placed somewhere on their contract, past clients are saying they weren’t aware of the fee until they decided they wanted out. If you don’t have money to burn, don’t sign that contract. If can’t afford to lose three hundred dollars, don’t sign that contract. If the thought of paying $300.00 to cancel a service you decided you were displeased with ruffles your feathers, don’t sign that contract.

#3) If You Have OK or Good Credit Then You May Want To Find Another Option! – If you have OK or good credit, it’s probably best to find another option other than Debt Consultants of America. Some consumers are great financial planners and when they see trouble on the horizon, they take preemptive measures to insure that their financial outlook won’t be terribly impacted by such things as a downsizing or a layoff. They might move to consolidate their debts or push their creditors for debt settlement.

This way they don’t have to go through the pain of facing late payments or watch their credit score drop dramatically. Some choose the (DIY) Do It Yourself Debt Management, while others choose to have a third party debt settlement company to handle their issue. If they end up becoming clients with companies like Debt Consultants of America, there is a huge problem.

The problem being this; their debt settlement systems are set up to negotiate with creditors only after a person is behind on their payments. So why would these companies sign contracts with clients who have good credit and who are not behind on their payments knowing their system is for people who are behind on their payments? Especially since the client would have to pay a cancellation fee?

It doesn’t take a rocket scientist to figure that one out. Remember the initial question, Should You Become a Client of Debt Consultants of America?” To help you make an informed decision, we’ve provided you with the basics on what to expect. Ultimately, the decision is yours, but at least you won’t go into this type of contract not knowing the reality of what you are signing for.

What We Have: Clear and Concise Paths To Help You Get Out of Debt and Live Debt Free without Losing Your Sanity and Dignity. You Won’t Find This kind of Guidance Anywhere Else. Not For FREE!

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