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Debt Settlement Company Bella Financial / Debt By Debt Settlement Services on the Dead Pile

A tipster (send in your tips here) sent in a tip letting me know that debt settlement company Bella Financial appears to be out of business. Just one of many to come once the new FTC regulations are released.

Bella Financial, D/B/A Debt By Debt Settlement Services, described themselves as “a leader in debt settlement for consumers” and I guess we could say they are leading the pack of companies closing up.

Calls to their office wen unanswered and my tipster (send in your tips here) said a former employee confirmed they are gone.

In looking into this story I came across the following complaint against Bella Financial and Michael Hauser its president from the State of California. As you can see it involves many of the same business practices that most debt settlement companies use, except for the nasty termination clause.

Bella Financial claims it “is a leader in debt settlement for consumers” and that “our exceptional customer service and one-one one professional guidance are keys to our success.” Bella Financial falsely advertises to consumers that “we can REDUCE your debt by as much as 40%-75%,” that consumers can “become debt free in 36 months or less” and that Bella Financial provides the “most cost effective and easiest way to pay off your debts!”

In exchange for the future services that Bella Financial promises to provide to a consumer it immediately begins to charge consumers and requires payment of fees in the amount of 15% of the consumer’s total debt. Regarding its fees Bella Financial states:

[T]h entire amount of the service fees listed in the fee schedule is deemed earned by Bella at midnight on the third day following execution of this agreement. Termination of this agreement by client does not (1) relieve client of the obligation to pay fees . . ., (2) prevent Bella from exercising its right to make withdrawals in accordance with the fee schedule and the electronic direct payments form or (3) entitle client to any refund of such fees.

Consumers, including vulnerable senior citizens, complained that after paying Bella Financial they ended up with more debt or that their creditors sued them even though Bella Financial represented it would contact their creditors to negotiate settlement of the consumers’ respective debts. When consumers contacted Bella Financial to inquire about its services consumers were informed that Bella Financial had not contacted any of their creditors, notwithstanding the fact that Bella Financial had taken all its fees. When consumers requested a refund Bella Financial refused to make refunds to these consumers.Source

Debt Settlement Company Bella Financial / Debt By Debt Settlement Services on the Dead Pile
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Allpointsjeff

    hi heidi jeff here another person ripped off by these unprofessional people.looking for info on how to file a complaint.thanks

  • Heidi

    I am very embarrassed and angry at my situation. I am hoping that someone can give me advice.

    I signed with a debt settlement company< Bella Financial, in June 2008; they filed bankruptcy in May 2010 after settling only one of my debts. I have since settled the other ON MY OWN, which I wish I had done in the first place, but they scare you into thinking you will be hounded and harassed without their assistance.

    I paid them $4500 and feel that they owe me at least $4100 back. They filed Chapter 7 bankruptcy here in Texas; but have reopened already- same office, same players! Under a different name- but based in Delaware.

    I filed a complaint with the Texas AG and also filed as a claimant on the bankruptcy case.

    I have been tenacious about contacting them daily but the "boss" won't call me back.
    I sure would like to use that money to pay off my last credit card and restore my (formerly) platinum credit.

    I read your post about how I can file a small claim; guess I'll do that but I want these people OUT-ed!

    The company was Bella Financial, Mike Hauser and Doug Barker, the owners, re-opened under Mountain View Financial. New phone number is 866-681-6384 and if you call, you always get a voice mail system. I also e-mail them daily; I have received a response from Rita Moore, so I know they are getting my e-mails. The owner is [email protected]

    Can you use your blog to alert more people and maybe scare these criminals? :) I am pestering them to death and I won't stop. It makes me feel better.

    • Allpointsjeff

      hi heidi jeff here another person ripped off by these unprofessional people.looking for info on how to file a complaint.thanks

  • natasha

    I have a so so experience with Bella. My debt is paid and settled. The dwn fall is the IRS is now after me for the other part of the debt that was dicounted(for better word). I had three credit cards total and I am only hearing from one so far. All in all I did pay less going through Bella but maybe like 60-70% less. It was still helpful. Now I have to see if my credit is ruined as they promised it wouldnt be!!

  • maryann auslander

    I am a client of Bella Financial and I would
    like to know if another company has taken them over
    Am I protected? I paid them to take care of my debts

    What do I do now?

  • http://active-debt.com Sean Ryan

    Steve- Pleaaaaaase….? Any word on WHEN we might get some details or the new rule from the FTC?….

    • http://GetOutOfDebt.org Steve Rhode

      My bet is within 30 to 60 days based on the flurry of last minute expert testimony.

      Steve

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