“Dear Steve,
I work for a small Debt Settlement Firm in the midwest
Is the Government going to Freeze GCS and Noteworld Client Accounts?
Given GCS’s problems with the FDIC (and having to switch banks) and Senator McCaskill pledging to subpoena GCS and Noteworld before the Senate Banking Cmte, should I worry that our client accounts are going to be frozen?
Also, aren’t their class action lawsuits as well?
Mike”
The Answer:
Dear Mike,
There are several class action suits ongoing against Global Client Solutions and NoteWorld. If you do a search of the GetOutOfDebt.org site you will find mention of them.
I am not aware of any case in which the freezing of accounts is imminent. I think the issues those companies have to face surround the screening of companies they work with to make sure the underlying debt settlement companies were/are operating legally. If the underlying company was/is not operating legally then one theory I’ve read sucks those companies in as co-consirators that have enabled consumers to be harmed and expose the FDIC related banks to unnecessary risk.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.