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I Was With Fast Debt Solutions and They Went Out of Business But They Are Still Taking Money Out of My Account. – Mark

“Dear Steve,

I joined a debt settlement Co. abotu 18 mos. ago. I read that they (FDS) might not be on the up and up from either this link of yours or one off of it last fall, but also read positive posts/comments, so did not know who to believe at that point. I got an email from them April 1st, saying that the “powerful banking lobby had convinced Congress (?) to pass a law that stopped debt companies from being able to help “new clients”.

This seemed odd to me as I am not “new”. Also, they KEPT taking money out of my acct. they also had power of attorney over since last Sept. when this law allegedly happened! They EVEN STILL took out the last payment whis is deducted from my account the 8th of every month even though the email came on April 1st saying they went out of business!

Can you point me towards some help PLEASE!? They were in the Dallas, TX. area if that helps. I live in Connecticut (CT). Thanks for any help yu can give me!

I need to know what legal options I have thru some avenues you mentioned as I read most of your web-site. And/or do I need to get a consumer protection lawyer, or try and go for a class action suit wherein they can subpoena records of Fast Debt Solution’s prior clients like my self who woul obviously LOVE to get some if not ALL their money back! Thanks for your tiem and help in this matter!

Mark”

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The Answer

Dear Mark,

According to this previous comment, Fast Debt Solutions was purchased by U.S. Debt Settlement in April of 2010. A statement from Michael Mann, the CEO of U.S. Debt Settlement said the acquisition was in March 2010.

Michael Mann continued: “The fact that revenue development in 2009 remained within expectations but did not achieve its full potential is also due to the fact that we did not finalize the planned acquisitions by the end of the year, as we had planned. We have now achieved this goal, by finalizing the acquisitions of American Debt Control and Fast Debt Solutions in February and March of 2010. For the current year, we do not only expect another significant revenue increase, but we are also looking forward to be able to present the turnaround to our shareholders when we report our second quarter results. – Source

I would first direct you to them for answers on where your money is going since they purchased or acquired Fast Debt Solutions. U.S. Debt Settlement can be reached at: 1-888-831-0888, [email protected] or 4811 Merlot Ave, Building 10, Grapevine, TX 76051. – Source

The statement they told you about the “powerful banking lobby had convinced Congress to pass a law that stopped debt companies from being able to help new clients,” is laughable. I’d love to see that email. Please upload it to me here. If that is the message they gave you it has no resemblance to reality.

The only thing I can imagine is they are referring to the Federal Trade Commission new rules that went into force in October, 2010. The rules prohibit debt settlement companies from charging consumers in advance of settling their debt. That new rule was neither put forward by Congress nor prohibited companies from taking on new clients.

Probably the issue that has me the most concerned is who is actually handling you account now if U.S. Debt Settlement says they are not.

Just last week U.S. Debt Settlement said they had sold off the “majority of our client base.” – Source. So it is unfortunately possible when you contact them they are going to point the finger at someone else but it certainly is interesting that the money keeps coming out of your account every month.

Let me know what U.S. Debt Settlement says when you contact them. Post an update in the comments section below. I’m really curious.

Big Hug!

I Was With Fast Debt Solutions and They Went Out of Business But They Are Still Taking Money Out of My Account.   Mark
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I Was With Fast Debt Solutions and They Went Out of Business But They Are Still Taking Money Out of My Account. - Mark by

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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.
  • Chris

    I also was scammed  by Fast Debt Solutions. I joined them about 3 years ago. At that time I was still paying my credit card bill. They told me that in order to join their program, I would have to stop making payments to my credit card. They also told me that I would have my debt settled in about 3 years. Well now that Fast Debt Solutions filed bankruptcy I’m still left with a debt that doubled from 7000 to 14000. I paid Fast Debt Solutions to help resolve my debt. All they did was double it. Is there any way that I can get my $ back and pay off my debt. If I would have just kept paying my credit card bill, it would be paid off. Is there anything I can do?

    • Donna

      This is exactly what happened to me. Did you ever find out how to get in touch with them or a way to get our money back?

      • Chris

        Hi Donna,
        I believe FDS went bankrupt and the CEO now runs US Debt Settlement, probably doing a similar thing. I have had no luck in tracking down anyone with any other info on getting the money. Because they went bankrupt and are no longer in business, I think were screwed out of our money. This does not make any since to me.

  • CT

    Nonprofit and For Profit
    Who needs a license?

    “Debt adjustment” means, for or with the expectation of a fee, commission or other valuable consideration, receiving, as agent of a debtor, money or evidences thereof for the purpose of distributing such money or evidences thereof among creditors in full or partial payment of obligations of the debtor; and “debtor” means any individual who has incurred indebtedness or owes a debt for personal, family or household purposes.

    Effective October 1, 2009, Section 36a-656 of the Connecticut General Statutes as amended by Public Act 09-208 , no longer restricts debt adjustment activities to bona fide nonprofit organizations.

    Contact

    Connecticut Department of Banking
    Consumer Credit Division
    260 Constitution Plaza
    Hartford, CT 06103-1800

    Staff: Jean Wright
    Telephone: 860-240-8209 or toll-free 800-831-7225
    Fax: (860) 240-8215
    E-mail: [email protected]

  • Huh?

    connecticut itself passed some rules for debt settlement. the fees companies can charge a connecticut resident are pretty much the lowest around. i am suspicious that you are being overcharged on top of your other concerns Mark. keep that in mind when you develop your plan to get a refund.

  • Huh?

    connecticut itself passed some rules for debt settlement. the fees companies can charge a connecticut resident are pretty much the lowest around. i am suspicious that you are being overcharged on top of your other concerns Mark. keep that in mind when you develop your plan to get a refund.

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