The State of Wisconsin is NOT a place to sell debt relief services if you are not licensed by the State of Wisconsin, Department of Financial Institutions, Division of Banking.
In the past week the division has gone after Everest Debt Solutions, FDN Solutions, Next Step Resolution, NCD, National Center of Debt, and Asset Retention Group.
Here are the most recent Wisconsin Actions sent out 11-28-2011.
A word of commonsense advice to all debt relief companies: I provide a free online tool to check for compliance before you get in trouble. USE IT!
The other common thread among these complaints is that the regulator wrote to the debt relief companies and the response was “no response received.”
Regulators will be willing to work with companies to some extent but the worst response you can have is no response. And regulators talk among themselves. A no response received just leads to one saying to another, “You should look at this company.”
If you get a letter from a regulator, please respond, state your case, and work with the regulator to repair the situation. Good companies should not leave regulator complaints unanswered. It might not work out wonderfully but at least you tried and that’s worth something.
Wisconsin Busy Going After Unlicensed Debt Relief Companies by Steve Rhode
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