Nationwide Asset Services, a company under investigation by the New York Attorney General, has disclosed that while Nationwide Asset Services promised consumers debt reductions of between 25 to 45 percent, in fact only 64 customers out of 1,981 actually completed the debt settlement plan.
This means that 97% of people that enrolled in the debt settlement program not only did not achieve those savings, but did not complete the program as well.
Debt Settlement Company Success Rate Made Public - Sucks by Steve Rhode
But retiree, Doreen Melton, says her experience with a company called Nationwide Asset Services didn’t save her money, it cost her thousands. “It sounded so good,” said Doreen. “We paid $1,800.”
Doreen and her husband Barry from Lewiston, New York signed up with NAS to help pay off $15,000 of debt. The couple says they paid $1,800 in upfront fees and were instructed to make no further payments on their credit cards. “Every month I wasn’t making payments, and every month they would add a late fee and an over the limit fee. And this was on every card. I kept getting phone calls all day long. 99% of the calls were creditors.”
The Meltons say that over the course of two years they paid NAS more than $11,000, but that the company only settled slightly more than half of their original $15,000 debt. “It’s very upsetting because our credit is destroyed.”