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Commercial Credit Counseling Services Inc. – CFPB Complaint

By on September 12, 2018
Consumer Complaint Submission

Date Received: 2018-06-14T00:00:00

Product: Debt settlement

Issue: Confusing or misleading advertising or marketing

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I contacted Commercial Credit Counseling Services , Inc. dba XXXX XXXX ( XXXX ) in XX/XX/2018 when I was having trouble paying my business debt. I never missed a business debt payment and wasn’t late. However, I was told that they were expert negotiators that could get my business debt settled for a fraction of my balances and ” buy me time ” and free up my cash flow. The sales person told me that they charge a total of 2 % of what I owe my creditors, plus 30 % of the difference between what I owe my creditors and what they settle the debt for. I was told that the settlements would be structured over a 5 year period from the time settlement was made with each creditor. They were going to do ACH debits weekly in order to build up a balance in an account they held that was to pay settlements in the future. It was very important that I build up my account with them so the funds would be ready to make deals with my creditors. The representative from XXXX told me on the phone to stop paying my creditors to open a new bank account and to pay XXXX directly.

One month later XXXX XXXX informed me that they ” settled ” with one of the creditors. The amount owed to the creditor was {$39000.00}, XXXX settled for {$27000.00} a 30 % settlement. However, the payback is {$450.00} for 60 months to the creditor. The fee to XXXX for this service is {$390.00} for 60 months + {$15.00} for each monthly transaction + a one time fee of {$3000.00}. Grand total payback to XXXX is : {$27000.00}.

How is this legal? I hired them to settle a debt for me, not increase a debt by over $ 15K. This is a simple case of fraud.

READ  N.A.R., Inc. - CFPB Complaint

In reviewing my emails from XXXX, they purposely avoided using certain words ; however, the phone conversations were quite different. I was misled and lied to. I understand why several states including Indiana, and Oregon has issued this company ceased and desist orders.

I am canceling the agreement I have with XXXX and requesting the full refund of every dollar I paid them. I believe and can prove that their deceptive practices void the agreement.

Company: Commercial Credit Counseling Services Inc.

State/Zip: GA 301XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: No

Did Consumer Dispute Company Response: N/A

Complaint ID: 2936282

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