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I Signed Up With Morgan Drexen for Debt Settlement. Should I Stick With Them? – John

By on March 16, 2010
I Signed Up With Morgan Drexen for Debt Settlement. Should I Stick With Them? – John

“Dear Steve,

I signed up with Morgan Drexen. Paying $599 /month. Paid 4 times. Have debts totalling $40,000. Some back to June 2009.

Carry on with Morgan Drexen? Or pay off indivdually @ 50%?

John”

Dear John,

Morgan Drexen sure has been in the news a lot in the past year and not for really good stuff. Without looking at your debt settlement contract you singed with them I can’t make any sort of statement about how much you’ve paid already that went to their fees alone.

If you have the cash on hand to settle your debt now and you are behind on your debts there is no reason you need to pay a debt settlement company to do this for you. Just based on average debt settlement company fees of 17% on the debt in the program you would be paying $6,800 just in debt settlement company fees. That’s money that would not even go towards paying your creditors off. And that doesn’t even account for the monthly account fees you may be paying as well.

I think you are right to investigate the path you are on some more and it would be wise for you to contact Damon Day, an independent financial adviser, to review the program you are enrolled with and come up with a custom game plan that meets the goals you want to achieve.

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Update June 17, 2010 – Morgan Drexen Blows Bogus Comments

See comments below from Shane and Kate? They are bogus comments being posted by people at Morgan Drexen. You’ll find my comment below where I out them for their deception.

READ  CFPB Sues Debt Relief Attorneys for Collecting Illegal Fees from Struggling Consumers

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About 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.

7 Comments

  1. Shane

    June 17, 2010 at 5:46 pm

    Im writing from the university campus. There is thousands of people here.

    • Steve Rhode

      June 17, 2010 at 5:58 pm

      Shane,

      I’m going to have to go with Bullshit. I already knew, when I asked you, that the IP address that you and Kate keep posting from happens to be the same IP address that belongs to the Morgan Drexen mail server. mail.morgandrexen.com 97.65.112.163

      Why would Morgan Drexen try to spam fake bogus comments if not to mislead consumers? Morgan Drexen has lost all credibility in my book.

      Steve

  2. Shane

    June 17, 2010 at 5:00 pm

    I used Morgan Drexen services too. My debt was a little over $9000 and I was out of the program in 18 months and I only paid $3400 and my debt was settled and paid off. That has included all the fees.

    • Steve Rhode

      June 17, 2010 at 5:04 pm

      Shane,

      Do you know the other commentator Kate that has been posting comments about Morgan Drexen?

      Steve

      • Shane

        June 17, 2010 at 5:23 pm

        No I dont know Kate but I wish I have known her when I was going through the process because I was having my own concerns too. It would have been nice to talk to someone who was going through the same process.

        • Steve Rhode

          June 17, 2010 at 5:25 pm

          Shane,

          If you don’t know Kate then why are your comments and Kate’s comments from the same computer or computer on the same network?

          Explanation?

          Steve

  3. Kate

    June 16, 2010 at 5:12 pm

    Hey John,
    I looked at my fees and they were less then 10%. Also if you happen to have a little more money and pay more a month your fees will be even less. Im pretty sure that Morgan Drexen can get you better deal then 50%. My debt got settled at 30%.. Im happy and I wouldnt be able to get that deal myself because i dont have that kind of relationship with the creditors.

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