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I Talked to GreenShield FS In Texas Recently But Still Not Sure. – Dave

“Dear Steve,

I have a lot of unsecured credit card debt (around $70,000).

I hear about debt relief, debt settlement, debt reduction companies all the time, but it seems most are not very good.

I gert the feeling that most clients are NOT happy with the debt relief companies they are using.

1). Are there ANY debt relief, debt settlement, debt reduction companies that you DO recommend?

2). Are their fees all about the same?

Or do fees vary a lot?

I talked to one debt relief company called GreenShield FS in Texas recently. They claimed their fees would be 15% of total debt repaid.

Is this average (15%)? High? Low?

Thanks for your help,


Dear Dave,

It sounds like you’ve focused more on debt settlement companies and that GreenShield FS quoted you a price based on the amount of debt you enrolled in their program. Before you do anything with debt settlement you need to know that as of October 27, 2010 debt relief providers will not be able to charge you before they actually settle the debt. If GreenShield FS or anyone is charging you money based solely on the amount of debt enrolled or in advance of actually settling each debt, walk away. Alternatively you could tell them you are looking for a contingency fee contract and not an advance fee contract.

As of September 27, 2010 debt settlement companies must also provide you with details and facts to back up their claims about settling debts, See The Debt Settlement Good Faith Estimate Guide for the Confused Consumer.

And while I’ve giving you reading homework, you should also read The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy.

I think people are better off exploring all the possible solutions and then making an educated decision based on facts. That means, clicking here for credit counseling information and to click here to find a local bankruptcy attorney.

If you are still confused after you’ve researched the three options then talk to debt coach Damon Day and discuss your specific situation and let him give you a detailed plan of action based on the goals you want to achieve and your specific debt.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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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.

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