A warning out of Oklahoma by the Better Business Bureau, Operations Director, Jim David, warns consumers about a debt settlement company, Nelson Gamble & Associates.
NTV is warning consumers about Nelson Gamble & Associates:
A company called Nelson Gamble & Associates located in Irvine, CA has an “F” rating with the BBB. It advertises debt settlement services with no up-front fees. Consumers using the services are required to make monthly payments into an escrow account until sufficient amounts are accrued to make settlement offers to creditors. Complainants allege inability to cancel contracts, stop monthly deductions from accounts, and obtain refunds. Customers complain if they attempt to cancel, they are unable to obtain refunds for amounts paid towards their debt settlement accounts. Most complainants request refunds.
An Omaha consumer contacted Nelson Gamble & Associates to have them help resolve her credit card debt after hearing their ad on TV. In May, 2010 she began sending the company $225 per month for a total of $1,774. She was told that this money was being put into a savings account to pay off her debts and the company would notify her creditors. Unfortunately, this week, she was summoned to court because her creditors had not been paid since May. All her attempts to contact Nelson Gamble have been gone unanswered.
“Our experience with debt negotiating companies is that they attract customers with large credit card debt by claiming to be able to settle those debts for a fraction of their face value. They often claim that their services are more effective than those provided by credit counseling services and they are a superior alternative to bankruptcy. What they are supposed to do, while they’re saving your money, is to contact your creditors and inform them that they’re working with you, negotiate a settlement and ask them stop contacting you. Unfortunately, nothing had been done by Nelson Gamble & Associates to help the Omaha consumer who contacted the BBB in desperation,” stated Hegarty. – Source
You can read the full NTV article here.