I reported bankruptcy about 6 years ago and was working on rebuilding my credit with cards that I used and paid off on a regular basis. After losing a job and eventually taking an almost 50% pay reduction I was getting to the redline with my cards trying to survive while I was unemployed.
I was looking for a company that would help me deal with my creditors in a good way, hopefully reduce or eliminate the interest rates, close the accounts and set up a payment structure. I called an 800 number from a news story on TV and eventually got a call back from ResQdebt(now Greenshield Financial) The out right lied to me about the process and promise that they would deal with my creditors and keep my credit in good standing (it was around 745 at the time).
They took my money, did nothting to deal with or talk to my creditors nor make payments from my savings as stated in our conversation to keep the accounts in good standing until a payoff was able to be reached. The only way I found out about this was that I tried for a Home Loan Pre-approval to find out that my credit is now down to 520.
I tried to contact Greenshield to only find out that they closed their doors and forwarded all phone calls to a legal office (Davenport Law) that is supposed to help finish what they started. The law office now wants an additional monthly fee to handle what was already not taken care of. I am very frustrated and feel very taken advantage of as a consumer who was just looking for help and did not know where to turn.
What can I do at this point to fix the damage that Greenshield has caused to my credit. I found that my 2 creditors have submitted my accounts to collections. This company has taken my money and provided no services what so ever and now I am expected to pay more to try and fix what they messed up for me.
Wow, you are really in a bad position. Here was the Greenshield Financial announcement at the end of 2010.
I spoke to someone that had an inside connection with the old Greenshield Financial and here is what they had to say.
First off – I am very sorry to hear of your situation. Please understand that no matter how bad it seems, you CAN get through this. There will never be a situation regarding your debt that you cannot get out of.
As for advice, I would look at your contract. If I remember correctly in their contract they have an automatic 65% refund policy of all fees paid for an unsettled accounts. I am not familiar with your specific situation but I am assuming that they did not negotiate any offers or settle any debts for you. If that is the case and you are not satisfied with 65%, please read Steve’s article called “How to Get Out of a Debt Relief Program and Get a Big Refund.”
I’m not going to talk bad about ResQdebt/Greenshield/Davenport Law. At this point it doesn’t really matter what the company name is, the company’s previous reputation, or any previous lawsuits against them. What matters is – did you receive any kind of service you were promised. If not, it does you no good for me to bash what the company did or who they are. I just want to make sure you get out of this in the quickest time possible.
Depending on how much you have saved up and how much you get from this refund, it may be enough to get the ball rolling with paying off some cards. At this point you have the choice to either just pay that money to your cards at full balance or to pay that money towards a negotiated settlement. Either way the next 9 months may require you to have a lot of inner strength and dedication towards getting out of debt.
Either way, I hope this information helps.
Okay, so the bottom line is this, you will either need to try to find an existing responsible party and go after them for a refund, start the entire process over with Davenport Law, or consider bankruptcy to quickly eliminate your debts.
Please post your responses and follow-up messages to me on this in the comments section below.