A tipster (send in your tips here) just sent in the following warning for consumers.
I worked with Debt Defense Shield as one of their attorneys.
I agreed to take one case for them, and I was horrified by their practices. I immediately terminated my contract with them.
They took my client’s money, failed to return his phone calls, took absolutely no steps to settle his debt, and even refused to pay me for my work.
Eventually, after paying thousands of dollars to Debt Defense Shield, the client gave up. Debt Defense Shield also seems to be affiliated with Face Financial, a company that took people’s money and then appears to have dissolved.
They are as fraudulent as any debt settlement company I have ever seen.
Debt Defense Shield claims to be located in a PO Box in Irvine California and has a form on their contact page for their clients to enter their summons information in. I wonder if a lot of their clients get sued?
I reached out to Debt Defense Shield for a response to the comment but by the time of the publication of this article I had not heard back from them.
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This has always been the problem with DS companies partnering with attorneys to skirt FTC regulations. I don’t know Debt Defense Shield from Adam, but our thinking in forming The Veritas Legal Plan was to offer consumers an option for legal services outside of their debt settlement plan without the high upfront costs. There is no reason for a consumer to pay upfront fees or retainer fees to settle debt. The ethical performance based companies do not have to charge upfront fees and can still protect their clients against creditor lawsuits
Our thinking, in light of the new Federal law stating settlement companies can no longer charge up front fees for their services, was that now with our plan, the consumer has the best of both worlds. It is our understanding that debt settlement companies who have partnered with law firms are the big target for the FTC & CFPB right now. The producing settlement companies who sell the legal model are targets now too. The attorney model will soon be obsolete. I am a huge fan of performance based debt settlement companies. They simply HAVE to earn their money! It is a shame that the FTC law is so restrictive, in that settlement companies who are actually following the law to a T are denied ANY money to start, but that is a reality. It isn’t hard to see why some DS Companies chose the attorney model as their way around it, but in most cases it still doesn’t appear to serve the consumer’s best interests. Over time a client’s financial situation may change and they may no longer need the services of a debt settlement company, but in the attorney model, they have already paid for it and not refundable. With our program we offer the consumer full legal coverage without the huge upfront fees.