Debt Relief Industry Out of Business

Timeline Debt Solutions and R&N Consulting Tell Clients to Get Lost. We’ll Keep Your Money.

I’ve finally got my hands on the letter Timeline Debt Solutions sent out as they fell out of business. It’s horrible.

Timeline Debt Solutions and RN Financial, aka R&N Consulting, had been selling debt settlement services on an advanced fee basis. They took her monthly $500 payments and deducted their fees for services before actually dealing with any creditors of the consumers.

And now you’ll see why this was always a flawed strategy.

A consumer came to the site recently and was at the end of her rope about what to do since she could not get in touch with her debt settlement company.

She says she’s paid in $8,000 in advanced fees for settlement help and instead what she got was a letter from Timeline Debt Solutions and RN Financial telling her to get lost.

Frankly, I’m just pissed off at this situation. I know, I know, I deal with this stuff all the time and I understand that companies may go out of business but this Timeline situation is a great example of how not to do this.

If you are a legitimate debt relief company, you have a duty to your clients to protect them with care. If you think you may be folding up, you need to make arrangements on making sure the clients are handled after you are gone.

Some companies have been running around trying to sell their portfolios but what they can’t seem to understand is, they took all the damn money from the consumers when they enrolled them and now their book is all liabilities.

The Kiss Off

Here is the letter sent to consumers.

Other readers have reported they did call Global Client Solutions as instructed and Global basically said they could not help them, and rightfully so.

I’ve been hard on Global at times but in this case, the only responsibility I see Global Client Solutions has in not screening their partners better and who knows, maybe creating a liability from themselves for being a conduit in what now appears to be an outright fraud.

READ  R & N Consulting Group / Timeline Debt Solutions - Consumer Complaint - 10-9-2012


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About the author

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.


  • Anyone needing info ton the culprits here is what I found

    Nick Salerno
    12419 Daisy Place
    Bradenton, Fl 34212
    954-471-3377 cell
    941-580-3888 h.

    Rick Permanand
    Retire Advisory Group2801 Fruitville Rd. #110Sarasota,Fl. 34237941-371-4019

  • Steve, we are coming up on the Anniversary date of the FTC ruling. Any company that did not transfer to a compliance model will soon be running out of fees. Most up-front companies scheduled 12-15 months of fees. That being said, there is a lot more consumer damage yet to happen over the next 3 months. I would expect this sentiment to grow…

    • See this story I wrote July 15, 2010 What to Do When Your Debt Settlement Company Goes Out of Business

      “The vast majority of debt settlement companies that have sold services to consumers have done so on an advanced fee model. They have collected the bulk of the total fees to be paid for providing settlement services before services were performed. In essence much of the money that was taken as income today and spent, was for work that would not have been delivered for years into the future. These debt settlement companies wound up operating just like a massive Ponzi scheme instead of placing the money received in protected accounts to actually be taken as income when the services were performed.”

  • If Steve’s Angel Network is full, feel free to give me a call providing you have aTimeline contract and active Global Account. I have and continue to provideconsumers with workouts from situations just like this (with very good resultswhich I will prove to all interested), providing you’re in a state I do business in. Call 888-777-5671 to inquire, mention Timeline Bailout.P.S. the work is not free but done at a discounted.

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