DebtXs has a new website. They are apparently moving into new branding as the website says it is now DR Options at 1-800-374-1088, 7668 Warren Parkway, Suite 315, Frisco TX 75034. – Source
They’ve apparently taken on the task of presenting a wider breadth of debt relief options, a course we’ve talked about more would take.
Their new offerings, or those of DR Options, provide guidance for debt management programs, debt settlement programs, DIY, and Bankruptcy.
The DebtXS.com site also can be reached with debtreliefoptions.com. That domain name is listed as being owned by:
Debt Relief Options
555 Republic Drive
Plano, Texas 75074
The site sits on a server that also hosts:
So I’d say it may be safe in assuming that the DebtXS efforts moving forward are geared towards the Debt Relief Options efforts.
A look at DR Options, LLC shows Ken Talbert is the managing member.
Okay, I don’t want to get too far afield from my original focus here, what the new DR Options site says that left me scratching what little hair I have left.
The DR Options site has this debt relief options chart on it.
I’d love your feedback and insight into the observations I’m going to share with you. Please post your comments below.
But what struck me about the chart was how such smart people with a lot of experience could make some odd claims. Look at my red arrows.
Bankruptcy: “We do the work for you.” Are they setting themselves up for a UPL claim here or claiming to be attorneys in all states?
Debt Management: “Protects your credit score.” Apparently they are not aware of the huge can of Credit Repair Organizations Act problems they just opened with that statement.
Bankruptcy: “Affects your credit score the most!” I assume they were trying to imply the impact was in the most negative way, but that’s just simply not true. Settlement can have a large negative impact as well and some people that file bankruptcy actually see a rise in their score based on their situation.
For clarification on what they were trying to say I turned to their FAQ page. It was the question about the credit score that was most perplexing to me.
What about my credit score?
DRO™’s Debt Reduction Plan may affect your credit score in several ways. Once you successfully complete the Program, credit reporting agencies may report all of your accounts enrolled in the program as “settled” with no outstanding balance, releasing you from all further obligations. Several other factors will also influence your global credit score, making it important to think about the long-term impact of the debt reduction plan and debt help options available to you. In the short term, for example, the debt settlement process may negatively impact your payment history. However, the impact may be negligible if you’ve been late in making recent payments already. Nevertheless, settlement usually has a positive impact on another component that makes up your credit score: the amount you owe. By the time the settlement process ends, clients sometimes see their credit score improve because they now have fewer debts or no outstanding debts at all. Both Debt Settlement and Debt Management usually affect your credit score less than Bankruptcy. – Source
It just seems that the focus of the advice given assumes the solution the consumer will be sold is a debt settlement solution. It downplays the potential impact on credit with settlement and seems to make the case that settlement will negligibly impact credit. It also states that settlement and debt management “usually” impact the credit score less than bankruptcy. What it does not do is mention that delinquent accounts as a result of a settlement process can be negatively reported on the credit report for seven years or that some settlement cases do wind up in litigation and collection calls continue.
It seems that even though the DR Options website wants to present all the options the FAQ page leaves me with the impression the overall focus is still a settlement solution.
Even the description the site offers about the debt settlement approach makes it seems easy and without consequences.
What do you think about the new DebtXS site. Is it fair and balanced or do you get the impression it is still steering people towards settlement?
What can we learn from the new changes and what advice do you have for them about the statements they are making?
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