Debt Relief Industry

Nationwide Asset Services in Bankruptcy to Sell Client Accounts

Written by Steve Rhode

A tipster (send in your tips here) sent me the following message:

NAS has recently declared bankruptcy and has been ordered to sell their accounts. They don’t tell their customers, but any that are not sold by the deadline will be s.o.l. They tried to sell them to their other company, FCS, but are not able to.

I deciphered that NAS was Nationwide Asset Services but I’m not sure who FCS is.

According to court documents, Nationwide Asset Services did file a chapter 11 bankruptcy on November 29, 2011. On April 20, 2012 their attorney requested court permission to sell “the Debtor’s Book of Business, toll free number, website domains, Debt Software license, and intellectual property” for $170,000. The buyer is listed as Brite Solutions. – Source

It appears there are about 1,600 clients involved in this transaction. Here a sample of the client’s as they are described.

Some of the data does not appear to make sense. For example, the first client says they have 43.2 months left in a 43 month program which they started 8/27/2008.

What’s interesting as well is it looks like there may be many clients enrolled in states where the company is not licensed.

As an example, the client listing shows consumers from Minnesota but Minnesota says only the following companies are licensed: PREFERRED FINANCIAL SERVICES, TOUCHSTONE PARTNERS, NEW ERA DEBT SOLUTIONS, CAREONE SERVICES, SUPERIOR DEBT SERVICES, UNITED DEBT COUNSELING, PACIFIC DEBT, DEBTMERICA, J. HASS GROUP, FREEDOM DEBT RELIEF.

It will be interesting to see how Brite Solutions deals with taking on clients in states they do not appear to be licensed in like Minnesota. I wonder what will happen to those consumers? It sure seems like a lot of liability to take on for Brite Solutions.


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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.

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