“Dear Steve,
I keep receiving emails and phone calls from world law direct. This Sr Financial Consultant, Louis Comolli, tells me he can negotiate with my creditors and lower my payments so that I am no longer paying interest on my credit cards. He would take a payment from me each month and put the money into an escrow account which would later go toward the balances I owe my creditors. I do have a large credit balance and this would be very helpful to me but I am not sure this is not a scam.
Is this a scam or is this a real program? I haven’t given any information to this person but if it is real I would like to mediate my balances and pay off my debt. If It is not a scam can you help me do these things so I am not being scammed?
It was a pleasure speaking with you in regards to your current financial situation. As per your request, I have enclosed some information regarding how we could help you address all aspects of your unsecured debt. You will pay down the balances as quickly as possible and most importantly you will regain control of your financial future.
Current estimated total debt: $16,500.00
Current estimated monthly payment: $600.00
Recommended program term based on your current financial situation
Program payment: $341.00
Monthly savings: $259.00
Program Term: 36
(*) The proposed savings amount reflected above is based on a proposed of at least 40% savings of your current estimated balance with the perspective creditor illustrated above.
Some of the key benefits that the Debt Mediation program we spoke about, offers you the ability to lower your monthly payments, freeing up a considerable amount of money on a month to month basis. The Debt Mediation program allows you to pay off the balances in 3 years or less compared to 18-25 years of minimum payments. This will allow you to regain control of your financial future and become debt free in a fraction of the time.
At WORLD LAW DIRECT, LLP, we provide you with an affordable monthly payment plan that is designed specifically for you to be debt free as quickly as possible. This program allows our customers to directly impact the principal balance owed without paying any interest on a month to month basis. Due to our ongoing positive relationship we have with many creditors, we will negotiate on your behalf, and settle for up to 60% of the principal balance. This is our commitment to our clients and we will get you debt free in the most cost effective manner.
If you would like to find out more information on our company you can always visit our website at Law Firm:http://www.worldlawdirect.com/ http://www.bbb.org/northeast-california/business-reviews/attorneys/worldlawdirectcom-in-sacramento-ca-47013631
This is an article that references damage to your credit score by “over utilization” of cards: http://credit.about.com/od/creditreportscoring/a/creditutilization.htm
Here is a link to a site that will get you FREE access to your credit report: https://www.annualcreditreport.com/cra/index.jsp
Lastly, I have attached a link to the Fair Debt Collections Practices Act. This is an important law that covers you when you are in an attorney-based, debt resolution program. In a nutshell, bill collectors cannot call you, once they have been advised an attorney has been retained. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf
Click on the link below to see the video “Secrets your creditors don’t want you to know”. http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/
http://www.worldlawdirect.com/
Best Regards,
Louis Comolli
Sr. Financial Consultant
Toll Free: 877.734.7780
Direct:908.264.2964 email:
lc@cards1234.com
Debra”
Dear Debra,
Let’s recognize this email for what it is, it’s a piece or marketing that is designed to induce you to buy their services.
The email sure makes it seem like it’s an easy approach but while it paints a rosy picture and pretends to be a consumer focused email it leaves a whole lot out for you to make an informed decision.
For example, it fails to tell you that no creditor has to accept any settlement offer, what their success rate is, doesn’t mention you will be in collection, can be sued, and your credit will take a hit.
The email also doesn’t mention that this company is only charging you probably advance fees because they say they are a law firm. And while they link to the FTC in an effort to sell you they fail to link to the important Telemarketing Sales Rule information with the FTC that talks about sales claims and fees.
The BBB link they sent you links to a company that is located in Sacramento, California. The listing says a Brad Haskins is the owner of the company. Haskins is not licensed to practice law in California according to the State Bar of California. Neither is Sue Miller.
Brad Haskins that has been associated with World Law is actually a lawyer that, according to the State Bar of Texas, lives in the Czech Republic. – Source
I can’t tell you if this company is a scam, only you can make that determination. But what I can do is help educate you about how to check out a company before you sign on the line.
I would recommend that anyone considering using such a company should read the following fee guides.
- The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
- 10 Must Do Steps to Find the Best Credit Counseling or Debt Settlement Company for You
- How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off
And besides all of that, we don’t even know if a debt settlement approach is the most appropriate solution for you.
I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.
Then use the free How to Get Out of Debt Calculator to review your options.
Please post your responses and follow-up messages to me on this in the comments section below.
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