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Global Client Solutions & Rocky Mountain Bank & Trust, Good People Tangled in Some Bad Debt Settlement Business

First, let me say that in my life in the credit counseling and debt management world I have had an opportunity to interact with the folks at Global Client Solutions (GCS) and Rocky Mountain Bank & Trust. I always found them to be professional and competent at what they do, manage client accounts.

The Global Client Solutions mission, as stated on their site is:

“Global is a revolutionary banking platform, trusted to solely provide the most robust and up-to-date account management products to the debt management industry. Our program was built specifically for the debt management industry to create a positive environment of success for both the consumer and debt management company.”

But here is where the waters appear to get murky and muddy for GCS. It’s not their payment platform that is troubling in any way. I’ve never heard a single complaint from anyone that GCS and it’s partner or participating banking partner, Rocky Mountain Bank & Trust has ever, or in any way diverted funds improperly. And from my past interactions with GCS I would have serious doubts that ever would happen.

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The murkiness is being created by the companies they have voluntarily elected to take on as clients and process banking account withdrawals, from consumers accounts, and disbursements to debt settlement companies.

The Slope Gets Slippery Right About Here

As the debt settlement industry falls deeper and deeper into the bad actors pit, they are dragging GCS and Rock Mountain Bank right down with them. What’s that old expression, if you fly with the crows you get shot down with the crows?

In a search of civil cases filed where Global Client Solutions has been named, 2009 had been a very bad year for them. Before 2009 I could only find a record of two previous suits against them, one in 2005 and one in 2008, but so far in 2009 there have been seven lawsuits in which they have been specifically named as defendants. And it appears that the lawsuits are picking up steam as the year progresses.

So What?

We will just have to wait and see what Global Client Solutions decides to do about continuing to play in the sandbox with the debt settlement folks. Maybe they will decide that the risk just isn’t worth it to them. Probably the suits will continue and accelerate as states and individuals determine that GCS is operating more on the behalf of the debt settlement company, than the consumer.

If you have half a day to kill you can read through all the complaints I have linked for you above. What you will find is a developing pattern of participation by GCS and the debt settlement provider front end entity.

I’m left wondering why GCS doesn’t just abandon servicing the debt settlement industry, is the money they are making off of this just that good? Why would these good guys continue to associate with an industry filled with bad actors and companies of dubious distinction?

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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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