Discussion in 'Business Operations' started by Allen's LS, Jan 19, 2007.

  1. Allen's LS

    Allen's LS LawnSite Member
    Posts: 0

    Without going into all the gory details. I was wondering if anyone has heard of and or used, American Debt Solutions (ADS) and/or US Debt Solvers? Are they on the up and up? What was, or how is your experience with them? :confused:
  2. Tim Wright

    Tim Wright LawnSite Bronze Member
    Posts: 1,034

    If they are a debt consolidation deal, I personally would perfer handling my own issues.

    You can do it.

  3. lawnpro724

    lawnpro724 LawnSite Silver Member
    Posts: 2,201

    They will charge you a monthly fee so what they save you per month on bills you will pay them for doing it. I don't use credit cards and rarely take out loans. I payed cash for my house and yes its a nice one, boat and its nice to, bike, and all of my vehicles and equipment. Low overhead or NO overhead and high proffit are my keys to success.
  4. Allen's LS

    Allen's LS LawnSite Member
    Posts: 0

    I hope to be there one day. I made some mistakes and am trying to work my way out of it without filing Bankruptcy.
  5. tnmulchblower

    tnmulchblower LawnSite Member
    Posts: 44

    I was once in your position,I went with the debt consolidation,I worked my way through and although they said it would not go on our credit record,it does. If to do over again I would work my way through it without there help,and like the others that have replied,I no longer have credit cards,hardly ever take out loans and use cash,if no cash,I do not buy. Good Luck and hope all turns out well for you
  6. Bill S

    Bill S LawnSite Member
    Posts: 184

    Go see your local banker, they will steer you in a good direction.


    IRRITECH LawnSite Senior Member
    Posts: 931

    Consumer Credit Couseling Service is the only true non profit service out there. The rest are basically a rip off. Call CCCS and set up an appointment it's free
  8. Ed Ryder

    Ed Ryder LawnSite Senior Member
    Posts: 541

    The last poster is right. CCCS is legitimate. The others are a minefield. If you have just unsecured consumer debt, like credit card debt, it may be possible just to not pay, then stall collection attempts until the statute of limitations is reached in your state. Your credit will be screwed up for 7½ years. But bankruptcy is worse with 10½ of bad credit. This debt abadonment method is not for the faint of heart. You would need to become skilled with debt collector chess. I have a publisher friend who walked away from around $100,000 in credit card debt this way. He has had an amazing rebound since that difficult time.

    Too many debt settlement companies financially rape their customers with all kinds of fees. I've heard of stories where people were paying like $500 a month to the debt settlement company and like $400 per month was for the various program fees. Meanwhile the debtor gets non-stop collection calls and has their credit destroyed.

    How much do you owe? Is it consumer debt or business debt? Is it secured or unsecured?
  9. apowell18

    apowell18 LawnSite Member
    Posts: 179

    I've personally gone with through it yourself as much as possible...I found Dave Ramsey after the financial trouble had calmed down...wish I would have found his info sooner...He has some books out that really spell it out for you in plain terms...he takes you out of debt and shows you step by step from there...I still go back to his books every now and again when I find myself tempted with all of this no interest financing and whatnot...

    I believe he has material for business owners as well...haven't checked it out yet...

    You can buy his book at any bookstore and I highly recomment it either way you can buy his program or just buy his books...good luck

    by the way i've increased my credit score by more than 200pts in the past 3 years from his advice...not where I want to be yet, but it's a process that we must suffer through...
  10. tnmulchblower

    tnmulchblower LawnSite Member
    Posts: 44

    I will agree with you on that APOWELL18. I also found out about Dave Ramsey afterwards,And wish that I had knew about him sooner. I have read at least 5 of his books,is a great guideline for personal and business finances.

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