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Federal Debt Relief Systems

Date: Fri, 01/25/2013 - 00:11

Submitted by anonymous
on Fri, 01/25/2013 - 00:11

Posts: 202330 Credits: [Donate]

Total Replies: 3


In 20d06, I contacted FDR to assist me with cleaning up my debts. I had over $10,000.00, I did EVERYTHING they asked me to do. I cut up all of my credit cards. They came up with a budget for me so I could pay my debts off completely. At the time I contacted them my credit was very good, never late on any of my credit card payments, no collections. FDR told me that they contacted my creditors and made a settlement with them to pay all my debt for 75% of what I owed saving me 25%. It sounded good to me. They came up with a payment plan that would leave me debt free in just 1 1/2 years. All I needed to do is make these monthly payments directly to FDR, and they would pay my creditors. So I did pay FDR monthly for 1 1/2 years. Now I was debt free, WRONG, I contacted them in 2006 for their services. In 2010 I was in a car accident, totalled my car. I went to buy a new card and was refused credit! I was in collections and my $10,000.00 debt has now turned into $38,000.00, with all kinds of fees added, late fees on top of over the limit fees. Now I have terrible credit, including late payments, which is not good on a credit report. They took my money and never paid any of my creditors. My husband just passed away, and with my credit is so bad, my house is in forcloser. It is being sold in auction 4 days from now. I not only lost my husband 8 months ago, I am also loosing my home too. So THANK YOU VERY MUCH FDR for helping me with my future. I have nothing now. I hope you guys sleep Well at night, because I sure can't.


steve FDRS was a "debt termination"scam run by a mr.cera.he closed up shop once the feds were on to him.the OP was just venting,but FDRS was a hot button topic three years ago on these forums.me and others were attacked for saying it was a royal scam.just an FYI.


lrhall41

Submitted by paulmergel on Fri, 02/22/2013 - 05:46

( Posts: 15514 | Credits: )


Did you contact FDR and try to figure out what exactly is going on? In debt settlement cases, these companies ask you to stop paying on current accounts which are, by effect forced into collection making it easier for them to negotiate. Interest and late fees do not stop accruing. The monthly payment they take from you is put into an escrow account. Settlements are paid in lumpsum and payouts only happen when enough money has accumulated in your escrow to settle a particular account. Of course as corollary, while your DR/DS company takes your money to build up the escrow balance, the interest and fees on your debt keep accruing and the total amount subsequently grows as well.


lrhall41

Submitted by Steve Barris on Wed, 02/20/2013 - 22:15

( Posts: 1043 | Credits: )