I haven't seen much on this site about Nationwide Recovery Systems (NRS) but thought I would share an article about their CEO - just lets everyone know what these debt collectors do with your money once they bilk it out of you - adding all of their fees and interest, etc.
Don't know about you, but excesses like this make me sick to my stomach. And NRS is a $600 million dollar company . . . I'll include a couple paragraphs from the story below but feel free to follow the link and read the rest of the story - know where your hard earned money is going.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.