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Global Debt Management - Is it a good company to settle debts?

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Their website says their office in Washington, D.C., but I talk to someone out of Irvine, California. We have been working with them for a couple of weeks and trying to decide if we want to use them to settle our tremendous debt. We had a business that failed, and are unable to pay our credit cards without some type of debt settlement by us or another company.
I am just nervous from all the stories I read that they are a scam.
How can I tell if they are legit, and what happens if they don't pay my creditors?
Many of our cards are close to taking legal action against us, and I am not sure what that would mean if we are in a debt settlement program.
Also, we have bank accounts with Wachovia, which has just been bought by Wells Fargo. We owe Wells Fargo money, and I am wondering if they would be able to seize our money from our Wachovia accounts? It makes me a little uneasy to leave it there, but I'm not sure how long the ''transition'' to one bank will take.
Any advice?
Thanks.




Unregistered

Sub: #1 With regards to banking, there is a line item called the Right o
Mon, 01/19/2009 - 20:04

With regards to banking, there is a line item called the Right of Offset which in a nutshell mean if you've got a creditor in a debt settlement program (which means you're delinquent or behind on your debt or will be) and you bank w/ that creditor, they can delve into your account and recoup the funds. It on paper but doesn't happen that often nor quickly; however Wells Fargo is notorious for doing that fairly quick - you may want to transfer your funds/account and bank elsewhere.

Global debt management is based out of California and has an F Rating w/ the BBB. "Our opinion of what this rating means:
We strongly question the company???s reliability for reasons such as that they have failed to respond to complaints, their advertising is grossly misleading, they are not in compliance with the law???s licensing or registration requirements, their complaints contain especially serious allegations, or the company???s industry is known for its fraudulent business practices."




Unregistered

Sub: #2 global debt management
Mon, 01/19/2009 - 20:12

I looked that up, too, on the BBB and questioned the company and they said that is not them. They said that company is a different one at a different address (Tustin, Ca.) and the address they give me is one out of Washington, D.C. even though I talk to them from Irvine, CA. They told me they are not even registered with the BBB because you have to pay for it and some stuff about how the head of it owns several debt mgmt companies, etc. He directed me to the Association of Debt Arbitrators and the Dun and Bradstreet Credit Rating and said they are registered with those? I don't know.




Unregistered

Sub: #3 Global debt mngt is no good. My cousin got me to call freestar f
Mon, 01/19/2009 - 20:18

Global debt mngt is no good. My cousin got me to call freestar financial in maryland. I have only good things to say about them. I am on the road to debt freedom!




sdchargers_63
Debt Samaritan
Posts: 1798
Credits: 17917.45

Sub: #4 debt
Mon, 01/19/2009 - 20:56

I've heard of ( and dealt with..) Global Acceptance Credit Company. I don't know if this is a 'sister' site, or not. GACC was very difficult to deal with.




Unregistered

Sub: #5 mattnangie07, if you find any anomaly in their work then you can
Mon, 01/19/2009 - 21:11

mattnangie07, if you find any anomaly in their work then you can terminate your contract with them and ask for refund. It' your legal right.
Global Debt Management has a very poor record with BBB. Deal with caution.




Unregistered

Sub: #6 Good Debt Agency
Wed, 01/21/2009 - 09:46

I have been behind on my bills for 3 months
and had no idea of what to do
I ended up going with this company Whitelight Financial
i spoke to 4 companies including Global Debt and
this company is In my option one of the only ones that seem
to care there number is 1-877-378-3593 whitelightfinancial .org I also check and they have a good record with U SOBA and the BBB




Unregistered

Sub: #7 I actually started my process with Global debt management 5 mont
Wed, 02/04/2009 - 17:02

I actually started my process with Global debt management 5 months ago and everything working just as they said. I questioned the samething as you with the BBB. The global debt mangement on BBB is different company. Just go on the BBB website and pull up the link to the website of other global debt management and you will see that it is a colletion agency.




bregirl2000
Posts: 1
Credits: 40

Sub: #8 Who's managing this? The BBB perhaps..
Wed, 03/11/2009 - 10:42

I am currently working with Global Debt Mgmt. They are doing an amazing job at getting my debts settled as they said they would. I would steer clear of the BBB and what they recommend, as they own a Consumer Credit Counceling Co and that is as to why they will never say anything good about Debt Settlement. For the record CCC Co's are funded by the Credit Card Co's and that is why you don't see any relief with the CCC Co's. Global Debt Mgmt has gotten my payments down monthly and are in the process of settling my 5th credit card as I write this. When I saw this I had to tell you my testimony so that others would see that it is indeed working and there is no reason, other than the selfish reason of the BBB and their own CCC Co. (who are paid by your creditors) to try and detour you from doing debt settlement. Look into other reputable Co's that rate these settlement co's specifically like www.tascsite.org and don't forget that the BBB is an independent co that is not governed by any agency other than it's own. Best of luck on settling your debt!!




Unregistered

Sub: #9 Global Debt Management, LLC
Wed, 03/11/2009 - 12:52

To bregirl2000, Thank you so much for your comment on Global Debt Management, LLC. I just started talking to them this week and am trying to get more info before finalizing the contract. I went to the tasc website and there's a letter in there from tasc to the BBB President. I also called tasc and asked some questions. They said that Global Debt Management, LLC is in good standing with them. They are also a Gold member of Dunn and Bradstreet. But it costs money to pull the report. During these difficult times, talking to them really is comforting, but it's always good to do some research to make sure. If they do what they say they can do, then it will be of tremendous help to us right now.

Thanks again.




love_my_things

Posts: 1438
Credits: 12832.2

Sub: #10 great job taking the right steps to doing your research on these
Thu, 03/12/2009 - 05:58

great job taking the right steps to doing your research on these companies. its just as important than realizing you need to do something.

just be cautious of the "guest" posters. take thier experiences with a grain of salt there seems to be alot of advertising today. When you have been on this forum awhile you can see it a mile away




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