Customer ReviewsforNet Debt, LLC

I received a mailing to help alleviate my credit card debt from NetDebt, located in Plano, Texas. I contacted the company and was told that I could be debt free in a short time, which turned out to be 28 months in stead of the 42 months which was quoted to me at the beginning in May, 2019. At the beginning of the contract agreement I agreed to an eight hundred dollar deposit to a savings account to be held by Global Holdings LLC bank. That savings account was to be used to disburse funds to each creditor when a settlement was reached. I inherited a small amount of money in January of 2020 and I contacted NetDebt to make a substantial deposit to my NetDebt savings account thinking that that deposit would allow NetDebt to settle my credit accounts much sooner. There were two accounts with a substantial balance which I anticipated would take priority for being settled. However these two accounts were allowed to be sent to a collection agency and eventually to a law firm for court action. I contacted NetDebt numerous times to see why these two accounts were allowed to elevate to a civil court but was given excuses each time and recently after 9 months of inaction I faxed a letter to NetDebt(Oct. 15) requesting my account be cancelled and any money in my NetdDebt savings account be returned to my bank checking account. Finally on Oct. 27 the money has been returned to my bank and my NetDebt account is BEING closed. I would NOT recommend NetDebt as a reliable source for debt settlement.

I don't recommend this program. First and foremost, I am at the end of this process, or so I thought. I enrolled and our "credit plan" was due to end in the next few weeks, however, because I am now being sued for a second time, by one of my 3 creditors, I now must continue paying until 2023. I had to keep calling and hounding them to get these accounts settled. I was always told, we need to build up a savings so we have a bargaining chip with the debt collectors. Fine. I went with it. I paid $220 per month as my monthly commitment. (It's like a $2 fee per month for the account, which I thought was the only fee I was going to be paying, and the agent willfully let me believe that.) Not long into the program I received a summons to appear in court, as my creditor decided to sue me. They did resolve the matter for me, after I called in tears and panicking, however my saving commitment increased to an uncomfortable amount of money, close to $500 per month to take care of it. What they don't mention in enough clear detail, is they take a commission when the account is settled and it's based off the full amount of your original debt, and it's a large amount of money. I thought I had all this money saved up to pay off that account and was confused by needing to pay more per month to cover it until they explained the success fee. So whatever they save you during the negotiation process, you end up paying as a commission. If not more. First account was $6,949. After the threat of being sued they settled it for $4,865 which I THRILLED about, until I learned their success fee was $1,528. So in total I only saved $555. My second account was settled with no real issue. Owed $3,848, settled for $1,732, success fee $692. My final account had been the account I wanted settled before the others and it is the last to be in a settlement, however I had to receive another court summons and make phone calls to get it going. This settlement was barely $1,000 less than I owe, and my savings commitment is increased again to cover the settlement and the success fee. This account I owed $3,508, it's settled for $2,550 and the fee was $631. My original savings goal was just under $9,000, (because they believed that could settle my debts with that amount of money, and so far I've put in over $10,000 and we're still going) I would highly recommend you try to settle your debts on your own. If you can't get a good deal with the creditor themselves, wait for it to go to a law firm and negotiate with them. You'll probably get a better deal and it will probably be resolved faster. Also, you continue to accrue interest on the past due accounts and by the time it makes it to the legal step you owe more than you submitted. I submitted just around $13,000 in debt, but by the time it all went legal it totaled $14,305. Overall I've only "saved" about $2,000. I am committed to the **** program now. I've done what I've done, and I can't go back, but if you are really so bad off with money, this is NOT the program for you. As a matter of fact, when the first creditor sued me, I was told I didn't need to appear in court. So I didn't. I received a notice (shortly after the court date that I was told I didn't need to attend), that I lost my case for failure to show up, and the court ruled in the creditors favor. I called anyone and everyone because I was panicking about the ruling, and it was indeed resolved outside of the court, and those notices go out all the time. This was confirmed by the attorney's office that represented the creditor. The kicker was the court awarded the creditor LESS than I agreed to pay them through Credit Associates/Net Debt and I wouldn't have needed to pay a settlement fee! Lesson learned. I'm stuck for another 2 years with a slightly higher monthly commitment amount, but it's my own fault and I'm very upset about it, but at least the last account is settled. Can't wait until 2023 when I get to keep that $285 in my pocket. I feel the steepness of the success fee is too high considering I had to constantly call them and try to get them moving! They claim they are working with your creditors... then why does it take YEARS to settle these things. Because they want you to have enough money to fully settle the account and pay them. It's praying on the poor people who already can't pay their bills and gets them stuck for years. I don't recommend it.