National Asset Services is a privately held debt settlement company based in Phoenix, Arizona and Sacramento, California. The National Asset Service is also affiliated with several other companies that provide similar services and their own separate websites including American Debt Arbitration and Universal Debt Relief .
Video Nationwide Asset Services
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Debt settlement companies negotiate with creditors to receive reduced payments. Following the "Nationwide Plan," the company claims that someone with $ 20,000 in debt can pay as little as $ 14,400 for three years to completely eliminate debt.
The Better Business Bureau reports that Nationwide Asset Services has an "F" rating, the lowest rating given, and that it has received dozens of complaints against the company in the last 36 months.
The Better Business Bureau reports that American Debt Arbitration also has an "F" rating, the lowest rank awarded, and that it has received dozens of complaints against the company in the last 36 months.
Maps Nationwide Asset Services
Controversy
Currently, these companies face lawsuits in at least four countries:
Illinois
In February 2010, Illinois Attorney General Lisa Madigan filed a lawsuit against Nationwide Asset Services and American Debt Arbitration. The lawsuit alleges that the defendant has violated the Illinois Consumer Fraud Act and the Deceptive Business Practices by misrepresenting the services they can provide to consumers and the impact of those services on consumer credit. The complaint asks the court to enter a permanent order prohibiting the defendants from engaging in debt settlement in Illinois and ordering the defendants to pay compensation for a disadvantaged consumer, a $ 50,000 civil penalty for violating the Consumer Fraud Act, an additional $ 50,000 for each violations committed. with a view to deceiving, as well as a $ 10,000 fine per offense committed against a person 65 years of age or older.
Florida
In October 2009, Florida Attorney General Bill McCollum filed a lawsuit against Nationwide Asset Services and many of its affiliates. The lawsuit accuses some of the allegations including imposing excessive fees on consumers, false and misleading advertising, as well as deceptive and unfair trading practices. The Attorney General said that most of the company's sales are done by telemarketing marketing calls out.
New York
In May 2009, New York Attorney General Andrew Cuomo sued the National Asset Service for fraud, fraudulent practices and fraudulent advertising. The lawsuit alleges that customers pay high upfront fees but are still harassed by creditors, often ending up with more debt than ever before. National Asset officials said they had cooperated with the attorney general's inquiry. According to Nationwide lawyers, the company denied wrongdoing.
California
In December 2005, the State of California issued a "Desist and Refrain Order" to Nationwide Asset Services and all its affiliates, which required them to stop doing business in the country without proper license. The order also states that the National Asset Service has affiliates that operate under four different names, and lists six different addresses.
References
External links
- The National Asset Services website
- American Debt Arbitration Site
- American Debt Arbitration Site
- Universal Debt Relief website
Source of the article : Wikipedia
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