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The good, the bad, and the ugly - discover what customers are saying about Acushield Financial

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10:43 am EDT
Verified customer This complaint was posted by a verified customer. Learn more

Acushield Financial not upholding contract

In 2007 my husband had 2 major surgeries in which we lost alot of income causing us and rack up nearly $10, 000 in credit card debt. One day in 2008 my husband was listening a radio station and heard a commercial for FreshStart. We decided to give them a call and discuss our situation. Of course they could make it so we could be debit free within 2 years (for a fee). They explained how to go about this, so we set up an automatic monthly withdraw. They told us once 50% of a credit card balance was reached they would negotiate and pay off that card. No cards were paid off. One of the credit companies filed a law suit and when we called, Fresh start said, "don't worry it will never go to court. Just give us the information." In Sept. 08 we requested withdraw from the program and our $2000 back. 60 days has turned into 6 months. We contacted many of our creditors on our own and have settled those accounts ourselves. We have one card left to pay off and it only took us 6 months to get to this point. Infact the company that was going to take us to court has helped tremondously. Thanks for nothingAcushield/Freshstart. WHERE'S OUR MONEY! (please include your fees)

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3:10 pm EST
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Acushield Financial Where is Acushield?

URGENT- Can anyone help? Jan 2009

I have been with Acushield Financial for 4 years now and they have dissappeared off the radar with my set aside balance- a hefty sum (this was after they had settled a debt but not put the transaction through).

I have researched and found out that they have been issued with a desist and refrain order from the California Corporations Commissioner on the 23rd of Dec 2008. Since that time they have not been returning phone calls and the emails bounce back saying that its an invalid email address. I have contacted other businesses associated with Acushield such as Global Client Solutions, but no-one seems to know how to contact them or what has happened.

I am extremely concerned that they may have done a runner with everyone's money and I am urgently seeking any information from anyone which will shed any light on the matter. Does anyone know if legal action has been brought against them? Or is anyone thinking of doing it?

Please email me if you know of anything- hogg.[protected]@gmail.com

Many thanks for any support coming through!
Jim

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bvolvoman27
Portland, US
Oct 06, 2009 4:20 pm EDT

Khynda - I had a friend who canceled account with their debt settlement company (not AcuShield) and got all their special purpose balance back (minus all the fees they had paid to debt settlement company). If your funds were through Global Client Solutions, call them and tell them your canceling your acct and want your funds back. Another post on here actually gave the name and number of their VP, Brent Hampton. Call that guy. [protected], brenth@globalclientsolutions.com. File a complaint too with the BBB if they don't give you your money back. I've seen on here some people say that worked. And send them a letter with registered mail telling them you want the funds back.

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Khynda
Midland, US
Sep 23, 2009 12:10 pm EDT

I started my account with Debtco in 2002, which later became DBA Acu-Shield Financial. I have been trying to correspond with someone since July of 2008 to no avail. They have several thousand dollars of my money and have stopped settling my accounts. They did settle several, but now I just want my money. Times are extremely hard now and I can settle the others by myself. WHAT CAN WE DO? HELP!

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Yvonne
Julian, US
Apr 15, 2009 9:02 pm EDT

Yes that has happened to me too. Have you had any luck in getting your money back. What can we do? They have several thousand of my monies. I am so upset at them. They promised to help and now they are long gone.
Yvonne

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alugzwild
wellton , US
Mar 11, 2009 11:16 am EDT

Address: Nationwide Customer Service
4600 E Sunset Road # 176
Henderson, NV 89014
Phone: [protected]
Email: csemail@nwcustomerservice.com
Fax: [protected]
Hours: 8 AM to 5 PM Pacific Standard Time

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alugzwild
wellton , US
Mar 11, 2009 11:08 am EDT

hello my name is alex i've been with acushield for 4 month and they are a scam . droped the program and just settle with credit card co. anyways i found them . Address: Nationwide Customer Service
4600 E Sunset Road # 176
Henderson, NV 89014
Phone: [protected]
Email: csemail@nwcustomerservice.com
Fax: [protected]
Hours: 8 AM to 5 PM Pacific Standard TimePHONE#[protected]

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Leola Spencer
Kilgore, US
Feb 23, 2009 3:50 pm EST

I've also have been taken in by Accushied Finacial. I was suppose to be debt free in 36 months they took alsmost 15, 000. of my money with no bills settled and now they have closed their doors with my money. After trying to get my money back from them over a period of 6 months. they told me the company i started out with Fresh Start America in California had went under and they would have to repay my money in installments over a 9 month period. I receive one payment of 800.00 dollars from them in December 2008 and then the lady called me the next month saying they were closing there doors and there was no one to sue. I reported them to the BBB, Attorney General office of Las Vegas who forward my complaint to Consumer Protection Burea back in November of 2008 I am still awaiting to hear back from them but some kind of justice need to be served because I want my money back just like everyone else that they robbed. Please email me of any pending class action suit @ bigospencer@aol.com.

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rogerniland
Spring Lake, US
Feb 12, 2009 10:45 am EST

I too, have been takken by acusheild. I finally found out that they haven't been taking any money out of my account since november 2008. they have approx $25, 000 from my account and only two creditors have been paid. If anyone has a legit law suit against them i will certainly join them if it can be resolved. my email is rogerniland@aol.com. good luck everyone

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Rick
Corona, US
Jan 29, 2009 1:17 pm EST

If anyone wants to get together or if anyone knows of a class action suit already in motion please contact me, sorry for a second post but I forgot to mention this. r19ecua@gmail.com

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Rick
Corona, US
Jan 29, 2009 12:48 pm EST

They were suppose to refund my money in 40 business days and I have yet to hear anything.. I thought they went out of business not closed down. Now I don't know what to do they have $3000 of my mom's money and BBB and the consumer affairs aren't being much help. They both told theres nothing I can do, WTF? Please contact me at r19ecua@gmail.com if you have any info please!

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eiki
Waltham, US
Jan 28, 2009 2:36 pm EST

Hi,
I am exactly in a same situation you are. I have been trying to reach them since December, 2008 by e-mails, fax, certified mails, etc but I have not heard one word from them yet. Finally I called Nevada General Attorney's office and they directed me to Nevada Consumer Group (?). I was told that AcuShield business operation in Nevada has been oifficially neither registered nor approved by the state officials. Since I joined in 2004, they have collected $10000+ from me and done very little. I want my money back! What should I do? Where are they now? Please e-mail me at eikisatake@yahoo.com if you have any information.
E.S. in Boston Mass.

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10:15 am EDT

Acushield Financial FRAUD - I WANT MY MONEY

I have been part of the debt reduction program for about 3 1/2 years. I begain when it was Debt-Co, and then the name changed to AcuShield Financial. A few months ago I chose to opt out of the debt reduction program because I was (and AM) TOTALLY DISSATISFIED with the lack of communication. Negotiations for settlements were not being negotiated, and when I pressed and pressed and pressed, I still got no action. I finally told them I was totally unhappy with them and I wanted the money in my "set-aside" account refunded to me. They told me it would be 45-60 days - - - it has now been far longer than the 60 days, and repeatedly I've written emails and called with NO RESPONSE. Only one person there will respond to me, and she apparently has no authority to get the check mailed and even after repeatedly going back to her, I've received no answer. If I had seen all the complaints on line that I am now seeing, I would NEVER have signed a contract with them! I will say that for awhile they did settle some of my debts, but when it got down to the last 20% of debt, they DID NOTHING. I wonder how much interest they are making off MY MONEY! This is FRAUD, and I want my refund. Someone needs to do something about this company.

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kurashi60
Arlington, US
Jan 20, 2011 10:38 pm EST
Verified customer This comment was posted by a verified customer. Learn more

Anybody that has had any luck with getting "set aside" money back from Debtco/AcuShield, please email me at kimbalaya@sbcglobal.net
They have $5k set aside and I have not been able to pin them down. Interested in class action law suit but can't find anything on that either.
I became seriously ill a few years ago with a progressive neuromuscular disease and had to quit working after 30 years. I am now on disability for 3 yrs and will never be able to go back to the workforce, as I get worse by the month. Medical bills are HUGE, I have settled my debts myself however, I could sure use MY money to help with medical or put into savings for co-pays, extra medical expenses.

God Bless everyone who has had the same/similar experience with them, and I pray we all get those guys who took our hard-earned money when we really all needed the help and wanted to do the right thing for our situation.

Blessings, Kim

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4Nicolas
San Diego, US
Mar 14, 2010 12:00 am EST

Please read http://4nicolas.homestead.com/index.html

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Common1216
Upper Marlboro, US
Aug 05, 2009 10:45 am EDT

Same with me I am trying to get out of debt and no one has contacted me yet. I have been paying in to them since 2004, so whats the problem? If anyone gets any contact info with them please let me know, please!

Sean

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Melanie
Morrilton, US
Jun 07, 2009 11:11 am EDT

I too am a victim. I started with the company when it was Debt-Co. They paid off all of my credit cards except for one. They have $4, 800 in my set-aside account. If anyone has any information as to what I can do, please email me @ melluvspandas@yahoo.com.

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Mike C.
Bayside, US
May 09, 2009 12:31 am EDT

I am a victim of Debtco. It took my money for the “settlement”. After the check was cleared by the creditor, I still get a judgment for the money I had paid through Debtco. Detco promised to take care of it but they just ran away and never heard from them. Need help/suggestion. My e-mail is: wqc88@yahoo.com.

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owedbyacushield
Kennesaw, US
Mar 04, 2009 9:56 am EST
Verified customer This comment was posted by a verified customer. Learn more

I am also due money from Acushield. I was in the program for several years and they actually cleared all my debt as of last summer, but I was due a balance of $1500 and have been told since Sept that the "check was in the mail". I now cannot get in touch with anyone as it seems everyone else on here is in the same situation. I will go to the FTC and the BBB as well, but I don't think that's going to help. If anyone finds anything out, please post it here so we can all benefit.

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jennifer nielsen
St. George, US
Mar 03, 2009 8:39 pm EST

I am another victim. Can someone help me? 1800.00 in set aside and 500.00 to clean up my credit...

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Nursing-BSN-Student
Clarksville, US
Feb 22, 2009 9:20 pm EST

I'm in the same boat. I cancelled my account in October 2008 with Acushield and have been told that I would receive my "set-aside" funds within 60 days. Then the 60 days go by and I send a letter via email (SEND IT CERTIFIED MAIL should have been my first step) requesting my funds and I get a call from a woman who was hired on to help /name removed/ smooth things over and set up "payments" back to me. Well, they dropped the ball on that and I have yet to receive a dime of my $3, 800. I bet /name removed/ is driving around in a nice vehicle and has a great home. I want my money back and there's gotta' be some one held liable to collect assets from. For a country full of lawyers, I am surprised that no one has the stones to go after this company with a handful of former Acushield "clients" that have been taken advantage of and been stolen from. Technically, this company has embezzled money from the clients who are could be deemed the employers of this company. We went to them and employed them to take care of our money and settle our debts. Embezzlement is a hefty crime last I checked and judging from the other complaints on this board, I believe there is nearly $30, 000 that has not been returned to so-called "clients". I think that's worth up to 10 years imprisonment and fines up to 3 times the amount owed. There's got to be someone who is willing to go after /name removed/ and Acushield. I feel like my money was tied up in stocks and with the market crash he was left with nothing. If indeed my MONEY was in a "SET-ASIDE" fund, it could easily be given back. It's one helluva' lie that this company is telling.

embezzler
n. a person who commits the crime of embezzlement by fraudulently taking funds or property of an employer.
-definition retrieved from http://dictionary.law.com on February 22, 2009.

Contact Info: dark@spl.at
-Benjamin

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mizzleeka
Los Angeles, US
Feb 17, 2009 3:35 pm EST

Oh and my contact info is annemarie310@yahoo.com

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mizzleeka
Los Angeles, US
Feb 17, 2009 3:33 pm EST

They never delivered their promises and took over 12k from me in "fees". Now I can't get ahold of them. Unbelievable! I cannot believe the deception! They need to go to jail for preying on people at their weakest moments. I bet they're somewhere out there starting up a new scam under a different name..
Annie

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4:17 pm EDT

Acushield Financial debt negotiation scam

Dear Sirs

I entered what I though was a legitimate "debt negotiation" program in October of 2004 with high hopes of clearing out my credit card debts and stopping the insanity of "minimum monthly payments" leading to higher and higher balances with no end in sight. I found them online, and signed a contract with what was then called "Best Debt Solution", set up my account, arranged for an automatic EFT withdrawal out of my checking account of nearly $400 per month, and was told I would be "debt free" in 34 months. At the time I entered the program I was current and caught up with all the payments to the 6 different credit card accounts I went into the program with, but just squeaking by making monthly minimum payments without ever seeing a reduction in my principle balance, which is why I decided to enter the program. Having already declared bankruptcy from post university credit card debt 15 years earlier when I was just out of college, I was legitimately trying to find a way to stop a recurrence of the madness and get out of debt.
Now, 3-1/2 years later, of the original 6 credit card accounts I originally entered the program with, only 2 have actually been settled (with the lowest balances of course), one having gone to legal court proceedings along the way. Interests and penalties on the remaining accounts have INCREASED my overall debt appreciably, my credit rating is in total shambles, and 2 of the remaining 4 accounts are currently in legal proceedings with the other 2 well on the way. 'Best Debt Solutions" has somehow in the interim changed addresses twice, become ACUSHIELD FINANCIAL, and continuously promised me that their "negotiators" were working hard on my accounts while I continued to pay a "maintenance fee" of $39 per month now 6 months PAST the termination of the original agreement. They still have nearly $6000 of my funds in a "set aside funds" negotiating account that has been sitting there unused for months while I wait for them to settle with accounts that have now gone to lawsuits and legal actions. They have charged me over $4000 in "education and maintenance" fees over the term of the original program, which supposedly went toward the management of said program, and which I am now trying to terminate so I can get BACK the money I have in there to use to begin bankruptcy proceedings,
This is a scam like you wouldn't believe. I truly went into the program legitimately looking for an option to get out of credit card debt. They preyed upon my desire for a relatively "quick fix", promised me impossible results, and ultimately did nothing but further ruin my credit and take money from me. This organization (and others like it) should be investigated, stopped, and put out of business before they can do any more damage to gullible, unsuspecting well-intentioned persons like myself.
I am not a cheat. I’m an intelligent, well-educated person who found myself on the credit card "merry-go-round", ending up in over my head and was trying to legitimately get out of debt. In the interim I have endured YEARS of credit collector harassment, lost my steady job which now keeps me from ever HOPING to get out of debt in the near future, and been totally used by these people. I did EXACTLY what I was told to do throughout my participation in the program, and yet there was always some mix-up in getting my information to my "negotiator", or I had to sign a new power of attorney, etc etc etc ad nauseum. Every time I called I had to start any explanation on the phone from complete scratch with a new customer service rep, and heaven forbid I actually voice my frustration or displeasure: I was actually threatened with termination because I swore at a the person on the phone at one point when she told me I should have just declared bankruptcy to begin with…..
ACUSHIELD has been flying under the radar so far: hence the name changes and changes of location for the company (they started out in San Diego, but have since moved to Las Vegas with their financial transactions now being handled in Phoenix, Arizona). I have complete records of the entire sordid history of my participation in this dreadful program, from my original contract to termination letter and countless emails and letters in between, and would like very much to find a way to blow the whistle and pull the plug on these vultures preying upon the unfortunate & gullible in the current economic climate of fear and hardship.
Thank you for your attention, and do not hesitate to contact me regarding these matters. If you know of anywhere else I might direct inquiries to deal with this situation, I would most appreciate finding out about them.
Sincerely,

G Matthews

Pertinent Acushield Information:
Acu-Shield Financial
Customer Service Team
3291 N Buffalo Drive, Suite 9
Los Vegas, NV 89129
Phone [protected] Fax: [protected]
Email: [protected]@acushieldfinancial.com

Payment address:
Wells Fargo Lockbox Service
Payment Center
P.O. Box 53506
Pheonix, Arizona [protected]

Also:
UCAN (United Consumer Advocacy Network)~associated with ACUSHIELD
1061 Main Street
Banco Park, Suite 6
North Huntington, PA 15642
FAX: [protected]

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eiki
Waltham, US
Jan 28, 2009 3:52 pm EST

They took over $10, 000 out of my checking account for the empty promise "Debt Free". I have not been able to reach and locate them. I want my money back!

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michorose
, US
Jan 27, 2014 9:20 pm EST
Verified customer This comment was posted by a verified customer. Learn more

I was under the impression all my debt was settled back in 2007. Acushield/debtco even sent me the congrats paperwork. Here it is 2014 & a medication group is saying my Direct merchants account never was paid! I can't even find my paperwork since it has been over 6 yrs. and the company doesn't exist! I don't know what to do.

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Trish in Illinois
Jack, US
Feb 21, 2011 9:33 pm EST

My husband lost over $11, 000 from this company as well. Started off as DebtCo then switched to AcuShield. They supposably settled one of his two credit cards and almost two years later we are finding out they did not. We still have bill collectors calling us & we had to borrow money to pay off a negotiated amount for one of the cards & we still owe on the other one. We would like to find out if we can get the $11, 000 of our money back & hear if anyone else has had any luck getting any of their money back or even contacting anyone at this company ? Trish in Illinois

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jawintc
Traverse City, US
Jun 24, 2009 12:48 am EDT
Verified customer This comment was posted by a verified customer. Learn more

I am amazed, stunned and furious with that company, I too have been taken to the cleaners by them. I had talked to that nicolas to and he sent me 800.00 in good faith deposit and promised the rest in Jan 09, never did get ahold of anyone, they just vanished. I have complained to BBB and just don't know where to go from here, I don't have anymore money to take them to court. They didn't settle on any of my debts, there was always a reason why it din't go through but hey you all know what I am talking about. My god how many more of us are out there. I settled all my debts on my own, not out yet but almost.
We need to stick together and keep trying. Anybody hears of anything we let each know.
Do you think we will ever see any of our money?
Feel free to email me wllms2j@aol.com
Thanks for your time

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Maria Gonzalez
Lancaster, US
Mar 11, 2009 12:40 pm EDT
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I am with all of you. I have let PA and NV Attorney Generals know and have called all the numbers people have posted. Thanks for any and all updates. Feel free to email me...maybe we should make a newsgroup so we can all keep in touch?

ms.mariagonzalez@gmail.com

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alugzwild
wellton , US
Mar 11, 2009 11:25 am EDT

holly i hope this helps Address: Nationwide Customer Service
4600 E Sunset Road # 176
Henderson, NV 89014
Phone: [protected]
Email: csemail@nwcustomerservice.com
Fax: [protected]
Hours: 8 AM to 5 PM Pacific Standard Time

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Holly
Find, US
Mar 09, 2009 1:54 pm EDT

I have also been with Accushield/Debtco since 2003. 3 of my 4 debts have been settled and they currently have over $7, 000 of my money. Any help locating them would be greatly appreciated. I have no idea what I need to do next...

Holly
Ohio

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srhbear
Davis, US
Feb 05, 2009 6:00 pm EST

I am seeking legal assistance through my state attorney general's office. West Virginia has fought them before...so I figure I will start there. Try that first...leave complaints at the BBB and FTC also. I will be willing to join a class action lawsuit. My account goes back to 2004 with Debtco and you are correct...they change names, locations, and eventually refuse to return money even if you follow all of their "rules."

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Jim
London, GB
Jan 20, 2009 3:04 pm EST

URGENT- Can anyone help? Jan 2009

I have been with Acu-shield Financial for 4 years now and they have dissappeared off the radar with my set aside balance- a hefty sum (this was after they had settled a debt but not put the transaction through). I have researched and found out that they have been issued with a desist and refrain order from the California Corporations Commissioner on the 23rd of Dec 2008. Since that time they have not been returning phone calls and the emails bounce back saying that its an invalid email address. I have contacted other businesses associated with Acushield such as Global Client Solutions, but no-one seems to know how to contact them or what has happened.

I am extremely concerned that they may have done a runner with everyone's money and I am urgently seeking any information from anyone which will shed any light on the matter. Does anyone know if legal action has been brought against them? Or is anyone thinking of doing it?

Please email me if you know of anything- hogg.jm@gmail.com

Many thanks for any support coming through!
Jim

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6:06 am EST
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Acushield Financial Unauthorized charges!

I too was given all the same upfront promises of being 'debt free' and having 'repaired credit' in just a couple years as opposed to 7-10 years filing bankruptcy. (at this point, should have filed bankruptcy from the beginning).

I was only 18 when I started accruing all of this credit, mainly from dept. stores. I lost my job and couldn't pay, so what I was I going to do? I moved back home with my parents to save money. Both my parents and I were beside ourselves with the amount of 'harassment' coming from the creditors, we stopped answering the phone all together. One night my mom brought me in the number for AcuShield Financial dba. Debtco., which she had seen on a tv news show (so you figure, reputable) and told me I was to do whatever I had to do to fix my credit issues and stop the phone calls!

I then contacted 'Debtco.' and got all signed up thinking I would be in the clear soon enough. I was given an astronomical amount they wanted upfront and then I could make $200/mo. (half my unemployment check) payments which would include their $39+ fees. Thousands of dollars later and nothing has been done on their part, my debts all went to collection and then to law offices, who I am still receiving calls from.

It is impossible to talk to anyone at AcuShield and when you do they always give the same answers: they 'didn't know why my negotiator didn't contact the creditor' and 'would look into it.' Over the span of the last approx. 7 years my 'debt negotiator' changed numerous times and I was never notified.

In turn I looked like a fool calling and asking for someone who no longer existed in their world (if they ever existed at all). Trying to recover the money paid out to them has been a complete dead end, especially since I am just now learning they have moved from San Diego, CA to Las Vegas, NV. AND they are still sending me bills in the mail(return address I believe is a PO Box)!

Please keep me informed to any advancements in a class action lawsuit and such.

Steer clear of this accident waiting to happen! Caution: May cause fatality of your credit = your life!

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4Nicolas
San Diego, US
Mar 13, 2010 11:55 pm EST

Read about it at http://4nicolas.homestead.com/index.html

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StateOfRU
New Brunswick, US
Mar 08, 2009 10:22 pm EDT

I've had some success with this company, but I had to basically harass them to get answers. I had to make sure I got the names of EVERYONE I talked to so that the next time I called (which ended up being EVERY day after work) I could ask for them specifically, remind them of what we discussed and asked about the progress. I had to do this every day until THEY grew frustrated with me and started forwarding my calls to the negotiators and para-professionals themselves. I had 4 of my 6 accounts settled. However, one that's left went to litigation and they could only come up with a payment plan that would extend this whole thing beyond 10 years long... should have filed for bankruptcy and been done with it.

I was completely taken aback when I went to the website and saw it had been totally morphed. I tried calling UCANN and Acushield stopped using their services back in November and all they had was an email address, they didn't know any working numbers either.

If anyone locates this company, please share because they still have alot of my money too. Until they turn up, none of my money will be sent to them. Maybe then they'll try to find ME for once. I hope this works out for all of their current clients.

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bjconrad73
Valley View, US
Feb 21, 2009 11:27 am EST

I too have been taken by this company. Another company Global Client Solutions has started deducting the amount AcuShield used to take from me. When I contacted them stating I want all my money returned to me ($5k+) they said they don't have it and my account was setup with them by AcuShield. What a load of bull. My bank will now stop payment on them, but how do I go about receiving the $5+ I had invested with AcuShield to take care of my debt? I have just filed bankruptcy, am a single mother, have 2 children with chronic problems, and have a low paying job. Any money I can recoup from this terrible experience is much needed. If anyone knows what to do here please post!

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Money lost to debtco
Columbia, US
Feb 17, 2009 12:24 pm EST

I agree. They have over 9k of my money. Anyone know how to start a suite against this company. There are so many sad stories, mine it just the same as the rest.

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am1
Valley Village, US
Feb 05, 2009 5:13 pm EST
Verified customer This comment was posted by a verified customer. Learn more

Please let me know if anyone has any leads as to what we can do. I'm in the same boat as all of you.

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Maria G
, US
Feb 01, 2009 6:57 pm EST

I too am at a loss, what do we do next?

Maria G. of Lancaster PA

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oscar
Stockton, US
Jan 27, 2009 10:23 am EST
Verified customer This comment was posted by a verified customer. Learn more

I am also a victim of this acushield and freshstart...yesterday, 01-26-2009 and today, 01-27-2009, , i am trying to call them, [protected] and [protected], lines were busy. I don't know where to find them. I've been with the program for two(2) years and they got me good, they didn't even called any of my creditors.

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Joe Joe
,
Nov 17, 2008 10:45 am EST

I thought I would add to this post. In Oct 2002, I signed up with Debtco and had about 90k in Credit card debt with 15 credit cards, but I was never late with min payments. I'll save the sob story of how we accumulated that much debt, but we did. We agreed to pay debtco $1800 a month and we were told, we would be debt free in 3-4 years and once all the cards were paid off, we would get our credit history cleaned up. The first 2.5 payments covered admin cost and once those were covered, my funds were added to my "savings account". After the admin fees, the only fees that Debtco would collect is 25% of what they saved me. So if I owed 10k on a card, and they negotiated it down to 5k, my savings would pay off the 5k and debtco would get 1000 (25% of the 5k that was saved). After 1 year, my savings was about 3k and they paid off 2 of my cards. These were not deals; these were offers that came directly from Discover Card and Providian Banks. They didn't work for these deals. Out of the 15 cards they paid off, 11 of the deals came directly from the credit card company. More on that later. So after 1 year, I have 3k in savings and Chase was coming down on me hard, they took legal action and got a judgment against me. I came within days of garnished wages, but Debcto got Chase to agree to take payments on the judgment. The judgment was 13k and we paid it off over 4 months. So at this point, we were about 1.5 years into the program and only paid off 3 cards and the heat got turned up. They give you phone logs to fill out and send to this "fair debt collection" agency, who would submit stop calling orders to these collectors. At this point we were averaging about 10 debt collection calls a night and this kept up for 3 years and even though we didn’t answer the phone, it was painful. Also, at the end of year 3, Debtco contracted Acu-Shield Financial to handle customer service and Debtco was shutting down, but I didn't know it at the time. The payment process changed too, they ended up getting 350 a month for fees vs the 25% negotiation fees. When I did the math, it saved me about 1500, so I didn’t mind. At the end of year 4, we had 2 accounts left, with a total amount due around 12K and I had 12K in my savings account. So even though it was a rough ride, I thought it happened in 3-4 years like they said, but it ended up costing me more than they said. At this point, I wasn’t looking for a deal, I just wanted it over, so I instructed them to pay off the accounts in full. After 3 months, I haven’t heard from them, so I called for a status. I always thought their customer service was excellent and I never had an issue with them. I got to a point, where I had one main contact and just asked for that person every time I called. So after these 3 months, I was told, they didn’t know who owned the accounts anymore and nobody was reporting the debts on my credit report. So I started calling companies and found who owned it, I contacted debtco and they said they would take care of it. 2 more months went by and nothing. I called up and they said the collector wasn’t returning their calls. ARE YOU SERIOUS, THAT’S HOW THEY MAKE MONEY. I called the collector again and got a deal, I owned 8k, got an offer 5k and instructed them to pay it off. Another 2 months went by and they still didn’t pay it. At this point I called their former CEO, /name removed/ and at this point, he was transitioning out of this role. But in 3 days it was paid off and he setup time with a lawyer to start a debt dismissal process on the final account, because no one was claiming ownership of it. I will have to defend /name removed/, every time I called him directly, he took care of my issue in days and I called in 5-6 times over a 3 year period. The debt dismissal process took 6 months to complete, but it only cost 3k. So at this point, I’m close to 5.5 years into the program, all of my accounts were paid. My 90k of debt ballooned to a onetime high of 117k back in year 1, once late fees kicked in. So how did I get out of debt? My total amount that I paid to Debtco was 84k - 59k went to creditors, 21k went to Debtco (Acu-Shield), and 4k is left in my saving account. The credit cleansing also started at this time. We put in a request to pay me back the remainder of my savings balance and I was told it would 60-90 days. 6 months later and now 6 years in the program, my credit score is over 700, but I still haven’t received my savings balance. I keep getting the run-around and I keep get bounced to different people. 6 months after this official request for funds and I still haven’t received it. Would I do it again? NO. It was a painful process, I think I would have tried credit counseling first or I would have just started my own savings balance and paid off accounts once the auto-generated deals came in. If you don’t have accounts over 5k, this is a good approach, because most collectors will not pursue collections on accounts less than 5k, its not worth it. Another reason, I wouldn’t do it again, once my asset to debt ratio got positive again, you’ll owe taxes on the “Debt Forgiveness”, this is income in the eyes of the government. So in year 4, I started paying taxes on settled accounts, this cost me another 10k over 2 years and put my total cost over 94k. Also, in years 1-4, I couldn’t buy a car, refinance my house, move or get any credit and we make a decent living. If you are thinking about pursuing this route, do your research, don’t partner with a company unless they have 10 years of experience in the business. Stay on-top of everything, there will be a lot of errors and nobody really cares, so you have to. Be prepared for the harassment and if you don’t think you’ll be able to make a monthly payment for 2 years that covers at least 50% of the total debt owed, call a lawyer and pursue other options. The 50% rule I found, says in 2 years or 24 months, you should be able to save up at least 50% of the total owed. So if you owe 50K, in 2 years you’ll want to save at least 25k or the total saved would be 25k if you didn’t pay any deals. That’s a payment of 1k a month, odds are your min payments are more than that anyway, but it’s a good guideline. That formula calculated my payment, but I didn’t know it at the time. Here is also something to consider, their goal is to make money, if you pay the upfront admin fees (non-refundable) and have to drop out of the program in 6 months because you can’t make the payments, they just made a few thousand for doing nothing. So ask for the success rates - its sad, but the industry rates for folks who successfully complete these programs are less than 33%. That means close to 70% pay fees, don’t finish the program and lose those funds. Good Luck!

J
J
JStronberg
,
Oct 30, 2008 10:04 pm EDT

After a year with Acushield I am in agreement with all the complaints that I have read. I too was just hanging on and put many of my accounts in their havds. Same promises of 36 month pay off with settelments done by them. Well like you all I have paid them a large amount of money only to find that they have taken my money, will not take calles for nogotiations with my creditors and have not updated my account since I sent in my first statements in 07. I am in the process of trying to settle with all the law firms who are threatening to garnish my wages for payment. This is the worst decision I have ever made. All of my accounts have doubled what I originally owed and I do not see anyway out of the mess I made with going with a company like Acushield. Please if anyone knows of a class action suite please count me in! I have not tried to get my money back from them (yet) but if anyone knows how to get this done It would be a big help in paying off those I rightfully owe.

D
D
Dave
,
Sep 14, 2008 12:29 pm EDT

Did you get your money back? if not let me know I do have a contact name that can make it happen for you

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