I signed on with Corporate Turnaround approx. 2 1/2 years ago. I investigated them completely, found two complaints at the time, and found that they settled the complaints to the satisfaction of both complainants. So, I gave them power of attorney with regard to all matters concerning the $220, 000 credit card debt that my business had amassed on 19 credit cards. They asked how much I could afford to pay them each month and we negotiated a contract. It was perfectly clear that they collected fees in two ways:
1)Minor fees($10/mo.or 2%) were charged on each card balance that they could negotiate to be paid at a date later than the original due date.
2)Once they negotiated a settlement and I paid it in full, they took 35% of the amount that they saved me. So, if my debt with Visa was $20, 000 and they settled it with Visa's attorneys for $12, 000 to be paid monthly over the next twelve months, when all of the payments were made, they earned 35% of the $8000 that they saved me, or $2800. Once I turned over the payment of all of the credit cards to CT, all interest and late charges stopped while they did the negotiating.
So, it was made perfectly clear to me that they earned their fees based only on HOW MUCH MONEY THEY SAVED ME ON EACH CREDIT CARD BALANCE. This is a very easy concept to understand. No tricks, no gimmicks, no scams. Immediately after I signed on with them, the advocate that I was assigned to told me which Banks would be the easiest to negotiate with, based on his experience. It took less than a week before one of the largest balances was settled for 50% of the original balance, and it was put on our schedule to be paid over 12 months. I began receiving letters from the in-house attorneys that all of the credit card banks have on their payrolls, and I simply forwarded them to my advocate, who then dealt with them directly. He even had working relationships with more than several of the attorneys that represent the banks who issue the credit cards.
In addition, every account like mine had access to their account on line at CT's website. You could find out absolutely everything that you wanted about your account, 24 hrs a day. How much you'd paid in, how much was paid out, which creditors had been settled with, which ones were in negotiations...EVERYTHING! The claims
The entire emphasis during their sales pitch to me was that I would be completely out of the loop once they took over. So, once they had informed all of my creditors that CT would be making all of my payments from that point forward, the creditor's phone calls eventually stopped or I just didn't answer them. If they were slick and got me directly on one of my phones, I cut off all discussion and pointed them in the direction of my advocate at CT. Brentwood, Ca, Montana momma two, and ClareFD had to be ###s to not understand the process. As for the ambulance-chaser attempting to put together a class action suit, he's the reason people hate lawyers. First of all, all of CT's clients incurred debt. It was their responsibility to pay it back. When it got to be too much for them to manage, they looked to the best company to do the job. They did their homework(one would think), and signed on the dotted line. Why don't they take responsibility for their actions? Then, out from under some rock crawls the lawyer(professional liar) who tells them that it wasn't their fault, when it clearly was. Lawyers who engage in frivolous contingency suits like this one should be fined when they are deemed to be unfounded.
Corporate Turnaround is the real deal. They lay everything out for you at the beginning, tell you exactly what to expect, and make an estimate as to how long it should take to get you debt free. They gave me legal advice along the way, and when I had to hire a lawyer to answer to two lawsuits that arose from my indebtedness, they worked directly with my lawyer to delay any proceedings so that CT would have time to negotiate with both of the plaintiffs, who were happy to settle rather than go to court. In the end, my $220, 000 debt was completely settled for approx. $140, 000, including all of CT's fees in two years. I'm not proud of paying off less debt than I incurred, but I'm ecstatic to be debt-free. My credit score plummeted, just like they said it would, but they've showed me how to build that back up...slowly. It must be working, because my wife and I just bought a used car and got a loan through the dealership with Capital One credit at 5.9%.