Companies have been scrambling to get away from the term debt settlement in an effort to try and claim the services they offer are nothing like the bad debt settlement companies that charged huge advance fees.
Consult America is one such company apparently. A tipster (send in your tips here) sent me a copies of an emails they received from Consult America that now refers to their debt settlement service by a new name, credit card modification. Other references called it debt restructuring. In fact it looks like they call their debt negotiation process everything else except debt settlement as they used to say.
In research the readers statements I went back to an older copy of the Consult America website and it looks like all they did was remove the term debt settlement, in almost every place. They did however miss a few.
And their description of reducing the debt owed sure sounds like debt settlement to me. How about you?
The sales representative described their unique process and negotiating new terms to create a new payment plan that is affordable.
Why is Consult America so afraid to use the term debt settlement? In fact they still use it on their FAQ page.
Q: What’s the difference between a debt settlement program and a debt resolution program?
A: With both programs your debts are negotiated for less than what you owe and combining your debt together giving you one monthly program payment. Settlements are based on your ability to save sufficient funds to negotiate with creditors to substantially lower the amount you owe. The main differences between the two programs are with our debt resolution program, you are retaining full legal representation with a licensed attorney in your state. – Source