New Era Debt Solutions offers those with large, unsecured debt the chance to get out through their program.  They have a good website and even feature a section that shows an un-named clients’ settlement with their creditors.  This adds a sense of realism to the process and helps build excitement in thinking that it could be your settlement, too.

Quick facts about New Era Debt Solutions / DTS Financial Group:

Founded in:September 2000

Years in Business: 8

Number of employees: Not disclosed. 

BBB Rating:F

BBB complaints:  37

Free Information:  You can obtain free information at their website or by calling their toll-free number

Escrow or Payment Plan Available:  Payment plan is the method used, but it is notdisclosed as to who owns the account and how payments are made to creditors.

Source of Funds:  Monthly payments from customers

Fee Structure:  33% of the savings amount on each unsecured debt.  A small monthly maintenance fee and a one-time set up fee (neither are disclosed).

Avg Settlement:  Not disclosed.

Refund Policy:  Not disclosed.

About the Company

Being in the business for 9 years is a good accomplishment.  The one area of concern is that they recently changed their name which is sometimes indicative of a business that has something to hide.

Beginning the Process

Fill out their web form or call the toll-free number.

Types of Debt Serviced

Unsecured

Worth Noting

The fee structure of 33% of the savings on each of your unsecured loans is problematic because you will pay more with this method.  The example they give on their website is that if you have an outstanding debt of $5,000 with a creditor, and settle with them at $2,000, then the savings is $3,000 and you pay 33% of that amount which is $1,000.  The other more common fee structure has you paying only 15% of the total amount of the debt which is $750.  The method that New Era Debt Solutions uses is really a back door way of getting you to pay more, and they know it.

Program Caution and Your Responsibilities

You need to use your better judgment in deciding whether or not to use this company.

Will Debt Collectors Still Call?

Yes.

Other Information

The BBB complaints were centered mainly on agreeing to perform according to their contract.  There were 22 of those which is a red flag.  Be sure to fully check out this company before you sign an agreement with them to handle your debt settlement.