Business Debt AdjustersReviews of businessdebtadjusters.com

Good Company Good paying Salary

I have changed my review from one star to three, because BDA did finally respond to me and even reimburse some of my money. And in fairness, they did initially fulfill part of their promise, in that they took over my loan from another company and got it from a daily rate to a lower weekly rate. But the main promise--to eventually settle the debt for a lesser amount--went unfulfilled. One of their managers, known as G, promised to settle the debt for less, but that never happened, and the original lender even told me that his company has never once settled with BDA in the 11 years he's been there. After I wrote a bad review for BDA, G blocked me from sending emails to her or the other people at the company, but still tried to make the weekly withdrawal. I disputed that, and my bank gave me back that payment. Then I started getting calls from Johnny at Creditors Relief, which is the same company as BDA. He was able to take the $10,000 that BDA had collected for my settlement fund (which the original lender had rejected) and return that to me. And while I still paid BDA a lot of money over a two year period, I am very grateful he did that.

BDA was initially very responsive and explained the program very well. When I first enrolled in the program, Phoenicia Anderson was very attentive and responded when I called her. I was frustrated with the lenders calling me and harassing me. She assured me this would stop and I had nothing to worry about. It went south after I quit taking their calls. One of the MCA's filed a lien on my business and had an attorney send out letters to all of my customers stating I owed them money. This almost put me out of business. BDA was not able to negotiate with some of the lenders. I ended up negotiating with several on my own. In an effort to get the lien removed and pull my business out of the defaults that were caused going in to the program, I went ahead, settled and paid off the MCA's that were enrolled in the program. I was only in the program for 3 months. Since I negotiated most of the settlements myself, I asked for a reduction in my admin and settlement fees from BDA. They did agree to reduce the amount some. I went ahead and paid the balance owed. Unfortunately, they still managed to draft my account $500 after the check cleared. I asked for a refund. They were kind enough to give me the option to deposit back in my account in 3-5 days or overnight a check. I opted to overnight the check. The check did not arrive to me for two days and the amount was $40.95 less than the correct amount. It was explained to me there was a $35 fee for overnighting a check. This was not told to me upfront and the check was $40.95 less than the amount. The math does not add up either. I am now out of the program, and have my Zero Balance letter. I have been told by some other lenders, that my MCA accounts that were enrolled in the program, are showing as defaulted loans. Even with the zero balance letters, I will not be able to obtain additional funding at the present time. It typically takes 4 months for lenders to consider loaning money to me again. I completely understand their concern. If I had to do it all over again, I would have just went to the MCA directly and asked for modified payments or settlement instead of using BDA.

We were originally told that the settlements would average around 50%. Most ended up settling for the amount we owed or very close to it. I am not convinced we actually saved any money at all.