Dena Standley | January 26, 2023
Summary: Global Holdings has been helping consumers make debt settlement payments to creditors for 20 years. However, they are also known to mismanage consumers' money and charge high service fees. Luckily, you can use SoloSettle to settle your debts by yourself and move on with life for good.
Getting a debt settlement deal can turn a terrible debt situation into a manageable one. Debt settlement should help ensure you pay a lowered debt amount or get a better payment plan. Companies like Global Holdings LLC help to get the payments done without dealing directly with the creditors.
When you enroll in a debt settlement program, the debt specialist informs you that you must open an account to make deposits. Global Holdings is among the leading companies in the United States that offer these services. They handle the deposits and make payments to creditors and debt collectors. Today, SoloSuit will take a closer look at Global Holdings' debt settlement reviews and its business practices.
Before we dive into it, let's first understand how Global Holdings works.
When you successfully enroll in a debt settlement program, you want a guarantee that the money you deposit is safe and will be used to make the payments as agreed. Global Holdings LLC boasts of being a trusted company that ensures your money is well managed.
Global Holdings guarantees that you have control of the funds in the account even though they will make the payments on your behalf. In addition, all the accounts are insured by the Federal Deposit Insurance Corporation (FDIC). The following is a summary of the payment process laid out on Global Holdings’ website:
Despite the straightforward and seemingly safe process laid out for its clients, Global Holdings has disappointed many consumers. Let's look at some Global Holdings debt settlement reviews.
Negative Global Holdings debt settlement reviews have caused consumers and debt settlement providers to doubt their payment processing services. The Better Business Bureau (BBB) and other customer review platforms have recorded hundreds of negative reviews from this company. These reviews mention issues such as:
Global Holdings has a star rating of 1.17 out of 5 on its BBB profile. Below is an example of one customer’s negative experience with Global Holdings debt settlement services:
“I started with Global Holdings to help reduce my debt and get them paid. They did help to reduce my debt. In 2 years, I have deposited $18,366.71 into my account. My total debt to be paid was $8,511.59. They are now telling me I don't have enough money in my account to pay them off. Their reason is that there are fees to manage my account, which I can understand. My complaint is how the fees can be more than my debt. My debt is $8511.59, and your fees are $9,855.12. Can someone explain this to me? Am I being scammed?”
Despite the numerous negative Global Holdings debt settlement reviews on its BBB profile, Google Reviews shows more positive ratings, giving the company 4.3 out of 5 stars.
Global Holdings should not get away with mishandling money from consumers who are already struggling financially.
If Global Holdings has mismanaged your account, you should submit a complaint to the Consumer Financial Protection Bureau (CFPB), BBB, and the Fair Trade Commission (FTC). These organizations will follow up to ensure they resolve the issue.
The CFPB successfully sued Global Holdings in 2014 on behalf of consumers for charging exorbitant fees and mismanaging their money. CFPB won the case, and Global Holdings was ordered to return the fees and pay damages. If Global Holdings has harmed you, take action, and do not let them get away with bad business practices.
If you want to settle your debt once and for all, but you feel skeptical about working with a debt settlement company, you should consider using SoloSettle.
SoloSettle is a tech-based approach to debt settlement that helps you send and receive settlement offers to creditors and debt collectors through a structured software program. Our software makes it possible for you to negotiate a debt settlement on your own without having to deal with creditors and collectors directly.
When you reach a debt settlement agreement, SoloSettle helps you manage the settlement agreement documentation. Then, we process your settlement payment for you so you keep your financial information private and secure from sneaky debt collectors.
SoloSettle, powered by SoloSuit, is different from traditional debt settlement companies. Here’s how:
Let’s consider an example.
Example: Lucas is being sued by a debt collection agency for an old credit card debt of $3,000. He uses SoloSuit to respond to the lawsuit, giving himself time to look into debt settlement options. After taking a close look at his finances and budget, Lucas decides he has enough to settle the debt for $1,800 (or 60% of the debt). He uses SoloSettle to send an offer and kickstart negotiations, starting low at just 30% of the debt, or $900. After a few rounds of counteroffers, the collection agency agrees to settle for 55%, or $1,650. In the end, Lucas saves money, gets the lawsuit dismissed, and gives himself a financial restart.
As you can see, SoloSettle empowers everyday consumers to take matters into their own hands and settle their debts for good. Check out this review from a real SoloSettle customer:
“I'm very thankful for SoloSettle. Having a third party negotiate the settlement was instrumental in resolving this case and saved me from two giant headaches: 1) I didn't have to deal with the plaintiff's lawyer and 2) I didn't have to go to court. I also love that the payment was processed through SoloSettle. I was nervous about sharing my personal financial data with the other side, but SoloSettle protected that for me. I hope I never get sued again, but if I do, I would use SoloSettle again in a heartbeat.
SoloSettle really saved me a ton of time and heartburn and kept me from having to be my own lawyer in court.”
Check out this video to learn more about how you can settle your debt for good:
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