This company made claims of what…
This company made claims of what working with them would save us. They told us that we would make payments to them instead of the lender and that this money would accrue in an account and that when the lender saw that we were meeting these payments they would back off and settle at a lower amount and these funds would be used to settle the debt. CDR advised us to send all communications to them and they would communicate with the lender however never at any time did they make contact with the lender. After the lender sent out UCC 9-409's to all of our customers demanding direct payment to them which cut off nearly all of our income they slowly after 2 1/2 wks sent out a lame response suggesting the customers could continue to pay us if they wished. We wound up settling the account by having 2 customers pay the lender directly (CDR was not involved in the settlement as they had established no lines of communication). We then requested CDR release the funds in the settlement account to help cover the cost of settlement but they refused claiming this money as fees. To the BBB they claimed to have saved us $84,868.17 and insisted they only charged us $40,543.64 in fees but in reality we paid them $66.693.14 so the bottom line is we did save approx $18,175 but wound up having to close our doors due to the fact that nearly all of our AR was tied up for 3 months due to the UCC Filing. I strongly recommend just working directly with your lender to try to find a workable solution to your problems as this method just diverts much of that money to undeserving pockets.