Disappointed

Apr 25, 2021

High fees, low results. Original review date 4/26/2021. Update 6/11/2021. Update 8/2/2021

They are great to start with and easy to work with HOWEVER once you have paid them all of their fees ( most of the first 2 years of payments is just their fees) they lose interest. 3 years into 4 yr program they have paid 3 small cards off. One large debt was written on by creditor, 1099 sent to Anchor, they didn’t notify me and even refused to acknowledge it at first when I called asking why I got a bill from the IRS. That debt was 1/3 of the total so my plan should have been shortened by 1/3. 4 years is up next March, half the original amount is still unsettled. I pay $700/mo, they take $100/mo in fees. Note... when they settle an account, they do it in 12-18 month payments- each payment costs you about $15 in fees...even if there is enough in account to pay lump sum without causing problems with other payments. They did one in 12 payments... then paid it by sending 4 overnight payments on 3 separate days. Each payment cost me $12 in overnight fees per payment plus regular fees..about $100 per day. Check their BBB (rating F) before doing business with this company. I will not leave my name, I’m having enough trouble with them, don’t want to risk retribution. Update 5/17/2021. As of today, nothing has been done on my account except to charge another months service fees. I have not been contacted. I did manage to get thru on their call line 3 weeks ago today, took 2.5 hrs on hold and I got the same old b.s. “they understand blah blah and they would send a message to negotiator that this needed to be completed ASAP.” The app shows incorrect info, told rep, she checked and agreed and said she would get it fixed...as of ten minutes ago, it was still incorrect. I have lowered my rating from 2 stars to one star due to the lack of response to this complaint and also the complaint I filed with the BBB. Update 5/19/2021 Today I received AT WORK a call from Lewis McConnell Associates... it’s a debt collection firm with somewhat shady practices BUT because Anchor has drug this out for so long and reaching them is impossible, I agreed to a settlement offer. The bill is 1/3 of my total debt, Global Holding was very helpful on how to draw the money out of my account to make the down payment and then I’ll have 8 more rather large payments to pay. (According to her, this is not uncommon, she even went so far as the explain how to close the account to keep Anchor from charging anymore service fees). This company sent a settlement offer in January that was forwarded to Anchor, they obviously ignored it. Unfortunately I have read too many reviews of clients who have ignored these calls that are in the final year or so of their program (so Anchor has already collected their full fee amount) that have referred these calls to Anchor and nothings been done and they end up in court, no Anchor rep, and get a judgment against them. Ignore Anchors reply to reviews, if you look they are all the same... they are auto generated, I doubt they even read these. Update July 11, 2021 I had a rep from Anchor call who promised to refund part of my money since I settled some accounts on my own. He also promised that ALL of my remaining accounts would be settled by the end of June, that was on June 2nd. I haven’t heard from him since and nothing has been settled. Update 8/2/2021 Anchor Law and I have reached an agreement that is satisfactory to both of us. I believe a computer system change was to blame for the difficulties with my account. My account didn’t transfer correctly. Anchor Law has gone above and beyond what I expected to fix the problem.