Anchor Law Firm
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STAY AWAY! You're better off on your own.
I started with Anchor Law Firms debt resolution program in April, 2018 due to several health issues that forced me to live off credit cards. The amount of debt enrolled was $50,009. My total cost for the service was $33,602 with estimated settlement amount of $21,003 going to creditors. I was told multiple times that I would pay the $33,602 and my obligation would be finished, that I would not have to pay anything more. My savings was supposed to be around $16,407. The contract was for 52 months, paying $646.10 per month. After the 52 months passed, and the amount $33,602 paid, I was told I needed to keep paying since the total debt had been resolved. The estimate After 52 months, 21% of enrolled debt had been settled and 33% of creditors resolved. The amount of the one debt that had been resolved was $14,192. I agreed to a settlement amount of $9320.00. On their customer portal, I can see general information for this debt. There is a line called “Adjusted Balance”. The amount in this line is $10,351.79. I called and asked about this but was not given an explanation where the adjusted balance came from. The total settlement amount to this creditor was $19,551.79 - I actually paid more than the amount enrolled. This was due to Anchor allowing this to go into litigation with the creditor. The amount of the debt wasn’t negotiated down and I got stuck with the plaintive’s attorney fees. I have not received any documentation or explanation as to why the resolution was nearly double the settlement amount that I agreed to. After the 52 months Anchor was still withdrawing the monthly payments from my account. I called multiple times about this. The first time I called, I was told I had 3 more payments due and then I would be done. The second time I called I was told that I had to keep paying until all the debts were settled. During this call I was told the debt for $23,598 would take another 3 years to resolve and that I was expected to continue paying until that was resolved. I was also told at that point that the total amount I would have to pay around $27,000 since this debt had gone into litigation and I would have to pay the plaintiff’s attorney fees. Again, Anchor allowed this to go into litigation. I am looking at paying the total amount of the debt, plus plaintiffs attorney fees. The debt for $11,469 could have been resolved 2 years into the program. When a creditor makes an offer to settle the debt for a lower amount, Anchor is supposed to call and email to get approval from me. The creditor offered a settlement of about half of that debt, however Anchor never contacted me about this offer. I became aware of the offer via email to let me know the offer has expired. There was no contact prior to this. This has been a horrible experience. After paying Anchor over $33,000, my struggle with debt still continues. Stay away from these guys - your better off dealing with your creditors on your own.