It’s important that you not only know what our fees are but that you also understand how we earn them.
No Upfront Fees
First, you should know that we do not charge ANY UPFRONT FEES, and we never have. By law, no debt settlement company is allowed to charge upfront fees. Unfortunately, many companies, even those claiming to be “law firms,” still do. To make matters worse, these companies take all of their fees upfront before they have even settled a single account. Unfortunate Clients were paying hundreds of dollars a month into a program, believing that their hard-earned dollars were being accumulated for settlements. Yet, their payments, in some cases for the first two years of the program, were all going to pay fees to the company before they performed any work! This is illegal and highly unethical, and many, many, debt settlement companies were put out of business because of this.
The Gershfeld Law Group, P.C. never has, and never will, charge any upfront fees. All our fees are earned, and charged after we perform!
No Hidden Fees
The Gershfeld Law Group, P.C. also has NO HIDDEN FEES. As we must, we are 100% transparent in how we conduct business. After companies that charged upfront fees were penalized and shut down, the ones that were left standing became creative and found tricky ways around the laws. We know this because many consumers come to us after making the mistake of going with other debt settlement companies. After these Clients come to us, it is our custom and habit to review the agreements with these other companies. What we have shockingly found is that almost ALL of them continue to charge upfront fees as hidden fees they call “maintenance” fees or “administrative” fees.
This is how many shady companies trick people into signing up with them. They have lower, visible, “performance fees” ranging from 15-20%, but everything else is hidden in these other misnamed fees. So, in actuality, the fees consumers were paying were much higher, and they were taken before any work was performed.
The Gershfeld Law Group P.C. operates on a strict contingency basis, which means if we don’t perform our job, we don’t earn any money! Our fee is a 29% contingency fee on the amount of debt you enroll in our Legal Debt Resolution Program. If you enroll in a total debt amount of $10,000.00, the most that we can ever earn on your account is $2,900.00. However, we can only earn that money as each debt is settled.
When we reach the best possible settlement with Creditor Number 1, we will present that offer to you. After you have approved the settlement and instructed us to start making payments to the Creditor, we will have earned our fees on that settlement with that creditor. Once we settle another account with Creditor Number 2 and again obtain your approval, we will then have earned our fees for successfully settling with Creditor Number 2. Basically, we have to do our job, and do it well, before we have earned a fee on any account.
While there are other companies that claim to work on a contingency and charge a smaller percentage than we do, our experience demonstrates that is simply not the case. We urge you to please read the fine print and ask a lot of questions about the additional “maintenance fees” and “administrative” fees. Ask when and how the fees are taken and don’t stop asking until you get the truth. If you need help, please feel free to call us. We will be happy to review the agreement with you free of charge!
More important, remember this: like most things in life, you get what you pay for. Have you ever heard of the saying “I’m too poor to buy cheap?” This means when you buy something cheap, you’ll end up spending much more money in the long run because you’ll constantly have to replace the items you bought or get better service to fix the mistakes of the cheaper service.
Do your due diligence and make sure you get “the benefit of the bargain.” We are here to answer any questions you may have!