Debt settlement

Topaz financial scam : As far as I know Topaz Financial is not a settlement company and is also not registered with BBB.
I haven't heard about The Hermosa Group.
"Credit Solution" has a satisfactory record of performance as per BBB.
But before selecting a specific company, please Google a list of settlement companies in USA.

But let me tell you that a settlement program can adversely affect your credit score by a significant amount. So, I think before coming to a conclusion, you should review other debt solutions like debt management Program, debt consolidation loan or Self Repayment Plan. You can also get a free counseling from this community's financial expert who can help you to take an informed decision.

Credit Solutions does not have a satisfactory record. Their web site is CreditSolutions.com and they also go by the name Credit Solutions of America. They have over 1400 complaints with the BBB. They pretty much have they worst reputation in the debt settlement industry. Plus they several class action lawsuits against them. Stay away from them.

Your best bet is always checking a company out with the BBB and make sure they are members of TASC or USOBA. New Beginnings Debt Settlement LLC , Oak View Law , Superior debt relief and Century Negotiations are some of top companies out their that are members of the BBB . I am not enforcing these companies. Just giving you a staring point to help you shop around. I hope this helps :D

I went through debt reduction America, there was a $50 enrollment fee but customer service was great and they were able to get my payments down a quarter of what i currently pay and out of debt in 36 months.

That is incredible Bea. I didn`t realize that debt reduction America was capable of bending the rules of space and time. The fact that they got you out of debt in 36 months when they have only been in business since December of 2007 is truly amazing. Also I find it strange that a 36 month program with 99.9% of all other settlement companies the payment will usually be around half of what people currently pay. Not a quarter , unless of course they quoted you settlements of 20% which is not realistic.

JIJIJIJJIJI,

good going there mobile.

I have settled that debt setting is the way for me. But let me tell you about that a arrangement program can affect your credit mark by a substantial amount.

Mobile...sly.............ROFLMAO!!! hahahahahahaha

Do not go with Topaz Financial---they are affiliated with Clear Your Debt, LLC aka "Swiftrock Financial". Horrible reviews. Liars. Do not trust them--all they want is your money, they dont want to help you...

Swiftrock financial is doing business the right way. Every company has complaints but I can say swiftrock has helped me save thousands of dollars and they have done everything that was told to me. My rep's name is charles and he was very helpful and professional. If you are planning on settlement give them a call. 512-439-1587

The Credit Card Foundation, found at godebtfree.com is completely legitimate. We have been with them and they were able to get all of our credit card companies to drop finance charges so we could get them paid off. They are a 5 year program, though of course you can do it in less. We had medical bills as well, which got paid off. I would recommend them to ANYONE! If you want to get in touch with me for any more information, please feel free to email me at personal information deleted for your safety - Jason.

Caryn

guitarkahlua, there are a lot of debt settlement companies. when i first enrolled with a company it was with a law firm to do my settlements; however after only being in their program I was sued so I left them to go with Superior Debt. They are amazing! Everyone that I have encountered has been friendly and very knowledgeable; especially Teresa my counselor and Melissa my customer rep they are two very special ladies that could not have helped a more clueless person understand everything. The patience and understand that Teresa had with me was just so refreshing.

When I was looking into my options I was surely not going to weigh my decision very heavily on the BBB also look at profession arbitrators site and USOBA. Please just be sure that you do the research.

Do not go with Swiftrock!!!!They will take your money and do nothing to help u.Check them out with the B.B.B. they are affiliated with clear your debt who has a lot of complaints!I have filed a complaint against them and everyone else should do the same!!!

I don't know what to suggest here. I've tasted the waters with 3 different companies already and did nothing but wasted time and money. The first company wanted a monthly maintainance fee of $49/ month - way too high. The second company said they could waive off 50% of my debts, and I sent them all my info. Read the paperwork and found they were just bluffing it all the way. Even their paperwork said they would charge me much more than what the rep told me over the phone. These companies think we're stupid.

I've been with DebtPointer since 5 months now. I still keep checking the blogs about them, and I've never found anything negative about them. My rep - Steve, was very helpful. Explained all the benefits and negatives of the program upfront, and the paperwork was exactly what he mentioned. Infact, he explained it so well that he even taught me how to calculate my payments. I would suggest call him before you enroll anywhere else (if you have to) His number - (800) 600-2003 ext 2015. They are with BBB, USOBA, TASC, IAPDA and have many more accreditations. Check em out.

Hope this helps.

Jerry H. :)

I don't know what to suggest here. I've tasted the waters with 3 different companies already and did nothing but wasted time and money. The first company wanted a monthly maintainance fee of $49/ month - way too high. The second company said they could waive off 50% of my debts, and I sent them all my info. Read the paperwork and found they were just bluffing it all the way. Even their paperwork said they would charge me much more than what the rep told me over the phone. These companies think we're stupid.

I've been with DebtPointer since 5 months now. I still keep checking the blogs about them, and I've never found anything negative about them. My rep - Steve, was very helpful. Explained all the benefits and negatives of the program upfront, and the paperwork was exactly what he mentioned. Infact, he explained it so well that he even taught me how to calculate my payments. I would suggest call him before you enroll anywhere else (if you have to) His number - (800) 600-2003 ext 2015. They are with BBB, USOBA, TASC, IAPDA and have many more accreditations. Check em out.

Hope this helps.

Jerry H.

These are great companies that have more than 18,000 clients. They save many thousands of dollars for clients through settlements. And anyone can apply and do this! My friends have saved more than $80,000 by working with these companies. And the BBB complaints have been from DISGRUNTLED EMPLOYEES! debt settlement is an AWESOME financial tool that exists and saves tons of money and gets you OUT of the financial trap of credit cards. Tell everyone to sign up with Swift Rock Financial and Clear Your Debt!!!!! Hooray!!

Sign up with Swift Rock Financial or Topaz Financial. They are fantastic and save thousands of dollars for their clients. I can't believe that so many people don't even know they can settle their debts!!!!

Financially Responsible , We don`t allow solicitations. Especially from rip off companies like Swift Rock Financial or Topaz Financial who both have horrible reputations with the BBB. They are also affiliated with another rip off company called Clear Your Debt.

According to BBB, Topaz Financial has a "D" rating which means

debt settlement was my blessing! I absolutely do not regret it a bit. I regret getting my self there in the first place but the fact that i need a company never. I have a list of 10 questions you should ask a company before signing on at my blog if your interested in that it may help you. Now as for your credit score during the process it will hurt, but it is easily repaired in about a year or 2 better than bankruptcy. So dont let that scare you.

sorry i wasnt finished! and as for the post above, I do agree to a point. many people join these programs or companies and after 4-5 months deside to quit because the feel they were a scam. Let me tell you, you are very lucky to have a settlement that early. The settlement process hasnt even begun to kick in till 6 months to a year. Why? First of all you need the funds to that you have a leg to stand on. Hey mister collector, I only have 1,000.00 take it or leave it im sure someone else will want it if you dont! this is how it works. it stinks that they call like they do(i used a company so my calls went way down, but still got a few every now and then) you have to have funds available because if you dont you have just wasted your time because when everyone agrees you have to pay them asap before they change thier minds. Dont get me wrong debt settlement was the best thing i could have done for myself but the first year sucked.

Kahluapig,
I mean Guitarkahlua,
what's your status? how much are we dealing with, and which creditors?

Does anyone have a history of success in debt settlement with Swiftrock Financial?

Everyone here is right...well a little. Although not 100%.

If you DIDN'T FILE BK, but agreed to a settlement (i.e. you worked with a Debt Settlement Company or Credit Consumer Co) in which they agree to reduce the amount of debt including the interest in exchange for a faster payoff) you SHOULD be expecting a 1099 and that you must include as income in your taxes. DEBT SETTLEMENT COMPANIES don't tell you this, though do they? And all that interest you saved? Ha...you pay it taxes on it at the end of the year through your income tax return.

I found out the hard way. Hope this helps...

Loans2 thats not necessarily true. First, legit debt settlement companies that are members of TASC are required to disclose this. Its actually required to be part of the disclosures on their contract.

Second , Yes the IRS considers a forgiven debt as taxable income and they might expect you to pay taxes on it. However in most cases clients that are good candidates for debt settlement will be about to fill out a IRS ( Form 982 )that will exempt you from this tax.

http://charginglarge.blogspot.com

I am a debtor who also works in the debt settlement industry. My blog is an insider's perspective from both sides of the spectrum. I have personal experience with debt (especially going into collections) and behind the scenes of a settlement company.

Let me know what you all think!

I certainly knew about receiving 1099's for the amount of the forgiven debt, because I had researched the settlement process before I started. It was also specifically brought up by my settlement company before I started the program, as something I needed to know. Explaining the consequences of settlements, including the 1099s, was even a part of my contract. If people don't understand that, and just blindly jump into a settlement program without doing their homework because they think it's a quick fix, it's no one's fault but their own when they get burned.

Fortunately, by the time many people are so far in debt they can't see their way out of it, they are insolvent anyway and do not have to pay the taxes.

I totally agree with you susieq, scince i have been visiting this forum, i realize that people really dont know anything about settlement until they are all ready involved and then they are not happy with the results. For example i saw a post were they were angry that the settlement company stopped paying on thier accounts. (duh, they dont make monthly payments they settle)

second was a complaint for no settlement in the first 6 months. you need time to build up accounts so you have money to negotiate. your very lucky to have a settlement in under 6 months.

they dont research at all and then are angry about getting scammed, This site is wonderful for finding a good or bad company. If its a 50/50 chance, why would you chance your financials with a company like that? then come back and complain.

thier angry thier credit tanked. gee, who would have thought of that happening during settlement?

RESEARCH people! its very important. people are mistaken that settlement is a get out of debt quick and easy sceme. there is nothing easy about it if done properly. and there are consequences. Be sure you are prepared for those consequences or dont do settlement. And be sure what ever you decide you are in it for the long haul, the good the bad, and the ugly. Because its not always pleasant.

and Im freakin out! I signed up with mesa rock financial, their parent company is swift rock fiancial.....and with hearing all this it really scares me to just loose my money, get a bad credit score and all for nothing......seriously......if anyone has had a great experience with them please let me know, or bad so I can try to avoid the same. How long once your credit goes down until it comes back up again? what does it say on your credit report? delinquent? thanks for your help. Feel free to email me at [email]exclusivedelights@sbcglobal.net[/email]

i noticed my credit getting better after about a year. by 2 years i was getting to were i was happy again. I am now around 3 years but i havent checked my credit for awhile but i dont think it has changed much the last year scince my credit is probably going down again because of the recession all my cards lowered my available credit making my debt to credit line % higher. (scumbags).

but it doesnt take a long time to get back on track. as long as you are responsible and pay on time after the program is over

So far, I've been with Swiftrock for 8 months, and they've done nothing for me except allow me to get sued by 2 cards that they are supposed to be negotiating, and I've been passed from person to person who "can definitely help!". Now I'm not only paying their fees, but I'm going to be paying back the credit cards at 100%. I can't seem to get out from under Swiftrock's "contract" either. They are taking money from a person who barely has enough to make ends meet. I'm trying to find a reasonably priced lawyer to help. I need my money back from Swiftrock because they are not helping me at all. If they have helped others, they should feel lucky. Maybe Swiftrock picks who they will and will not help.

"guest" im not saying you are wrong about swiftrock, they may or may not be a good company i dont know. But i do know this settlement takes time and from what i remember my settlements didnt start to come in till around 8 months to a year. by the end of my first year most of my accounts were settled. I remember having like 4 settlements all in one month right at the end of the year.

Im not saying that they are good, they maybe a scam i dont know but i know settlement takes time and patience.

Thank you all. Im going to try to be patient.....I heard its an agonizing year....that first year.....at the moment I just started being late for my first time to all my cards....scary

it is scary, but if you ever need to feel better just come on back! we have all been there. If you do it right, this year will be the worst in your life. But you can tell yourself that you will be rewarded for your sacrifice. Just keep telling yourself how good it will be when its all over. and that this was a matter of necessity.

Most of the poeple on this forum have had some type of debt trouble and we know what your about to go through. My suggestion?? if you dont have one, get a answering machine or voice mail so that you dont have to deal with the calls if your having a bad day.

But no matter what it is the most important thing and that is patience. Once you start this process you must follow through no matter how bad it gets! Good luck to you!

Thanks to all. I guess I will just be patient....I heard the first year is the worst and then it getts better....I just started being late for all my payments.....its going to be a long year.

I think the first year also seems the worst because you havent settled alot yet. till you reach the second year, they are mostly all getting settled and you may be down to like 1 0r 2 and you see the end in sight. The first year though feels like you have such a long road to go. I think that is why the second year is not too bad because usually you are seening progress till then.

am looking for someone who would like to share his/her story for a major German newspaper. The story would be published anonymous and I also would be able to reimburse you for your effort. Ideally the person should work on getting out of debt.
let me know, I would really appreciate if you could get back to me,
josefine

It may be the norm to wait for a year or so for debt settlements, but 2 out of 3 cards I gave to Swiftrock have now went into court proceedings, and these are not threatened court actions... I have court dates set this month. I'm still paying Swiftrock and now am going to have to pay whatever the courts assess to me, and I have no money left for a second payment toward those cards. I can either pay Swiftrock or the cards, but not both. And Swiftrock keeps telling me they'll settle. Sure, right there at court they will. I can't seem to get Swiftrock to answer how they are going forward with this since I've paid them so much and I still have to do the negotiation on my own. I have no idea where the 3rd card is, but I expect it to go into court action as well based on the first two cards. Swiftrock has been very good with talking to me, but they have done nothing to show me that they are ligit. They won't answer what their plan of action is, whether I can get at least a partial refund since they are not doing the negotiation, or what will happen to my payments to them if I get a judgment or lien against me. I shouldn't have to pay them based on the cards that they did not end up negotiating. I'm just saying, although Swiftrock is very courteous to me, they simply will not answer my questions that I've repeatedly asked.

I went with XXXX. My representative is IAPDA Certified (International Association of Professional Debt Arbitrators). I actually verified their certification on the iapda.org. I was treated with respect and they did a great job of helping me understand the process.

not all settlement company affect you credit because i find a company for deal my debt and the guy tell me this not affect my credit if you pay late affect your credit

I have mixed thoughts on your post.. i mean i know you have a lot of debt, but is there any way you can consolidate within the creditors? reason is that , like you said. they will want you to pay payments that are tough to meet and you still got to pay 4 people and put food ont he table and pay for your house, power and other bills.. if you had the money to pay it all, you woldnt be in this spot..

when is the right time? well its all a gamble on how long you can go and how long you can wait. If they sue you, then its a lot different then if they offer a settlement.. i got an offer for 70% or .70 to the dollar.. and its a great offer, but i cant afford the payments they want @ $3318 for five months, so i have to gamble again and might try to wait one more month to see my new offer/ option.. i could shoot myself in the foot but it is what it is and i am limited on income.

"guest" if you are in a settlement company that is what you do stop payment. so it does effect your credit. you may want to be sure you are in consolidation or settlement, i think you may be confused

has anyone heard anything about action financial?

Yes , Action Financial markets for several top debt settlement and non-profit credit counseling companies.

DO NOT, I REPEAT DO NOT DO BUSINESS WITH SWIFTROCK FINANCIAL!!! As a former employee, believe me it's a ripoff

Obvious advertisement deleted - ND

What the Heck :evil:

Mods please DELETE!!!

WHAT EVER YOUR COMPANY SUCKS AND THEY JUST GET YOU INTO FURTHER DEBT

STAY AWAY from Swift Rock Financial! I have worked for them. They are deceptive, unstable, and experiencing severe financial issues. They just laid off half their staff and are unable to pay them or the existing personnel. **BEWARE** ENTER AT YOUR OWN RISK!

IF I CAN HELP ANYONE FROM GOING WITH THIS COMPANY I WILL TOPAZ IS HORRIBLE, KNOW I HAD TO CLAIM BANKRUPTCY OR GO TO COURT EVERY WEEK. AT 250.00 DOLLARS EVERY TIME.....

Topaz is registered with the BBB as Clear Your Debt. they have a "F" rating however i was going to do business with them until i found this i will probably use "credit card relief" they have a "B+" rating.