A tipster (send in your tips here) sent in the following information and praises for a debt management plan provider, Cornerstone Financial Education, which is really iPayDebt Financial Services. I did a bit of checking and iPayDebt Financial Services is listed by the IRS as a charity and I have attached their last public tax return here.
Hi Steve, I wanted to share my success story about Cornerstone Financial Education. Before my initial contact with them I made sure they were licensed to do business in the State, and then I checked their rating with the BBB. They have an A+ rating. At that point, I felt confident enough to contact them. The people I worked with at Cornerstone were extremely helpful, patient and communicative. What I discovered is that they have an excellent DMP with a simple two-page contract and charge a very reasonable monthly fee, which they actually might waive or reduce. They were able to get reduced interest rates and reasonable monthly payments.
Once I set up a DMP I sent a letter to advise all of my creditors of the decision. Cornerstone then sent their notification. I am happy to report that all of the creditors accepted the DMP. The set up of the DMP was clean and straight forward and has worked excellently. The best part of it all is that in five years I will be totally debt free. Cornerstone continues to negotiate with the creditors and attempts to get a debt reduction from each of them. They make no promise or guarantee they will be able to accomplish that, but they continue to make more than one attempt with the creditors.
So that you can see the Cornerstone contract, I have attached a copy.
Cornerstone is registered in the State of Texas as iPayDebt Financial Education. Here is the Cornerstone Financial weblink: www.csfedu.org/
The DMP agreement is below. It is a fairly simple and standard agreement but the part that caught my eye was the continued use of the term “consolidation.” I just hope it does not confuse consumers into thinking their debt is actually consolidated in the typical sense. In a debt management plan the debt is consolidated in that the consumer makes one consolidated payment that then gets chopped up and distributed to the underlying consumer creditors.
I’m not certain if the agreement ends as shown or if there is a missing signature page and possibly more terms. While the agreement appears to be very open about the consequences and terms of the DMP program it appears to lack any sort of acceptance or signature line. That part seems a little sloppy, at least if I put on my business hat.
Cornerstone Financial Education DMP Service Agreement by Steve Rhode
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