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Solid Ground Financial Says They Can Help. I Recently Lost My Job and Have 5 Payday Loans. – Bushra

“Dear Steve,

I most recently lost my job, I had taken 5 payday loans and now i have nothing to pay them with. Worried I might be dragged to court because of this , I contacted Solid grounds and asked for help, they quoted me with the payment arrangement that will end in 9 months and that the very first payment is their administrative fees. They wanted me to start ,but being skeptical and not wanting to spend my money on something that would pull more further into quick sand , I am writing to you, am i doing the right thing?

I want to know if working with solid grounds is the right thing to do to get rid of my payday loans?

My loans –
Cash Advance America – $595
monthly payment- $ 145

King of Cash – $720
monthly payment $180

EZ Loans – $1200
monthly payment- $210

Check N Go – $1800-
monthly payment- $ 435

Ace Cash Express – $695
monthly payment $119.00

Solid Ground Financial is willing to lower my interest rate from 892% to 29% and lowering my monthly payments from $1089 to $742

$742.00 admin fee / first month
$742.00
$742.00
$742.00
$742.00
$742.00
$742.00
$742.00
$742.00

Bushra”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

Dear Bushra,

No third party debt relief provider can “promise” or guarantee you a reduction or adjustment in the terms you have with your creditors.

A review of the Solid Ground Financial website at solidgroundfinancial.org shows they sell Payday Loan Consolidation. – Source

I did spot some issues that concerned me on their site.

They claim their program will allow you to improve your credit. That appears to run smack into the Credit Repair Organizations Act and could land them in trouble.

Solid Ground Financial Says They Can Help. I Recently Lost My Job and Have 5 Payday Loans.   Bushra

Interestingly I see that Solid Ground Financial claims to have an affiliate 501(c)(3) non-profit service agent ANH, which I read as A New Horizon, who I’ve written about before. A New Horizon clearly states they are not a 501(c)(3) non-profit organization. – Source. If Solid Ground Financial is wrong about this, what else are they wrong about?

I did get a bit of a chuckle out of their 100% Guarantee.

Solid Ground Financial Says They Can Help. I Recently Lost My Job and Have 5 Payday Loans.   Bushra

It appears the only thing they are guaranteeing is that they will setup your account. And what does setup actually mean?

Our Guarantee

Solid Ground Financial now offers a 100% Guarantee on Our Debt Consolidation Program. We will guarantee your consolidation being set up or your money back. This includes successful set up with the creditors listed on the program. If for any reason we are unsuccessful we will refund you 100% of your money guaranteed. Just another reason to use Solid ground Financial for all your consolidation needs. – Source

Solid Ground Financial also says:

Solid Ground Financial negotiates with your creditors to lower your interest rates and your payments. We then consolidate all your Payday Loans into one easy monthly payment and often times reduce monthly payments up to 60%!!! Regardless of financial status, you can benefit from Solid Ground Financials ability to get interest rates lowered or eliminated! We help you to avoid bankruptcy, improve your credit, stop late and over limit fees, and stop harassing calls from your creditors. – Source

But as a third party dealing with original creditors no debt relief provider, outside of bankruptcy, has the power to stop late or over limit fees and stop harassing calls from creditors. A creditor MAY decide to do those things if the creditor decides they want to but just don’t get the impression that any of those claims are promises.

From the information you provided it also looks like Solid Ground Financial is charging you and advanced fee for services. This seems to be in direct conflict with the Federal Trade Commission rules on advanced feed debt relief services under the Telemarketing Sales Rule. Under that rule a debt settlement company may not charge a fee for services before the services are rendered.

The Solid Ground Financial FAQs all seem to be directed towards a credit counseling program and trying to talk you out of bankruptcy. That’s not fair in my opinion. You can use the free How to Get Out of Debt Calculator to review your options.

Bankruptcy is not something to be avoided if it is an appropriate solution in your situation. You really won’t know until you talk with a local bankruptcy attorney in your state.

Solid Ground Financial also says “Bankruptcy will stay on your credit report for at least 7 years,” but what they fail to mention is creditor intervention programs in which you become delinquent can also remain on your credit report for seven years. – Source

According to the documentation you sent, Solid Ground Financial said they would reduce your interest rates to 29%. But their homepage offers a different story. On their homepage they say, “Solid Ground Financial negotiates with your creditors to lower your interest rates. These interest rates are between 0 and 9 %!!” – Source. So if that’s their representation, then why are you getting a much higher rate?

About Solid Ground Financial

According to public records, Solid Ground Financial is located at 6600 Taft Street, #410, Hollywood, FL 33024. The company officers are:

David J. Smith, CEO
Scott D. Haick, CFO
Reuben McEachron, COO – Source

Oddly, Reuben McEachron is the COO of another company, Negotiation Credit Services at 6600 Taft Street, #404, Hollywood, FL 33024. Check out the officers of that company.

David J. Smith, CEO
Scott D. Haick, CFO
Reuben McEachron, COO – Source

Or how about Consumer Debt Alliance, LLC, located at 6600 Taft Street, #410, Hollywood, FL 33024.

Scott D. Haick, CFO
Reuben McEachron, COO – Source

And then there is Certified Lenders of America, LLC, at 6600 Taft Street, #410, Hollywood, FL 33024.

David J. Smith, COO
Scott D. Haick, CFO
Reuben McEachron, CEO – Source

I think the best thing you can do at this point is use my guide, How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off and use the free How to Get Out of Debt Calculator to review your options.

Just as a quick check, I did look to see if Solid Ground Financial held a Florida Telemarketing License. It could not be located. According to the State, “The Florida Telemarketing Act requires non-exempt businesses engaged in telemarketing and their salespeople to be licensed by the Department before operating in Florida.” – Source

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Solid Ground Financial Says They Can Help. I Recently Lost My Job and Have 5 Payday Loans.   Bushra
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If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Steve Rhoades exposed

    Steve. You failed to explain to your readers that you write bad reviews on companies based on your opinion or assumptions. You also fail to tell your readers that you advertise on your own site to profit off your readers. This is to all the readers of your site.. Solid Ground Financial helped me out with my payday loans and I am 100% satisfied with the results.. I was 2200.00 in payday loan debt and the charged me 310.00 in total for the entire program. On top of that they didnt charge me until the accounts were satisfied. You never talk good about ANY companies on your site. Then again you are just money hungry. You should speak some good sometimes. Your too busy making all this money for the companies your in bed with. Get a grip.

    • http://GetOutOfDebt.org Steve Rhode

      If there is anything in any answer I give that is incorrect or wrong, not only can people post a comment, as you have, but there is also a button on every post to report anything that might be incorrect.

      Actually the terms of the site are very open about the role of advertising on the site. I invite you, or anyone else to read them. In fact the role of the ads is right at the top of the terms, with pictures and examples. See http://getoutofdebt.org/terms/

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