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Should I Avoid Alamo Associates for a Debt Consolidation Loan?

Written by Steve Rhode

Question:

Dear Steve,

I’m out of work out on disability. While going through the disability process I was living off my credit for a few months. Now that I’m on a strict budget I was looking to find a consolidation loan so I could save on interest and only have one payment to worry about remembering each month.

I got a couple of random offers in the mail and was wondering if they were any good. I saw your review of the Colony Associates one and threw that one in the garbage, BUT can’t find anything on the other one…ALAMO ASSOCIATES. Any information on them that could be of help? Thanks

Jim

Answer:

Dear Jim,

I had not heard about Alamo Associates before. I was surprised that the websites for Colony Associates and Alamo Associates has some similarities. I then found this post that was talking about the debt consolidation offers from three companies. It said, “Alamo Associates, Colony Associates and White Mountain Partners have been flooding consumers with debt consolidation offers with low interest rates.”

I’ve written about White Mountain Partners in the past as well. It is a very odd coincidence that the three random companies would all appear in the same post.

Probably the biggest coincidence between the Alamo Associates and Colony Associates website is they both say they are “not a lender in any transaction and does not make loans, loan commitments, or lock rates.” They also make the same general claim they are lead generators, “Alamo Associates is not an agent of you or any lender. Alamo Associates services are only administrative. Alamo Associates is a paid marketing lead generator.” – Source

And guess what White Mountain Partners says as well, “White Mountain Partners is not a lender in any transaction and does not make loans, loan commitments, or lock rates.” and “White Mountain Partners is not an agent of you or any lender. White Mountain Partners services are only administrative. White Mountain Partners is a paid marketing lead generator.” – Source

READ  I'm Concerned About the Colony Associates Offer for a Loan I Received

My opinion is you should probably look at marketing efforts by all three, potentially related companies, using the same cautious lens.

I would recommend that anyone considering using such a company should read the following free guides.

  1. The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
  2. 10 Must Do Steps to Find the Best Credit Counseling or Debt Settlement Company for You
  3. How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off

And By The Way

Alamo Associates says they are located at PO Box 1118, Oswego, IL 60543. The State of Illinois does have a company listed, Alamo Associates, Incorporated. That company was dissolved on September 1, 1992.

Is a Debt Consolidation Loan Right for You?

It is not clear from what you told me if a debt consolidation loan is the best solution. Depending on your current situation, bankruptcy might be appropriate to give you a fresh start. But if you are back to a position where you can afford the regular credit card payments but want to reduce the interest rate then think about credit counseling as a possible solution.

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About the author

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.

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