I have many questions. I have about 17k in credit cards and 6 in an air conditioning unit that I had to have installed that I could pay cash for.
Recently was contacted by Financial Solutions and was offered an outstanding deal to cut my cost down to 426 a month for a small fee of .17C on the dollar.
They are going to pay my credit cards and loan at 0% interest. as I got off the phone them they started moving fast with a notary arriving tomorrow and the first payment in 2 weeks.
I just don’t see how they can do this.
I haven’t missed a payment in years. my credit is decent and
I don’t want to ruin it from a mistake.
Are there other options to helping me out of this debt? My feelings are that I’m going to cancel this.
Any kind of advice would really help.
Thank you for contacting me.
You should never feel pressured to rush and make a financial decision based on the companies timeline.
If you need to do more research before signing, take the time.
The fact they are trying to send a notary to your house so fast makes me think they are trying to sell you a solution that gets around the Federal Trade Commissions Telemarketing Sales (TSR) Rule.
Clearly I have no idea what the agreement Financial Solutions is asking you to sign says or exactly what type of services or solution they are asking you to agree to.
There is more than one way to get out of debt. You can compare a wide range of solutions using my online calculator.
If you want some honest advice about how to get out of debt, read this previous post.
Do You Have a Question You'd Like Steve to Answer? Click Here.
If you want me to take a look at the client agreement before you sign anything, you can ask me another question and attach it.
While the debt is piling up and it has your attention, there is no need to rush and do anything you are not completely comfortable with.
I really like people to get a second opinion before they make an uncertain decision. It’s smart to get a second opinion when you have a medical situation and it’s smart if you have a financial situation as well.
It could absolutely be that whatever Financial Solutions is trying to sell you is the best thing since sliced bread. If you’d like to get an independent assessment I would suggest you talk it over with my friend Damon Day.
Either of them would be able to tell you quickly, with more details, if the offer you are being rushed to sign makes any sense at all.
The reason it is important to talk to someone is that every person has a unique life and the details of what the company is trying to sell you are vague. A quick conversation with either of those guys makes sense.