What Do You Think About Credit Answers and Prestige Financial Solutions? – Jim

“Dear Steve,

I have about $60,000 of credit card debt and have contacted Credit Answers and Prestige about their work out programs. i have also contacted and communicated with Money Management International.

As you know the former negotiate with the creditors, and claim to work out a program where i would pay off somewhere between 25% and 50% of the debt, along with fees to them in the area of 12% to 15%, i have read many negative comments about these folks where people were more than dissatisfied and in come cases got no results and no return communication. with Money Management International, they get my interest rate reduced, and i would be clear of debt within about 4 years. they seem and sound legitimate.

first question, do you have a point of view regarding the above? second question, do you have any input you could share about Money Managenemt International? Third question, why would my creditors not negotiate a workout directly with me, and thus I avoid the 3rd party involvement.

Thank you Steve, and i look forward to your response.

Jim”

Dear Jim,

I took a quick look at CreditAnswers and Prestige Financial Solutions and was not thrilled by what I saw. The first thing on CreditAnswers that caught my eye was the TASC disclaimer link at the bottom of the site that talks about all the bad stuff that can happen to you in a debt settlement plan was grayed out. I also found their comments against bankruptcy to be completely misleading.

Consumers may now be required to file Chapter 13, which requires you to pay back a portion of your debt under the supervision of the court. This process may last for years. – Source

Nice statement, and how long does debt settlement take, yep, years.

And with all the marketing information on the site I only found one tiny little mention of what happens if you go into a debt settlement program and don’t pay your creditors.

If you fail to make payment to your creditors, they may take legal action against you. – Source

When I get more time I’ll have to come back and do a full blown review on this site. Not happy with it at all. And you know what is bad, when the marketing company CreditAnswers hires, sues them. CreditAnswers lawsuit by Marketing Architects, Inc.

See also  I Can't Afford the Payment I Was Quoted by Money Management International. - Carrie

Now, let’s look at Prestige Financial Solutions for a moment. At first glance their site is less troublesome but they did a horrible job of glossing over the fact you can be sued in the debt settlement program.

Creditor lawsuits are NOT COMMON they do happen. – Source

Just remember that a credit counseling group, like MMI, does not actually negotiate with your creditors and has no control over the terms a creditor offers. You should read The Truth About The Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy.

Your creditors will speak directly with you but reduced terms are really only available to people that have demonstrated they have a hardship and once you do that it impacts your credit. Even a credit counseling program can impact your credit. When you go into a credit counseling program the cards included are closed and that severs your history with those cards.

Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

Steve Rhode

28 thoughts on “What Do You Think About Credit Answers and Prestige Financial Solutions? – Jim”

  1. I just researched this company here is what I found. First of all they have an “A” rating with the BBB. That in itself is an acomplishment given the ratings of most debt settlement companies.

    http://www.bbb.org/denver/business-reviews/credit-debt-consolidation-services/prestige-financial-solutions-in-westminster-co-90011049

    Second according to their website and documents I recieved from them that DO NOT take their fees upfront but instead base their fees off of the savings after they reach a settelment.

    http://www.prestigefinancialsolutions.com/

    Third I checked with the California Southern District Court and the law suite in question mentioned above was dismissed on 11/19/2010 Pursuant to LR 55.1.

    http://www.casd.uscourts.gov/calendar/sabraw/1119.pdf

    All in all I have NOT found any crediable evidence that can be verified that this company is not exactly what they claim to be and I plan on signing up with them.

    Reply
  2. Just to set the record straight in regard to this “law suite” against Prestige Financial Solutions. Check with the California Southern District Court you will find that the “suite” was Dismissed on 11/19/2010 Pursuant to LR 55.1.

    Also you should do your research because they do not take up-front fees and base their cost of service based on the savings “after” each settlement has been reached.

    Reply
  3. Former Settlement Coach..
    What I said in the past is true and accurate however each Bank is different. It all depends on how bad they want their money. BOA, Wells Fargo, Chase are a done deal. If your debt reached to a point and it’s at a attorney’s office CA cannot help you. They have a girl name Melissa (leasbian) she is very cocky. She knows her stuff but then when you least expected she will turn into a man. ()()()() If you people don’t believe me call them and just ask them. They just fired Fred Rameriz who was the manager over there. That is the latest news. Oh ya Hyde & Swigart if you want me to testify I will happy to do that is their $$$ involve upfront. I have all the documents you would need. I can get even get more. I still have friends in low places.

    Reply
  4. Hello Again
    Credit Answers is a fraud when I used to work there. We had people coming in and out of the office. This is just to get the company going and selling it off. The COO is Craig Rogers what a a**hole. He thinks he is right all the time. He will tell everybody in a meeting one thing then all of the sudden he will change his mind. What’s so funny is his TL (Team Lead) are so freaking scared of him they will piss in their pants. One of his Settlement VP already left because of him. She was very nice. Now they got another name Julie Gostic she thinks she know everything. She came from some sorry town husband Richard Gostic works for Home Depot in McKinney, Texas (what a loser). Anyway she has her own business called Mosquitonix she even doesn’t know about that.
    I will keep informing everybody about Credit Answers because I was wrongfully discharge. I get all the insight for this company. They just firing people left and right. You have the owner Bill Loughbourgh he is something. He likes to hit on everything that walks in that office. I know one time this girl that they hired was going to work. But she had big boobs and like to flirt. That caught the eye of Craig Rogers and Bill. Boy she got in really quick into the door. Apparently, she didn’t work out few months later..(wonder why.
    I get all the access at CA and they don’t know about it. Last year the dumb ass Bill spent more money then what he made. So people if you have a account with CA and want to get out of it read my story above. Please don’t do business with them…My job is to bring them down like they brought me down. I worked hard for the company and in return they screwed me over. My father always told me.. “You can bend over backwards for a person… But in return.. if he wants to get rid of you he will Fire you in a second…” Another thing the company is for sell $10million. All those employee who sucks ass I wonder where are they going… Haha..Hey Julie Gostic get your fogger going their is a lot of mesquito you need to kill.. You dumb blonde

    Reply
    • To Former Employee of Credit Answers:

      My name is David Leimbach; I’m an attorney with Hyde & Swigart. Our firm currently has a class action against CreditAnswers for defrauding California consumers. While we probably could not help you with your wrongful discharge, I would be very interested in speaking with you as a potential witness in our class action. If you would be so willing, please contact me at 619.233.7770.

      Reply
      • Former Settlement Coach..
        What I said in the past is true and accurate however each Bank is different. It all depends on how bad they want their money. BOA, Wells Fargo, Chase are a done deal. If your debt reached to a point and it’s at a attorney’s office CA cannot help you. They have a girl name Melissa (leasbian) she is very cocky. She knows her stuff but then when you least expected she will turn into a man. ()()()() If you people don’t believe me call them and just ask them. They just fired Fred Rameriz who was the manager over there. That is the latest news. Oh ya Hyde & Swigart if you want me to testify I will happy to do that is their $$$ involve upfront. I have all the documents you would need. I can get even get more. I still have friends in low places.

        Reply
        • Just to set the record straight in regard to this “law suite” against Prestige Financial Solutions. Check with the California Southern District Court you will find that the “suite” was Dismissed on 11/19/2010 Pursuant to LR 55.1.

          Also you should do your research because they do not take up-front fees and base their cost of service based on the savings “after” each settlement has been reached.

          Reply
  5. I am a consumer protection attorney. I currently have a lawsuit going against Prestige Financial Solutions (case # 10-1153-MER, bankruptcy court, district of colorado). If anyone has any information about their prior dealings with Prestige Financial Solutions, it would be of great help to me.

    I have received numerous complaints about this company from many clients and would not recommend using them.

    Reply

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