I was looking to consolidate my debt and received an offer from Sabres Capital – when I called, they transferred me to a counselor at Strategic Debt.
The offer sounded too good to be true – half the payment – no interest and fee included.
Is this how debt consolidation works, and are these companies legitimate.? Thanks for your consideration
From looking at the Sabres Capital website and based on what you said, it sure sounds as if Sabres Capital is a lead generator.
In fact, Sabres Capital says, “Sabres Capital is not a lender in any transaction and does not make loans, loan commitments, or lock rates. All credit decisions, including loan approvals, and the conditional rates and terms you are offered, are the responsibility of the participating lenders and will vary based upon your loan request, your particular financial situation, and criteria determined by the lenders to whom you are matched. Not all consumers will qualify for the advertised rates and terms.”
Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
They say, “Sabres Capital is not an agent of you or any lender. Sabres Capital services are only administrative. Sabres Capital is a paid marketing lead generator.” – Source
Once they had someone on the line, they most likely sold your lead and information to Strategic Debt. That Might be Strategic Debt Solutions. It is hard to tell since the name is so generic.
The sales pitch you received from Strategic Debt sounds like a debt settlement solution. You should read Debt Settlement Pros and Cons. My No BS Guide to Settling Your Debt.
Over the past few years, there has been a wave of companies appearing to sell personal loans only to divert people into debt settlement programs.
Ultimately the most important question you need to ask is if you need a debt settlement solution and are prepared for the downside to such a solution.
My advice would be to talk through your current financial situation with my debt coach friend Damon Day and decide what the best plan of action is to get you to where you want to be with your finances moving forward.
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