A kind reader asked me about a mailer he received from Clear Coast Financial about a Hardship Recovery Loan offer.
He said, “Looking to consolidate credit card debt with a loan. In your experience, is Clear Coast Financial a good company, or am I wasting my time with their financial relief for affected Florida families’ offer that I got in the mail?
He sent me pictures of the mailer he received.
The outside of the envelope seems to mimic an official-looking government document.
When you open up the mailer, you see the messaging below.
The mailer makes many claims:
- FINANCIAL RELIEF FOR AFFECTED FLORIDA FAMILIES. [I don’t have a clue what that really is.]
- You have been exclusively selected for a Clear Coast Financial Hardship Recovery Loan. [Exclusively?]
- Clear Coast Financial has helped thousands of Florida residents during this unprecedented time. [Any data to support that statement?]
- FUNDED IN 24 HOURS. [But you say you are not a lender?]
The mailer says on part of the envelope, “Clear Coast Financial is not a bank, savings & loan, thrift, pay-day lender, or mortgage lender. Clear Coast Financial assists consumers with debt resolution products which may include a debt consolidation loan, personal loan, debt settlement offer, or other financial rehabilitation products.”
So if Clear Coast Financial is not a lender, how can they make statements about exclusivity for a loan, funding, or that they have appeared to have helped thousands of others with a loan.
It would be enlightening to learn what percentage of people receiving this mailer get a loan from a lender and how many are redirected to another debt relief solution.
If most people do not receive a loan at the 4.99% they claim in the advertisement; a regulator might view this as a bait-and-switch mailer to sell consumers a different service.
This has been a concern of regulators regarding the debt relief industry marketing techniques.
When it comes to any similar mailer that makes unsolicited claims regarding debt loans, I urge the same advice, check the company out.
Clear Coast Financial
Interestingly, if you go to ClearCoastFinancial.com as it says in the mailer, it takes you to a different site, ClearCoastDebt.com.
The ClearCoast Debt home page reads like a debt settlement company.
They say things like:
The hard-to-read fine print on the bottom of their site says, “*Our estimates are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. Not all clients are able to complete their program for various reasons, including their ability to save sufficient funds. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Our service is not available in all states, and our fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of debt settlement services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest.”
That disclaimer sounds like a debt settlement company and not a lender as the mailer might lead a consumer to believe.
That sure reads like a debt settlement company and not a lender of consolidation loans that the average consumer might believe.
What makes all of this even more confusing or perplexing is the State of Florida does not have a company or a fictitious name registered to conduct business under the name Clear Coast Financial.
There was a company named Clear Coast Financial Group, but the State administratively dissolved that company in 2019.
Clear Coast Debt Relief
A search of Florida records found Clear Coast Debt Relief is a fictitious name for a company named Alas Services, Inc.
As far as I can find, there is no entity legally able to offer services to Florida residents under the name Clear Coast Financial.
The registered address of 1070 E Indiantown Road, Suite 406, also comes back to other debt relief companies. I’m not certain what is going on here. Especially since the company Clear Coast Debt Relief has appeared on this site before as a debt settlement entity, click here.
Here is What I Think
A smart and wise consumer should check the company out before giving up personal information.
Do your homework and come to your conclusion based on your research.
I recommend that anyone considering using such a company read the following free guides.
- The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
- How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off
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Thanks for this article. I received this mailer and was considering it because we have overextended our credit line on a few accounts. However the mailer caused me to be somewhat suspicious when it gave the appearance of some sort of official government mailer. I found your info to be very informative
Question about Clear Coast financial mailer.
Answer posted.