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I Got a Letter From Americor Financial Debt Solutions Saying They Could Reduce My Debt by 50%. – Udeycme

“Dear Steve,

i have about 23k in credit card debts, i am fine for now paying at least the minimum payment due and at times pay extras. I received a letter from Americorfinancial.com stating that they can reduce the debt up to 50 %. How true is this and what are the pros and cons.

Udeycme”

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Dear Udeycme,

Any debt settlement company that promises or makes you believe they can reduce your debt by a specific percentage is not telling you the entire story. The debt settlement company has NO control on the debt reduction, if any, offered by your creditor. More importantly, a statement like a 50% reduction is misleading when the debt settlement industry itself says they only settle around 10% of all debts enrolled. The failure rates for debt settlement programs offered by most upfront or advance fee debt settlement companies is pretty massive.

Looking at the web site for Americor Financial raised a number of “red Flags” for me.

  • They do not list the state they are located in or their address. – Source
  • They even say the 50% reduction is not an accurate of final amount. “Settlement estimates of 50% are examples of past performance of settled accounts and do not take into consideration our service fees or potential tax consequences.” – Source
  • Their display of current settlements is meaningless since you have no idea what their actual average is. – Source
  • Their site does not provide a comparison of the benefits bankruptcy offers you to eliminate your debt quickly and legally.

I did find a mention of the web that Americor may have sent out a letter that was about the National Debt Relief Program, there is no such program.

There was a mention that Americorp Financial was hiring and they were located in Irvine, California. – Source

The only registered company I could find in Irvine with a name that was similar was Americorp Financial, LLC at 18881 Von Karman Ave, Suite 1500, Irvine, CA 92612. The company was only just registered to do business on October 15, 2009. – Source

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The BBB reports there is a company called Americor Financial at the same address but that company claims their web site is at Americorfs.com. – Source. The BBB reports the Chief Operating Officer is listed as Robert Guy. – Source

Because of their lack of information on their AmericorFinancial.com site, their claims which you related that I find dubious, apparent lack of experience in this field, and missing relevant information for you to compare options, my opinion is to give them a pass.

Please update me on your progress by Choice1 Choice2 Choice3 Big Hug!
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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.

8 Comments

  • My gross yearly income is $40,000. I’m looking to payoff my cc bills and reduce my total monthly payment to no more than $600. a month. Please contact me only if you are sure you can accommodate my request based on the information I provided above. Thank you. Roger

  • Hi Steve, great article on Americor Financial Debt Solutions. Today, coincidentally, I received an invitation by a Notary Signing Company to become an agent for this company. I went to their website, viewed their discription of the business, and generally came away with no sence of how the business would work. I am a National Notary Association Certified Signing Agent and am always looking for additional work but this offer leaves me cold. First the pay is less than I am willing to work for plus I would have to sign an employment contract with the company. They do offer an online training course for new agents however I feel they are trying to get Notary Publics to do their introduction contacts because of the good and trusted name Notaries have earned over many years. Below is the information I received.
    http://americorfinancial.com/v
    User: afsuser
    Pass: AFSDebtElimination54
    This will show you the vidio on this offer.
    Hope this information helps in your derteminations regarding this company.
    Regards,
    Hiram32PM

  • Hi Steve, great article on Americor Financial Debt Solutions. Today, coincidentally, I received an invitation by a Notary Signing Company to become an agent for this company. I went to their website, viewed their discription of the business, and generally came away with no sence of how the business would work. I am a National Notary Association Certified Signing Agent and am always looking for additional work but this offer leaves me cold. First the pay is less than I am willing to work for plus I would have to sign an employment contract with the company. They do offer an online training course for new agents however I feel they are trying to get Notary Publics to do their introduction contacts because of the good and trusted name Notaries have earned over many years. Below is the information I received.
    http://americorfinancial.com/vinfo/index.htm
    User: afsuser
    Pass: AFSDebtElimination54
    This will show you the vidio on this offer.
    Hope this information helps in your derteminations regarding this company.
    Regards,
    Hiram32PM

  • ANY RECOMMENDATIONS ON A REPUTABLE COMPANY WHO CAN HANDLE DEBT SETTLEMENTS AND DOES THIS PROGRAM ADVERSELY AFFECT MY CREDIT?

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