“Dear Steve,
I have 4 credit cards. Over the years, I have managed to get myself into about $45,000 of debit. Most of it was accumulated trying to help my widowed mother make ends meet on a fixed Social Security income (including covering items that her health insurance would not for her many health issues).
I filled out an online form for lowermybills.com and they referred me to Rescue One Financial (a debt relief program). I spoke with one of their representatives who took down my information and came up with a plan.
My current minimum payments for all 4 cards are $1,000-1,100 with an average interest rate of 22% for a period of 30+ years. They estimate a monthly payment of about $774 per month for a period of 4 years to completely be debt-free through their program. I have not signed anything yet.
How do you know if the company you are dealing with is on the up and up and if they are getting you the best debt reduction deal?
Kathy”
Dear Kathy,
Well the first thing I did was wander on over to the website of RescueOne Financial and see what they have to offer. It appears to be a debt settlement approach. The “actual results” section of the site is geared towards all settlements. – Source
I then picked one creditor and clicked on it, Citibank. What struck me was that it appeared most of the sample settlements, dating back to 2009, were actually offers proactively sent out by creditors and not correspondence confirming a settlement negotiated by RescueOne Financial.
I blocked out those that did not appear to be negotiated offers and you can see the results below.
Here is an example of the type of offer I blocked out.
A “we noticed” letter from the creditor to the cardholder is certainly a whole lot different than a letter that says “RescueOne Financial has contacted us and negotiated the following settlement on your behalf.” or something like that.
This just makes me wonder about some of the claims that are made and if the site actually represents the results of the average client that enrolls. It certainly gives the impression that big settlements are available but it does not factor in the cost of the service or the experience of the average consumer that enrolled. The FTC provides guidance on how these claims should be made and supported, click here.
I invite any reader to visit the RescueOne Financial site and come back and post a review in the comments section. Let me know what you think.
I would suggest that before you do anything that you examine your other options first. They may be much more affordable and get you out of debt faster.
If you can afford the minimum payments but would like to get your interest rates significantly reduced and get out of debt in five years than a credit counseling program would be an appropriate consideration.
If you are struggling to make your minimum payments and you want or need to start over quickly then bankruptcy is something to look at first. In fact I think you should meet with a local bankruptcy attorney before you do anything. It’s better to be well informed than it is to make the wrong move and regret it.
You can click here to find a local bankruptcy attorney and if you’d like a second opinion about your situation or a personal consultation by another debt coach, please feel free to contact
You asked how do you know if the company is basically doing the best they can for you. It’s a bit like trying to figure out if the dentist down the street is the doing the best for you. You either get feedback by word of mouth, use the services yourself, or get a second opinion.
Please post your responses and follow-up messages to me on this in the comments section below.
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He just said, “Baby, I don’t want to go a whole week until seeing you”, since he was nice I was giving him a chance, BECAUSE HE IS UGLY(INSIDE NOW-I KNOW THE REAL HIM-A LIER)- I was never physically attracted, he just treated me SO GOOD IN THE BEGINNING-THE GOT CRITCIAL AND ABUSIVE-WHEN I AM A BEAUTIFUL PERSON OUTSIDE AND IN-EVERYONE LOVES ME. You might think I sound crazy now and yes I am mad(that he tried to sleep with me and your friend at the same time-AND WAS NOT HONEST AT ALL!!!!-
If he just wanted to date your girlfriend it was WAY OK WITH ME-BUT HE LIED AND STILL ASKED ME TO HAVE SEX-I said ‘get out I have to do my taxes, loser!”
–All this while he stilled OWES ME MONEY, AND HAS MY ROOMMATES SHIRTS- I got the books back, had to force him-but he ne
Thank you all. I almost called them thinking consolidating my credit cards would help immensely. I now will not waste my time. Thanks again!
Hi Steve, I wanted to comment on your settlement letter comment. Not all settlement letters that are negotiated by a 3rd party are addressed to the 3rd party. In fact, it is some creditors policy to only address the client on a settlement letter and once negotiated, mail the letter to the client directly. I am not saying some letters are directed specifically to the consumer however my point being that just simply looking at the format of the letter and who it is addressed to is not always am indication of who negotiated the actual settlement.
I agree that happens, but what also happens is that consumers receive settlement offers automatically without any intervention. This is evidenced by the “we noticed” letter.
I would highly recommend Dave Ramsey’s book, the Total Money Makeover. He has saved thousands of people from filing bankruptcy, and in addition got them back on the path to success for the future as well. It’s not a “quick fix”, but will greatly benefit you in the long run. Take care.
The ONlY people that should EVER consider a Debt Settlement Program are those that are already behind, cannot catch up and do not have assets that can be liquidated to satisfy the debts. If you do not fall into those scenarios and you join a DSP, you can be almost certain that you will be sued, have leins placed against you and/or your property and would face possible wage garnishment. If High interest is the problem, call creditors first and try to negotiate a lower rate. If that doesnt work, call an accredited Consumer Credit Counseling Program as suggested in the original response. I have been in the Debt Settlement Business for over 5 years and can tell you first hand that most “sales pitches” are geared towards getting thw DS Program paperwork signed whether its the best option for the customer or not. Educate yourself and good luck. I wish you sucess in which ever option is best for YOU.
This company uses bait & switch tactics. It sends out ‘pre-screened’ for a loan to get your attention. Once you’ve applied, they run your credit and then inform you that you don’t qualify and instead you ‘automatically qualify for their debt reduction program’. They then advise you to miss payments to creditors in order to apply for this program so that they can intervene as a 3rd party to negotiate a settlement. If you’re already behind on payments, it may work to your benefit. If you’re not interested in unethical fraud practice, this may not be for you.
Thank you for your advice ….they also put me in there dept reduction program, pay only 1 credit card with 6 payments and pay nothing on those other ones …make a payment from 457.00 a month on credit revue…for the next 90 days ….I don’t think I will do it …will talk with my bank first too what can be done
It seems like I have had a large number of consumers calling and emailing me lately about the tactics of Rescue One. All saying the same thing. Offered a loan, but then switched to a debt settlement program.
Another common complaint seems to be that the sales people are vague about the actual fees of the program and say 5 or 6 percent a year, rather than just saying 21% to 25% of your debt, (or whatever it actually is).
I have also noticed that most of the sales pitches push 3 and 4 year settlement programs. Not a good thing for consumers in my opinion.
Received a call last week….pitching a loan & then switching into debt settlement..I had a major reduction in my salary..and the guy was very aggressive from Rescue One Financial. I told him no interest in Debt settlement..the debt amount is not a huge amt over $15000 but I have other options…savings etc..I asked same question about the cost..he said ..same thing …and encouraged to take the long road ..3 or 4 years..my credit would only be mildly effected…no thanks I told now..
FYI: the letter does NOT say “Pre-screened” or “Pre-approved”; it says “Pre-SELECTED”, which is very different.
you are obviously working for the company…bait and switch…no underwriting dept…look at all the comments..moron..
umm Steve, at least inform the guy you’re assuming and guessing here. Before I discuss, I am NOT recomending this company. I know nothing about them… BUT,
–> “RescueOne Financial has contacted us and negotiated the following settlement on your behalf.” or something like that.
CIti Bank, AMEX, Chase, Sometimes Discover… These creditors mainly will NOT ever, ever send out a letter that says “Care of ABC Debt Settlement.” They do not indicate anything on the letter that a third party was involved. This is not unusual.
I always read these posts late night not much time to elaborate, but my main point is
1) Yes these appear like offers the creditor has sent. However, you would want someone with experience to advise on whether to take the offer based on your entire situation (State, maybe county, other creditors, delinquency status, etc).
2) Normally original creditors will not address a debt negotiation company. If we were talking about collectors, different story. It will likely say ATTN: Abc DSC John Smith Negotiator.
….awaiting witty response…
I’m happy to respond.
I’m not assuming. The corespondence above is generated from the creditor directly to the consumer. I backed up that statement with the letter they displayed.
I don’t disagree that someone with experience in the field can offer consumers additional information they might not otherwise have about current creditor performance.
Other letters I blocked out were addressed to the company so they get them and those serve as direct evidence of their participation.
I think you and I both know that consumers who do not work with any settlement company and fit the creditor algorithim receive those letters also.
Since there is no proof the actions of the company led to the settlement offers received by the consumer directly from the creditor and/or at the very least I feel the company should not claim credit for those letters since their participation can’t be evidenced.
I’ve attached a screenshot from today that shows more have been added.
After reviewing my original answer I still stand behind it.
Do you know anything about Rescue One Financial?