An amazing reader, Shawn, sent in a new debt relief mailer through my I Buy Junk Mail program.
He received a mailer from Crestmont Funding for a debt consolidation loan. Shawn wanted to point out the BBB logo was prominently displayed.
According to the BBB and the State of North Dakota, the company address is 3949 Highway 8 STE 109, New Town, ND 58763-9563.
However the State of North Carolina says the company owner is actually MEC Distribution, LLC, and Clarence O’Berry. The mailer received by Shawn is signed by Phillip Fox. Both names were associated with this previous mailer reviewed from Bicoastal Funding.
The States says MEC Distribution is located at 312 Main Street, Suite 300, New Town, ND. – Source
Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.
That’s the same address that appeared in Sovereign Funding Sends Tribal Debt Consolidation Mailer to Consumers.
As far as the mailer goes, it looks pretty standard. According to the back of the mailer the target of the mailing was generated by credit bureau mailing lists.
I would recommend that anyone considering using such a company should 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
It never hurts to be extra careful before giving up too much personal information.
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This offer was able to be reviewed because a kind reader sent it in via my I Buy Junk Mail program.
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Want to See More Mailers?
Want to see more mailers I’ve reviewed as part of this program? Click Here.
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I called and spoke with them about consolidating my debt. He was a very friendly and informative representative, but he wasn’t from Crestmont. I think they use brokers to do the legwork and Crestmont does the funding. My debt is around 50,000 and my payments would be around $750/month, 0% interest, and paying everything off in 4 years. Sounds like a good deal to me. I’ll be making a decision today.
So did you use this company?
I received the same mailer though the amount is different.. I’m only good enough for $45,500. The phone number is also different: 800-621-8092. It is “signed” by the same Phillip Fox.
I just received one of their letters. They claim that a monthly payment would be only $245 on a $55,500 loan at 3.75%. What they don’t tell you is a monthly payment of $245 on that size loan would take 33 years to pay off.
Well, that’s kind of logical isn’t it? !2 months would be about $3,000.00 Did you think that the offer was to settle your debts for a smaller amount and pay them off? I received one of their mailings, it does sound interesting, did you use them?
I received the same letter today….I have been searching for quite a while now for a way to avoid bankruptcy but i’m coming up short. We have good credit still but it is starting to slip simply due to our high revolving balances. Sadly, the majority of of our debt is medical that had to be put on credit cards (at the time 0% ones) – we couldn’t afford the minimum payments from the hospital. We are at the point where we are being told to just file bankruptcy. Is it ever a good idea? Our debt is about 40k – all credit…I do have a 12k student loan as well but I know that is mine either way. I feel like this debt it mine and I should find a way to pay it but I am miserable. We have four children and I am now unable to work with my health issues/ages of my kids. We own our home, drive junky cars, and I have put every dime we could toward paying these off – even every tax return goes straight back on the cards – but here we still are! I am not sure who to even talk to – feeling lost. 🙁
Use my get out of debt calculator. https://getoutofdebt.org/31365/introducing-the-amazing-how-to-get-out-of-debt-calculator
No need to avoid bankruptcy.
So essentially if we can’t afford the minimum payment for the various programs you list – bankruptcy is our only option?
You should meet with a local bankruptcy attorney and discuss what bankruptcy would mean for you. See https://getoutofdebt.org/48847/so-you-are-going-to-file-bankruptcy-thats-good-news-congratulations
Ultimately the decision about what option you select to deal with your debt has to be deduced from your individual situation and the goals you would like to achieve. There is no blanket solution that is applicable for everyone.
You have to evaluate all the options to figure out which one is right for your specific situation.
Thanks for your reply…this is an option I have been avoiding for a while now – I am embarrassed even though much of our debt has been unavoidable. I’m 31 and I feel like a total failure. My husband and I both have a 4yr degree and he is employed making about 55-60k/yr…I feel like I should be contributing but have found that I am just dragging us down with my health. I do take care of our children and do my best to stay positive but this is really weighing on me. We have no real assets so sadly bankruptcy makes the most sense – it is just so hard to swallow. Thanks again and God bless!
Hello Krew,
Bankruptcy sounds like an option to explore as Steve said, but looking at the monthly payments alone on a calculator is not the only factor to consider. If you would like someone to look at your situation and give you some feedback, you can request a consult through my site. Just click on my name and you should see a link.
i received this but don’t qualify but they want to have my interest rates lowered to 0% for either 36 or 48 months, they deal with your local lawyers and you pay one fee . it’s not a principle reduction or debt reduction, it’s an interest rate reduction. I’m considering it because i don’t want to declare bankruptcy and i don’t know what else to do. i would be paying a lot less monthly , does anyone know anything at all about this company or if they have used them.
Terry, how are they proposing to get your rates to 0%. Sounds more like a debt settlement offer that isn’t properly being explained to you.
Thanks for the information. I did do some research. They are somehow affiliated with Strategic Management Services, LLC. I Googled their information and seems as if they are legit. I even went to the NY Corporate Business directory and they are registered as a LLC with the State (they are located in NYC).
How are they affiliated?
I see you replied how are they affiliated to Jen’s message that sys Crestmont funding is Legit. My question is are they legit or not? I have read a lot of information on your page but I do not see anything outright that says this company is a scam. my biggest concern is identity theft. I also received a mailer from Greenlink Financial but when I searched them on your site ther were no findings are you familiar with them and are they legit?