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 Posted: Mon Oct 13, 2008 12:38 pm Subject: Four Peaks Financial Services - Debt Settlement |
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Has anyone heard of Four Peaks Financial Services in Arizona? I am debating doing debt settlement with them. They want about $800 up front to cover fees associated with setting up my account, $20 a month to keep the bank account that they will use and 20% on any savings they get me? Sounds like a lot of fees but I guess it's better than paying all the debt right?
Please help. I am trying to avoid bankruptcy and this looks like my last option.
If you know of another reputable debt settlement company please let me know.
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jamie8224
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| Posted: Mon Oct 13, 2008 12:48 pm Subject: |
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Why not settle the accounts on your own and save on all those ridiculous fees?
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jedi
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| Posted: Mon Oct 13, 2008 12:53 pm Subject: |
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Four Peaks Financial Services in Arizona is a member of the BBB. They have agreed to use special procedures including arbitration and informal dispute resolution if necessary to resolve complaints.
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mobile0311
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| Posted: Mon Oct 13, 2008 12:57 pm Subject: |
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Just something I came across while I goggled four peaks/ BBB rating is great, but I never place any weight on BBB rating..... Read on:
| Quote: | Boy was I stupid! At least I admit it! I only had 2 credit cards, Capital One and Citibank - both were paid on time - never one late payment. I was researching the internet to consolidate my bills and save some money in the end - WRONG decision.
I contacted Four Peaks Financial Services. Very polite, helpful, so I thought, and it all sounded like a breeze. Once I was signed up, I thought, wow, that was not so bad. Well, in no time collectors were calling non stop. I thought, how could this be? They take a monthly payment out of my account, and should be contacting my creditors and slowly making progress to a settlement.
WRONG - no communication. Only, don't worry about the debts, collectors, nothing will happen. You are OK with us- wrong again. Month after month, I was receiving non stop calls, letters, etc. Finally, after a year, nothing was settled and I received a letter from an attorney - now my Capital One was in litigation and I was going to be sued soon!!! Talk about scared.
I immediately canceled with Four Peaks, and literally, have worked on my own to settle the balance due on the account - which in the end has cost me just over $2,000.00 from the initial balance of only being $5,000.
Piece of advice, contact the credit card company first, work out a payment plan. Do not fall for any debt management scam - it will cost big bucks to get out of debt and in the long run you pay the company for absolutely nothing, only sleepless nights and constant worry that you are going to be sued - and I know for a fact now, that credit card companies do not play. Be safe - do not use Four Peaks Financial Services.
Patricia
Palm Beach Gardens, Florida
U.S.A. |
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jedi
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| Posted: Mon Oct 13, 2008 3:18 pm Subject: how? |
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How would I go about settling the debts on my own? Is there a step-by-step way to do it so they can't come after me later on and so I can get it off my credit report once they are paid.
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| Posted: Mon Oct 13, 2008 3:48 pm Subject: settling on your own |
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Settling on your own is fairly easy. You just need to figure out the threshold of how low you can get each creditor. W/ the state of economy, just about everyone is settling nowdays. Pay heed though to cash call type loans - once in a blue moon they will settle. Get ready though for litigation threats and a flurry of collection calls to your work and home. Personally I would go through a company. These people do this type of work on a daily basis.
With regards to Four Peaks I have heard of them and have heard nothing bad. $800 up front sounds a little step however. Check out also RAM Financial Services when you get a chance - they're in Phoenix also and from what I hear a good and fair company. As far as BBB rating, I wouldn't put too much weight on credentials - all it takes is an annual fee to join.
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nico
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| Posted: Mon Oct 13, 2008 4:07 pm Subject: |
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I agree with most of what nico says except what he said of the BBB. Its not quite that easy to become a member of the BBB by just pay some dues.The BBB in general is not that big of a fan of the debt settlement industry . Which is rightfully so since there are a lot of bad settlement companies that there. Typically for a debt settlement company to become a member of the BBB it must have a good track record for 1-2 years at least and must not have a pattern of complaints.
_________________
Scammed ? File complaints at these links
FBI
FTC
State Attorney Generals
www.bbb.org
Losing doesn't make me want to quit. It makes me want to fight that much harder. - Paul "Bear" Bryant
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mobile0311
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| Posted: Thu Oct 16, 2008 11:52 am Subject: 4 peaks |
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I have been with them for about 11 months, and they have already settled with 2 of my creditors, as far as the negative response, the woman that I am working with at 4 peaks sent me a copy of the rebuttal on that negative comment. I am very pleased with their service
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Louise
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| Posted: Sat Oct 18, 2008 10:02 pm Subject: |
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how come with sending them money each month, in almost one year they've only settled two accounts? were they really large settlements?
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