Fidelity Reserves Corp.

I have not heard anything about the company. Keep in mind that your contract signed with them is going to be an important proof of your program. If there is anything to dispute with them later, you need your contract to be used as a defense. Read the contract carefully and understand the terms and conditions. Everything must be clearly explained in it. After going through it and understanding it, there won't be a problem signing with them.

DO NOT go with that company. It is NOT a debt consolidation company. It is a dept settlement company. I had signed up with them recently and got out of it! They will charge you like $1500 or more, depending on how high your debt, before any money goes to any credit card. You will have crappy, crappy credit because your credit cards will not be paid for so long. Do NOT do it! I have since filed a complaint to the BBB. Be weary.

Elizabeth Adams called me.
I am trying to get in touch
with her. She can e-mail
me at ..

nc.us or call 828 964-****
Thank You,
Montie

email address and phone number removed as per forum rules and your safety - Mike

DO NOT SIGN UP WITH FIDELITY RESERVES! I signed up with them in November of 2006. They are not a debt consolidation comnpany. Rather, this is how it works: you give them your account info, once they have your approval they take money out of you account and put it into another account, whatever you paying them monthly ($ 240.00, for example) about 10% goes to the actual debt, the rest goes to their "fees". Once i cancelled they had tooken out $240.00 from my bank account. The contract states that whatever money you pay them is NOT REFUNDABLE! plus they charge you a cancelation fee of $125.00. If you really want to get out of debt look for organizations that are ***NON-PROFIT***. AGAIN, DO NOT SIGN UP WITH THEM!!!

I would like to take a moment to explain a few things. My career is in finance for many years now. When I found myself in debt over my head I contacted this company.. They were very helpful and I was able to dig myself out of a serious financial hole.

I was given all the information regarding how it works and fees and that sort of information. With 11 years of financial background. It made PERFECT sense to me. I enrolled in the 18 month program, I think there were 12,18,24 and maybe even a 24 month options. My money was held in a FDIC insured account, handled by ..... I think Noteworld.. I will have to get out my contract to verify. .... I had over $38000 in unsecured debt. Over the first several months (5-6) a large portion of my payment went to pay off the fee owed to this company... ***In all the years in my career. I can tell you you few things that may be shocking...The term**NON-PROFIT** does not mean they are not making money.... When you are dealing with a NON-PROFIT agency (which is usually credit counseling) They receive what they term "voluntary donation"...Call a debt settlement company and a credit counseling company both... get what the totals come to in the end and see just how FREE the NON-PROFIT organization is.. Also these NON-PROFIT outfits are paid by the creditors...Which means, WHAT? They are a glorified collection agency. I took the NON-PROFIT credit counseling route years ago..That was a nightmare.. I can go into that another time..
Back to my 18 mo program.. Fees were disbursed over the 1st several months with very little going to my Trust account... But when the time came and they started negotiating with my creditors,it was soooo worth it. I had a credit card that had a balance of $17000+ and they negotiated it for $5200.. That is well more than a 50% savings, I think it is closer to 25-30%.. There obviously were other debts and those have all been completed... I was very happy with what they did for me. I certainly am not one that thinks people should work hard for me and do it for FREE. The Fees were little in comparison to what I saved once it was complete.. The original quote I was given was less than what I actually owed and that was with their fees already included.. When the debts were all negotiated with the creditors... I got a several thousand $$ refund. The money they saved while negotiating with my collectors was MY savings...THIS COMPANY DID NOT KEEP IT AS THEIR PROFIT..They gave it back to me.... Now that was exciting..

Did it affect my credit rating?.. Yes while I was in the program it did...But I was told UP FRONT that it would have a short term effect..The rep I worked with covered the ins and outs, pros and cons from the very beginning....She did not tell me it would be a cake walk. She explained the creditors would call..trying to collect.. The do have a company they work with to help decrease collection calls..I dont'remember what it was called... It was very helpful..

Anyway... I completed my 18 month program...My credit has been updated.. those accounts all show 0 balances.. Some of them show, SETTLED but most updated as PAID AS AGREED. My credit score is back to 764. I just pulled my credit report to see the status now ( I do that every few months) I also just purchased a new house at a 6.25% interest rate...

AGAIN, I understand some may be frightened by it being a while before creditors are paid... I know as I work for a major creditor that they WILL NOT negotiate a debt that is current.. You have to let them go past due and show a hardship. Once my creditors went several months without a payment they were jumping on the bandwagon to take a settlement offer.

I am very happy with the job FIDELITY RESERVES did for me... I think others will be too... I suppose knowing the HOW IT WORKS of finance made it easier for me to make the decision to go with debt settlement... The representive that explained the program to me was extremely thorough...that helped too. I was told from the beginning, 1st phone call, that it was a Debt SETTLEMENT program.

ANOTHER THING YOU SHOULD ALL KNOW IS:::
DEBT SETTLEMENT IS A FORM OF debt consolidation...

DEBT CONSOLIDATION IS AN UMBRELLA THAT COVERS
-DEBT CONSOLIDATION LOANS including Home Equity Loans
-CREDIT COUNSELING SERVICES
-DEBT SETTLEMENT

Point of interest- Credit Counseling reports to your credit report as 3rd party assistance and looks like BANKRUPTCY withOUT an attorney... GOOGLE IT.

GOOD LUCK TO YOU ALL- I WISH YOU THE BEST IN YOUR FINANCES AND YOUR LIFE...

Don????????t have time to go into details right now, but I will later just want to warn everyone that Fidelity Reserves Corp. is a horrible company. DO NOT USE THEM FOR ANYTHING, DON????????T EVEN CALL THEM! I will share my personal story when I have more time but for now be warned!

I would like to hear C.J.'s story. I am considering going with Fidelity Reserves. Can anyone recommend a good debt settlement company?

I checked their rep out with the BBB (better bussiness bureau ) and they have a satisfactory record. I also see they and D & B listed. They are also members of USOBA ( united states organization for bankruptcy alternatives ). That basically means the abide by the standards of the settlement industry. I also work in the finance industry and I have noticed that alot of people who got themselves in debt have inrealistic expectations. There is not a magic wand you can waive that will rid you of debt over night. You have either the option or credit counseling which shows up like a bankruptcy for 7 years. Plus you pay back the full debt plus interest plus fees ( which they like to call donations)for 5-7 years. Or you can do debt settlemnet. Yes settlement company's get their money up front for their fees but what do you expect. They don`t work for free and it involves alot of work. However the ablility to get out of debt in 12-36 months paying back anywhere from 20-75 % of the debt is worth it. Yes you credit does have a tempory adverse effect but who cares. Once you get out of debt you can resetablish credit quickly. Go to wikipedia.org and get the facts on both and you will see settlement is far better.

Fidelity Reserve is not a good company. This is a gamble with hard earned money and you lose twice. Once to the high interest rates and the second to this company that use desperate people to fatten their pockets. You end up broke and deeper in debt because their first goal is how much they will profit from your debt.

I cancelled my account once i heard and read about the hardships this company caused. They never made one phone call on my behalf and refuse to reimburse my funds.

I signed up with Fidelity Reserve in November of 2006 and I am happy with what I have seen from them thus far. Everything that Meghan wrote is correct. I pay Fidelity $344 a month. This goes into an account. And they started to negotiate with my creditors this month. This is exactly what Fidelity told me and I trust them with my money.

Also, anyone checking into a debt settlement program, check with your state. Fidelity called me within this past month to inform me that the state in which I live (WI) just past a bill that said I didn't have to pay any fee to Fidelity Reserve. Thus, everything I send to Fidelity goes towards repaying my debt.

Don't rule this option out completly if you are in a rut financially. This is definitly a better option than bankcrupcy. A bankcrupcy will haunt you for years to come.

Thank you to megan, dave and amanda for your positive feedback on fidelity reserves. I just joined that debt settlement company in february and i am really scared about my creditors calling and that they are a legitiment company...i feel some relief hearing that you all had success with them. And you all are right in saying that there is no quick fix. I have done it all...credit management that took 2 years longer than i was promised, bankruptcy and now this. It is going to be a tight squeeze for the next 18 months to pay all these creditors off, but in the end it will be worth it!! And i plan to remain debt free for life now!!

And each of these people stated correctly how fidelity reserves works. Everything was explained to me upfront and then emailed to me to read and sign. I am also happy to read that their help line is good...it is called ucan...i have not used it yet as my creditors have not started calling, but i am sure this be happening soon.

Each month they debit a payment from my account i tell myself...one month closer to financial freedom...and one less month of credit stupidity!!

Again...thank you for the positive feedback

Bollocks! There are considerably more 'useful' companies than FRC (Cambridge comes to mind), and my personal experience was at the best DISMAL.

YMMV, but to me, FRC could only suck more thru the use of hydralics!

Be warned!

Try listening the Dave Ramsey show, google him. If you get your debts wiped off they will come back later like a bad habit. Dave's show has shown me to live within my wage.

Okay so maybe this is only cuz I am young but they took total advantage of me. FRC hasnt stopped the collection calls yet and they take more money out of my account then they said they would. First they took 210 then a few days later they took another 95 out... they were only supposed to take 210...dont use them I found another place called the attorney network of palm beach it is amazing...u should use them

I work for FRC, and its legit, i could not sleep at night knowing i screw people over... you must understand that this is a BANKRUPTCY ALTERNATIVE... unless you find going past due inevitable, dont join... in that case credit counseling is for you... FRC is in the top 5 of the nation when it comes to debt settlement, you can see proof of this at IAPDA.org under "member links". There is nothing to hide with us... as for the fees being paid up front, we have a structure set up so that your fees are paid over THE FIRST 24 MONTHS OF THE PROGRAM. If you are in need of assistance or just plain advice, fidelity is the place to call... 866-833-0100

ps. UCAN is the primary source to be used to stop collector calls...

MANY GUESTS ARE GIVING COMPLAINTS ABOUT
THIS COMPANY.THANKS PHROGG2 FOR ASK ABOUT
FIDELITY RESERVES CORPORATION
PHONE NUMBER IN WHO CALLED US
IS 18668330100

http://www.whocalled.us/lookup/8668330100

I personally own a debt settlement company and would like to say a few things....

1st of all, any option worth doing is going to have some kind of side effects. I will list pros and cons of each here. I will not name my company so that you can choose who to work with for yourselves.
There are 5 basic options. Pro and Cons listed within.
1. Pay bills as agreed (lets all be honest. If this was an option, you wouldn't be reading this.)
2. Home Equity loan :
a. Pro=you don't hurt your credit much at all with this option, just the initial drop in score for the new loan and maybe a small drop for the inquiry. This will usually rebound within about 6 months.
b. Con=Most people are not able to stop using the credit cards after the consolidation and end up charging the credit cards up again. This often leads to another refinance and if there is not enough equity in the home it often leads to one of the other options.
3. Bankruptcy:
a. Pro=everything is stated upfront and what you see is what you get.
b. Con=the courts decide what you can pay and you have to pay that. You may have to liquidate some assets. You may not think you can afford what the payments are and it may take much longer than you would expect. Bankruptcy is basically a court ordered debt settlement program with a 7-10 year flag on your credit report. This flag could cost you thousands in increased interest rates and it also could keep you from getting certain government jobs.

4. Credit Counseling:
a. Pro=typically a fixed term and payment. Payments are usually less than what you are paying currently and total paid is less than what you would have paid your creditors on your own.
b. Con=There will be a flag on your credit report the entire time you are on the program. Most programs I have seen are 5 and a half years. You will typically pay all of your debts plus roughly 10% interest in addition to the principal amount. Skipping or missing a payment could result in the increase of your interest rate and you may not be notified. If this happens your payment will no longer satisfy your creditors and you will fall behind. Just because they say this will work doesn????????t mean it will. Some creditors may not accept the proposed reduced rates. If your creditors do not accept the proposal you may have issues getting out of debt. If everything works perfectly you will still pay hundreds or even thousands more than you owed when you signed up. You normally cannot keep any cards for emergency purposes.

5. Debt Settlement:
a. Pro=typically you will pay the same payment for a 36 month program with debt settlement as a 66 month program with credit counseling. These programs can be 12-48 months long based only on your ability to pay. You will typically pay less than what you owe (sometimes thousands less). No 3rd party credit reporting. You don????????t have to include all accounts. If your situation changes, so can your program. Most companies can be flexible to your situation.
b. Cons=While you are on the program the debts will show as behind and will most likely charge off. There is the chance that a company may sue you; however, any reputable company will either settle the debt or offer advice prior to that happening. Your credit score will be damaged while on the program and will need to be rebuilt after the program. No company can stop all the collection calls. If they say they can be wary. Terms may vary based on settlement outcomes.

Basically what it comes down to is the less you are worried about your credit score, the more money you will save. The more you want to save your credit score the more you will pay. If you want to pick a solution, just pick one that you can live with. I would also recommend looking up the company you are thinking of working with on the BBB. Some important things to note are years in business. If a company has been in business for 6 months, ask questions.
You may also try these non biased companies to help you choose which of these is right for you.
Link deleted as per forum rules - Mike

I am currently using their program and am extremely frustrated! On paper the program sounds and looks great, however, that is not the case. You pay an extremely large fee (depending on how much debt you have) It takes an extremely long time to build up your funds to use and in the meantime your creditors become more aggressive. I received a summons for court from one of my creditor and was told they will try to work with them and keep it out of court. Since that didn't sound very promising I ended up paying the amount in full and court costs. I just felt like I was throwing away money and nothing was becoming of it. Be sure to weigh all your options before signing up. Other programs are available, so make sure you do your "homework" and research everything!

August will be one year since my husband and I joined Fedilty Reserve. And they have not paid one dime to any of our creditors. We don't know what to do. Do we pull out? How do we get ahold of all our creditors now and try to work something out, considering that they have ALL been turned over to collection agency's or LAWYERS>>>>>>>>>>>> any help please feel free to help!!!

can someone please tell me what is a good debt consolidation company? im 24 and im in debt $15,000

Fidelity Reserves (FR) preys on desperate people. I was one of them. In six months time, I had paid FR over $3,000, 2 of my creditors had given my accounts to debt collection law firms, the other 3 were about to. I just barely saved myself from getting a judgement filed against me which would have possibly resulted in getting my wages garnished or a lien against my house. The end result so far is that I am $2,000 to $3.000 further in debt and out over $3,000 to FR. The only thing they did was send me a copy of a letter to the debt collector that was about to sue and which the debt collector never received. Sign up at your own risk but expect to end up in a worse financial condition and possibly with a legal judgement against you.

I just joined fidelity reserves and I am so scared that all that they say there going to do is going to end up all that they will try to do. What if my creditors are not going to go for it. And what about all those others saying that they got taken to court. I barely have enough to pay for this program. I could care less about my credit getting a few bad marks on it. But do the benifits out weight the amount of money spent and hardships that the program will definenty bring to one that is already knee deep in debt. Any advice will help.

i am trying to get ahold of a rep in the office but am not having much luck all i need is your fax number if you could please get that to me that would be wonderful thanks!
~Stefanie

For all those that have posted here atesting the goodness of FRC, please give more reason why one should sign-up with them, because for the past 5 days ihave been trying to contact them, they never called back despite promising they would. is this gonna be risky proposition on my part to gamble the small money I have left?

Urgent help needed. Thanks folks.

Please read the fine print with a dictionary and a thesaurus in hand. I signed up, I never should have, I was not late in my payments, I just wanted my accounts closed, accruing no more interest and fees. When I finally realized I made a mistake I was SUED by one of my creditors within 6 months, had no choice but to set up a payment schedule with them had I called the credit card company or answered their phone calls it definitely would have been less and I would not of been sued. The second company, I answered their call and was able to arrange a settlement, less than I owed. Fidelity Reserves Corporation did give me a credit after I complained; however I lost more money by signing with them. My advice, go directly to your creditor, some don't even work with Fidelity Reserves Corporation.

I joined FRC in April 2007. As a single parent struggling to stay afloat, I had no choice it was Bankruptcy Alternative or Chapter 13. It made more sense to me to have my credit affected now while my children are young and not have the 7 year bankruptcy haunt me when I'm trying to send my children off to college. I don't know where all this negative feedback is coming from. They were very upfront with me about fees, creditor calls, the amount of time it would take to negotiate and notices from third party agencies. Everyone who does a job should be paid and thats what their fees are to me, payment for job they are doing. In just 5 months FRC settled one of my accounts for less than 50% of the amount I owed. We still have a long way to go but in 24 months I will be debt free and will be able to re establish my credit and build a brighter future for me and my children.

I am currently with Fidelity Reserves and so far they have been a great company. Everything was explained to me upfront and all I have to do is call them with any questions that I have. And for the poster that said that he canceled and they didn't return his money... they state that you will not get your money back if you cancel in their contract that you sign with them. I would recommend them to anyone! They will help you, their is no pressure to commit with them until you are ready. The company they use to help CONTROL the debt collectors is called UCAN and they advise you to not stop all the calls because if you make them stop calling then they will probably try and sue you. They help to keep them within federal laws when they call you. If you have question call them.

Who else do you contact or trust when you are hurting so hard for money. I am robbing peter to pay paul and I am not coming ahead. one place told me to see an attorney...I think this Fidelity reserve sound good...scary but good.

[color=Red][/color] :cry: I signed on with Fidelity Reserve Corp.last year. It was my understanding that they would settle my debts. I asked what their fee was. I was told, "twenty-two dollars per month." Instead, they deducted 795.00 per month from my checking account. The first 4,000.00 of payments went to Fidelity Reserve Corp., and none went on my credit card bills. They advised me to ignore my creditors. That only made things worse. Do not sign up with ANY "debt settlement" company. Try a "Debt Counselor." I lost over three thousand dollars - which could have been used to pay down my debt - but instead went to pay Fidelity Reserve Corp. Hope this helps.

Ok People. Here it is: First of all debt settlement does not stop any phone calls period. Second of all, if you paid your bills you would not have this problem and three get thick skin and deal with you pathetic life

I have been in the FRC for little over a year now...and they have settled 7 of my cards.......you can call them whenever you need...and you can go to noteworld and see what you have in your acct. how much more you owe FRC....who they have settled with and how much. I have not had any problem at all with them. What people do not realize is you have to let your cards go, and not make any payments on them, or they will not settle. so the first 6 months you will not get any of your cards paid on. Some of the money goes in an acct and some goes to pay them. Nothing is free, maybe there are cheaper places. FRC takes a percentage of what you owe. But I don't know if you will find a more helpful bunch of people. I let my answering machine pick up the calls. It is a nuiscance at times. But will be worth it in the end. I guess it depends on how bad you want out of debt to put up with the calls. :lol: JMO

Another Scam!!! :evil:

We have been given a court date to settle an account. I would like to have it taken care of prior to this. Help me please.

I am currently in the Fidelity Reserves debt settlement program and am FULLY AWARE of the difference between this company and debt consolidation programs. You pay a monthly agreed rate to an outside account and when there is enough money in that account Fidelity approaches your creditors with an offer to settle for a bulk amount substantially less than the delinquent amount. This may take 2 years and yes your credit is definitely affected but once the settlement (s) is/are made, your credit report will reflect the balance(s) were paid off.

We have been on this program for awhile. Yes, all of the bad stuff is true, but so is the debt problems... Anyway, we are very pleased that we have had them take care of all of our old debt. Yes, it costs and takes a while, but I haven't been nagged with calls or had to pay out tons more per month than without them, so for us, it has been a good deal!

I signed up with this company a couple of years ago and was completely dissatisfied with what they had to offer. After a divorce, I was up to my eyeballs in debt and they agreed to lower my monthly payments and help me get this debt paid off in a few years. When I spoke to someone on the phone, they didn't communicate to me the fact that you are basically avoiding your debtors until they are paid off. They also didn't communicate that there were fees associated with the payments that I was sending. When I recieved my package in the mail, I called and requested cancellation since they didn't review their policies accuratly. They told me that I couldn't cancel after 3 days without paying the cancellation fee. When I requested cancellation, they told me that they would happily cancel my account and when I got my confirmation of cancellation, they took most the money they had withdrawn from my account for fees. I disputed the charge with my back and received the full portion back. This is a bad company to work with... you would be better off filing bankrupcy since their practices will kill your credit anyway.

solicitation removed ---mobile

I would have said they were great up until yesterday. My deal with them was to pay a set amount for 36 months. After 37 months I contacted them to see what I still owed and they said I still have approx. 2 years of payments to make, and that the original amount was just an estimate. I understand estimates but to double the time is rediculous.. I told them I took a pay cut at work and can't afford the original amount any more and they told me that's too bad... My next move is to contact some legal advise but that will cost even more $$$

I used Fidelity Reserves when I got over my head in debt. They were a godsend! Every single person that I dealt with at this company was more than helpful and they ALWAYS did what they said they were going to do, when they promised to do it.
Yes, the debt collection calls were a nightmare and UCAN certainly helped with that. But as for Fidelity, I thank them from the bottom of my heart for all the hard work and patience they provided for me. Would I use them again? ABSOLUTELY, in fact I have referred many others to them who have had the same result....what a relief!

Newly divorced and deep in credit card debt, I too, signed up for the FR Corp program in 2005. Fairly ignorant to their scam, I listened to the lady on the phone who told me the payment terms and assured me that my debts would be paid in 3 years. She told me that I had 3 days to review and cancel and told me they would work with my credit card companies to settle the debt. I received the package 5 days later and after seeing that I was basically ignoring my credit card bills and paying FR Corp instead, I called FR Corp and asked to cancel. The lady I spoke with told me that I could cancel but there was a $125 fee. I told her that I was told I had three days, but this time frame is based on the date of the call. She told me to try it out for a few months and if I still wanted to cancel, I could cancel and they would just take the cancellation fee out of the money I had paid. The harassment calls from my creditors began immediately and when I told them what I was doing, they laughed telling me that I would be taken to the cleaners and that I would be taken to court by the creditor before FR Corp paid them a dime. The creditor harassment became so great that I couldn???t take it anymore. I went to an attorney and was given no choice but to file bankruptcy from the difficulty in making the payments and the added stress of the phone calls.When I called FR Corp to cancel and get my refund, the gentleman happily agreed to cancel my account and refund the money I paid minus the cancellation fee. I received a notice from FR Corp telling me that my refund would be $42. I had paid over $900. When I called, I was told the additional money went to fees. Fees that were not included in any of the information that they mailed to me. I went to my bank and disputed the charges to my checking account with the information packet in hand and the reimbursed me the full amount. I also filed a claim with the Secretary of State.You have a better chance of saving money and negotiating with your credit card companies than dealing with a company like this.

I am a former customer of Fidelity Reserves and I HIGHLY recommend this company! Just like you, I was very paranoid. My gullible side is the reason I was in such debt to begin with! So, I was afraid I was being "suckered" again at first. Let me tell you, this company saved my life! They are there with you every step of the way. They got me completely out of a $16,000 debt in a little under 4 years. I always had help from customer service when I needed it. They are excellent and live up to everything they promise. I was EXTREMELY satisfied. In fact, the only reason I'm answering you now is because I got on their website trying to find their number to give to my aunt. I would recommend them to anyone.

Iworked for frc and I wudnt trust them with my money. In 07 the company was owned by a 20 yr old punk. All the good reviews u read online are by employees not actual customers. Dont go with this company.

fidelity also owned PDL assistance which took $ from you to pay off payday loans.what was not said was they also took a $49 a month fee and $400 up front and then the bank that they use took $89 a month fee.basically, everything you put in,they took.since march 2012,they are out of bussiness. Yet, fidelity is still in bussiness.do the math:confused: