debt consolidation - Whitestar Financial Services

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I was contacted by Whitestar Financial Services for debt consolidation. Are they legit?

The best way to know it is by putting their name at the search box of the Better Business Bureau site. If they're a member of BBB and have with fair track record, you may consider doing a business with them.

You need to be pretty careful while shopping for the counselling farm. Debt counsellign is quite a flourishing business and there are many farms doing scams. And they, instead of improving your financial situation will damage it further.

Just hang tight. The other members will shortly be around with more information.

I can`t find any info on Whitestar Financial Services on the BBB. Also they are not members of TASC or USOBA. Plus they have a phony Dun and Bradstreet logo on their site that isn`t real. LOOKS VERY SHADY

If you are shopping for some reputable settlement companys that have excellent reputations here are a few names I will throw out here to help you on your search.
#1 Superior debt relief
#2 New Beginnings debt settlement LLC
#3 Century Negotiations

These are just a few with great reputations that I know won`t rip you off. Remember we offer free counseling so take advantage of it. 800-601-1579 :D

To check our credentials please visit the following websites:

We are registered with Dun & Bradstreet dnb.com

Visit the Florida Department of State Division of Corporation at sunbiz.org

Visit bbb.org Company name: Whitestar Financial LLC

Go to Dun and Bradstreets main website and look at the logo.

Now go to Whitestarfinancialservices website, and look at the
D&B logo on this website. It????s exactly identical to the D&B logo.(i.e. not phoney) shown on the D&B main page.

Thanks, and have a great weekend!

My 67 year old mother was sold into the debt consolidation services provided by white star financials, LLC. They told her that all her debt including a current 50K home equity line of credit would be paid off in 4 years. First they took 5.5% and charged it to her credit card ($3,800) and then where going take $260 a month for the next 3 years. This service costs her 15.5% of her debt. I'm written about the ethics of this company. My mom did not understand what she was getting into (due to the sales tatics and ethics of the sales person) as well as her trusting and lack of a financial IQ. She has over 400K in liquid investments which she could of used to pay off the 70K in debt. If they were really trying to help people they would excel to understand the full financial picture of an individual rather than just cold calling the elderly and making everything seem so easy and sound like a great deal. I sure hope that more law suites are brought forward about the tatics, ethics and services of white star. Their should also be government regulation over these companies. Please use my experience to get the word out that white star financials, LLC are not ethical and stole $3,800 from a senior citizen. I plan to write to the attorney general and will write to the BBB.

They call me up out of the blue.. and try to work out debt consolidation plan.

I tell the guy (Stuart Rubens) that I am interested, and I give him all my information. He then informs me that he can't do one of my cards because I bank with the same card (wells fargo)..so I need to close my account w/ them.

I tell him I need time to think about that because my mortgage is tied to wells fargo, and if I close my account they will increase my mortgage interest rate by 1% pt. Yes, I could keep $1 in the account then just deposit when I need to pay my mortgage but I at least wanted some time to think about my options.

Stuart wasn't having any of that.

He basically called me an idiot for not taking advantage of his offer, and that it needed to be done NOW or there's nothing he could do for me, and that he was basically giving me $15,000.

I then just hung up the phone.

Maybe it was just this Stuart guy who was an ass, but if thats how they do business.. then I don't want any part of it.

Also the email he sent me was from Peter Kirschner
(peterk@whitestarfinancialservices.com).. which also seems kind of shady. Why wouldn't Stu have his own email address?

Just my experience with these guys...

this is a great company if you are halfway inteligent, they can take your total amount of unsecured debt (meaning no home equities so that client that wrote is not telling the truth and is a third party in the situation by the way). i worked with them and although i was not happy about having to pay a third of the fees upfront before i saw any results, it was worth the risk, they have already settled out two of my creditors, one for 28 cents on the dollar and another for 33 cents on the dollar! i only have two left and would AND have referred people to them! thank you whitestar (although i think you should revise how you collect your fees i am extremely happy to be almost debt free!)

Did you all know that for a Debt Settlement company to charge up front fees is Illegal!!!! yes its true, just look at this. its an article about Whilelight Financials sister United Debt Solutions company, now being sued and under investigation by the FL Attorney General for doing the same things as whitelight. Illegal upfront fees, no contracts signed before they start charging you..etc...
tampabay.bizjournals.com/tampabay/stories/2008/10/13/daily26.html
really a good read, caint wait to see what happens to Whitelight after all this. especially since there web site is fake, with all the fake BBB and USBOA logos on it...

I would hope that someone would validate if this is illegal or not because i am seeing alot of people post around here about settlement companies charging these outragious fees upfront. The company i used did not do this, but im wondering if this is something that should be added to my top 10 list of things to look for in a settlement company. Is this illegal?

I have been dealing with whitestar financial in boca raton florida for several months now. they say they are a christian debt settlement agency. I have talked to some law firms that say they are not legal. they promise to have contact with my creditors and they do not. They e-mail me paper work and tell me to send it to the creditors,using certified mail, return receipt requested. Every time I do this, it cost me over $5.00 per letter. It seems to have done nothing for me. Their letters are not profession either. They have poor English and misspelled words and it looks very suspicious to me. They all sound very nice, but they are charging me one third of the money that I owe to my creditors. Can you give me any info on this company. Need help.

thanks

I work for Whitestar as a salesman and account manager.

A. We have never posted "phony" logos on our website, and we are and have been members of USOBA, Dunn & Bradstreet and the BBB. By the way, we have recently upgraded to being an accredited member of the BBB and also now have an A- rating. Those are fairly strong credentials for any business but are especially so in this industry. The BBB is really the best tool to use for investigating companies' credentials. One thing to remember about industry advocacy groups in any industry is that they are essentially numbers of companies that have banded together for the purposes of marketing themselves. There's nothing wrong with that, but there is no independent accountability. I don't believe one should rely heavily on membership in TASC, or USOBA for that matter, for credentials. Use the BBB.

B. As someone here has already pointed out, there is no way anyone working for Whitestar would put a home equity ANYTHING into our program. That is secured debt and is not eligible for negotiation. Wouldn't happen, and it wouldn't get past compliance even if one of the salesmen did slip up and try to enroll it. Thus, I am somewhat suspicious of that person's post.

C. I am also not aware of anyone at Whitestar claiming to be a Christian debt settlement company, but I do know we have an affiliate that does. I am not aware that there is anything illegal about that. I also am skeptical again of the posts that "lawyers" said it is illegal. What lawyers, representing whose interests? Their own? Are "lawyers" known to be the dispensers of unfettered gospel in our society? LOL! Show me some documentation.

D. It is not generally illegal to charge up front fees in this industry, but some states elect to restrict businesses that do. Most debt settlement companies try to charge a large percentage of their fees up front. I personally can tell you that I often structure deals with my clients where the down payment (up front fee) is reduced to one or two monthly payments that match what the ongoing payments will be.

E. We recommend that our clients use certified mail in alerting their creditors to the fact that they are closing accounts, requesting contact only in writing, in some cases issuing cease and desist requests, and are now working with Whitestar. As we tell our prospects and clients, they have to work with us to attain the ultimate goal of reducing contacts and harassment by creditors and collectors, and there are no guarantees. Our approach is based on what is legal and effective and what will, in our opinion, lead to successful settlement with the least amount of hassle.

F. Anyone who feels they have not gotten the service promised to them, please feel free to contact us, including manager Alan Lipsky.

I worked for another company in the area here and moved to Whitestar for the very reason that I am given the ability to be flexible with fees, and I decided they had more integrity and provided better service. I still feel that way.

Again, somewhat skeptical and suspicious of the negative posts here, as they are full of unsupported claims and in some cases allegations that simply aren't true or possible.

Again, check the Better Business Bureau (and Dunn & Bradstreet and USOBA) for a good idea of the type of company we are. The WORST you can say about our posted credentials is that, at the moment, our SiteSafe (with Network Solutions) is expired. It will be renewed shortly.

Albert

"Also the email he sent me was from Peter Kirschner
(peterk@whitestarfinancialservices.com).. which also seems kind of shady. Why wouldn't Stu have his own email address?"

I'm not sure what this post is trying to say, but once again it is misleading and once again the word "shady" seems to be used without any real basis. In this case Stu DOES have his own email address... at the company where he works - Whitestar. Are you suggesting that he should be using a personal (ie yahoo) address instead? That, to me, would truly be shady.

Debt Settlement does not work with secured debt like HELOCS and no debt settlement company is taking that debt on. Most debt settlement companies have d or f ratings this is due primarily to the constant inquiries they get. Whitestar has an A- which means they are doing a lot of things right. It is important that you debt settlement company use a third party FDIC insured bank to set up your "Special Purpose Account" where you will be saving your money for settlement. Whitestar uses Rocky Mountain Bank and Trust, they never actually control your money. You are in control. If you opt out everything in that account above your fees at the time of your opt out is yours to settle your accounts with or use however you choose. That protects you. It is a straight forward process that works well as an alternative to bankruptcy. If you do not want to file bankruptcy or cannot Debt Settlement is a legal and responsible method of eliminating your debt.

The 67 year old customer listed above was fully refunded and rescinded her complaint with the BBB. It also wasn't a home equity account as was claimed.

More importantly this whole site/forum is associated with a company (Oakview Law Group) that is doing business in this industry.

Obviously there is a conflict of interest.

ONCE AGAIN, CHECK WITH THE BETTER BUSINESS BUREAU!!!

Thank you,

Albert Michaels

I just checked the BBB and whitestar is not found.

Go to bbb.org

type in Whitestar Financial

The reason the I used my email address for Stu Rubens is because he was having computer issues and he wanted to get the emails out, so I did it for him. And yes he has an email address as all of our reps do.

Quote:

I was asked to stop "soliciting" by Jason, but all I did was answer a response made about Whitestar. I don't work for Whitestar guys. I do my own counseling. Anyway, like I said before, here's the link to whitestar's A- bbb rating. Always do your homework guys, thats my motto.

http://www.seflorida.bbb.org/Business-Report/Whitestar-Financial-LLC-92010345

don't do us any favors.the TOS speaks for itself.

And you still haven't explained what I supposedly did "wrong".

You were asked to remove the dmg site link that you had put in your signature. It has nothing to do with your answer. Better please check your pm.

Jason

Yep, I got your message. Thanks for the link to the terms and answering my question. I don't think anyone reads the terms lol :) Although I was not asked to remove them until you did yesterday.

They are a PRIVATE ORGANIZATION! They are not government, do not regulate anything, and companies PAY THEM to be listed! BBB is not reliable for anything. Debt settlement companies must all be C or less rated! Otherwise they are NOT registered as a debt settlement company and therefore are IMMEDIATELY shady an most likely a money making scheme to scam people out of thousands of dollars.

I am trying to get my money back because i decided to wait and look at other options...and they told me I would get my money in 3-5 business days and it has been 6 days and have nothing...i just left them a message that if they do not return my money i will be contacting better business bereau and frauds division in their state.

WHITESTAR FINANCIAL SERVICES promised me that they will be able to settle my credit card debts and they recommended that I stop sending payments to my credit cards but I should send payments to them. I sent a total of $1394.42 and nothing has been done to help me. I decided to cannel with them and they said all they can give me back is $395.74 and none of my credit cards have been settled. My credit has been negatively affected based on their recommendations

I already contacted the b.b.b.
Next stop atty gen.
They ruined my credit!!!

Do not use this company!!! They are not lawyers! They have no knowledge!!! All they know how to do is take your money and talk in circles never answering your questions

Nicky, Debt settlement is a program that takes time. In essence you are saving up your money in a savings account, while letters are sent back and forth to the creditors to agree to a payment plan or a lump sum. They typically work better with people that have larger lump sums.

As for debt settlement hurting your credit score, of course it does. You aren't making payments to your creditors, and that accounts for 35% of your credit score. These kind of things are disclosed on the contract, were they not? You have to pay attention to stuff like that.. Debt settlement is a process that takes time and when you just drop out, it only hurts you.

Both of these companies are run by two individuals with extensive disciplinary records with SEC & NASD. Peter Kirschner, Stuart Rubens are the real ones to look out for- Marc Plotkin stays behind the scene but is obviously a part of the whole thing. There are much more honest people do business with so why take the chance on people like this.
I know for a fact that they are up to no good because it says one company name on the door- and all of their business cards have another name. One of the companies is listed with BBB and the other is not.
I spent a few days in their office in Hollwood FL when they hired me to raise money for them- so I know exactly what they are like. Just type either one of their names into google with debt settlement scam or go to the NASD website and look at their public histories. They sit in a room and laugh about how much they can overcharge people with bad credit to have a debit card!!!
Turned out that I was unable to raise funds for them- mostly because of their actions when my clients investments were delayed caused by valid concerns regarding Kirschner and Rubens histories. They have now tried to ruin my life by spreading lies about me all over the internet. I had an employee contract that dictates 4 draw payments of 5k each over 60 days. They could of at anytime backed out, but to say that I stole 20k is a complete joke.
I could go on, but just realize what type of people run this company and stay as far away as possible whether you are a potential client or employee!!!!

All I know is that if this company, Whitestar Financial Services hired Chandra Klem who happens to be a convicted felon for theft that's exactly what they are. Nothing but a bunch of con-artists and thieves. No way would I offer my personal financial information to a firm that is too irresponsible and negligent to process background checks on their agents. Her charges of theft include vehicles, identity, unlawful use of charge cards, and not paying her bar tab. Do yourselves a favor and contact your creditors yourself.

If this company is so bad why is it rated a bronze member by your own system? That is where I found info about them. If they are so bad how did they get that rating? Do not know them, but keep reading posts.:)

Well...Zip code is the area code where you are living or your company situated. Every Bank required this code...Because if you are specifying the are.it is might be possible bank or issuer not aware from the area name. But they have list of Zip code from which they can find your location easily.

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