Has anyone used Yellow Brick Financial?

I would reply on both the BBB and make sure the company you use is a part of TASC. It's doesn't guarentee that nothing could go wrong but you sure have a much better chance with a company that has a good record with both the BBB and TASC.

As far as Bank of America goes they won't negotiate with anyone who is current on their bills, often refusing to discuss settlements unless your at least 3- 6 months behind.

But Bank of America from what I heard settles at a very low percentage once you are delinquent.

I checked them out on the BBB and they are spotless. Got their name when I was checking my credit scores on Trans Union. No complaints in 3 years. Zero. The other company Trans Union had listed has had 60 complaints in the last 3 yrs and some are still unsettled. I'm not sure about TASC except what I know is that TASC is run by similar companies so I am a little leery of who is watching who. I'm sure they're fine though. So far, Yellow Brick has been very helpful and one thing I noticed, very compassionate which is important to me. I can spot it when it's phony and they're not. Good luck

Typically Bank of America will send the account to a third party collection agency or Attorney to collect the debt once they are informed you are in a debt settlement program. So technically they don`t but the 3rd party will.

I have been enrolled with them since July. Giving them 750.00 a month they obviously havent collected enough from me to pay anything however, the contact me at least once a month via email and phone to make sure everything is going okay with me. So far I have no complaints but then I have little to go on as I am fairly new. About BOA you will be 3-6 months behind by the time to neogotiate with them roles around, amd yes they told me BOA was very difficult to deal with

Bank of America will tell you they wont settle. They give good settlements but you won't ever get one from the collectors you are speaking with about it. I was just looking up the Yellow Brick and I saw three complaints since may of last year when they became a BBB member. I also noted that they had several other company names and that kind of makes me nervous. Why would you have multiple companies doing the same type of business?

I am working with Yellow Brick right now and they have successfully negotiated with several of my creditors for at least 40% off the bill I owed. I do recommend them. They work their tails off and earn their bucks.

I work with Mike Villa out of the Florida office and he's fantastic. Actually, Yellow Brick has ZERO complaints in it's history. It says so on the BBB page. I don't mind that it takes several months of being in the program before they start any negotiations, but regardless, in three and a half years I'll be out of debt.

gotta love fake testimonials

Mike also did my taxes , mowed my lawn , and even saved my life.

omg! thats funny! listen, if you do the proper research and feel that you are comfortable with the what will could and probably will happen. then go with your gut. know the facts about settlement and know what and how it works. try to pick programs that are 2 years or less to avoid getting sued if possible. the longer the term, the more likely you are to get sued.

As for Yellow Brick Financial, I have signed up with them and have paid 300 a month for three months and then had to take a break as the economy took a dump. After looking at my "Rocky Mountain Bank Account" ( thats where i sent it) and seeing after three months of deposits, I only see less than ten dollars as being saved. I called them on it and was informed that the 900 deposited was to "set-up" the service. Ok, Ill accept that providing they keep serving me and provide that they keep the dogs off, if they cant do that, then I dont need them. At this point I have called 3 days in a row and have yet received a return call. I will try again tomorrow and will keep you updated. As for BOA, my debt was a 6500 credit card, they offered to settle for 1500 (300 for 5 months)and that was directly with BOA.

I am a debt collector for a law firm in chicago...you can negotiate settlements yourself with your creditors..dont hire a debt settlement company to do that for you...they dont work in your best interest and most of them are fly by night..in it for a short period of time to make a fast buck and close shop...call your creditors and keep the communication lines open.

I would have to say that Yellow Brick Financial is a HUGE SCAM! They have not even been in business long enough to even know if their program works. According to the BBB they only became a company in October of 2006, and being that this is November 2009 and their program is three years, how could anyone have completed it?? Also, the owner of the company owed another loan modification company that was illegal, and the company was closed. There is a reason that the BBB does not currently have a rating for them..... see the writing on the wall people. YOU can do debt settlement on your own without the help of a company, and if YOU do it on your own you won’t have to pay the fees that are up to 15%. Bottom line - DO YOUR HOMEWORK! GO WITH YOUR GUT.

thank you....i knew the girl on the telephone sounded like a thief.

what was the name of the girl and why did she sound like a thief????

I don't know what the scam is here and I saw this and was floored. I worked w/ yellowbrick and they got my $32,460 in debt settled out in 22 months. The guy I was working with always answered the phone when I called and I had no problems. I also received monthly statements on my settlement account so I don't understand how they are scamming people. Yes I paid fees and probably could've down it on my own but it is like going to court for a criminal trial I would rather have a professional deal with it then deal with it my self and screw up or loss money. Because I know I could not get down what they did

As a current client, my experience with the client service department at Yellow Brick has always been positive...anytime I have called off-hours, I always get a response within 24 hours. They truly seem to care about their clients. My personal experience has been a good one...

my wife has been with yellow brick for 5 months, paid over $1100 and so far all they have done is given moral support over the phone. My wife has created 3 of her own settlements. Also, she has had huge problems getting them to respond to phone calls or emails, often not able to get a hold of the "right" person for weeks. I reccomend staying far away from Yellow Brick. I hope this saves people that are obviously already short on money from wasting even more.

I used to work for YBF until I was let go for not hitting my sales goals. Some "Account Executives" had no problem telling the consumers whatever they wanted to hear to get them to enroll, so they could collect the commission. Since I was honest about all the aspects of the program it was hard to bring in a ton of clients because it is not a very consumer friendly program.


What I can tell you is that they offer a service that you have to pay for that will destroy your credit. Debt relief is something you CAN do on your own as long as you know the way it works. Basically you stop paying your credit cards and save up your money. Then call up your bank and settle the debt for less after the bank is at the point where they don't think they will get any money at all. Then it is very easy to call the bank and say "I owe you ten grand, let me give you half and be done with it."

If you have dealt with the company and feel wronged, the owners live in constant fear of The Better Business Bureau and The Attorney General. Threatening with complaints will almost guarantee refund results.

They walk a fine line between being legit and a scam. In my opinion they are not a scam but not anyone's savior either.

Yellow Brick Financial LOST THEIR BETTER BUSINESS BUREAU ACCREDITATION ! ! ! ! Look it up. Finally they got caught ripping someone off.

Yellowbrick has been great for me so far. They seem to truly care aboute and my best interests.

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ahh who cares, all debt settlement companies will be going out of business once the feds roll out the regs that limit the profitability to 50.00 for these companies until the accts placed in their programs have been settled.

First of all everything that Bowntiful said is true. I worked at YBF for a few years and at first you totally buy into the mystique that your "helping people". It takes some time but you start to realize that this is something you can totally do on your own. YBF has it set up where you are going to pay 15% of your overall debt in fees with little to no savings in the first 4 months bc thats when they take the "Set-up Fee" (There's also 2 $9.85 fees that barely get mentioned). So at month 5 you've just started saving a few bucks (emphasis on a few) and the creditors are calling off the hook. Most are even offering settlements that are the same that YBF will get you but you cant make those settlements bc you just paid an arm and a leg in fees so now your way behind the 8 ball. This now brings me to my next point.....

The "latest and greatest" from YBF is the back-end fee model. Once again, the Set-up Fee (5% of overall debt) is taken out over 4 months (no savings) but they then work on a paid for performance type scenario. It sounds great at first until you do the math: 30% of overall savings, $50 a month maintence fee. It typically works out to almost 18% of your overall debt which is a rip off (also pay the employees like dirt). I've been in the office of the president of the company saying that we should use this fee model for "lump sum payments" so we make more money. This is the mentality your dealing with. Do they really have your best interest at heart? Probably not because all they'd have to tell you is to open a savings account, put some disposable income in it, wait a few months and watch the Bank of Americas, Chase's, Citi's of the world start offering you, the consumer, direct settlements.

The reply to this is probably going to be from someone at YBF or a "guest" and use some analogy like changing your oil. Everyone can do it yet people still bring it to the mechanic. Going to Bank of America to open a savings account is a little different than jacking your car up and changing the filter. ABC News just ran a piece on debt settlement, see for yourself. Do yourself a favor, tell your creditors your trying to avoid bankruptcy, offer 40 cents on the dollar and get it done as soon as possible. Dont take this as coming from a disgruntled employee, just one that started to have a moral objection to ripping people off.

If anybody has any questions about YBF or settlement in general please feel to ask away

BTW, that reply that came from the "unregistered user" above, yeah thats from the President of YBF, not that he has a biased opinion or anything....

I was enrolled with Yellowbrick for over a year. I spent over $4000 in fees to this company. They settled two debts, I settled 2 debts, and now the biggest one is garnishing my wages for 25% a month. I stopped working with them a few months back. I feel so stupid. Is there any law suits against this company? Is there anything that I can do? I have cancer and told them this during my enrollment. I have nothing now but cancer and horrible credit. The two accounts that they settled for me were for the same amount as when I signed up, because of late fees, etc. The biggest loan was for $15,000. Now, I will be paying them over $25,000. Is there anything I can do? Thanks for any advice.

using them, they have settled a couple debts so far

first of the "scam" post above is an ex employee who is unhappy with his termination. Look at the facts people.

[QUOTE=Anonymous;496871]I would have to say that Yellow Brick Financial is a HUGE SCAM! They have not even been in business long enough to even know if their program works. According to the BBB they only became a company in October of 2006, and being that this is November 2009 and their program is three years, how could anyone have completed it?? Also, the owner of the company owed another loan modification company that was illegal, and the company was closed. There is a reason that the BBB does not currently have a rating for them..... see the writing on the wall people. YOU can do debt settlement on your own without the help of a company, and if YOU do it on your own you won???t have to pay the fees that are up to 15%. Bottom line - DO YOUR HOMEWORK! GO WITH YOUR GUT.[/QUOTE]
trying to help a friend get out from under yellow brick now. what a scam!!!! she is being sued by all of her creditors while yellow brick is taking 430 a month from her and doing nothings. bofa recomended a company to me after i was just one month behind. a non-profit called Take Charge American. They have done wonders for me. BofA even lowered my interest rate to 2%.

i just enrollled with yellowbrick a couple months ago. And yes i know paying the set up fees seem a bit too much as well as the monthy fees. yes it is a lot simpler for you to just open an account with a bank and set some money aside, but in reality if we had done that would we be in the situation we are now? I know i can work out the debts on my own, but some of these creditors want money now in order to get the discount and i don't have that. enrolling with ybf has eliminated the harrassing calls i was receiving on a daily basis.

DO NOT USE YELLOW BRICK FINANCIAL for your debt relief! Allegedly, the pea-brained owner started a side business handling loan modifications for those people who were about to lose their homes. He collected about $2000 upfront from over 150 people ($300,000) and then shut down his business within 4 months (business name was Reliance Help) and kept all the money to fund Yellow Brick Financial during a down-swing in business. To date, he has refunded only one customer and laughs at the BBB and Attorney General's office when they try and question him. Many customers looking for loan modifications have lost their homes - all thanks to him. This (owner) is also about to exit the debt settlement business soon as he has received his mortgage broker's license (after failing the test at least once). One can imagine who he will be preying on next in that industry. If you are currently doing business with them, call and take your money out before the Oct. 27th FTC rules go into effect. Resign with another company because you no longer have to pay a fee with any debt settlement companies until a settlement is actually done. There is a chance that Yellow Brick will go bankrupt as well and once they go out of business - all of your money may be going with it. Run fast and far from Yellow Brick Financial!

My mom just completed a settlemetn program with Yellow Brick and she loved it. They were always there when she had questions and I'm pretty sure they even helped work with her on the monthly installments when she went through a rough patch for about 3 months. She referred some folks over to them in our church that were also struggling with debts. We see them every Sunday and they still thnk us for referring them. Sure it wasn't a cake walk for her to get all the way through it, but you knwo what?... It all worked out just as they mapped it out for her. They told her from the get go it wasn't going to be easy. THey said she'd be putting money aside for about 8 months or so before the settlements would start and they were right. It worked and thank God, otherwise my mom would have been bankrupt and probably passed from finanical stress!!! I'm ok financially... well for now at least, and who knows what can happen in this economy, but if I run into trouble with my debts I'm calling those guys right away. THanks for saving my mom!
:hug:

Yellow Brick Financial has it's managers monitor this site and add fake positive testimonials to it. Please realize that they have hurt many families and have stolen the hopes of many. All credit card companies will offer you a 25% or less settlement within 180 days via the mail or by phone - that's why Yellow Brick Financial (scam) asks you to forward your mail to them so that you won't realize it and so they can charge you double. Never use a debt settlement company - especially this joke of a business...unless you like being served papers to appear in court!

I just graduated from their program and everything was gr8! I was getting settlement offers from my creditors but they all wanted lump sums which I couldn't afford. the negotiator i was working took the offers that i got and knocked them down even lower and got them on installmetn plans so that they were actually feasible. there's no way to do this on your own! take it from a satisfied client, these guys got it down pat and i got updates from them every month like clockwork.

go with Yellow Brick if you're in doubt!

I have used Yellow Brick Financial and would not use them, they're unethical and will tell you anything to get you to sign the contract. Once you sign the contract they take your money and there's no way of getting out of the contract...and yes, there are upfront fees! They take more than you can save...READ THE FINE PRINT IN THE CONTRACT...don't do it!

Answered by a happy Yellow Brick employee who just collected a pretty good commission!

They're not even listed on BBB!

My parents engaged in a contract with them, and decided a week later to cancel because they didn't trust them; they were right! The kept over $400 in "set-up" fees for doing absolutely nothing...If that's how they start out with a customer, I would hate to trust them 6 months later after defaulting on my credit cards. Pass the word, Yellow Brick is a scam!

I'm a collector for a large collection agency that handles accounts for all major creditors. I work with Yellow Brick negotiators about every other week to settle bundles of accounts and they are a pleasure to work with. They put their clients in realistic programs whereas other settlement companies stretch clients out over 60 month programs. I think they are a tremendous company and are a pleasure to work with from a collector's standpoint. It's easier to work with them than a consumer more often than not so they are a great option for someone overwhelmed with debt. I know that my clients (being your creditors) also are satisfied with their performance.

I have been with the program for over a year. I like having someone else handle this stuff. Once the creditors write you off as a bad debt they give it to these goons and they hound you and hound you. Of course they say they won't work with a 3rd party...that's BS...if they want their money they will.
I have been very satisfied with the people I have dealt with. They have managed to get me pretty good deals. If I would have tried to do this on my own the bills would have just grown and grown!
They also call you at least once a month and send newsletters....and if you have questions...you can get in touch with them!
Pat
PS I have one acct pd (for less than owed) and another that shoould be pd in about six months. If I hadn't done this...I wopuld have been paying for the next 10 or 15 years!!;)