If you are reading this, it is more than likely that you performed a search for corporate debt resolution specialists on an internet search engines and it sent you to this article. Please read this carefully before contracting this or any debt management company to assist in relieving the burden of a negative cash flow situation. My experience with American Finasco and one of their competitors is a sure indicator that there is a difference between commercial debt resolution specialists.
I contracted American Finasco on June 5. At that time, my consultant reviewed the total amount of debt with which I was having difficulty and discussed the total dollars I felt would be available on a monthly basis to pay both my debt and the American Finasco fee.
The fee for their service is a percentage of the total they saved during negotiations with my creditors. It appeared that their fee, plus the total settlement with the vendor, would always be less than the total amount that was originally owed to the creditor.
We agreed that $1,000.00 would be my budget for June and the budget for the following 11 months would be $2,000.00 each month. That budgeted total was to include the fee American Finasco was to earn for their negotiation services. These totals were part of an agreed upon contract between American Finasco and my business.
Within the first few months, American Finasco made settlements on several accounts that resulted in an average payment for the first four months of $4,022 per month. The fee to American Finasco was picked up immediately after the settlements were made so they can be assured of receiving their fees. Although I communicated to both of my primary contacts on a regular basis, no changes were made to correct this matter, as they were not allowed to make any decisions pertaining to a resolution.
In the event you are seriously considering using this company, I would be more than happy to discuss the facts involved in this matter and forward all of the specifics of my experience with you. I tried to work something out quickly with the President of the company and even utilized the BBB without any success. I only advise you to utilize a service that guarantees a dollar amount from your budget on a monthly basis. Giving an open checkbook to a company is a difficult lesson to be learned.
Although I am certain the services of this company may work well for some businesses, please be very careful of the pitfalls you may fall into as a result of the emotional stress you feel will be relieved. Fortunately I found another company who is extremely more suitable for resolving my debt and maintaining my budget.
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