First Financial is a company that calls your home to see if you are interested in a Debt Management Solution. They have you call an 800 number, and screen you and forward you to SouthEast Trust. SouthEast Trust has a salemen tell you that they are a non profit helping consumers get out of debt quicker
Here's how they say it works. They can lower your interest rates on your credit cards and reduce them to 3%-6%. They work with all the major card companies and will have you pay the cards off in 58 months. The Saleman, Michael Lewis, says that they receive a $59 payment each month and the rest goes to the credit card companies. For me, I was goign to have to pay $265 a month and $59 would go to Southeast Trust and the rest to the credit card companies. He says it in no way affects my credit score.
I told him I needed to review with my wife, called back after we decided to do it, and then he said to get started and prior to sending out the paperwork, they would charge me the first month payment and even $300, but dont worry, you'll still pay yoru cards off in 58 months. I agreed.
When I received the paperwork, IT DIDNT MATCH WHAT WAS TOLD TO ME BY MR LEWIS! In fact, they had a clause in their that they could take up to 1% of my total monthly income! In addition, the paperwork was from a company called CornerStone Financial and Ipay.
After receiving the paperwork I immedaiately called and said I wasnt comfortable & i am not doing it. Guess what, they still took out $300 as their fee from my bank account.! They are crooks!
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