• Report: #346916

Complaint Review: Financial Freedom Of America

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  • Submitted: Wednesday, July 02, 2008
  • Last Posting: Tuesday, July 22, 2008
  • Reported By: — new orelans Louisiana
Financial Freedom Of America
8140 Walnut Hill Lane, Suite 400 Dallas Texas U.S.A.

Financial Freedom Of America - Financial Freedom is a scam a rip off a fraud takes money for services that are never rendered Dallas Texas


1Author 0Consumer 1Employee/Owner

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Financial Freedom Of America offers 4 programs. Debt negotiation program, consolidation program, bankruptcy, and credit restoration. Financial Freedom of America's debt negotiation program is rip off and a scam. I do not know about the other programs but I know that where there is smoke there is fire and I would not trust the other programs of Financial Freedom of America.

When you sign up for Financial Freedom of America, you are told to sign a contract so they can negotiate your debt to around 45 cents on the dollar. If you agree to this, you are also giving your banking info and giving them the right to charge $360 a month to extract from your bank account, which will go towards paying off the negotiated debt.

But here is actually what happens. They take $360 a month directly from your account, and never negotiate your debt. Ever! If you are patient with them, it may take your months - years to figure out that Financial Freedom of America is a scam and you are being ripped off. And in order to cancel the contract it costs $300.

How do they continue? Because you are strong armed into signing the contract, thinking they will do what they say, and by the time you figure out they won't, you have lost thousands.

They did return emails, but never phone calls. They blamed it on bad communication, but in the end, no debt was negotiated and I only lost money. They also tried to get me to open up an extra escrow account, saying they need to have the additional money to better negotiate the debt. Luckily, I refused this and then began to question them. If you do open up an additional account, it is very doubtful you will see that money again. They will drag out the process for as long as possible.

Financial Freedom of America is a rip off, a scam, and although from time to time they actually do their job to keep up appearances, they are out to rip you off and take advantage of people trying to sort out credit problems.

Scammedandmad
new orelans, Louisiana
U.S.A.

This report was posted on Ripoff Report on 7/2/2008 4:52:17 PM and is a permanent record located here: http://www.ripoffreport.com/financial-services/financial-freedom-of/financial-freedom-of-america-wfb9d.htm.

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REBUTTALS & REPLIES:
1Author 0Consumer 1Employee/Owner
Updates & Rebuttals

#1 Employee

Response to Scammedandmad

AUTHOR: D Rojas - Dallas (U.S.A.)

SUBMITTED: Tuesday, July 22, 2008

Financial Freedom of America is not scam and we certainly do not make false claims of settlements. Our record speaks for itself and our employees who are working very hard to help consumers in very bad situations to reduce their credit card debt. June 2008 we settled 480 accounts for our clients and our average documented settlements were 44.5% and we settled a total of $2,101,225.10 in credit card debt.

When our representatives speak to potential clients they come to terms with a payment that is affordable for the client. The payment amount depends on the amount of debt they enroll in the program. The program is set for 12-36 months and depends on how much the client can afford to save in their escrow account.

Client does have the option to enroll in an escrow or 3rd party account or save on their own. Often times clients have more success if they have a structure to follow. But they certainly have the option to hold their funds in their own account. By the way, if client opens the escrow account they get monthly statements directly from the bank, on-line access and the account is their name and address. The funds in the account belong to them.

It is unfortunate that scammedandmad feels deceived.
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