Report: #689870

Complaint Review: Capital Financial Group/State Capital Financial/Scott Rister

  • Submitted: Wed, February 02, 2011
  • Updated: Sun, February 06, 2011
  • Reported By: Michael — New Milford Connecticut United States of America
  • Capital Financial Group/State Capital Financial/Scott Rister
    1920 East Hallandale Beach Blvd., Suite 806
    Hallandale Beach, Florida
    United States of America


*Author of original report: Compensation Itemized List

*Author of original report: Articles on State Capital Financial/Capital Financial Group

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In January 2010, I was swimming in credit card debt (a gift from the ex) due to the economy, lack ofwork, and taking care of my ill, elderly mother. I looked through the Internet to find a reputable debt consolidation/assistance program and one of them wasCapital Financial Group.It had an A+ rating with the BBB and nothing came up that was derogatory on the Internet. Had I waited one more month, it would have showed a different picture.

I contacted CFG on or about February 2010 and spoke with Clint Alexander, a Senior Debt Specialist in regard to my finances. He put together a Client Enrollment Package dated February 8, 2010, that was faxed to me and I would sign and fax back to CFG and mail the originals. Mr. Alexander did not, however, explain to me beforehand that two of the accounts would not be addressed by CFG. One account was too small and the other did not negotiate terms. Since he did not explain this to me at the time the contract was signed, I had to pay enrollment fees and monthly maintenance fees still based with these two accounts on it. These should have been stricken from the original contract. Furthermore, the account that would not negotiate terms has put a lien on my house.

CFG automatically set-up a withdrawal system each month for my monthly fees that I owed according to their contract. Beginning on February 20, 2010,the fee was deducted from my checking account of $875.07 each month, for months 1-7 (February-August 2010.) Then beginning in September 2010,the fee wasdeducted from my checking account of $425.45 each month, for months 8-20 (September 2010-April 2012.) As of January 2011, the total amountwithdrawn is $7,827.29.

At the beginning ofJanuary 2011, I went on the internet and by accident I found many articles in regard to CFG, specifically by Steve Rhode of www.getoutofdebt.organd that CFG's BBB rating went down to a "F". As I read the articles I realized thatCFG wasnot helping me (or anyone else for that matter) at all but ripping me off of what little money I had. I could not "save" up any money to pay off my bills because whatever I had,CFG took. CFG has done nothing to earn their money. Not one credit card company was contacted and one accountnow has a lien on my house.I sent the information to CFG on the status of my accounts that was requested but nothing was done. The collection phone calls continueand I am very angry.

I sent to CFG a certified letter dated January 11, 2011, stating that I wanted all of my money back for servicesnot providedand to stop withdrawing money out of my checking account.

On January 19th, 2011, I called and spoke with Jackie at CFG. Her tone was nasty and belligerant ("You should be saving up money to pay off your debts". When I told her I was barely making the payments to pay CFG and I had nothing to save, she wasn't pleasant. When I told her I wanted my money back she hung up on me.

CFG's enrollment and maintenance fees are exorbitant and to pay it all up front is robbery. Forpeople looking for a helping hand with their debt, CFG hasmade it much worse.

I want a full refund of my money ($7,827.29) immediately.



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#1 Author of original report

Compensation Itemized List

AUTHOR: Michael - (United States of America)

After working on the figures for complete compensation for my itemized list includes the following:

Principle refund $8,000

Credit card with lien which includes recording costs and attorney's fees for CFG not addressing this credit card        $30,000

Credit card that CFG would not address $500

Inconvenience from continued collection agency calls and attorneys calls $2,500

Credit rating completely destroyed due to CFG not calling any of my credit card companies $5,000

Hours (10) making phone calls to collection agencies and attorneys ($200 per hour) $2,000

Paralegal fees 10 hours at $65 per hour $650

Negotiation letters sent to credit card companies with postage (I now have to do CFG's job) $50.

Aggravation and stress caused by CFG by not providing the service that was paid for.  CFG is in breach of contract after consideration was paid  $50,000

Total $98,700
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#2 Author of original report

Articles on State Capital Financial/Capital Financial Group

AUTHOR: Michael - (United States of America)

The Texas BBB gives this company an "F" rating and the Florida BBB gives this company a "D-". The BBB logo is not on this company's website any longer. It does have the logos of being a 2010 Member of the U. S. Chamber of Commerce and the International Association of Debt Arbitrators. This company is not a member of The Association of Settlement Companies which Rister's ex-step-father was President of. This company chose to go international and not statewide in America. Or was State Capital Financial Group/Capital Financial Group members at one time and their membership was not extended or maybe revoked? I sent a complaint letter to TASC and have not heard back from them yet.
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