Greenlink Financial Misleading Offer On Debt Consolidation Loans Irvine California

I received an offer in the mail from Greenlink for a debt consolidation loan to "pay off high interest credit cards."  My initial contact with them seemed reasonable.  They wanted typical financial and personal information.  The representative promised to get back to me with an offer the next day.  Two days later I called them.

What they offered me was not loan, but a debt reduction program in which they would negotiate with my creditors to reduce the amount I owe.  This would terminate my credit and ruin your credit rating--which the Greenlink representative was excellent.

The mailing they sent me was about lowering my interest rate.  It showed an example of a Current Debt Balance of $45,000, typical interest rate of 16% and a payment of $1,350.  Then it showed how their "Payment Saver Loan Program" [emphasis added] would save money.  It showed a "Consolidated Loan Amount" [emphasis added] of the same $45,000, a new interest rate of 5.49% and a new minimum payment of $647.  

This is pure bait and switch.  The mailing clearly refers to making loans, but the program is a debt reduction program where they negotiate with your creditors to reduce your balances then you pay the money into an escrow account every month.  You no longer have credit and your credit rating is ruined.

PLEASE WATCH OUT!