Has anyone had any experience with financial freedom of america?

Question

Was it good or bad would you recomend them or not?

Answer 1

From the Rip-Off Report Website:

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.

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From Pissed Consumer dot com:

Company enrolls disadvantage individuals to help them eliminate debt. They do not EVER deliver what they have promised! By the time clients catch on to thier scam, they are several thousands of dollars into the program (which they will never be refunded)and further in debt. Often, the only solution to this already desperate situation is to do what they set out to avoid... File Bankrupcy.

Once in the program, you will be passed from agency to agency. You will never get a clear answer to any problem you call to address. They will ask you to stop paying your creditors, and set the payments aside in a seperate account. Then they say after a few months, they will begin negotiating with your creditors.

NOT! Your creditors will not wait years for you to accumulate enough money to buy down your debt. They WILL take you to court and get judgements against you that will enable them to place leins on your properties, and garnish your wages. Financial Freedom will not help you, but rather ignore you.

I am looking for others who too have experienced simular problems with this company so that I may initiate a class action lawsuit. After doing further research, I have discovered they have also been investigated by CBS.

Before you even consider entering a program like this, ask for the name and number of past clients who have completed thier program. YOU WON'T FIND ANY!

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Draw your own conclusions from these two reports.  Myself?  I wouldn't take the chance!

Good luck!