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“F” rating given to Clear Your Debt and Swift Rock Financial Services by BBB

By Faye Mergel
Published: Sunday, April 11th, 2010

OJORF-00012181-001Austin-based debt settlement businesses Clear Your Debt and Swift Rock Financial Services received “F” ratings from the customer complaints based on the increasing debts and not living up to the expectations. This rating was given by the Better Business Bureau.

Complaints to BBB were based on the Clear Your Debt and Swift Rock Financial Services not willing to lower the debts as promised to their consumers, although the businesses did make offers to settle the amount with a fee to be paid every month from respective bank accounts. Consumers continued to receive been calls from creditors demanding payments in spite of the monthly amount being debited from the checking accounts of their consumers.

Filling applications and signing documents claiming settlements by the two businesses and having deducted monthly amounts from their accounts without the consumer’s approval were also concerns that were brought to the notice of the BBB.

Clear Your Debt and Swift Rock Financial Services did settle matters based on the complaints made with relevant disclaimers and contracts, however the BBB rated them F with the a series of these complaints and other concerns.

The two businesses were sued by Lisa Madigan an Attorney General from Illinois on the 10th of Feb 2010, based on misleading market practices, exceptionally high fees and the fact that nothing was done to help the financial status of their consumers.

Consumers were warned by BBB about misleading settlements of debt by the company. Representatives, who are not willing to mention the name of the business and the address and expects an instant decision on the matter, could be a scam mostly after money or personal details. Before having a discussion on the fees and the services, businesses expect consumers to provide financial and account information. Promises such as “lowering monthly fees by 50 to 30 percent” or “get you out of debt easily” are not fulfilled.

The phone representatives also promise to analyze the financial situation within minutes, which in reality takes more time, or eliminate the negatives on one’s credit rating, while information on this report cannot be eliminated, or even offer to a debt-management plan with small monthly amounts. BBB recommends consumers to get a financial advisor to review the details and then agree to any such promises and can get in touch with the creditors directly requesting for a lower fee. On their website www.bbb.org, consumers can find out if the company is reliable.

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