Complaint Review: Sound Investment Solutions

I signed up with Sound Investment Solutions (an APR lowering company) on May 9, 2008 at which time I was promised that the company would save me a minimum of $2000.00 by lowering my APR on credit cards. Supposedly they had a pull with the credit card companies because they lower interest rates in bulk. $698.95 was paid to them for their services. I was assured by Chris Wykowski that if the $2000.00 minimum was not reached I would receive a full refund of my sign up fee $698.95.
Being a cancer patient, my credit cards are high from medical bills and this was a welcome help.

When I received all the paperwork from the company, I read it through and again their service agreement stated that they would save me a minimum $2000.00 and there is a 100% money back guarantee if they did not reach their minimum, or if they did not supply documentation of the savings.

On June 6, 2008 I spoke to Todd Malone at Sound Investment Solutions who called each of my credit cards with me on the phone to attempt to lower my APR. This was not the services described when I was signing up.

Only one credit card would lower the APR from 17.99% to 12.99%. Mr. Malone acknowledged at that point that their $2000.00 minimum was not met and therefore he would have to research a few things and contact me back. I never heard back from Mr. Malone, so I contacted him on June 18, 2008. On June 18, 2008 Mr. Malone said he was sorry he was unable to help me and they couldn't reach the $2000.00 savings promised so I should call back on Monday June 23, 2008 for a full refund.

I called on June 23, 2008 and spoke to Matt Boochaferd who claimed to be the manager and told me I could expect my refund within 72 hours. I asked Mr. Boochaferd who else I needed to contact to make sure that refund happened. He informed me that I did not need to contact anyone else, and he again assured me I would have the refund within 72 hours.

On June 26th I contacted my credit card that the refund was going to and no refund from SIS had been deposited. I then called SIS on June 27th when the refund still was not in my account and asked for Mr. Boochaferd, who I was told was not in the office. I spoke to a man named Jimmy (who also claimed to be the manager) who said something to the effect of how I was the person who they just missed the $2000.00 minimum with. I asked when I could expect my refund and he said he would have to call me back.

When Jimmy at SIS called me back he began to make excuses on how they believe they've saved me over $4000.00 and are now not going to refund the $698.95 that was promised by both Mr. Malone and Mr. Boochaferd only days earlier. I was then promptly hung up on.

I had my roommate contact the company and ask for their proof of savings documentation that was in promised their contract (the proof that was required by them to me otherwise I would get a refund). She spoke to Daryl (who also claimed to be the manager) and very rudely refused to send it.

I figured out the numbers on my own. My previous amount on my credit card before their fee (at 17.99%) was approximately $7,239.95. Over the course of 4 years at 17.99% I would pay $5,209.68 in finance charges. With their change to 12.99% I would pay $3,760.68 in finance charges over the same 4 years. Subtracting the 12.99% finance charges from the 17.99% finance charges the savings (over 4 years) comes out to $1,449.00. If you add their fee into the original GM amount it still comes out under the $2000.00 minimum saved ($1,905.36).

I contacted the BBB with the above letter and this was the response received back:

"Ahhh yeah if you guys actually did anything or you were a real corporation with any power we might respond to your random messages and mail. BUT you have no authority you are a non for profit orginazation that scams people ( when I say people Imean Businesses) just look up Dell they pay you guys they are stil listed as a good company...... Ahhhhh they have 12000 complaints in 36 months look it up. What do we have like 6-7? Hey question why arent you guys listed any where so angry busnissmen nation wide can complain about you? I tried to file a complaint against the BBB but oh wait you guys dont list yourselves. Not only that hey lame worker guess who started the BBB oh thats right Al Capone.. He wanted to extort more money from companies. Think about that people pay you money to say nice things about them and if the dont they never get a good rating with you???? Sounds like a scam to me so do me a favor do some research learn that Sound Investment Solutions went under and go away. OH yeah and we saved her over 5000 on her debts Nice try."
-Stephen Riella-

From the above response the company is now claiming to be out of business. Yet, the same people still answer the phone when you contact them.
I really don't have the energy to be fighting with this unprofessional fraudulent company. Any help would be greatly appreciated.



Anonymous
Seattle, Washington
U.S.A.