- Report: #71009
Complaint Review: American Finasco - Conroe Texas
-
Author Not Confirmed
Why?
American Finasco
12818 Hwy 105 W., Suite 1A Conroe, 77304 Texas, U.S.A.
Phone:
877-299-9209
Web:
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American Finasco ripoff didn't reduce monthly Only added to it! ripoff Conroe Texas
*REBUTTAL Owner of company: We did follow up and werecleared by the BBB read why
*REBUTTAL Owner of company: We did follow up and werecleared by the BBB read why
*REBUTTAL Owner of company: We did follow up and werecleared by the BBB read why
*REBUTTAL Owner of company: We did follow up and werecleared by the BBB read why
*Consumer Suggestion: Cleared By The BBB? What A Joke!
*UPDATE Employee: New Ownership
*Consumer Comment: BBB doesn't do jack
*Consumer Suggestion: American Finasco
If you are reading this, it is more than likely that you performed a search for corporate debt resolution specialists, or American Finasco on an Internet search engine. Please read this carefully before contracting this or any debt management company who you believe will assist in relieving the burden of a negative cash flow situation in your business. My experience with American Finasco and one of their competitors is a sure indicator that there is a difference between commercial debt resolution specialists. As I write my story, I am very honest on all counts and I hope American Finasco responds in an honest fashion with a rebuttal on this web site.
I contracted American Finasco on June 5, 2002. At that time, my consultant reviewed the total amount of debt with which I was having difficulty and together we discussed the total dollars I felt would be available on a monthly basis to pay both my debt and the American Finasco fee. The fee for their service is a percentage of the total they saved during negotiations with my creditors. It appeared that their fee, plus the total settlement with the vendor, would always be less than the total amount that was originally owed to the creditor.
We agreed that $1,000.00 would be my budget for June and the budget for the following 11 months would be $2,000.00 each month. That budgeted total was to include the fee American Finasco was to earn for their negotiation services. These totals were part of an agreed upon contract between American Finasco and my business.
Within the first few months, American Finasco contacted my creditors and made settlements on several accounts that resulted in an average payment for the first four months of $4,022! Obviously far exceeding the budget to the point that I could not make the payments even though I tried. The fee to American Finasco was picked up immediately after the settlements were made so they can be assured of being paid before any other debts are paid. It was a great way for them to get the first of the available funds. When I say their fees were picked up, I mean just that. A VP of the company drove out to my business location and patiently sat there as I wrote out a check. Although I communicated to both of my primary contacts (the VP and the woman who was doing the negotiating with my creditors) on a regular basis that these monthly totals far exceeded the agreed upon budget, no changes were made to correct this matter even though I was promised they would be corrected. When I tried to put an end to more of this bleeding by terminating their services, the VP of the company responded by indicating that he would forward my decision to headquarters. Although I was pleased to get these people out of my life, I was somewhat surprised that he offered no alternative to resolving my debts and keeping me as a client. As time passed, I went on to find that only the President of the company had any authority to suggest or make any resolutions. Because the President was away at a seminar, no solution was to be had. It was only after I contracted another debt resolution firm that an alternative solution was suggested from the President of the company. However, I was unable to accept any assistance from them at that point because I was contracted with a new, more reputable firm as I saw it.
I continued my efforts for some type of restitution from American Finasco. Although I was willing to settle for half of my loss, American Finasco refused and offered a token of $500.00, which I refused. When I suggested arbitration, I was denied my request to have one of my primary contacts in the session by way of telephone. Can you imaging going into arbitration WITHOUT the person who had regular contact with you? The President of the company, once again, was the only person who would be part of any arbitration hearing. Keep in mind that I never had contact with him until AFTER I terminated their services. How could he be an expert in a situation in which he had no involvement? The cards were stacked against me. By the way, when I used my contract as a piece of evidence in our discussions, I was told that it was only a guide and because the budget totals were not on the sheet with our signatures, they were not part of the contract.
You will soon see copies of the signed contract that indicate the budgeted monthly totals, as they will be part of a Picture Report on this web site. I tried to work something out quickly with the President of the company and even suggested arbitration without any success. I only advise you to utilize a service that guarantees a dollar amount from your budget on a monthly basis. Giving an open checkbook to a company is a difficult lesson to be learned. We sometimes get so wrapped up in the thought of being relieved from our debt, that we fail to see the entire picture until it is too late.
Although I may not understand how the services of this company may have worked well for some businesses, I advise that you be very careful of the pitfalls you may fall into as a result of the emotional stress you feel will be relieved. Fortunately, I found another company who is extremely more suitable for resolving my debt and maintaining my budget. They have dealt with far more debt, have created more manageable settlements and put the business in a positive cash flow situation.
CLICK here to see why we deleted either a phone number, link or e-mail address from this Report.
Joe
Downers Grove, Illinois
U.S.A.
STOP! ..before you think about using the Better Business Bureau (BBB)... CLICK HERE to see how other consumers were victimized by the BBB's false or misleading information. Don't be fooled! It has been reported, when there are thousands of complaints and other investigations underway by authorities, the BBB has no choice but to finally give an UNsatisfactory rating to a BBB member business that is paying the BBB big membership fees every year. When a business is reported that is NOT a BBB member, BBB files WILL more likely show an UNsatisfactory rating, then reportedly shake down that company to become a member of the BBB. One positive thing about the BBB is, either way, if a business has an unsatisfactory rating with the BBB, you can be sure, the business is bad. But what about all those BBB member businesses that had complaints filed against them? Consumers never get to hear about them. What about the BBB advertising to the public? Is this a false and misleading perception they are giving about consumer confidence when dealing with a business? Click here to understand more of what consumers and business alike are saying about the BBB. You decide. ..Remember. The BBB membership is not earned, it's paid for!
I contracted American Finasco on June 5, 2002. At that time, my consultant reviewed the total amount of debt with which I was having difficulty and together we discussed the total dollars I felt would be available on a monthly basis to pay both my debt and the American Finasco fee. The fee for their service is a percentage of the total they saved during negotiations with my creditors. It appeared that their fee, plus the total settlement with the vendor, would always be less than the total amount that was originally owed to the creditor.
We agreed that $1,000.00 would be my budget for June and the budget for the following 11 months would be $2,000.00 each month. That budgeted total was to include the fee American Finasco was to earn for their negotiation services. These totals were part of an agreed upon contract between American Finasco and my business.
Within the first few months, American Finasco contacted my creditors and made settlements on several accounts that resulted in an average payment for the first four months of $4,022! Obviously far exceeding the budget to the point that I could not make the payments even though I tried. The fee to American Finasco was picked up immediately after the settlements were made so they can be assured of being paid before any other debts are paid. It was a great way for them to get the first of the available funds. When I say their fees were picked up, I mean just that. A VP of the company drove out to my business location and patiently sat there as I wrote out a check. Although I communicated to both of my primary contacts (the VP and the woman who was doing the negotiating with my creditors) on a regular basis that these monthly totals far exceeded the agreed upon budget, no changes were made to correct this matter even though I was promised they would be corrected. When I tried to put an end to more of this bleeding by terminating their services, the VP of the company responded by indicating that he would forward my decision to headquarters. Although I was pleased to get these people out of my life, I was somewhat surprised that he offered no alternative to resolving my debts and keeping me as a client. As time passed, I went on to find that only the President of the company had any authority to suggest or make any resolutions. Because the President was away at a seminar, no solution was to be had. It was only after I contracted another debt resolution firm that an alternative solution was suggested from the President of the company. However, I was unable to accept any assistance from them at that point because I was contracted with a new, more reputable firm as I saw it.
I continued my efforts for some type of restitution from American Finasco. Although I was willing to settle for half of my loss, American Finasco refused and offered a token of $500.00, which I refused. When I suggested arbitration, I was denied my request to have one of my primary contacts in the session by way of telephone. Can you imaging going into arbitration WITHOUT the person who had regular contact with you? The President of the company, once again, was the only person who would be part of any arbitration hearing. Keep in mind that I never had contact with him until AFTER I terminated their services. How could he be an expert in a situation in which he had no involvement? The cards were stacked against me. By the way, when I used my contract as a piece of evidence in our discussions, I was told that it was only a guide and because the budget totals were not on the sheet with our signatures, they were not part of the contract.
You will soon see copies of the signed contract that indicate the budgeted monthly totals, as they will be part of a Picture Report on this web site. I tried to work something out quickly with the President of the company and even suggested arbitration without any success. I only advise you to utilize a service that guarantees a dollar amount from your budget on a monthly basis. Giving an open checkbook to a company is a difficult lesson to be learned. We sometimes get so wrapped up in the thought of being relieved from our debt, that we fail to see the entire picture until it is too late.
Although I may not understand how the services of this company may have worked well for some businesses, I advise that you be very careful of the pitfalls you may fall into as a result of the emotional stress you feel will be relieved. Fortunately, I found another company who is extremely more suitable for resolving my debt and maintaining my budget. They have dealt with far more debt, have created more manageable settlements and put the business in a positive cash flow situation.
CLICK here to see why we deleted either a phone number, link or e-mail address from this Report.
Joe
Downers Grove, Illinois
U.S.A.
STOP! ..before you think about using the Better Business Bureau (BBB)... CLICK HERE to see how other consumers were victimized by the BBB's false or misleading information. Don't be fooled! It has been reported, when there are thousands of complaints and other investigations underway by authorities, the BBB has no choice but to finally give an UNsatisfactory rating to a BBB member business that is paying the BBB big membership fees every year. When a business is reported that is NOT a BBB member, BBB files WILL more likely show an UNsatisfactory rating, then reportedly shake down that company to become a member of the BBB. One positive thing about the BBB is, either way, if a business has an unsatisfactory rating with the BBB, you can be sure, the business is bad. But what about all those BBB member businesses that had complaints filed against them? Consumers never get to hear about them. What about the BBB advertising to the public? Is this a false and misleading perception they are giving about consumer confidence when dealing with a business? Click here to understand more of what consumers and business alike are saying about the BBB. You decide. ..Remember. The BBB membership is not earned, it's paid for!
8 Updates & Rebuttals
Don
TEMPE,Arizona,
United States of America
American Finasco
#2Consumer Suggestion
Tue, October 23, 2012
How do you know who to believe? If they have a rip off report against them they must be bad. I especially dont like the comment The fee to American Finasco was picked up immediately after the settlements were made so they can be assured of receiving their fees. It sounds like all of these companies are the same; they just care about lining their own pockets.
Teehee
San Diego,California,
USA
BBB doesn't do jack
#3Consumer Comment
Fri, March 12, 2010
Your rebuttal saying that the BBB cleared your company of any foul play
was great. I recently submitted a complaint with the BBB against
another business and, to the best of my knowledge, they did nothing but
send me a letter asking me what my complaint wasin regards to and then sending me a letter
telling me that my "complaint had been satisfactorily resolved". The
ONLY reason my complaint was resolved was because of the involvement of
the Attorney General and law enforcement. The AG's office actually DID something. The BBB
did not.... people need to realize that that is how it goes.
Marsha
Conroe,Texas,
U.S.A.
New Ownership
#4UPDATE Employee
Tue, November 24, 2009
On October 1, 2009 American Finasco was sold to new owners and the previous President/CEO this report is filed upon is no longer with us in management.
American Finasco still maintains the highest level of customer service and is dedicated to the resolution of business debt. It is our goal to help clients in their time of financial need and we have a strong 22 year record of doing so. Client references are always provided upon request.
We also maintain the same structure today that allows you to maintain control of your checkbook and payments are sent directly from you to your creditors.
American Finasco still maintains an A+ Ranking with the Better Business Bureau and list no reports or complaints over the past three years. We do encourage all potential clients to research with the Better Business Bureau prior to hiring any Debt Negotiation Company.
S.n.
Bucyrus,Kansas,
U.S.A.
Cleared By The BBB? What A Joke!
#5Consumer Suggestion
Sat, April 28, 2007
You response indicating the BBB cleared your company of any wrong doing was hilarious. I recently filed a complaint with the BBB against another company and, to the best of my knowledge, they did nothing but send me a letter asking me what my complaint was (the Attorney General's office understood the complaint) and then sending me a letter telling me that my "complaint had been satisfactorily resolved". The ONLY reason my complaint was resolved was because of the involvement of the Attorney General. The AG's office actually DID something. The BBB did not.
Marsha
Conroe,Texas,
U.S.A.
We did follow up and werecleared by the BBB read why
#6REBUTTAL Owner of company
Fri, April 27, 2007
The facts (as we see them): 1. American Finasco was hired by Bell Graphics and Joe Bellavia on June 5, 2002 to assist his company in restructuring debt in the approximate amount of $15,000.00 representing three different creditors. 2. As Mr. Bellavia stated, he set up a monthly budget amount of $2,000.00 to handle the projected payments to creditors and to pay our fees. 3. On or about June 26, 2002 American Finasco settled one of his accounts, CIT Equipment Leasing for 3 payments of $2,812.00 each. Mr. Bellavia was contacted before we completed this settlement because the payments to the creditor exceeded our monthly budget. Mr. Bellavia advised us to go ahead and complete the settlement. 4. From June 29 through September 5 Mr. Bellavia assigned American Finasco an additional 10 creditors for additional $16,000.00 of debt. As these accounts were assigned, Mr. Bellavia did not increase his monthly budget as we would normally require. Unfortunately, I cannot find evidence that American Finasco followed up to get him to increase the budget. 5. During the month of July, 2002 American Finasco settled six more accounts. Many of these settlements were approved from our initial work since it was difficult to retract offers we had already made. 6. On September 26, 2002 Mr. Bellavia wrote to my sales agent, Chuck Yerbic advising he was not happy with our service and that we were instructed to discontinue all efforts on his accounts. 7. When the September letter came to me, I immediately called Mr. Bellavia to try to solve any problem and keep him as a client. At that time, he informed me that he had hired another Debt Management Company to assist him and explained why he was unhappy with our service. 8. I informed Mr. Bellavia that I would be more than happy to re-work some of our settlements so we could reduce the monthly demands on his cash flow. He advised us that he could not have us do that because he had hired another firm and that would be a conflict of interest. 9. With his refusal to let us continue I advised Mr. Bellavia that I would refund his $500.00 retainer in full, even though company policy is to keep the retainer if we are pulled off a project. 10. Mr. Bellavia that wrote to me on October 2 asking that American Finasco refund $4,362.79 to help him be able to meet the creditor payments. There are three major problems with his request: American Finasco never assumes any financial responsibility for making creditor payments and this in effect would be doing that. It is strictly our client's responsibility to keep up with the creditor payments. This would also be refunding fees that were earned in full as per our contract with Mr. Bellavia. He made his request after firing us. In effect, he is asking us to help fund the activity now being handled by a competitor. Action our company has taken: As documented above, American Finasco did everything we could to save the relationship-short of loaning his company money. I spent a great deal of time talking with Mr. Bellavia from September 26 October 8 to search for a solution. My solution was to refund his retainer, which by policy we did no have to do. Unfortunately, Mr. Bellavia had already closed all reasonable avenues for American Finasco to pursue to solve his creditor problems. Gary - Conroe, Texas U.S.A.
Marsha
Conroe,Texas,
U.S.A.
We did follow up and werecleared by the BBB read why
#7REBUTTAL Owner of company
Fri, April 27, 2007
The facts (as we see them): 1. American Finasco was hired by Bell Graphics and Joe Bellavia on June 5, 2002 to assist his company in restructuring debt in the approximate amount of $15,000.00 representing three different creditors. 2. As Mr. Bellavia stated, he set up a monthly budget amount of $2,000.00 to handle the projected payments to creditors and to pay our fees. 3. On or about June 26, 2002 American Finasco settled one of his accounts, CIT Equipment Leasing for 3 payments of $2,812.00 each. Mr. Bellavia was contacted before we completed this settlement because the payments to the creditor exceeded our monthly budget. Mr. Bellavia advised us to go ahead and complete the settlement. 4. From June 29 through September 5 Mr. Bellavia assigned American Finasco an additional 10 creditors for additional $16,000.00 of debt. As these accounts were assigned, Mr. Bellavia did not increase his monthly budget as we would normally require. Unfortunately, I cannot find evidence that American Finasco followed up to get him to increase the budget. 5. During the month of July, 2002 American Finasco settled six more accounts. Many of these settlements were approved from our initial work since it was difficult to retract offers we had already made. 6. On September 26, 2002 Mr. Bellavia wrote to my sales agent, Chuck Yerbic advising he was not happy with our service and that we were instructed to discontinue all efforts on his accounts. 7. When the September letter came to me, I immediately called Mr. Bellavia to try to solve any problem and keep him as a client. At that time, he informed me that he had hired another Debt Management Company to assist him and explained why he was unhappy with our service. 8. I informed Mr. Bellavia that I would be more than happy to re-work some of our settlements so we could reduce the monthly demands on his cash flow. He advised us that he could not have us do that because he had hired another firm and that would be a conflict of interest. 9. With his refusal to let us continue I advised Mr. Bellavia that I would refund his $500.00 retainer in full, even though company policy is to keep the retainer if we are pulled off a project. 10. Mr. Bellavia that wrote to me on October 2 asking that American Finasco refund $4,362.79 to help him be able to meet the creditor payments. There are three major problems with his request: American Finasco never assumes any financial responsibility for making creditor payments and this in effect would be doing that. It is strictly our client's responsibility to keep up with the creditor payments. This would also be refunding fees that were earned in full as per our contract with Mr. Bellavia. He made his request after firing us. In effect, he is asking us to help fund the activity now being handled by a competitor. Action our company has taken: As documented above, American Finasco did everything we could to save the relationship-short of loaning his company money. I spent a great deal of time talking with Mr. Bellavia from September 26 October 8 to search for a solution. My solution was to refund his retainer, which by policy we did no have to do. Unfortunately, Mr. Bellavia had already closed all reasonable avenues for American Finasco to pursue to solve his creditor problems. Gary - Conroe, Texas U.S.A.
Marsha
Conroe,Texas,
U.S.A.
We did follow up and werecleared by the BBB read why
#8REBUTTAL Owner of company
Fri, April 27, 2007
The facts (as we see them): 1. American Finasco was hired by Bell Graphics and Joe Bellavia on June 5, 2002 to assist his company in restructuring debt in the approximate amount of $15,000.00 representing three different creditors. 2. As Mr. Bellavia stated, he set up a monthly budget amount of $2,000.00 to handle the projected payments to creditors and to pay our fees. 3. On or about June 26, 2002 American Finasco settled one of his accounts, CIT Equipment Leasing for 3 payments of $2,812.00 each. Mr. Bellavia was contacted before we completed this settlement because the payments to the creditor exceeded our monthly budget. Mr. Bellavia advised us to go ahead and complete the settlement. 4. From June 29 through September 5 Mr. Bellavia assigned American Finasco an additional 10 creditors for additional $16,000.00 of debt. As these accounts were assigned, Mr. Bellavia did not increase his monthly budget as we would normally require. Unfortunately, I cannot find evidence that American Finasco followed up to get him to increase the budget. 5. During the month of July, 2002 American Finasco settled six more accounts. Many of these settlements were approved from our initial work since it was difficult to retract offers we had already made. 6. On September 26, 2002 Mr. Bellavia wrote to my sales agent, Chuck Yerbic advising he was not happy with our service and that we were instructed to discontinue all efforts on his accounts. 7. When the September letter came to me, I immediately called Mr. Bellavia to try to solve any problem and keep him as a client. At that time, he informed me that he had hired another Debt Management Company to assist him and explained why he was unhappy with our service. 8. I informed Mr. Bellavia that I would be more than happy to re-work some of our settlements so we could reduce the monthly demands on his cash flow. He advised us that he could not have us do that because he had hired another firm and that would be a conflict of interest. 9. With his refusal to let us continue I advised Mr. Bellavia that I would refund his $500.00 retainer in full, even though company policy is to keep the retainer if we are pulled off a project. 10. Mr. Bellavia that wrote to me on October 2 asking that American Finasco refund $4,362.79 to help him be able to meet the creditor payments. There are three major problems with his request: American Finasco never assumes any financial responsibility for making creditor payments and this in effect would be doing that. It is strictly our client's responsibility to keep up with the creditor payments. This would also be refunding fees that were earned in full as per our contract with Mr. Bellavia. He made his request after firing us. In effect, he is asking us to help fund the activity now being handled by a competitor. Action our company has taken: As documented above, American Finasco did everything we could to save the relationship-short of loaning his company money. I spent a great deal of time talking with Mr. Bellavia from September 26 October 8 to search for a solution. My solution was to refund his retainer, which by policy we did no have to do. Unfortunately, Mr. Bellavia had already closed all reasonable avenues for American Finasco to pursue to solve his creditor problems. Gary - Conroe, Texas U.S.A.
Marsha
Conroe,Texas,
U.S.A.
We did follow up and werecleared by the BBB read why
#9REBUTTAL Owner of company
Fri, April 27, 2007
The facts (as we see them): 1. American Finasco was hired by Bell Graphics and Joe Bellavia on June 5, 2002 to assist his company in restructuring debt in the approximate amount of $15,000.00 representing three different creditors. 2. As Mr. Bellavia stated, he set up a monthly budget amount of $2,000.00 to handle the projected payments to creditors and to pay our fees. 3. On or about June 26, 2002 American Finasco settled one of his accounts, CIT Equipment Leasing for 3 payments of $2,812.00 each. Mr. Bellavia was contacted before we completed this settlement because the payments to the creditor exceeded our monthly budget. Mr. Bellavia advised us to go ahead and complete the settlement. 4. From June 29 through September 5 Mr. Bellavia assigned American Finasco an additional 10 creditors for additional $16,000.00 of debt. As these accounts were assigned, Mr. Bellavia did not increase his monthly budget as we would normally require. Unfortunately, I cannot find evidence that American Finasco followed up to get him to increase the budget. 5. During the month of July, 2002 American Finasco settled six more accounts. Many of these settlements were approved from our initial work since it was difficult to retract offers we had already made. 6. On September 26, 2002 Mr. Bellavia wrote to my sales agent, Chuck Yerbic advising he was not happy with our service and that we were instructed to discontinue all efforts on his accounts. 7. When the September letter came to me, I immediately called Mr. Bellavia to try to solve any problem and keep him as a client. At that time, he informed me that he had hired another Debt Management Company to assist him and explained why he was unhappy with our service. 8. I informed Mr. Bellavia that I would be more than happy to re-work some of our settlements so we could reduce the monthly demands on his cash flow. He advised us that he could not have us do that because he had hired another firm and that would be a conflict of interest. 9. With his refusal to let us continue I advised Mr. Bellavia that I would refund his $500.00 retainer in full, even though company policy is to keep the retainer if we are pulled off a project. 10. Mr. Bellavia that wrote to me on October 2 asking that American Finasco refund $4,362.79 to help him be able to meet the creditor payments. There are three major problems with his request: American Finasco never assumes any financial responsibility for making creditor payments and this in effect would be doing that. It is strictly our client's responsibility to keep up with the creditor payments. This would also be refunding fees that were earned in full as per our contract with Mr. Bellavia. He made his request after firing us. In effect, he is asking us to help fund the activity now being handled by a competitor. Action our company has taken: As documented above, American Finasco did everything we could to save the relationship-short of loaning his company money. I spent a great deal of time talking with Mr. Bellavia from September 26 October 8 to search for a solution. My solution was to refund his retainer, which by policy we did no have to do. Unfortunately, Mr. Bellavia had already closed all reasonable avenues for American Finasco to pursue to solve his creditor problems. Gary - Conroe, Texas U.S.A.
