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  • Report:  #1222299

Complaint Review: Vantage Acceptance TRUSTED Business | Verified™ …businesses you can trust. Vantage Acceptance specializes in helping you eliminate your debt. Vantage Acceptance has an ongoing relationship with creditors and has been successfully negotiating on behalf of thousands of clients every day. - Woodland Hills California

Reported By:
James - Anaheim, California, U.S.A.
Submitted:
Updated:

Vantage Acceptance TRUSTED Business | Verified™ …businesses you can trust. Vantage Acceptance specializes in helping you eliminate your debt. Vantage Acceptance has an ongoing relationship with creditors and has been successfully negotiating on behalf of thousands of clients every day.
5950 Canoga Avenue, Suite 300 Woodland Hills, 91367 California, USA
Phone:
(800) 829-7700
Web:
www.vantageacceptance.com
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REVIEW UPDATE: April 3 2018: Vantage Acceptance remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. Vantage Acceptance is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.

To date, Vantage Acceptance has made good faith efforts to resolve all complaints reported on Ripoff Report. Based on our experience, the member business has proven to be among the top members of the Ripoff Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business™.

Over time and since becoming a member, Vantage Acceptance has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Ripoff Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever Vantage Acceptance remains committed to improving customer satisfaction.

Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.

Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!

*Any consumer not receiving satisfaction from a member of the Corporate Advocacy Program should email us at [email protected].

Ripoff Report Verified™ REVIEW

EDitor's UPDATE: Positive rating and recognition has been given to Vantage Acceptance for its full commitment to quality customer service.

Ripoff Report's discussions with Vantage Acceptance have uncovered an ongoing dedication by the company to total client satisfaction. This means that clients can expect that the company will work towards finding a mutually satisfactory resolution to any concerns. Vantage Acceptance listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services offered and the support for those services.

Vantage Acceptance's principals has informed us that their personal philosophy is that the clients success is the heart of the business. They feel is it critical to listen to clients and respond properly. Putting clients first, is first. One of the things Ripoff Report learned in the course of its review is that typical customer feedback reads, "Vantage Acceptance effectively communicates all aspects of the service in a timely manner. We are very please with the responsiveness that the employees show us. They are serious about their efforts. They are serious about results.

The information provided in this report below is based on comments made by Vantage Acceptance during an onsite inspection held by a third party verification company with no biases towards Ron LeClair.

Vantage Acceptance is a company that specializes in helping their clients eliminate debt. Vantage Acceptance has an ongoing relationship with creditors that help their clients achieve the best rates while tackling debt.

Leads for Vantage Acceptance are primarily obtained through the direct mail. They submit anywhere from 180,000 to 300,000 physical marketing pamphlets that will direct the potential client to reach out where a sales associate can assist them. Ron LeClair went on to explain the sales and services process for an individual client, "the majority of the debt is revolving debt, Visa, and MasterCard, a small amount of medical debt…catalog debt…the Debt Specialist and the prospect work out a monthly draft amount that the prospect agrees upon. We draft their checking account and move that money to an escrow account which is a FDIC account that is 100% controlled by the prospect. As the funds build up, the debt is becoming delinquent and becomes negotiable. We average 39-cents on the dollar paid to the creditor based on payment plans as short as one month." Vantage Acceptance educates their clients to ensure that they receive the best service, "the more money they put in, the faster we can get them out of debt…the bank wants their minimum payment until they die. We mail documents to the prospect for signature or send via email for electronic signature. We make sure their debts are secured or unsecured…that they are workable - there is a small percentage of creditors we don’t work with. On average, they are out of debt in 32-36 months. Our average settlement and payment history tell us mathematically roughly how long it will take and how much the client will have to pay the creditor to settle the account. In the worst case, they will pay 100% of what they owe….In rare cases, they pay nothing…some pay 12-16 cents on the dollar and our average is around 39-cents on the dollar."



CUSTOMER CARE & COMPLAINT RESOLUTION – VANTAGE ACCEPTANCE

During the on-site interview, Mr. LeClair was asked to describe a situation where a client was not satisfied with the level of service they received. Mr. LeClair expressed that the complaints they primarily receive are not in regards to their services, but how the Bank deals with the client after they signed on, "the bank goes on a warpath because they are not receiving the minimum payment." The banks will hound the client and pressure them into paying the minimum payment and halting services with Vantage Acceptance. Because sensitive nature of these scenarios Vantage Acceptance educates their clients on the methods that Banks will use, and ensure them of a better payment program.

When asked to comment on complaints posted on Ripoff Report's website Mr. LeClair expressed that all comments made on the website were made by a disgruntled employee. These comments are false and meant to be hurtful to specific employees. In order to further assure future and current clients Vantage Acceptance is accredited by the Better Business Bureau and the American Fair Credit Council, "which is the watchdog of this whole industry and only has less than 20 members including us."

When asked what type of changes they have made to honor their commitment to making things right with the consumer per the request of Ripoff Report, Mr. LeClair stated, "we terminated someone….we hired a super-seasoned experienced woman who has come in the last year and a half and rebuilt everything. This is probably the best employee we have ever had."

Vantage Acceptance is proud to be a part of Ripoff Reports Corporate Advocacy Business Remediation and Customer Satisfaction Program, "It’s a lot. Our clients don’t walk in the door…maybe one client walks in the door a year…everything is on the phone, via the internet….they are a little nervous…if they go online and see negative stuff it’s a disaster...we are hoping this is a game changer. We have to have credibility since we don’t see our clients. Especially when employees, past employees, their relatives, competitors, etc…can file reports on there and there is nothing we can do about it….so I’m trusting this is going to be a major image enhancer."



VANTAGE ACCEPTANCE – STATEMENT FROM THE OPERATIONS MANAGER

" We are not the biggest and we are not the smallest company in our space. Please take time to review our agreement, learn some of the aspects that help you get out of debt and talk to the people that work on your behalf.

Vantage Acceptance's 's team have expressed that they enjoy what they do. They are only disappointed when there are collector calls whom lie and deceive in order to get a payment. They encourage the client to not fall for that trap. Each time a negotiated debt is signed off, an employee rings a small bell and inputs the information for all employees to see. It is quite a moment that happens all day! Vantage Acceptance takes employee satisfaction seriously as well. Employee feedback and surveys reveal comments such as this, "The company provides an amazing atmosphere to work. Suggestions and ideas are super welcome anytime. There HR department's door is always open. Opportunities for advancement are abundant for the right people. "

Ripoff Report was pleased to learn that Vantage Acceptance's past and current approach to business is focused on its pledge to total commitment towards client and employee satisfaction.

STATED IMPROVEMENTS FROM VANTAGE ACCEPTANCE

Vantage Acceptance recognizes that complaints posted on Ripoff Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Ripoff Report's review, Vantage Acceptance has made organizational changes allowing its clients and employees a more streamlined approach to problem resolution and a commitment to a great client experience.

In summary, after our review, which included discussions with the officers of the company, Ripoff Report is convinced that Vantage Acceptance is committed to quality delivery of services resulting in total client satisfaction.



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How does a business get Ripoff Report Verified™

The member business allows Ripoff report to email everyone from the past. Those who respond to Ripoff report with a valid complaint must be take care of.. they have made a commitment that if anyone contacts Ripoff Report in the future, they will make things right within 14 days. The member business must err on the side of their customers. Otherwise the member business is off the program.

Ripoff Report has determined that Vantage Acceptance is Ripoff Report Verified™ standards which include a commitment to make a good faith effort to resolve any consumer complaints. Members of the Corporate Advocacy Business Remediation and Customer Satisfaction program do pay a fee for our on-site review, 24-hour monitoring and for support with customers to resolve any disagreements.

Ripoff Report sends a 3rd party service to do an onsite inspection of the new member business. The on-site inspection / review does not mean that the products or services offered by the business have been evaluated or endorsed by Ripoff Report, and has not made a determination as to the business' product quality or competency in performing services. We can verify, that Ripoff Report went to the business, verified their business or “work from home business”, there for, if a customer in the future does not get treated correctly, Ripoff Report can get the problem resolved. If not, and the customers is right, the member business will be taken off the Corporate Advocacy Program. Remember, Ripoff Report emailed every customer from the past that filed a complaint to make sure the member business made things right with customers from the past. Again, to err on the side of their customer, those from the past and those in the future.

Read more about why consumers should feel confident when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, it’s a long name for a program that does a lot for both consumers and businesses alike.

Read about Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. This program works.

As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint so they can make things right with them. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer.

NOW TO THE ORIGINAL REPORT THAT WAS FILED

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Vantage Acceptance Debt Settlement Woodland Hills California

ABOUT THE RIPOFF REPORT BELOW:

Ripoff Report would like to let readers know that Ripoff Report emailed this customer so the member business could make things right with them. When a business joins the Corporate Advocacy Program, Ripoff Report emails everyone from the past so the member business can make things right with them. Of course, everything within reason. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer. The author of the Ripoff Report below never responded to our offer to help them.

STATEMENT FROM VANTAGE ACCEPTANCE:

this is from an employee. clearly one can see by just reading a few sentences. once you read it fully, one will ask the question, what is the problem? NOW

TO THE ORIGINAL REPORT THAT WAS FILED

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Vantage Acceptance – An Insider’s Guide to their Deceptive and Misleading Practices

 You may have received a yellow card from them saying you are “pre-approved” for debt relief. If you follow soccer, you get a yellow card as a warning, which I consider very appropriate. I worked there for over a year and while they will help you get out of debt, it will cost you a lot more than what they tell you.

 The “debt specialists” are script readers, using a format designed to confuse you and make you believe that they can get you out of debt for 30% to 40% of what you currently owe. I call bullshit. Let me break this down for you step by step:

 Step 1:

 First stage of the script is designed to give you confidence in them, they say they have been in business for over 5 years, have an “A” rating with the BBB and most importantly they are a member of the American Fair Credit Counsel, the AFCC. While they have been in business for 5 years or more, it has not been doing only debt. They started out as a mortgage company in the heyday, and then moved over to debt when the meltdown happened. They closed that down when the new FTC rules in July of 2010 prevented collection of up-front settlement fees. They did a stint as medical billing, and then moved over to loan modifications, then back to debt again about two years ago. Since then they have also tried SEO lead generation, business loans, and now are doing student loan consolidation as well as debt.

 As for the “A” rating with the BBB, it is or by now was a complete lie; they have no rating with the BBB. They are a member of the AFCC, but in reality complaints are not really important, they want the money they get paid just like the BBB. If you pay them, you get to be a member; they really have no real enforcement arm, they can only drop you as a member.

 The next thing they tell you is that they can settle your debt for less, maybe 30% to 40% of what you currently owe. While they do settle with your creditors for that amount, when you add in their fees, the Debt Pay Gateway fees, the Debtor Advocacy Center fees, and the tax implications you may face, you very easily could up paying MORE than what you currently owe. Let me explain that in detail, sound fair enough?

 Instead of paying your creditors directly, you will put your money into a “special purpose escrow account” instead, a debt-pay gateway account. What this means is that you will STOP paying your creditors, go into default, then into collections. You will get a lot of harassing phone calls, collection letters, and it is possible, depending on the amount of the debt and the creditor, sued by the creditor or collection agency. They will tell you that they will contact your creditors, some right away and some within a few months of your enrollment. They say that your creditors will understand you are not just ignoring you obligation, but that you are participating in a supervised savings plan. Bullshit is the best word I can use. Your creditors will not understand anything other than you stopped paying, they don’t recognize the “supervised savings” plan. Vantage Acceptance will not contact your creditors until you have built up money in the account, which could take a year or more!

 If you ask them if this will have an affect on your credit, the canned answer you will get is “It may have an effect on your credit, but how is your credit now?” This is a distraction from your original question, as the true answer is it will hurt your credit, and once you complete the program it will be a slow rebuilding process.  Now if it is your intent to get out of debt, why do they not simply tell you the truth?

 Step 2:

 The get you to list your debts, get a total, and then tell you they can settle your debts for less. Let’s say you have $15,000 in total debts. They will tell you they can settle this for anywhere between $3000 and $5000, saving you anywhere from $7,000 to $9000, which is far more manageable, isn’t it? This is extremely deceptive because these figures do not include all of the fees they charge, nor does it include the possible tax implications the creditors can hit you with, a 1099-C for the amount they “saved” you.

 They give you an amount of say $295 a month for 43 months or less. They stress the “less” which at this point in time they have absolutely no real idea of whether it will be less, it could very well be longer, much longer in some cases. Do the math and the total you will pay to get out of debt comes to $12,685. If you question this, their rebuttal is to tell you not to look it as a loan, but that this is the worst case, they should be able to get it done is 35 months. Again Bullshit as they have no idea how long the negotiations may take.

 As to their fee, it is 35% of the savings. They tell you the more they save you the better. Well let’s do the math:

 $15,000 in debt, reduced down to $3,000 = savings of $12,000 X .35 = $4200 fee, plus the $3000 = $7200

$15,000 in debt, reduced down to $5,000 = savings of $10,000 X .35 = $3500 fee, plus the $5000 = $8500

$15,000 in debt, reduced down to $8,000 = savings of $7,000 X .35 = $2450 fee, plus the $8000 = $10450

 Now you start to think, wow – they saved me over half in the in the best case scenario, but they still saved me almost $5,000 in the worst case scenario. Well, not quite, we forgot about the Debtor Advocacy Center fees, the Debt Pay Gateway fees, and the possible tax implications. This is where the deception ends and the lies start.

 Step 3:

 After they get you “sold” including getting your checking account information for the monthly transfer into your escrow account, they hit you with an up sell. Well it is already included in the draft amount so it is an explanation of a “hidden fee” or in reality it is an up-front fee. Remember I said they changed company direction in July of 2010 due to no more up-front fees mandated by the FTC? To get around that, they created the DAC, or Debtor Advocacy Center. They tell you it is a separate company, which technically it is, however it is owned by the same people who own Vantage Acceptance. They tell you the DAC will protect your rights and help you secure your settlements for less, and most importantly, it will provide a buffer between you and your creditors so you will never have to speak to them again. Now you should be really confused as they told you earlier that they would contact your creditors and explain you are not ignoring your obligations, but participating in a supervised savings plan. So why do you need the DAC? If you are sued by your creditors! In the year I was there, I never saw the DAC help anyone settle for less; they provided legal advice if you are sued. They give you a phone number and web address for the DAC, with an address in Calabasas. The address is a virtual office; the DAC is in-house in their office in Woodland Hills. With over 4,000 clients, this translates into at least $200,000 a month in up-front fees!

 Let’s look at what the DAC will cost you: It is $199 a months for the first three months only, and then $50 a month thereafter. The math on a 43 month program is: $199 a month x 3 = $597, then $50 a month for 40 months = $2000 for a total of $2597. Oh, and don’t forget the Debt Pay Gateway fee of $9.75 a month for 43 months, an additional $419.25. This comes to a grand total of $3016.25 Add this to the settlements, and fees and the “savings” start to diminish quite a bit. If you add this to the best case scenarion of $7200 plus the $3016 and you pay just $10216.25 on $15,000 in debt, worst case would be $10,450 plus the $3016.25 and you will end up paying $13,466.25 on $15,000 in debt, almost your original debt. While this is still less than what you originally owed and that would be great if that was the end of it, but it is not. If you look at the sample settlements on their website, these are deceptive as they do not include many I saw where the creditor clearly stated that you will be liable for tax on the debt, form 1099-C. I pulled this directly from the IRS website:

 Topic 431 - Canceled Debt – Is It Taxable or Not?
A debt includes any indebtedness whether you are personally liable or liable only to the extent of the property securing the debt. Cancellation of all or part of a debt that is secured by property may occur because of a foreclosure, a repossession, a voluntary return of the property to the lender, abandonment of the property, or a principal residence loan modification.

 In general, if you are liable for a debt that is canceled, forgiven, or discharged, you will receive a Form 1099-C Cancellation of Debt, and must include the canceled amount in gross income unless you meet an exclusion or exception. If you receive a Form 1099-C but the creditor is continuing to try to collect the debt, the creditor may not have canceled the debt. You should verify with the creditor your specific situation; you might not have cancellation of debt or taxable income.

 You must report any taxable amount of a canceled debt for which you are personally liable, as ordinary income from the cancellation of debt, on Form 1040 or Form 1040NR and associated schedules, as advised in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). You must report the taxable amount of a taxable canceled debt whether or not you receive a Form 1099-C.

 While I am not a CPA, and not qualified to give tax advice, the way this reads is you very well may have to pay tax on the savings, which means you will have to add the “savings” of $7000 to $12,000 to your gross income. Now there is a form you can file to get this forgiven, but do you qualify? Vantage Acceptance will tell you in a compliance call they do that they do not provide tax advice and you should speak to a tax professional concerning any such matter. Don’t you think you should do this before signing up?



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