Start New Financial is a company that offers debt relief services. They have been in business for over 8 years, and claim to have helped thousands of people get out of debt. So is Start New Financial a scam, or is it legit? Let’s take a closer look at their services and see what we can find out.
Start New Financial offers debt settlement services. This means that they will negotiate with your creditors to try and get them to agree to accept less than the full amount of your debt. If they are successful, you will then make payments to Start New Financial, who will in turn pay your creditors. There are a few things to be aware of before you sign up for their services though.
- Clients who are able to stay with the program and get all their debt settled realize approximate savings of 46% before fees, or 25% including our fees, over 24 to 48 months.
- Not all debts are eligible for enrollment.
- they do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time.
- Not available in all states.
So is Start New Financial a scam or is it legit? They do offer a legitimate service, but there are some risks involved. If you’re considering using their services, be sure to do your research and talk to a financial advisor to see if it’s the right choice for you.
2.5 out of 5.0 stars
Start New Financial Pros and Cons
There are many things to consider before enrolling in a debt settlement program with Start New Financial. While they offer debt settlement services and have an A rating on the BBB, not all debts are eligible for enrollment. Furthermore, their services are not available in all states.
Before enrolling in any debt relief program, it’s important to do your research and understand the pros and cons. With Start New Financial, you may be able to save money on your debts, but there are also some potential drawbacks to consider.
Pros:
- Offers debt settlement services
- A rating on the BBB
Cons:
- Not all debts are eligible for enrollment
- Not available in all states
- Debt Settlement is not for everyone
- Damages your credit and Ability to get new lines of credit
- 105 Complaints on the BBB
- No Guarantees
They do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time.
What is Start New Financial?
Start New Financial is a company that offers debt settlement services and debt consolidation loans. The company has been in business since 2013, and it is headquartered in Grand Rapids, Michigan. Start New Financial has an A rating with the Better Business Bureau.
The company offers two main services: debt settlement and debt reduction programs. Debt settlement involves negotiating with your creditors to settle your debts for less than what you owe. This can be a good option if you’re unable to make your minimum monthly payments or if you’re facing financial hardship.
If you’re considering using Start New Financial’s services, it’s important to understand the risks involved. Debt settlement can damage your credit score, and you may end up paying more in fees than you would if you just continued making your minimum monthly payments.
Before making a decision, it’s important to talk to a financial advisor to see if Start New Financial’s services are right for you. If you decide to use Start New Financial’s services, make sure you understand the risks and fees involved so that you can make an informed decision.
How does Start New Financial work?
Start New Financial offers debt settlement services and debt reduction programns to help you get out of debt. They also offer credit counseling to help you improve your financial situation.
The first step is to call Start New Financial and schedule a free consultation. During the consultation, they will review your financial situation and develop a personalized plan to get you out of debt.
Depending on your situation, they will recommend a debt settlement plan. If you qualify for a debt settlement plan, they will negotiate with your creditors to try to settle your debts for less than the full amount owed.
They do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services.
How to qualify for Start New Financial?
Start New Financial is a debt settlement plan that can help you get out of debt. However, there are qualifications that you must meet in order to qualify for the plan. Here are the qualifications:
- You must have at least $10,000 in unsecured debt. This includes credit card debt, medical bills, personal loans, and other types of unsecured debt.
- Your debts must be from U.S.-based creditors. Start New Financial cannot settle debts with foreign creditors.
- You must be able to make monthly payments of at least $250. These payments will go into a savings account that will be used to settle your debts.
If you meet these qualifications, then you may be eligible for Start New Financial. Contact a representative to learn more about the program and see if you qualify.
Other basic requirements are:
- Older than 18
- Live in the US
- Not currently bankrupt
- Have a verifiable source of income. This can include employment, retirement benefits, government benefits, etc.
How much does Start New Financial charge?
Start New Financial charges an approximate 25% fee of the debt enrolled in your program and is this classified as a performance fee, which means the fee isn’t charged until they perform. This can be a big downside for people who are already struggling with debt, as it can make it even harder to get out of debt.
Other ancillaries and third-party fees associated with the program include check-by-phone banking fees for settlements scheduled with creditors. Consumers also have the option to enroll in a third-party legal insurance program, which charges a $30 monthly fee. This program is optional and not required for engagement with Start New Financial.
if you’re considering using Start New Financial’s services, be sure to carefully consider all of your options and compare the fees before making a decision.
How does Start New Financial affect your credit?
Debt settlement can have a negative impact on your credit score for up to 7 years. During this time, your credit score may drop by as much as 100 points. However, the effects of debt settlement will lessen over time.
Most creditors will not consider debt settlement until the debt holder is delinquent on payment or already in default. If you miss payments and default on your debt, your credit score could drop by as much as 110 points before debt settlement negotiations even begin.
How to cancel Start New Financial?
If you’re unhappy with Start New Financial‘s debt settlement program, you can cancel your enrollment at any time. Here’s what you need to do:
First, call Start New Financial’s customer service number and tell them that you want to cancel your debt settlement plan.
Next, send a written cancellation notice to Start New Financial. Include your name, address, phone number, and account number. You can find the address on Start New Financial’s website. Be sure to keep a copy of the cancellation notice for your records.
Finally, stop making payments to Start New Financial. Instead, start making payments to your creditors yourself. Make sure to contact your bank to stop any payment authorization from your account to this company. If you have any questions, you can always reach out to a debt settlement attorney for help.
Start New Financial BBB Reviews
If you’re looking for an honest, unbiased review of Start New Financial, then look no further than the BBB. Accredited since 2017, Start New Financial has an A rating with the BBB. In the last three years, 105 complaints were closed and in the last 12 months, 33 complaints were closed.
When it comes to financial reviews, the BBB is one of the most trusted sources. So if you’re considering using Start New Financial’s services, definitely check out their BBB reviews first.
Here are some Start New Financial BBB Reviews:
Damon K. 09/11/2022
I git behind bills and REALLY strapped for money back in 2013 because of a major car accident… And…the past 5 years my fathers was dying from cancer. No money. No where to turn.WRONG! This is family. Thank you for helping me see the light to a wonderful future.No matter how bad life is. You can overcome anything is you keep walking forward.These people are Awesome… #1 friends and family.
Rebecca S 09/09/2022
3.0 out of 5.0 starsWas very helpful put plan lasted 8 months longer than was so to and monthly payments were raised for them
William M 08/31/2022
1.5 out of 5.0 starsGreat customer service , always there when I needed , always had answers . Very happy with start new
Luther E 08/19/2022
1.0 out of 5.0 starsA scam is an understatement. You’re going to get ripped off if you use these guys.
James L 07/27/2022
1.0 out of 5.0 starsIf you get a letter from ******** shred it immediately. This company is a scam. Multiple times I’ve called to be removed from their mailing list, and multiple times I’ve received more letters from them. When I call the number on the letter they try to sell me their pitch despite my request that I will simply be removed from their mailing list. Today was my third time calling them over the last year to be removed from their mailing list.
HY H 07/01/2022
1.0 out of 5.0 starsI signed up for the plan in Jan 2021, but today, my bank was levied for $20,000. Apparently, the film didn’t do its job at all. I was told from the beginning to send all the legal documents and bank statements to them. I did as they said and followed up with them many times. I never got any helpful response, other than “RECEIVED.” AmEx told me that this firm has never sent anything to them about representing me to negotiate down the debt. I am now speaking with AmEx directly to clear up the levy and I don’t know how to stop the monthly payment to this firm since they are not doing their job.
Is Start New Financial legit or a scam?
startnewfinancial.com offers debt settlement services, however, there are many complaints against the company online. We can say that Start New Financial is a legitimate company, but there are some red flags that consumers should be aware of before doing business with this company.
Some of the complaints against Start New Financial include:
- Accusations of being a scam
- Poor customer service
- Unethical business practices
If you are considering doing business with Start New Financial, we would recommend doing your research and reading reviews from other consumers first. You should also be aware of the potential risks involved with debt settlement services before making any decisions.
Have you had any experiences with Start New Financial? We’d love to hear from you in the comments below.
