REVIEW UPDATED 01/27/2011

Silverleaf Debt Solutions has updated their business model to meet the new FTC standards. They are now charging a flat 15% of the settled debt amount.

ORIGINAL REVIEW STARTS HERE:

Setup Fee: 15%
Monthly Fee: None
Settlement Fee: None

TASC Members: No
BBB Complaints (Total): 2
BBB Complaints (Closed): 2 (1 was a no response, this means Silver Leaf failed to respond to the complaint)

In Business Since: October 2009

Company Address:
14275 Midway Rd., Suite 200
Addison, TX 75001-3614

Silver Leaf Debt Solutions, sometimes spelled Silverleaf Debt Solutions, is an Addison, Texas based settlement company that has been doing a LOT of online advertising lately. Someone posted a comment to the site asking about them, so here is the review. They have only been in business since last October of last year and are members of USOBA and the IAPDA but not TASC. They have received 2 BBB complaints since starting (1 was resolved and 1 they did not respond to). Silver Leaf appears to be a front end for Lloyd Ward and Associates, a Texas based law firm. All email correspondence with the company came from the Lloyd Ward Group but contained Silverleaf branding. Their program charges the standard 15% of your debt amount.

The BBB has given Silver Leaf an F rating but that is not really a surprise considering their recent campaign against debt settlement companies. One interesting point is they claimed I would not be sued because they are a law firm. I’m not sure of the regulations on being both a law firm and settlement company but I’m quite confident that your creditors can still sue you. The settlement company and law firm combo is nothing new to the industry and I don’t think it really provides much of a benefit. You, a debt settlement employee or an attorney are all going to get pretty much the same settlement as the collectors don’t care about anything but closing out the account.

Important Questions

Money back guarantee: Minus fees.
Stop creditor calls: No, they can give them an alternate number though.
Make monthly payment to creditors: No
Can I get sued while on program: No, we are a law firm and we will negotiate with your creditors.
Tax Consequences: Depends on your creditors.
Credit Impact: Your credit will decrease but we can rebuild it.
Where do they hold money: Trust fund.

Setup Fee: 15%
Monthly Fee: None
Settlement Fee: None

TASC Members: Yes
BBB Complaints: 1

In Business Since: December 2002

Freedom Debt is a San Antonio, TX based debt settlement company. Freedom debt charges a standard 15% of your total debt amount with no other fees. The company has 1 complaint in the last 36 month with the Better Business Bureau (the complaint is unresolved). The BBB has awarded them a D rating.

Freedom Debt has been in business since late 2002 and are members of TASC. They also allow clients to save money in their own bank accounts, something which is relatively rare in the industry. They claim to have a client base of over 60,000. One BBB complaint for a company this large is pretty impressive but the complaint is listed as unresolved, which is not a good sign. They might be able to provide more information on that incident.

Money back guarantee: Minus fees.
Stop creditor calls: Will send cease and desist to creditors.
Make monthly payment to creditors: No
Can I get sued while on program: Yes.
Tax Consequences: Consult a CPA.
Credit Impact: There will be a negative credit impact.
Where do they hold money: At your own bank.

Setup Fee: 17%
Monthly Fee: None
Settlement Fee: None

TASC Members: Yes
BBB Complaints: 2

In Business Since: March 2008

Kazlow and Tucker Debt Relief is a Lake Forest, California based debt settlement company. Kazlow and Tucker have been in business since March 2008. During that time they have received 2 Better Business Bureau complaints and they currently have an F rating with the BBB. They are members of The Association of Settlement Companies (TASC).

Kazlow and Tucker charges a flat 17% of your debt amount. This is a full 2% higher than the average debt settlement program. This means that you will pay an extra $200 in fees for every $10,000 of debt you enroll. This can be a pretty significant fee increase for those with high debt amounts, I would be sure to see how their service is significantly better than the competition.

Do salespeople earn commission: No
Stop creditor calls: No – all correspondence should be re-directed to them.
Make monthly payment to creditors: No
Can I get sued while on program: They will be available for phone consultation should this occur.
Tax Consequences: Will receive 1099 form.
Credit Impact: Will be negative at first.
Where do they hold money: Note World

Setup Fee: 15%
Monthly Fee: None
Settlement Fee: $15 per settlement

TASC Members: No
BBB Complaints: 0

In Business Since: December 2007

Help U Out of Debt, also known as Help You Out of Debt, is a Corona Del Mar, CA based debt settlement company. They have been in business since December 2007 and have received zero Better Business Bureau complaints, giving them an F rating with the BBB. They are not TASC members but do belong to the IAPDA.

Help U Out of Debt charges a flat 15% of your debt amount plus a $15 per settlement fee. This is the first time I have ever heard of a per settlement charge. Help U Out of Debt is a “front end” only company. This means that, similar to many mortgages, they will sell your account to a “back end” company that will make your settlements. Please check with them to see who will be providing customer service on your account. I was told on the phone that they have been in business since 2001, but their BBB account indicated Dec ’07 as the business start date. The company may have changed names, which is almost always a bad sign.

Do salespeople earn commission: No
Stop creditor calls: Send out cease and desist. Should stop within 4 months.
Make monthly payment to creditors: No
Can I get sued while on program: Assured that situation would be resolved before legal action.
Tax Consequences: Will receive 1099 form.
Where do they hold money: Note World

Setup Fee: 15%
Monthly Fee: None
Settlement Fee: None
Application Fee: $199

TASC Members: Yes
BBB Complaints: 0

In Business Since: January 2007

Debt 1 Solutions, also known as Debt One Solutions, is based out of North Palm Beach, FL. They have been in business since January 2007 and have received zero Better Business Bureau complaints, giving them a B+ rating with the BBB. They are also members of TASC.

Debt 1 Solutions charges a flat 15% of your debt amount plus a one time $199 application fee. The application is pretty unusual in the industry and I would ask them to waive it. If they refuse, I would look elsewhere. I was also told that they are able to stop creditors calls. Unless they have you change your phone number, there is no way for them to guarantee creditor calls will stop. They are a TASC member but business history is short and there were a couple questionable responses. Please perform your own due diligence.

Do salespeople earn commission: No
Stop creditor calls: Yes
Make monthly payment to creditors: No
Can I get sued while on program: Assured that situation would be resolved before legal action.
Tax Consequences: Will receive 1099 form.
Where do they hold money: Rocky Mountain Bank and Trust

Setup Fee: 15%
Monthly Fee: None
Settlement Fee: None

TASC Members: Yes
BBB Complaints: 1

In Business Since: March 2005

Franklin Debt Relief is a Chicago, IL based debt settlement company. They has been in business since March of 2005. Franklin Debt Relief has a satisfactory rating with the BBB. They have only received one Better Business Bureau complaint in the past 36 months. Franklin Debt Relief is a member of TASC.

Franklin Debt Relief charges a standard 15% of your total debt amount spread out over the first 18 months of your program. They do not charge a setup or settlement fee. FDR uses Note World to store your money while on the program. They manage around $25 million in debt.

Do salespeople earn commission: No
Money back guarantee: No fees will be refunded
Stop creditor calls: No
Make monthly payment to creditors: No
Can I get sued while on program: Didn’t get an answer
Tax Consequences: Possibly, contact accountant
Where do they hold money: Note World

Setup Fee: 15%
Monthly Fee: None
Settlement Fee: None

TASC Members: Yes
BBB Complaints: 23

In Business Since: June 2006

GHS Solutions, also known as GHS Debt Solutions is a Florida based debt settlement company. GHS charges the industry standard 15% of your total debt amount spread out over the first 18 months of your program with GHS taking the first 4 payments for fees. GHS Solutions is a member of TASC. They have received 23 complaints over the last 36 months with the Better Business Bureau, 4 of which are unresolved at this point. They have received an F rating from the BBB.

I was told my accounts would be settled for 25 to 35 cents on the dollar, which is red flag. They also take the first 4 payments to fees, with the standard being the first 3 payments. The company has been in business for less than three years which is not unreasonable but you should check on their client base to make sure things are stable with the company.

Discuss GHS Solutions in our New Forum

Setup Fee: 15%
Monthly Fee: None
Settlement Fee: None

TASC Members: No
BBB Complaints: 18

In Business Since: January 1998

Superior Debt Relief, also known as Superior Debt Relief Services, is a Colorado based debt settlement firm. Superior is not a TASC member but they are members of IAPDA or the International Association of Professional Debt Arbitrators, which is another regulatory body in the debt settlement industry. Superior charges the industry standard 15% of your total debt amount with no monthly fee.

Superior Debt Relief has been in business since January of 1998 and has been operating from their current location since October 2002, according to the better business bureau. Their BBB rating is a B- and the BBB has processed 18 complaints about the company in the past 3 years, with 5 of those coming in the last 12 months. Superior Debt Relief has been in business over 10 years, that is something pretty hard to come by in the debt settlement industry. They also have a fairly low numbers of complaints with the BBB, which is a good sign. They are not members of TASC but do belong to the IAPDA, an association I am not too familiar with.

Setup Fee: 10-15% (I was quoted 12%)
Monthly Fee: None
Settlement Fee: None

TASC Members: Yes
BBB Complaints: 0

In Business Since: June 2006

Eagle One Debt Solutions is a Pennsylvania based debt settlement company. Eagle One charges 10-15% of your total debt amount. I was quoted 12% with a $20,000 debt load. They break up that 12% over the first 18 months of your program. This is a nice bonus since most settlement companies put 100% of the first 3 payments towards their fees. Eagle One allows you to start saving immediately.

Eagle One Debt Solutions is a TASC member. Have been operating since June 2006 and have been listed with the BBB since February of 2007. They have zero complaints during that time period. Their explanation of their program was pretty upfront and honest. Their one potential negative could be that they have not been in business for an extended period. As always, please perform your due diligence.

Setup Fee: 15%
Monthly Fee: $30
Settlement Fee: None

TASC Members: Yes
BBB Complaints: 0

In Business Since: June 2006

Capital Debt Settlement is a Fresno, CA based debt settlement company. The BBB gives them an A- rating, with zero complaints in the past 36 months. The business was incorporated in June 2006 but was started in April 2003, so they have been in business for some time. Capital charges the industry standard 15% of your total debt amount. They also charge a $30 monthly service fee. This makes them just slightly more expensive than the average.

Capital Debt Settlement is a TASC member. When you speak to them, they will also send you out a packet with what they call “Debt Talk”. This includes settlement letters from previous clients. This is something more settlement companies should be willing to do, though they are obviously just going to send you the best settlements they have achieved and those letters should NOT be considered average.