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: $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

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.