Providing debt negotiation services to consumers struggling with debt, California based American Financial Service has been in business since 2003. American Financial Service provides a no cost, no obligation quote for clients considering an alternative to bankruptcy.
Here are some quick facts about American Financial Service (AFS):
Company Founded:- January 2003
Years In Business:- 6
Number of Employees:- unknown
BBB Rating:- D
BBB Complaints:- 7 complaints, 4 service issues and 3 issues with refunds or exchanges
Fee Information:- AFS has a 15% fee which is calculated on the total amount of debt you have when entering the debt settlement program.
Escrow Available:- yes
Source of Funds:- client payments
Fee Structure:- 1-2 down payments followed by small monthly fees throughout the first year, all cost and fees are disclosed and require signature approval before committing to the program.
Avg. % Settled:- 40%-60%
Refund Policy:- unknown
Minimum Debt Required:- $15,000/$700 minimum per account
About the Company:
AFS is a charter member of The Association of Settlement Companies (TASC), Netcheck, Greater Bakersfield Chamber of Commerce and the United States Organizations for Bankruptcy Alternatives (USOBA). They have a current rating of D on the Better Business Bureau having received 7 complaints in the past 36 months. You have the option of purchasing a D&B report to learn more about the company.
AFS provides consumers the option of avoiding bankruptcy by negotiating a settlement with your creditors, reducing the debt owed by up to 40-60% of the current total. Working for you on a case by case basis, AFS will determine a monthly payment which you can afford that will fund your settlement account. They will communicate with your creditors and assist in dealing with calls from creditors and collection agencies. Once a settlement has been negotiated and approved by you, that debt will be paid and AFS will move on to the next creditor until all your debt has been settled. To qualify for the program you must be experiencing a severe financial hardship and have over $15,000 in unsecured debt.
The website is easy to navigate with all the required information present. The website covers the debt settlement process as well as the risks involved which I always find noteworthy. There are several company websites that do not make the effort to forewarn potential clients of the pitfalls commonly associated with the debt negotiations. While debt settlement is a legal and legitimate way to avoid bankruptcy it shouldn’t be entered into without first knowing all the facts.
Perhaps a personal pet peeve, however I did notice the tendency to repeat information when visiting different pages….or what I thought would be a different page. While it is not uncommon to naviagte a website and find yourself on the same page from differenct sources, this particular website has two different “about” sections. This gives the impression that you will be getting more, unique information when in fact you are simply viewing the same information twice.
It is interesting to note that this is the only company that I have reviewed that not only offers client testimonials but also creditor testimonials. This gives the impression that they do indeed have a good reputation which bodes well for future negotiations.