Silver Bay Financial Inc. is a debt settlement company whose staff specializes in helping clients resolve credit and debt issues. Silver Bay Financial provides debt negotiation/settlement services to help clients get out from under a large burden of unsecured debt.

Here are some quick facts about Silver Bay Financial:

BBB Rating: not listed

BBB Complaints: n/a

Fee Information: Fees will be disclosed after your financial situation is reviewed.

Escrow Available?: yes

Source of Funds: client payments

Fee Structure: Fee based on total debt enrolled and included in monthly payments.

Avg. % Settled: 35%-45%

Refund Policy: unknown

Minimum Debt Required: $10,000 unsecured debt

About the Company:

This review covers Silver Bay Financial Inc and should not be confused with another debt settlement company which operates under the name Silver Bay Financial Debt Services. It is possible the companies are related as much of the language on the websites are similar, however I have not determined this as fact. At the time of this review the link on Silver Bay Financial Inc’s website which should point to their BBB report was not working and I was unable to find a report for the company while searching the BBB database. Therefore the information provided on the website is the only information available for this review. Unfortunately there isn’t much information available on the site which limits what can be reported in this review. They do provide a toll free number to call for a free consultation in addition to a “contact us” form, however I have not been able to find a physical address to ascertain their location. The website itself does not list any affiliations with groups such as TASC or other groups commonly found in the industry.

The Program:

Silver Bay Financial appears to provide the standard debt settlement program. From the limited information provided, it appears after contacting their consultant, your financial situation will be reviewed to determine if you qualify for their program. You would need at least $10,000 in unsecured debt which is the industry standard. Fee information is also not clearly outlined, with only a mention that fees are included in your monthly payment and based on the amount of debt enrolled in the program. In short, it appears an “affordable” monthly payment would be determined and paid by clients for use in settlements. This payment would be placed in a new account which you retain control over throughout the program. The program length is mentioned twice on the website; one location stated the program should last from 12-48 months, yet another mention of program length indicates 12-36 months as standard. This is an important fact, considering the longer you are enrolled in a program the less likely your creditors will wait for payment, which may lead to legal actions resulting in judgments or wage garnishments.

Website Experience:

As you probably already noticed the website experience was a bit frustrating due to the lack of information provided. At first glance, the website appears normal, however once I began reading through the information I was surprised to find several grammatical errors. The errors did not make it impossible to read and understand the information they were providing, however they did give me pause. If I were considering this company to represent my interests when negotiating thousands of dollars of debt, I would hope they could maintain a professional appearance. Moving past the grammatical errors, the website provided minimal information about the process, program and company itself. A brief Internet search did not turn up additional information about this company that would be useful in a review.

I would have preferred the website provide more information for visitors who are unfamiliar with the process and contact information beyond a toll free number. With little information available both on the website and the Internet, this company easily blends in with the hundreds of other debt settlement companies offering debt “relief” to struggling consumers. Sadly my first and final impression of this company circles back to the lack of professional appearance due to grammatical errors. Call me picky, but I would be leery to entrust my money as well as my financial future with a company that lacks either the ability or desire to ensure the information on their website is both useful and professional in appearance.

Conclusion