Signature One Financial Review “The Get Out of Debt Guy”
Hello again, it is time for another Signature One Financial Review. Unlike some review sites, the CFRB does not publish its reviews to attack other financial companies in order to turn their prospective clients against them while advertising competitors services on the review site. I can see how this might be a very lucrative arrangement for the review site to take but definitely one that lacks the commitment to the consumer that the CFRB is based on. Hence the reason for this Signature One Financial Review titled Signature One Financial Review “The Get Out of Debt Guy”. Like we mentioned earlier our finance company reviews are based out of our commitment to the consumer so when we see cheap shots by other review sites trying to “steer” prospective clients away from good companies by using smear techniques similar to what we see in political campaigns , well let’s just say it gets our attention. Thus the reason for this Signature One Financial Review.
Signature One Financial Review a Progressive and Consumer-Friendly Full-Service Finance Company
My motivation for this Signature One Financial Review started last week while I was googling some of our top-rated finance companies which is something I do from time to time to see if the finance companies have been staying true to their commitment to the consumer. When I googled Signature One Financial Review I saw an article by The Get Out of Debt Guy on Signature One Financial titled Signature One Financial Mailer Deceptive in Your Opinion? Now, this really got my attention since Signature One Financial has and still is one of our highest rated finance companies and is known as a progressive and consumer-friendly finance company.
When I read their Signature One Financial Review I was amused at the approach the Get Out of Debt Guy is using to draw consumers to their advertiser’s much of which seems to end up with one company “ Freedom Financial” or one of its affiliates. By the way, if you were to do a Google search on legal actions brought against Freedom Financial you will instantly understand that The Get Out of Debt Guy reviews are not written and published for the consumers best interest but rather as cheap shot advertising gimmick intended to smear good companies reputations and piggyback on their marketing efforts. And by the way if you really want to see something interesting try googling “The Get Out Of Debt Guy Rip Off Report” you will see numerous complaints about Steve Rhodes who is the Get Out Of Debt Guy.
Signature One Financial Review “Where`s The Beef”
So when reading the Signature One Financial Review or smear campaign published by the Get Out of Debt Guy I tried to find a solid foundation for his Signature One Financial Review but all I found was double talk. So let’s look at some bullet points in their Signature One Financial Review.
- 1st they claim the mailer looks like a loan offer but reads like a debt settlement offer. Which is it? When I read the mailer they posted in the review it clearly stated the savings are achieved without the need for a loan.
- 2nd they state that there is no record of Signature One Financial licensed as a lender. Signature One Financial does not promote itself as a lender but rather a full-service financial firm that connects the consumers to best firm available for the consumer’s particular needs. Sometimes it’s personal loans, retirement planning, insurance services, and debt settlement. Signature One Financial gets paid as an affiliate by the lender when doing personal loans, therefore, allowing them to work with the lender that provides the best rate and term for the consumer and does not require Signature One Financial to obtain licensing as a lender.
- 3rd they state that Signature One Financial, LLC is not registered as a business entity in the state of California. Signature One Financial LLC is registered as a business entity in the state of Wyoming and in California as a foreign entity doing business in the state (a very common business practice)
Signature One Financial Review Conclusion
Meanwhile, the CFRB and the BBB, as well as other online sites, have received many unsolicited very positive reviews and comments from actual consumers who have and are doing business with Signature One Financial, LLC. So in this Signature One Financial Review, we ask.
“Where’s The Beef”?
And while articles like the one on “The Get Out of Debt Guy” may seem humorous today the confusion and miscommunication it provides to consumers who may be at a point where they are desperately seeking help could delay or even derail the consumers efforts as well as causing damage to reputations of great companies like Signature One Financial.
Therefore the cheap attempts by companies to piggyback on the marketing efforts of legitimate businesses ultimately hurts both the consumer and legitimate businesses like Signature One Financial, LLC.
This Signature One Financial Review
In this Signature One Financial Review we will be reviewing Signature One Financial Personal Unsecured Loans. Our reviews of these Signature One Financial personal unsecured loans will be based on actual testimonials and some of the facts regarding Simple Interest vs Compound Interest.
Signature One Financial Review Including Client Testimonials
Earlier this year we started Phase 2 of the Signature One Financial Reviews by contacting the principles at Signature One Financial and requesting permission to make random contact with the Signature One Financial client base. We were pleased at the response from Signature One Financial in permitting the CFRB to make contact with the Signature One Financial client base in order to further our Signature One Financial Reviews.
Signature One Financial Personal Unsecured Loans Perfect For Debt Consolidation
In the this CFRB Signature One Financial client testimonial review we discovered that over 90% of the Signature One Financial Personal Unsecured loan clients used the personal unsecured loans for debt consolidation primarily to pay off high interest credit card debt. This statistic is due in part to the marketing done by Signature One Financial where they send out pre-selected notifications to consumers who fit a specific criteria that provides Signature One Financial with their highest degree of success as discussed in previous Signature One Financial Reviews and the mathematics behind Simple Interest vs. Compounding Interest. In this Signature One Financial Review we will look at the difference between Simple Interest vs. Compounding Interest and the Signature One Financial personal unsecured loan and why it is perfect for debt consolidation when paying off high interest credit card debt.
Signature One Financial Review “How Do They Do It”
In this part of the Signature One Financial Review we ask the question “How Do They Do It”? In reviewing Signature One Financial clients we were amazed to discover how many people with damaged credit or low credits scores were able to qualify for a Signature One Financial Personal Unsecured Loan. For example one client in particular amazed us. For the sake of identity protection we will simply refer to this client as Jane.
“Jane received a letter from Signature One Finacial in the mail stating that she had been pre-selected to receive a personal loan from Signature One Financial for up to $35,000.00. She needed the money to pay off high interest credit card debt but she knew her credit was less than needed for this type of loan. Jane gave it a shot and called Signature One Financial and applied for the loan. Jane was contacted the next day and informed that her credit score through Experian was 537 and that this is considered a very low credit score. The Signature One Financial representative continued to counsel Jane on why the credit score may be so low and what she could do to improve her credit score and maintain it in the future. Jane felt as if she was being let down gently but still appreciated the advice from the Signature One Financial representative. At that moment the Signature One Financial representative informed her that she was approved for a personal unsecured loan with a fixed interest rate and a term of either 3 or 5 years”.
What we said approved with a 537 credit score? It would be hard to get a secured loan with a 537 credit score!
And that is just one of many testimonials about Signature One Financial and why we maintain our 5 star rating in our Signature One Financial Reviews.
Signature One Financial Review, Personal Unsecured Loans Are Great For Debt Consolidation
In this part of the Signature One Financial Review we look at the Signature One Financial Personal Unsecured Loan and why it is perfect for debt consolidation. To do this we will look into the mathematics of Simple Interest vs. Compounding Interest, but first let’s state some aspects of the Signature One Financial Unsecured Personal Loan and Credit Card debt.
The Signature One Financial Unsecured Personal Loan components are as follows:
- Simple Interest
- Fixed Rate
- No Pre-Payment Penalty
- 3 or 5 year Term
Credit Card debt components are as follows:
- Compound Interest
- Interest compounded against average daily balance
- Variable Rate
- Minimum Payments Can Go On For many Years
Simple Interest vs Compound Interest
- Simple interest is applied to the principle loan amount
- Compound interest is applied not only to principle amount but also to the interest it accrues.
- Most credit cards compound their interest on an average daily balance
The mathematics for calculating simple interest are fairly simple as compared to the mathematics for calculating compound interest, but since compound interest charges interest on the interest that has accrued on the balance, carrying any balance on credit cards for more than a few months becomes very expensive. Add to that compounding interest on an average daily balance credit cards can cost you many times over the amount you originally charged.
Most consumers do not understand the complexities of the mathematics behind the compounding of interest on their credit cards making it extremely easy to get caught up in a web of credit card debt that may seem impossible to escape.
With a personal unsecured simple interest loan like the ones Signature One Financial provide you are able to stop the compounding of interest on your debt and save thousands of dollars by paying off your debt with simple interest as well as the possibility of monthly payment relief.
Signature One Financial Review Maintains A 5 Star Rating
Due to the business model and commitment to serve the consumer as supported by consumer testimonials the CFRB maintains its original 5 star rating in this Signature One Financial Review.
As always the CFRB encourages your comments on this and all the reviews published through this website.
Federally Regulated Debt Relief, Debt Settlement or Debt Reduction Programs
In this post the CFRB addresses a somewhat controversial topic, the topic of the Federally Regulated Debt Relief Program also referred to as Federally Regulated Debt Settlement and or Federally regulated Debt Reduction Programs and the amendments to the telemarketing sales rule regarding Debt Relief, Debt Settlement or Debt Reduction companies brought by the Federal Trade Commission (FTC) effective in 2010 bringing needed regulation to this industry. Debt Relief, Debt Settlement or Debt Reduction programs that operate under this regulation AKA Federally Regulated Debt Relief Program or Federally Regulated Program must adhere to provisions that protect the consumer when entering into business arrangements or contracts with Debt Relief, Debt Settlement or Debt Reduction companies operating under the Federal Regulation of the FTC and provide Debt Relief services through the Federally Regulated Debt Relief Program or Federally Regulated Program for debt Relief. Although It may sound repetitive to continue to state Federally Regulated Debt Relief Program, Federally Regulated Debt Settlement or Federally regulated Debt Reduction Program but we do so since these terminologies are frequently interchanged by different Debt Relief, Debt Settlement or Debt Reduction Companies trying to create their own brand for the Federally Regulated Debt Relief Program or Federally Regulated Program. That being said we will continue this post using the terminology Federally Regulated Debt Relief Program or Federally Regulated Program.
We have chosen the Federally Regulated Debt Relief Program or Federally Regulated Program topic due to the overwhelming negative results of our investigations on several Debt Relief, Debt Settlement and Debt Reduction companies. This is not to say that all companies providing the Federally Regulated Debt Relief Program have received bad reviews from the CFRB, companies like Signature One Financial in there initial Signature One Financial Review received our highest 5 Star rating and have maintained this 5 Star rating through several Signature One Financial Reviews and they have received supporting comments and testimonials in their Signature One Financial Reviews from consumers that have conducted business with Signature One Financial. Signature One Financial provides there Signature One Financial Liberty Program AKA Signature One Financial Federally Regulated liberty Program or Federally Regulated Liberty Program for consumers who could qualify for their personal unsecured debt consolidation loan.
Customer Service Is a Key Factor in The Federally Regulated Debt Relief Program
How can so many companies offering this Federally Regulated Debt Relief Program get such bad reviews while other companies offering the Federally Regulated Program for Debt Relief, Debt Settlement or Debt Reduction receive raving 5 Star reviews?
The first and obvious answer is a commitment or lack thereof to the consumer to provide a valuable service with the highest level of excellence and the fact that prior to the Federally Regulated Program some companies provided exceptional customer service and results that matched or exceeded their promises to the consumer. So many people (business owners included) will take the easy way out of any situation. In dealing with Debt Relief, Debt Settlement or Debt Reduction you are dealing with consumers that may be feeling hopeless and like they have no other options. This could make them an easy mark for business owners who are inclined to taking the path of least resistance to make a fast buck. This same scenario creates an opportunity for excellence to stand out when offering the highest level of customer service to consumers in desperate need of a Debt Relief, Debt Settlement or Debt Reduction Program.
That being said let’s look at the changes brought forth by the FTC in the Federally Regulated Debt Relief Program and how this Federally Regulated Program benefits the consumer looking for Debt Relief. Looking at the changes the FTC’s Telemarketing Sales Rules Amendments for Debt Relief Companies brought we must keep in mind that the underlying commitment to provide service to the consumer with or without the federal regulation will determine the companies level of excellence and overall service to the consumer in Debt Relief or any industry.
Things to Know Regarding the Federally Regulated Debt Relief Program
No Upfront Fees
- The Debt Relief Company must complete the services promised including successful negotiation of new terms and agreements with the creditor that the consumer accepts and makes at least one payment to the creditor before the Debt Relief Company can be paid.
Dedicated Trust Account
- The Debt Relief Company may require consumers to set aside fees and savings for payment to creditors in a Dedicated Trust Account. Debt Relief Companies can only require a dedicated trust account when these 5 conditions are met.
- The dedicated trust account must be at an insured financial institution.
- The consumer is the sole beneficiary or owner of the funds including interest earned in the dedicated trust account.
- The consumer has full access to the funds at all times without penalty for withdrawal.
- The Debt Relief Company has no ownership interest or control in the financial institution.
- The Debt Relief Company cannot exchange any referral fees with the financial institution.
Disclosures and Prohibited Misrepresentations
- Debt Relief Companies must disclose their fees
- Debt Relief Companies must disclose how long it can take for consumers to see their results.
- Debt Relief Companies must disclose the potential for negative consequences to the consumer including how the debt relief program can affect their credit, calls to the consumer from the creditor and the closing of credit cards enrolled in the Federally Regulated Debt Relief Program.
- The Debt Relief Company is prohibited from stating performance rates that cannot be backed up by actual results
As always your comments are appreciated in this and all post and reviews on this web site