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Fidelity Reserves Corp.

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Posts: 9
Credits: 885.7
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I got a call today from a rep with the Fidelity Reserves Corporation who explained their program and fees etc.

I was wondering if anyone else around here has use them or heard anything about them-good or bad.

But especially anything bad! :shock:

I'm feeling pretty paranoid about all this loan consolidation stuff and I want to be sure I'm not going down another bad road here, before I sign up.

Thanks, I'm working hard every day at trying not to be any dumber than I have to be!




IncredibleHelp
Posts: 495
Credits: 7700

Sub: #1 I have not heard anything about the company. Keep in mind that y
Mon, 10/09/2006 - 14:04

I have not heard anything about the company. Keep in mind that your contract signed with them is going to be an important proof of your program. If there is anything to dispute with them later, you need your contract to be used as a defense. Read the contract carefully and understand the terms and conditions. Everything must be clearly explained in it. After going through it and understanding it, there won't be a problem signing with them.




Unregistered

Sub: #2 fidelity reserves
Tue, 10/17/2006 - 16:15

DO NOT go with that company. It is NOT a debt consolidation company. It is a dept settlement company. I had signed up with them recently and got out of it! They will charge you like $1500 or more, depending on how high your debt, before any money goes to any credit card. You will have crappy, crappy credit because your credit cards will not be paid for so long. Do NOT do it! I have since filed a complaint to the BBB. Be weary.




Unregistered

Sub: #3 Debt Consolidation
Fri, 10/20/2006 - 12:53

Elizabeth Adams called me.
I am trying to get in touch
with her. She can e-mail
me at ..

nc.us or call 828 964-****
Thank You,
Montie

email address and phone number removed as per forum rules and your safety - Mike




Unregistered

Sub: #4 DO NOT SIGN UP WITH FIDELITY RESERVES! I signed up with them in
Wed, 01/10/2007 - 14:07

DO NOT SIGN UP WITH FIDELITY RESERVES! I signed up with them in November of 2006. They are not a debt consolidation comnpany. Rather, this is how it works: you give them your account info, once they have your approval they take money out of you account and put it into another account, whatever you paying them monthly ($ 240.00, for example) about 10% goes to the actual debt, the rest goes to their "fees". Once i cancelled they had tooken out $240.00 from my bank account. The contract states that whatever money you pay them is NOT REFUNDABLE! plus they charge you a cancelation fee of $125.00. If you really want to get out of debt look for organizations that are ***NON-PROFIT***. AGAIN, DO NOT SIGN UP WITH THEM!!!




Unregistered

Sub: #5 Fidelity Reserves
Sat, 01/13/2007 - 06:53

I would like to take a moment to explain a few things. My career is in finance for many years now. When I found myself in debt over my head I contacted this company.. They were very helpful and I was able to dig myself out of a serious financial hole.

I was given all the information regarding how it works and fees and that sort of information. With 11 years of financial background. It made PERFECT sense to me. I enrolled in the 18 month program, I think there were 12,18,24 and maybe even a 24 month options. My money was held in a FDIC insured account, handled by ..... I think Noteworld.. I will have to get out my contract to verify. .... I had over $38000 in unsecured debt. Over the first several months (5-6) a large portion of my payment went to pay off the fee owed to this company... ***In all the years in my career. I can tell you you few things that may be shocking...The term**NON-PROFIT** does not mean they are not making money.... When you are dealing with a NON-PROFIT agency (which is usually credit counseling) They receive what they term "voluntary donation"...Call a debt settlement company and a credit counseling company both... get what the totals come to in the end and see just how FREE the NON-PROFIT organization is.. Also these NON-PROFIT outfits are paid by the creditors...Which means, WHAT? They are a glorified collection agency. I took the NON-PROFIT credit counseling route years ago..That was a nightmare.. I can go into that another time..
Back to my 18 mo program.. Fees were disbursed over the 1st several months with very little going to my Trust account... But when the time came and they started negotiating with my creditors,it was soooo worth it. I had a credit card that had a balance of $17000+ and they negotiated it for $5200.. That is well more than a 50% savings, I think it is closer to 25-30%.. There obviously were other debts and those have all been completed... I was very happy with what they did for me. I certainly am not one that thinks people should work hard for me and do it for FREE. The Fees were little in comparison to what I saved once it was complete.. The original quote I was given was less than what I actually owed and that was with their fees already included.. When the debts were all negotiated with the creditors... I got a several thousand $$ refund. The money they saved while negotiating with my collectors was MY savings...THIS COMPANY DID NOT KEEP IT AS THEIR PROFIT..They gave it back to me.... Now that was exciting..

Did it affect my credit rating?.. Yes while I was in the program it did...But I was told UP FRONT that it would have a short term effect..The rep I worked with covered the ins and outs, pros and cons from the very beginning....She did not tell me it would be a cake walk. She explained the creditors would call..trying to collect.. The do have a company they work with to help decrease collection calls..I dont'remember what it was called... It was very helpful..

Anyway... I completed my 18 month program...My credit has been updated.. those accounts all show 0 balances.. Some of them show, SETTLED but most updated as PAID AS AGREED. My credit score is back to 764. I just pulled my credit report to see the status now ( I do that every few months) I also just purchased a new house at a 6.25% interest rate...

AGAIN, I understand some may be frightened by it being a while before creditors are paid... I know as I work for a major creditor that they WILL NOT negotiate a debt that is current.. You have to let them go past due and show a hardship. Once my creditors went several months without a payment they were jumping on the bandwagon to take a settlement offer.

I am very happy with the job FIDELITY RESERVES did for me... I think others will be too... I suppose knowing the HOW IT WORKS of finance made it easier for me to make the decision to go with debt settlement... The representive that explained the program to me was extremely thorough...that helped too. I was told from the beginning, 1st phone call, that it was a Debt SETTLEMENT program.

ANOTHER THING YOU SHOULD ALL KNOW IS:::
DEBT SETTLEMENT IS A FORM OF debt consolidation...

DEBT CONSOLIDATION IS AN UMBRELLA THAT COVERS
-DEBT CONSOLIDATION LOANS including Home Equity Loans
-CREDIT COUNSELING SERVICES
-DEBT SETTLEMENT

Point of interest- Credit Counseling reports to your credit report as 3rd party assistance and looks like BANKRUPTCY withOUT an attorney... GOOGLE IT.

GOOD LUCK TO YOU ALL- I WISH YOU THE BEST IN YOUR FINANCES AND YOUR LIFE...




Unregistered

Sub: #6 FRC
Thu, 02/22/2007 - 12:14

Don????????t have time to go into details right now, but I will later just want to warn everyone that Fidelity Reserves Corp. is a horrible company. DO NOT USE THEM FOR ANYTHING, DON????????T EVEN CALL THEM! I will share my personal story when I have more time but for now be warned!




Unregistered

Sub: #7 Fidelity Reserves
Fri, 02/23/2007 - 07:29

I would like to hear C.J.'s story. I am considering going with Fidelity Reserves. Can anyone recommend a good debt settlement company?




Unregistered

Sub: #8 Fidelity has a good rep with the BBB
Tue, 03/06/2007 - 14:53

I checked their rep out with the BBB (better bussiness bureau ) and they have a satisfactory record. I also see they and D & B listed. They are also members of USOBA ( united states organization for bankruptcy alternatives ). That basically means the abide by the standards of the settlement industry. I also work in the finance industry and I have noticed that alot of people who got themselves in debt have inrealistic expectations. There is not a magic wand you can waive that will rid you of debt over night. You have either the option or credit counseling which shows up like a bankruptcy for 7 years. Plus you pay back the full debt plus interest plus fees ( which they like to call donations)for 5-7 years. Or you can do debt settlemnet. Yes settlement company's get their money up front for their fees but what do you expect. They don`t work for free and it involves alot of work. However the ablility to get out of debt in 12-36 months paying back anywhere from 20-75 % of the debt is worth it. Yes you credit does have a tempory adverse effect but who cares. Once you get out of debt you can resetablish credit quickly. Go to wikipedia.org and get the facts on both and you will see settlement is far better.




Unregistered

Sub: #9 FIDELITY RESERVE
Fri, 03/09/2007 - 18:24

Fidelity Reserve is not a good company. This is a gamble with hard earned money and you lose twice. Once to the high interest rates and the second to this company that use desperate people to fatten their pockets. You end up broke and deeper in debt because their first goal is how much they will profit from your debt.

I cancelled my account once i heard and read about the hardships this company caused. They never made one phone call on my behalf and refuse to reimburse my funds.




Unregistered

Sub: #10 fidelity reserves
Wed, 03/21/2007 - 15:09

I signed up with Fidelity Reserve in November of 2006 and I am happy with what I have seen from them thus far. Everything that Meghan wrote is correct. I pay Fidelity $344 a month. This goes into an account. And they started to negotiate with my creditors this month. This is exactly what Fidelity told me and I trust them with my money.

Also, anyone checking into a debt settlement program, check with your state. Fidelity called me within this past month to inform me that the state in which I live (WI) just past a bill that said I didn't have to pay any fee to Fidelity Reserve. Thus, everything I send to Fidelity goes towards repaying my debt.

Don't rule this option out completly if you are in a rut financially. This is definitly a better option than bankcrupcy. A bankcrupcy will haunt you for years to come.




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