Armada Debt Solutions is a debt consolidation and credit repair service headquartered in Irvine, California. They have implemented a consolidation plan via settlement to help consumers saddled with unsecured debt find the financial relief they need. Potential customers can call for a free consultation to see of Armada’s services fit their needs. However, the company is lacking industry accreditations that we expect to see.
- Free consultation
- $3,000 minimum debt
- Personalized services
Armada offers a free consultation that is encouraged to anyone experiencing unsecured financial hardship. A representative will begin with a complete financial analysis to evaluate the current financial situation of each consumer. Program dynamics are geared toward lowering finance charges, consolidate bills to a single payment, and settling debts by up to 50 percent of what is currently owed.
Low minimum debt
A minimum of $3,000 in unsecured debt must be enrolled into their program, which is lower than the industry standard at $7,500. Clients are required to have a bank account set up with a third-party FDIC insured bank called Global Client Solutions. It is here that funds will be drafted by Global Client Solutions from a personal bank account into the secured trust account. Keep in mind, fees are associated with holding an account at this third-party bank, and any fees charged will not be refunded. Because this company operates on a performance-based fee model, clients will pay Armada nothing unless a creditor debt has been successfully negotiated and settled to the satisfaction of their client.
Once qualification is determined, each client will be assigned a personalized account manager to handle their case. This manager will be their main point of contact from start to finish. This method enables a strong, professional relationship to be built without the hassle of being bounced around from rep to rep stating the same details time and again.
- Lack of transparency
- No credit counseling
- No industry accreditations
Lack of Transparency
We have a few concerns with the company as far as transparency is concerned. Their website lacks important information such as the basis of their programs and what to expect. Information is very limited, although consumer reviews have suggested they are open and up-front concerning all company aspects, including fees, during enrollment. However, we would like to see up-front fees, monthly fees, and average interest rates clearly on their website. It is difficult for potential customers to decide if a company is the right fit for their circumstances without this information. It is also difficult for our team to rank the company fairly without this information.
Another concern of ours is that it seems they provide settlement services, rather than a consolidation plan with credit counseling. Each page on the company website outlines how they can get debts settled, rather than providing a plan for consumers to repay 100 percent of their debt. Several debt consolidation companies aim at getting consumers financially fit through credit counseling sessions and this company lacks this feature, because again, they appear to be a debt settlement company.
Although it’s not mandatory for these types of companies to provide financial education, it’s certainly an aspect consumers appreciate. We would like to see more educational materials, resources, and tools for consumers to take advantage of. We would also like to see more industry accreditations. Armada does not have any industry accreditations, which is a major drawback to their services.
Undisclosed at this time.
Undisclosed at this time.
A free consultation is available through the online inquiry form or by telephone.
Time in Business
8 years. They’ve been in business since 2009.
There is a payment packet sent to customers, but no other texts or tools are offered by Armada. There are minimal educational resources on the website as well.
If clients decide not to work with Armada after starting the program, all funds are returned. However, any negotiated reductions may revert back to the original debt owed to creditors. An FDIC insured savings account is opened in the customer’s name. If one pulls out of the program, everything except the setup fee is refunded in full.
Unsecured vs. Secured Loans
Unsecured loans are the only types of debt Armada handles, primarily for credit card debt. Other types of unsecured loans re-negotiated are department store cards, personal loans (CitiFinancial, Beneficial, etc), collection bills, or medical bills. They cannot help with tax debt, student loans, or child support.
Yes, they do have a mobile friendly website.
Cancellation is allowed any time. The setup fee may not be refunded.
5405 Alton Parkway, Suite 388
Irvine, CA 92604
Monday-Friday 8am-6pm PST
The primary focus is consolidation of credit card and other unsecured debt. What is unusual about Armada is that the consolidation is achieved without using loans. Instead they use negotiation tactics to lower the principal amounts. They also offer credit repair services.
Minimum Debt Accepted
Generally, the minimum is $3,000.
Armada Debt Solutions offers an online portal for their customers through their website, but it is only available to customers on certain types of debt settlement plans.
Armada Debt Solutions is not ISO certified.
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