Fast Track Debt Relief has been in business for 6 years and offering a broad range of information pertaining to debt relief options and providing debt settlement services to help consumers relieve the financial burden they face daily.
Fast Track Debt Relief offers consumers a program to settle debts at a fraction of what they owe setting them up with professional negotiators to handle each case. Prices vary and are structured around a performance-based model with the average client paying the company 15 percent of the total amount of debt enrolled into the program and an aim to get them out of debt within 36 months. Of the companies we have reviewed, debt settlement runs an average of 22% of the total debt owed.
The program works like most programs offered by their competitors beginning with a free consultation with a debt professional to assess the financial situation of consumers and to determine qualification. After qualification is determined, clients are required to set up a trust account where a predetermined amount will be placed into a Special Purpose escrow account. Once a percentage of a debt has been saved the negotiation process begins with the creditor. Clients will agree upon a settled amount, sending funds from the escrow account directly to the creditor and charges for Fast Track’s services will be paid.
As with any credible company, no up-front fees will be charged and clients have the opportunity to opt-out or cancel services without obligation or payment penalty.
Highlights to this company include:
- Charges 15% of total debt
- Personal consultant during the settlement process
- Free consultation
Fast Track has only been in the debt settlement industry for 6 years. We have found they are not forthcoming with fee structure and lack company transparency. This company also lacks accreditation with the AFCC, which is another cause for concern. This company also requires a minimum of $10,000 of qualified and unsecured debt to be enrolled. While many of their competitors offer the same, we have seen some enrollment minimums at $5,000.
Less of a concern is their website showing many different tabs with information on debt relief, debt management and debt settlement, however information is difficult to navigate. There is a monthly newsletter appearing only to have been part of business operation for two years since the listed editions are for 2008 and 2009. The “General” section of Fast Track’s website shows a list of topics that are all about debt, but again, navigation is difficult when it comes to sorting through services offered.
Other concerns we have with Fast Track Debt Relief include:
- Only available in 20 U.S. states
- Unknown CEO and executives
- Only in business 6 years
How Much Does Fast Track Debt Relief Cost?
The price varies. Fast Track’s online debt calculator is built to give potential customers an idea of how much their services cost. For example, if you have $30,000 in debt, you can expect to pay Fast Track about $679 a month. The company then uses this money to pay back your creditors and negotiate the debt down so that you can avoid paying the full amount of your debt.
Are There Any Up-Front Fees?
They do not charge any upfront fees for settlement services.
Can I Get A Free Consultation?
In order to receive a free consultation, consumers can either call Fast Track or enter in their full name, phone number, email address, state, total amount of unsecured debt, and a brief statement about their housing situation in an online form. Once this form has been submitted, a representative should get in touch within 24 hours.
Does Fast Track Debt Relief Offer A Money-Back Guarantee?
Upon cancellation, customers are refunded for the full amount they have invested in Fast Track’s programs.
What Types of Debt Does Fast Track Debt Relief Work With?
Fast Track works with unsecured debt.
Time in Business
17 years. Fast Track has been in business since 1998.
Fast Track Debt Relief has an A- rating. The BBB makes it clear on their site that businesses are under no obligation to seek accreditation, and that there is an application process and a fee businesses have to pay if they want to be accredited. The reasons the website lists for Fast Track’s A- rating are as follows: BBB’s concerns with the industry in which the business operates, the fact that two cases filed against Fast Track have not been resolved, and the BBB’s lack of information on the business. There are a total of two complaints about Fast Track on the BBB’s website.
The BBB can be a good indicator of a businesses ability to help customers, but some ratings should be taken lightly considering they do charge for accreditation and other fees.
Fast Track’s website does offer a fair amount of information about debt and the different approaches people can take in order to free themselves of debt. Along with the information listed under the tabs about debt management, settlement, and relief, the site has a “general” section, as well as a newsletter. The monthly newsletter is titled “The Road to Financial Freedom”, and it offers a wealth of information about budgeting, managing debt, and wisely using money. Each edition is about five pages long. The monthly newsletter appears to only have been part of Fast Track’s business operations for two years since the listed editions are for 2008 and 2009. The “General” section of Fast Track’s website shows a list of topics that are all about debt, but can be hard to sort through when determining their services.
Yes, Fast Track has a mobile friendly website. As you enter the site, five categories are listed: get a quote, savings calculator, top settlements, “about us”, and contact us. The mobile site is easy to navigate and offers users the basic information they need in order to get in touch with a Fast Track representative. Along with this, the top settlements section shows a list of debts Fast Track has settled, with the amount they have settled for as both a cash value and a percentage. The savings calculator calculates total unsecured debt and an average interest rate so you can get an idea of how much money Fast Track could potentially save you.
Customers are allowed to cancel at any time since there is no contract or binding agreement involved in using Fast Track’s services.
Fast Track’s website shows many different tabs with information on debt relief, debt management and debt settlement, but the tabs are hard to navigate and do not offer a very clear picture of what Fast Track actually does for consumers. Fast Track only offers one service—debt settlement. This debt settlement service is available for both small businesses and individuals. It is interesting to note that Fast Track appears to be affiliated with Mattison law firm in San Luis Obispo, California.
Minimum Debt Accepted
The minimum of debt Fast Track will accept from a customer is $10,000.
Yes, this company does offer a customer portal where you can access the transactions in your escrow account and communicate with them. There are also newsletters and notices that are sent out to every customer every month as well. This can help keep you up to date on what is happening with your account if you prefer communication that way.
They are not accredited with the AFCC or IAPDA.
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