Fast Track Debt Relief, Inc, is a debt settlement company out of Lauderhill, Florida. This company has 18 complaints at the Better Business Bureau and is currently listed with a “B” rating and not accredited. At Trusted Company Reviews we have not been able to locate this business’ debt settlement license. In the debt settlement industry companies are required to have a license in each state that they conduct business.
If you visit Fast Track Debt Relief’s website you’ll notice some disclosures at the bottom. These disclosures indicate that results vary on a case by cases basis.
What they mean by this is that not all creditors will agree to settle at a particular amount. The company can only give you estimates, as with debt settlement creditors may not settle at all. Also, not all clients will make it through a debt settlement program due to lawsuits popping up and clients unable to afford to make all the scheduled monthly payments.
The second disclosure on the bottom of their website talks about “tax consequences”. It is important to understand that when settling a debt for less than the full balance owed, your savings is considered to be income to the IRS. So, you’ll owe taxes on what Fast Track Debt Relief saves you on your debt.
Important Points to Ask Before Enrolling in the Fast Track Debt Relief Program:
If considering doing business with this company, ask what type of guarantee they can offer you?
Confirm what portion of your payment goes towards fees?
Make sure no fees are charged upfront. By law, fees can only be charged after a settlement is completed. Ask the company to explain when the fees are charged.
Ask what will happen if one of your creditors decides to sue you over a debt or issue you a summons.