Stephen M.'s review of Lifeguard Financial

Lifeguard Financial

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Complaint Posted 3/12/2010
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Review 3/12/2010
I have not had a good experience with LifeGuard Financial aka SafeTrust Financial. We entered into an agreement with no defaults on our 3 credit cards at the time...but it was very high debt. We were explained all that was on the contract...but not the possible/probable tax implications that would result because of the debt settlement. We would essentially at the best in this program suffer a 1099 after 42 months for approx $26,000 taxable. That means in our tax bracket we would owe the IRS about $8,000 in additional taxes the year following the program completion. If you're having a difficult time saving money during the program, how would we pay this debt off when as a result of the program our scores would be lowered. We had 3 credit card companies, one in particular, who told us they would not deal with any debt settlement company and b/c we had some decent assets and they had received the Cease/Desist they turned it over immediately to their Legal Department and would immediately file suit to collect. We cancelled the program after one month, and still have not received back the total less the $399 charge they're suppose to collect. It's been 4 months, and despite calls to them and FBL Associates, nothing. I would be curious to see how many non completed programs have been sued prior to completion and lost their houses, cars, etc.
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Additional Business Information
Hours   Phone   (877) 346-2797 Address   201 S. Andrews Ave.
Fort Lauderdale, FL 33301
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