I was very happy with the way FDR has done my debt consolidation up until the last few months of paying off some of the last balances.
Either there is major training issues with new people and not knowing how to figure payoffs, or theirs some funny business going on. The amount owe to a creditor is in writing, and the amount of interest FDR collects for their service is in writing per day; so what is so hard in figuring out the payoff date and amount to the creditor. If I had the figures in front of me, I could figure it out? It's easy math!!!
My problem with this company is I received information from one FDR Rep, in June 2014 that our FDR account would be paid off in October 2014. October comes by and my call-in reveals that it's not so, that I would not be paid off until December 2014, with the last payment probably being lower than the usual monthly draft amount. Strike one for FDR.
November draft happens and a couple weeks later I called-in asking if they could approx. figure the last December draft of our account, knowing it would not be the total of the usual draft amount. The FDR Rep, figured the amount would be definitely be under the draft amount and for sure be under $400. I asked her if she was absolutely sure this was so and she stated that it was, and that I could actually have the draft amount taken down now to $400, for the last draft, she was that sure. I stated that I would like to do this; she showed me how to change the draft amount for December 2014 to $400, and I did so online in the FDR site. She also guaranteed me that there would be no other drafts coming out of my account. The $400 draft came out on December 28, 2014 and I would receive a refund amount shortly after my draft was taken, approx. 3 weeks or so as soon as the creditor was paid.
Now it's February 1, 2015. Yesterday, attempting to buy groceries and can't even buy $43. worth in account, and was promised was not going to be drafted in January 2015. Your promise broken, the original draft came out on January 28th, 2015!!! Cause and effect: overdrafts out of my account!!! Rip-roaring-mad!!! Strike two FDR.
1st statement from 'Misty'-a FDR Lead- states, yes in fact the January usual draft is owed, plus the $400 in December in order to payoff the last creditor. No way-Hosea! I was promised December. But she says, "Our Rep. gave bad information, it was not so...", and she repeated her info about the two amount were owed. Strike three FDR!
She stated that she would email me to say that my account was paid off, to get this in writing, and would send a print-out of the statement showing what had been owed after the $400 payment, but she needed an hour to do this for me. Approx. 20 minutes later, FDR calls and it's 'Misty',
"Calling to let you know, I have good news you may be correct and have substantial money to be receiving back; she had checked and saw the 1099's from Chase, and wasn't taking into account those write-offs, as the last Rep did, and would request the time be extended so she could print this info out for you. Would tomorrow be okay the extension?" She also stated that she is emailing the statement about no more drafts would take place and sending it to my email. But as I look on the website, there is several places where it shows a February draft will be taken for the original amt. I don't trust FDR at all and will address this issue after I receive the confirmation in my email.
Please FDR, you need to change up you training and information on your website! Follow thru will your "Yes will be Yes!", in promising NO MORE DRAFT!
In my last review, I neglected to mention why FDR drafted in January 2015, after they promised to not draft after my last lower draft amount in December 2014 to finish off my debt payments; it was because I had 3 out of 7 credit card (all one creditor for the 3 cards), write off my credit card balances and issue 1099’s for each credit card.
Even though this had been done since June 2014, when they called to tell me this credit card company was writing-off 3 of their balances for us, I at this time also asked for an approx. pay-off amount for October as they stated. They stated it was too soon; the FDR Rep just didn’t want to have to figure that far in advance, and I understood. I called back after the September 2014 draft and they also reneged her too and stated the payoff was in December. So really it’s up to Strike four, which is way, way unprofessional, even past Strike one!
My point I’m trying to make, if this happens to you, is get these FDR Reps to give this information to you in writing. It took me FOUR STRIKES, which I shouldn’t have put up with. And also my fault, not reminding them that the last three credit cards by the same creditor are written-off every time I call in, so that they know, FOR SURE when you are paid off!