A New Beginning Financial is a debt settlement company offering the standard settlement program for individuals struggling with overwhelming levels of debt. This company offers services to people experiencing a true financial hardship and stresses that debt settlement is not the right option for any individuals who have the ability and resources to pay their financial obligations.

Here are some quick facts about A New Beginning Financial (ANBF):
Company Founded: unknown

Years In Business: unknown

BBB Rating: C-

BBB Complaints: 0 complaints processed in 36 month reporting period

Escrow Available: yes, client saves money in a special settlement account

Source of Funds: monthly payments made by client

Fee Structure: 15% of total debt enrolled in program; fee paid by one or two large payments at the beginning of program followed by smaller monthly payments for the remainder of the first year.

Avg. % Settlement of Amount Owed: 40%-60% of current total debt

Refund Policy: unknown

Minimum Debt Required: $10,000 unsecured debt

About the Company

The Better Business Bureau has a listing for this company however the information available is limited. ANBF has a business address in Scottsdale, Arizona with an unknown start date per the BBB. They have a rating of C- with zero customer complaints received by the BBB in the past three year reporting period. ANBF is a member of The Association of Settlement Companies and their website includes a link pointing to A New Beginning Ministries which may or may not be affiliated with this company.

The Program

Like most other debt settlement companies, this program is based on the premise that creditors will be willing to accept a lower payment from people otherwise facing bankruptcy. Although the start date of this company is unclear, they claim to have established relationships with many creditors and will work on your behalf to lower your balances making it possible to eliminate debt and get back on track financially. Clients are given the opportunity to talk to a debt consultant at no cost to go over their financial circumstances and determine if debt settlement is the right option based on each situation. Once enrolled in the program, the client would save a pre-determined amount of money each month toward settlements (and fees) with ANBF negotiating settlements based on the funds available to pay each creditor.

Program Cost

Unlike many websites for settlement companies, ANBF clearly states their fee structure and stresses the fact that potential clients must be aware of and sign an agreement stating such before proceeding with the program. They charge 15% of total amount of debt enrolled in the program, with the first one or two payments covering a bulk of this expense. The remaining balance will be made up in monthly payments throughout the first year of enrollment. Although most people find front loaded fees a red flag, it is becoming almost standard in this industry. The risk of course is that the company receives all if its money in the first year while the client continues to try to build settlement funds to pay off creditors. This is not ideal and can make the process last longer with the possibility of negative legal consequences becoming more of a reality as creditors fear they will not receive any payment on the debt owed.

Website Experience

Overall, the website is well maintained and very easy to navigate. The information provided addressed all of the issues that make debt settlement both the right choice for certain individuals as well as the risks involved in the process which make it the wrong choice for others. They go over other debt relief options and do not avoid discussing the negative consequences of debt settlement, which makes it possible for potential clients to make an informed decision before enrolling in the program. The biggest problem I encountered when reviewing this company was the lack of information on the company itself. Unable to find information on the BBB as well as other locations on the Internet make the company itself a bit of an unknown factor. Potential clients are encouraged to find out as much as possible about a company before enrolling in their program to avoid adding to their financial stress versus eliminating the source of the problem.