Adding to the growing number of companies designed to help struggling consumers, AMA Financial entered the debt settlement scene earlier this year. In an industry that is currently under close scrutiny due to massive consumer complaints, AMA Financial may face an uphill battle establishing themselves as a reputable contender in the industry. In any event, they add to the list of options available for cash strapped consumers desperate for a way out of debt.

Here are some quick facts about AMA Financial:
Company Founded: January 20, 2009

Years In Business: less than one year

BBB Rating: F

BBB Complaints: 0 complaints

Escrow Available: yes

Source of Funds: client payments

Fee Structure: Fees applied during first half of your program

Avg. % Settlement of Amount Owed: up to 60% or more

Refund Policy: They will refund any fees charged to an account which they are unable to arrange a payment plan or settlement.

Minimum Debt Required: unknown

About the Company

It is no secret that millions of people are facing difficult times financially despite the fact that the economy is slowly showing signs of recovery. As with any other industry, when there is a large demand for products or services, companies sprout up to meet that demand. That may be the case with AMA Financial. The Better Business Bureau has a file opened for this company however there is little information in the file that would prove useful for potential clients trying to gauge the reputation and trustworthiness of a company. Currently the BBB gives AMA a F rating based on the length of time the business has been operating as well as the industry in which it operates. Also noted as a reason for the poor rating is the fact that there is insufficient background information available for AMA Financial. In the debt settlement industry lack of information is often as damaging to a company reputation as negative information. This company is however listed as a member of The Association of Settlement Companies

The Program

AMA Financial describes their program in three simple and effective steps. To get started you simply fill out the form available on their website (no obligation, no fee) and wait for a representative to contact you to review your financial situation. At this time more information will be gathered and a personalized plan will be developed to meet your needs. Once the plan is “tailored” to you, they will negotiate your debt with your creditors. In short (and their own words more or less) that is all that is needed to begin reducing your debt. I was able to locate other information throughout the site that indicates clients place money (savings/payments?) into a trust account from which settlements are paid. The program length varies from 6 months up to three years.

Program Cost

What will you pay for services offered while enrolled in this program is unclear. What is clear is the fact that your fees will be applied during the first half of your program.

Website Experience

There are two things that I look for when reviewing debt settlement companies. The first is a website that provides detailed and honest information regarding the process and their program. The second is the how that information is presented to potential clients. Consumers struggling with debt are worried, stressed and desperate for a solution to their problem making them more likely to rush into an agreement that promises to rid them of all their problems. Unfortunately some companies count on this emotional reaction and design their websites in a way that is difficult to navigate or using language the downplays the risks associated with the process. Whether that is the case here I cannot say, however I will say that the language used on the site is worded in a way that while not untrue is quite a stretch from reality. Of course finding that information is itself a mixture of patience and good luck.
Overall, I would be hesitant to enroll in a program offered by this company. The website alone does not provide adequate information to determine if the company is comparable with others. With limited information found outside of the company website, it is difficult to determine whether or not AMA Financial has the experience and reputation needed to instill confidence in their program results.