Regency Financial Services, LLC ratings, reviews and complaints - Loan Modifications Advance Fee

Complaints and Resolutions

Complaint Experience

N/A

Complaint Resolution Index (CRI)

Complaint Resolution Index (CRI) Explained The Complaint Resolution Index (CRI) is an indicator on how responsive a company is in addressing and resolving customer complaints brought to their attention by BCA. If they are considering doing business with the company, consumers can use this indicator to forecast the likelihood of having their issues addressed if a problem arises. CRI measures the company's customer satisfaction abilities through BCA’s complaint mediation process.

A variety of factors are considered when calculating CRI. This includes how quickly a company responds to complaints, the number of complaints against a company, whether the company addressed complaint allegations, and the outcome of the complaints. CRI is just a subset of the overall rating for the company. Consumers are encouraged to take into consideration the company's CRI, their overall BCA letter rating and other relevant information about the company so they can make a well-informed purchasing decision.

BCA's Summary and Analysis:

We have received no complaints against this company.

Our complaint services are free and our team of expert mediators will assist in resolving complaints with businesses.

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Complaint Closing Statistics

0 complaints against Regency Financial Services, LLC closed in last 3 years.

Complaints	Type of response
0	Making a full refund, as the consumer requested
0	Making a partial refund
0	Agreed to make an adjustment
0	Refusing to make an adjustment
0	Refuse to adjust, relying on terms of agreement
0	Unanswered

Other Information

Company Info

Regency Financial Services, LLC business is negotiate on your behalf to get you a lower interest rate, extended terms and/or a principle reduction which will result in significantly lower monthly payments.

Primary Contact:	Ivan Levy (CEO)
Business Started:	5/6/2009
Social:

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Licensing

We know of no licensing or registration requirement for companies engaged in this company's stated type of business.

Government Actions

BCA has no information regarding government actions at this time.

Comments and Analysis

Borrowers who are having difficulty making their monthly car payments may consider an auto loan modification. In general, auto loan modifications involve either deferring missed payments to the end of the loan or extending the loan term to reduce monthly payments. These options will increase the total amount of interest, even with a lower interest rate. Creditors rarely reduce the amount of the principal or the interest rate in an auto loan modification.

There are many companies who offer to negotiate with a lender for a fee paid in advance, usually several hundred dollars. Typically, these businesses claim they can reduce monthly car loan or lease payment to help borrowers avoid repossession and often tout their relationships with lenders, and may even advertise glowing testimonials from "satisfied" customers. Some even guarantee a refund if they are unable to make a deal with your lender.

While these claims may seem like a welcome relief to struggling consumers, often times these businesses do not deliver on their promises. Complaints generally allege after paying upfront fees for promises of a loan modification, nothing is done to secure the results promised. Often times the problem is made worse when these businesses advise consumers to stop making payments while they negotiate a settlement with their lender. In many instances, the business never contacts the lender at all. Some consumers don’t learn about this until they are presented with a notice from their lender that the vehicle is being repossessed. When they seek to obtain a refund from the unscrupulous company for failure to fulfill services or obtain the resolution promised, their requests are not honored.

If you are having trouble making your car payments, contact your lender directly to discuss your options as early as you can. The longer you wait to call, the fewer options you will have. Discuss your hardship and prepare yourself by gathering documentation to prove your hardship, if the lender requests this information. Consider all of your options also. You may be able to have the loan refinanced at a lower rate or lower monthly payments. There is no guarantee your bank will actually grant you a loan modification.

If you have problems with a business, or feel you have been a victim of a auto loan modification scam you may file a complaint with Business Consumer Alliance. Always obtain a reliability report on any company you wish to do business with before making a buying decision.

Other Considerations

Effective October, 2009 in California, it is illegal to collect any fees, regardless of the form, for negotiating or attempting to negotiate a loan modification for a residential mortgage. All modification services must be fully completed before any money can be collected. It is also illegal to divide fees or services into components for the purpose of avoiding this law.

HUD approved housing counseling agencies are exempt from this law.