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Is NewPath Financial legitimate company or is it a scam?
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4/9/2010 4:13 PM (PST)

I am serching for information about NewPath Financial. Is this for real or is it a scam?

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4/9/2010 4:16 PM (PST)

Hi Karen,

There are some other threads here in Ask The Community dealing with this same company. On the ATC front page, just search for the tag "New Path Financial". To answer your question, though,this company has an F rating with the LA BBB, which is the lowest rating we give. Please click on "View Report" above to see the full Reliability Report on the company as well as read their complaints.

Unfortunately, the BBB's experience with debt settlement companies is not a good one. The companies usually instruct their clients to stop paying their creditors. Some companies direct them to make their payments to the debt negotiation company instead and promise, when the company has accumulated enough to offer a cash settlement to one or more creditors (which can take as long as two or three years), to pay off the debt. The debtor must pay fees to the service during the time the payments are accumulating. The only things you'll get coming out of this deal is a lighter wallet, a bad credit score and maybe a lawsuit from your creditors trying to collect their money.

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4/21/2010 1:17 PM (PST)

NewPath Financial is by no means a scam! We are in the business to help our clients eliminate the debt and have testimonies from actual clients who have finished the program to prove it. The program we offer is an alternative to BK, often confused with a Debt Consolidation. To clarify, the program is designed to settle the debt for cents on a dollar and pay it off, NOT reduce your interest and allow you to MAINTAIN your balances for a lower monthly payment. Please check our website at www.newpathfi.com for more information. On our website, we have posted a few settlements that we were able to work out for our clients as proof of our actions. It is easy to be skeptical about a program that offers you will be debt free within a given time but the truth is that this program works and it has worked for many clients who are now DEBT FREE.

Credit score is negatively affected during the process. Once the process is completed, the accounts in question will be marked as paid off, paid in full or settled which will categorize the debt as paid and closed. This will allow you to quickly rebuild the credit after you finish with our program.

We are one of very few companies in this field who educate their clients from the beginning, send our contract to their home for review and signature and have a separate department to explain the contract before the client is enrolled to ensure that the entire contract, fees, settlement and other information is understood by our clients and acknowledged. Granted, the road to debt relief is a bumpy one but we do everything in our power to make it seem as smooth as possible.

The BBB rating as mentioned above by Erin is in fact an F grade, but what is important to realize is that the grade is not given to NewPath but rather to the industry NewPath is categorized under. Please take a moment to read the rating explanation. Another important factor is that BBB is website for complaints, not praises. It is important to mention that most of the clients who have filed a complaint are still enrolled in our program after we had a chance to explain the program and attend to their concerns. Why is it easier to trust someone, who knows someone, who did something similar that, this... What we urge you to do is to do your own research and come to your own conclusion. My direct number is 714-361-4385 and I am at your service to answer any questions you might have.

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4/21/2010 1:18 PM (PST)

In response to Mr. Stamper's message above... We praise anyone who is willing to give out their personal phone number to help their fellow citizens for no fee. It is a great and honorable thing to do and we support that. We are not denying the fact that you can do this on your own. The difference between doing this yourself and paying a company like our own to do it for you is simple. NewPath maintains contact with all creditors and issues legal documents to them to ensure you are hot harassed while in our program. Creditors are not allowed to contact you and you are covered by the Federal Trade Commission if they continue. The major difference however is in the settlement amounts and settlement process that we are hired to do for you. It is not simple to ask a multi-million Dollar Company loose money for you. Here is a quick example of such attempt from a client from not too long ago... Client had 3 cards with the same creditor. Decided he will do this on his own and save some money. Client settled one card at 55% and sent a check to the creditor. Within 2 weeks, his account was frozen and the creditor depleted his savings account to satisfy the debt. This is a true story and is one of many.

It is important to note that Mr. Sam Stamper' is in the Mortgage Business who will probably offer to sell you a mortgage or refinance option to resolve your debt. This would be a great way to attempt to extinguish a fire with gasoline. His website is www.samstamper.com/index.html if you believe in this method.

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4/22/2010 8:11 AM (PST)

NewPath Financial is by no means a scam! We are in the business to help our clients eliminate the debt and have testimonies from actual clients who have finished the program to prove it. The program we offer is an alternative to BK, often confused with a Debt Consolidation. To clarify, the program is designed to settle the debt for cents on a dollar and pay it off, NOT reduce your interest and allow you to MAINTAIN your balances for a lower monthly payment. Please check our website at www.newpathfi.com for more information. On our website, we have posted a few settlements that we were able to work out for our clients as proof of our actions. It is easy to be skeptical about a program that offers you will be debt free within a given time but the truth is that this program works and it has worked for many clients who are now DEBT FREE.

Credit score is negatively affected during the process. Once the process is completed, the accounts in question will be marked as paid off, paid in full or settled which will categorize the debt as paid and closed. This will allow you to quickly rebuild the credit after you finish with our program.

We are one of very few companies in this field who educate their clients from the beginning, send our contract to their home for review and signature and have a separate department to explain the contract before the client is enrolled to ensure that the entire contract, fees, settlement and other information is understood by our clients and acknowledged. Granted, the road to debt relief is a bumpy one but we do everything in our power to make it seem as smooth as possible.

The BBB rating as mentioned above by Erin is in fact an F grade, but what is important to realize is that the grade is not given to NewPath but rather to the industry NewPath is categorized under. Please take a moment to read the rating explanation. Another important factor is that BBB is website for complaints, not praises. It is important to mention that most of the clients who have filed a complaint are still enrolled in our program after we had a chance to explain the program and attend to their concerns. Why is it easier to trust someone, who knows someone, who did something similar that, this... What we urge you to do is to do your own research and come to your own conclusion. My direct number is 714-361-4385 and I am at your service to answer any questions you might have.

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8/8/2010 7:30 PM (PST)

In my opinion, it's a scam. I've been in their program for over a year, paid massive fees, been sued multiple times, and they've settled only one account. Oh, and when I asked them how much they settled that account for, they told me $1700. The creditor says it was settled for $1100. So, somebody isn't telling the truth...

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3/9/2011 10:19 AM (PST)

NEWPATH FINANCIAL IS A COMPLETE FRAUD/SCAM. THIS COMPANY IS RUN BY YOUNG 20 YEAR OLD KIDS AND A MANAGER WHO IS NOT EVEN AN AMERICAN! THEY TAKE OUR MONEY AND CLAIM THAT THEY WILL SETTLE OUR DEBT WHEN IN REALITY WE END UP GETTING SUED BY OUR CREDITORS AND OFFERED BETTER SETTLEMENTS IF WE WERE TO JUST TALK TO THEM OURSELVES. THEY HAVE NO "SO CALLED RELATIONSHIP" WITH CREDIT CARD COMPANIES AS THEY CLAIM. SO TO ANSWER YOUR QUESTION *YES* THEY ARE A TOTAL AND COMPLETE SCAM.

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7/21/2011 4:05 PM (PST)

Let me break it down for ya like a fraction. New PAth may have some sly talkers and some pretty amazing stats and reviews from god knows where, but what it boils down to, they do not come through as per what their contract says. Yes, they tell you the down falls and make it seem like they care. But I was with them for 10 months. Paid an enormous amount of money and the only money that was in my acct after this time was a little over 200. Because of their "fees" and as above, they offered me settlement amounts, and when I called the CC companies to verify, it was usually 200 plus difference (benefiting new path). Then I get 7 summons' with in a 3 day period. Yeah, you do the math. Also when I called to ask, the lady on the phone, said I should just close the acct since it is not working for me. Oh yeah, I forgot to mention the worst part, they have a "no refund policy". Little do they know I have found over 100 people that they have screwed and the class action suit is going to be epic. Good luck Boris, Since most of us recorded out conversations with you people, you have no where to run......

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