Are you currently enrolled in a program with Anchor Law Firm? Have you recently received a mailer pitching a debt consolidation loan, only to be told that you don’t qualify? If you find yourself in this situation, you may be wondering about the legitimacy of Anchor Law Firm and whether it’s a scam. In this blog post, we will explore what Anchor Law Firm is, analyze its reviews, and discuss your options if you’re considering staying with or canceling its services.
- BBB A+ Rating & Accredited
- $300 Million Debt Settled
- $8,000 Minimum Debt
- 25th best financial firm, USA (INC Magazine)
- Minimum Debt $7,500
- $ 3 Billion Plus Debt Resolved
What is Anchor Law Firm?
Anchor Law Firm presents itself as a law firm specializing in debt settlement. However, it’s worth noting that it may be connected to a larger organization, considering the existence of similar firms in the industry. To gain a better understanding of Anchor Law Firm, we can start by examining the age of its website and gathering information about the company.
Interestingly, a review of the Wayback Machine reveals that the Anchor Law Firm website has been in existence for several years, suggesting that the company has been operating for a significant amount of time. This longevity may provide some reassurance to potential clients.
Anchor Law Firm Reviews
When it comes to evaluating the credibility of any service provider, it’s important to consider unbiased and comprehensive reviews. Two reliable sources for such reviews are the Better Business Bureau (BBB) and Google.
BBB Reviews
As of now, Anchor Law Firm has a 1/5 rating on the BBB, based on 12 reviews, and has received an F rating. These ratings raise questions about whether someone else is enrolling individuals in Anchor Law Firm programs without their direct consent. It’s possible that Anchor Law Firm is not directly involved in marketing and client acquisition.
I’ve been under contract with Anchor Law Firm since 2018 my contract was supposed to end in June 2022. I was told (shame on me for not reading the FINE PRINT) that my contract was for 4 years and it might not even take that long. They have extended my payments to them without even consulting me. When I called and ask how can they do that without my permission I was told in the contract it allows them to. I have 2 more cards left and I haven’t heard from them about settling. I have been calling since August. All I get is we are working on it. This is absolutely the WORST company I have ever dealt with. I see no end in my future…. but every month they take over 100 dollars for FEES out of the 600 dollars I pay…. so Add up 100 times 53 months not to mention the first two years Anchor kept ALL my payments for their FEE for helping me get out of debt. So why would they want me to finish my contract when I give them at least 100 a month to do nothing? DO YOURSELF A FAVOR AND STAY AWAY FROM THIS COMPANY IT HAS F RATING FOR A REASON ….IF I COULD GIVE THEM A ZERO RATING I WOULD!!!!!!!!
My husband and I signed an agreement with Anchor Law Firm in August 2018. It was for 42 months at $305.63 a month. My husband passed away in October 2022. I called the office and was told that my last payment would March 2022. And there wasn’t anything else I needed to do. When a payment came out in April, I called the firm and was told that two of the 5 accounts were not settled and it would take approximately another $5000 to settle! No one from the law firm contacted us about any of this. I was and still am in shock! I feel we were cheated. I have asked for a complete breakdown of the funds to see exactly where and how they were distributed. When I add up what was taken out and the charges and the pay off., I find a $2000. difference. Where is that money?
Google Reviews
On Google, Anchor Law Firm has a rating of 2.9 out of 5, based on 123 reviews. One common theme that emerges from these reviews is that Anchor Law Firm tends to make promises it cannot fulfill. Many clients mentioned that the money they paid was not being used to work with their creditors, resulting in their creditors taking legal action against them. These clients expressed disappointment in Anchor Law Firm’s lack of representation and support during such circumstances. Additionally, some reviews highlighted that Anchor Law Firm attempted to add extra fees over time, causing clients to pay more than their original debt.
What Are Your Options?
If you are currently working with Anchor Law and wish to continue, it is essential to thoroughly read the Client Services Agreement. Understanding why fees are being deducted before settlements have been made is crucial. You should also inquire about the specific services Anchor Law Firm provides and the percentage fee they charge.
On the other hand, if you’re considering canceling your association with Anchor Law, you may try contacting them directly. However, it’s possible that canceling the program might not be straightforward, and you may require assistance from your bank to resolve the situation.
A Closer Look at Its Services and Reputation
Anchor Law Firm claims to provide aggressive legal services and exceptional legal representation designed for clients who require legal assistance in areas such as bankruptcy, credit card debt, credit reporting, defective products, fraud, and litigation. However, based on the reviews and information available, the firm’s performance seems to fall short of the promised exceptional representation.
Clients have reported that Anchor Law Firm constantly demands more money through its service fees, even for complex cases where they should be advocating for their clients. Instead of delivering on their commitment to exceptional legal representation, it appears that Anchor Law Firm’s focus may be on maximizing their own profits at the expense of their clients. This raises concerns about their credibility and leaves clients feeling dissatisfied and financially burdened, as they are not receiving the quality legal services they were promised.
FAQs
1. Is Anchor Law Firm a reputable and trustworthy debt settlement service provider?
Answer: Anchor Law’s reputation is a matter of concern. While its website has been around for several years, recent reviews on BBB and Google highlight issues such as unfulfilled promises, lack of representation, and attempts to add additional fees. It is crucial to exercise caution and thoroughly evaluate their services before making a decision.
2. How long has Anchor Law been operating in the debt settlement industry?
Answer: Anchor Law’s website has been active for several years, indicating that the company has been operating for a significant duration. However, the age of the website alone does not guarantee its credibility or effectiveness.
3. Are there any complaints filed against Anchor Law Firm with the Better Business Bureau (BBB)?
Answer: Yes, there are complaints registered against Anchor Law with the BBB. The current pattern of complaints has led to a low rating of 1/5 and an F rating for the firm. These complaints should be taken into consideration when evaluating the company’s trustworthiness.
4. How does Anchor Law Firm handle debt settlements?
Answer: Anchor Law claims to specialize in debt settlement. However, according to reviews, clients have reported that the firm did not use the funds paid to work with their creditors effectively. As a result, some clients faced legal actions from their creditors without receiving adequate representation from Anchor Law Firm.
5. Does Anchor Law Firm charge fees before settling the debts?
Answer: According to reports, Anchor Law does charge fees before settling debts, which can raise concerns about their business practices. It is essential to fully understand the fee structure and the specific services provided by the firm to make an informed decision.
6. Can Anchor Law Firm assist in canceling its program easily?
Answer: Canceling Anchor Law’s program may not be straightforward, as reported by some clients. It is advisable to contact the firm directly to inquire about the cancellation process. If faced with difficulties, seeking assistance from your bank or a legal professional may be necessary.
7. What percentage of fees does Anchor Law Firm charge for its services?
Answer: To determine the exact percentage of fees charged by Anchor Law Firm, it is recommended to review the Client Services Agreement thoroughly. Understanding the fee structure is essential to assess whether the services provided align with the costs involved.
8. Can Anchor Law Firm assist in debt consolidation loans?
Answer: Anchor Law may have initially pitched debt consolidation loans, but it is crucial to note that if you did not qualify for such a loan, they may instead propose their debt settlement services. It is important to verify the specific services offered by Anchor Law Firm before committing to any program.
9. Are there any legal actions taken against Anchor Law Firm?
Answer: As of now, there are no specific mentions of legal actions taken against Anchor Law in the available information. However, the pattern of complaints and negative reviews on BBB and Google indicates potential issues with their services.
10. What alternatives should I consider if I am unsure about working with Anchor Law Firm?
Answer: If you have reservations about Anchor Law, it is advisable to explore alternative debt settlement companies or seek assistance from nonprofit credit counseling agencies. Consulting with financial advisors or professionals who specialize in debt management can provide additional guidance tailored to your specific situation. Remember, thoroughly researching and comparing different options is crucial to making an informed decision that aligns with your financial goals.
Conclusion
Based on the reviews and information available, it’s important to approach Anchor Law Firm with caution. The current pattern of complaints and negative ratings on both BBB and Google reviews raises concerns about the effectiveness and transparency of their services. It is crucial to thoroughly evaluate your options and make an informed decision that best aligns with your financial goals and interests.
When dealing with debt settlement or any financial matters, it is generally recommended to explore multiple alternatives and seek advice from qualified professionals. While Anchor Law Firm may have a history of existence, it’s vital to assess its current performance and reputation before making any commitments.
Remember, your financial well-being is paramount, and it’s essential to choose service providers who are trustworthy, transparent, and genuinely focused on helping you navigate your debt situation.
Anchor Law Firm
Anchor Law Firm Review
Based on the reviews and information available, it’s important to approach Anchor Law Firm with caution. The current pattern of complaints and negative ratings on both BBB and Google reviews raises concerns about the effectiveness and transparency of their services. It is crucial to thoroughly evaluate your options and make an informed decision that best aligns with your financial goals and interests.
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