Greenwise Financial Solutions Review: Cause for Concern

Is Greenwise Financial Solutions legit?

It’s hard to say if Greenwise Financial is legit or not. It says it offers customized debt relief programs for clients, but its terms and conditions say it’s “an online marketplace for you to find third-party lenders and other providers…” At any rate, its message isn’t consistent.

It also has many positive reviews and high ratings on trusted sites like the Better Business Bureau (BBB) and Trustpilot, but at least some of those don’t ring true. It also has some very poor reviews, with a few going so far as to call it a scam.

For these reasons, you may want to consider a company that’s more upfront about exactly what it offers, such as Freedom Debt Relief, National Debt Relief or another provider with a more established reputation.

Where Greenwise Financial Solutions falls short

Greenwise Financial fails to be up front about what it does or what it charges. On the surface, it presents itself as a debt relief provider, but it also claims to be an online marketplace. So, which is it? It’s hard to know without signing up and taking the risk that it might sell your info.

Plus, no one answered the multiple phone calls we made attempting to get clarification. You can’t even leave a message.

How Greenwise Financial Solutions compares to other providers

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Finder Score	Costs	Money-back guarantee:	Requirements
Promoted Finder score 9 Excellent Accredited Debt Relief	Finder score 9 Excellent	Charges and fees vary by the company you're ultimately connected with	No	Must be at least 18 years old and a legal US resident; additional terms may apply based on services and products used.	This A+ BBB-rated service offers free consultations to lower your monthly payments help you get out of debt faster.	Go to siteMore info Compare product selection Compare	loading
Finder score Not scored yet Freedom Debt Relief	Finder score Not scored yet	Monthly payment based on enrolled debt, no upfront fees	Yes	Must have at least $7,500 in unsecured debt, have a hardship is preventing the ability to pay creditors, and live in a serviced state.	Freedom Debt Relief works to help people with unmanageable, unsecured debt get back on their feet.	Go to siteMore info Compare product selection Compare	loading
Finder score Not scored yet National Debt Relief	Finder score Not scored yet	15–25% of total enrolled debt	Yes	Must have a legitimate financial hardship which is preventing the ability to pay creditors and a minimum of $7,500 in debt.	Get back on your feet with a top-rated company that works with multiple types of debt.	Go to siteMore info Compare product selection Compare	loading
Finder score 7.6 Great Happy Money	Finder score 7.6 Great	APR ranging from 7.95% to 29.99%	No	Must have a FICO score of 640+, no current delinquencies, at least 3 years of credit history and a debt-to-income ratio of no more than 50%. No more than 1 installment loan and no delinquencies over 90 days in the past year. Must live in a state where Payoff offers loans; check availability.	Pay down your debt with a fixed APR and predictable monthly payments.	Go to siteMore info Compare product selection Compare	loading

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What is the Finder Score?

The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

Read the full breakdown

What makes Greenwise Financial Solutions shine?

Given all the questions and lack of transparency about Greenwise Financial, we can’t find a good reason to recommend it over other providers. If you’re seriously considering a debt relief program, you may want to look elsewhere. Just keep in mind that debt settlement should generally be considered a last resort alternative to bankruptcy.

Another alternative, if you have considerable debt but can still make your minimum payments, is to consider a debt management plan (DMP). With the help of a nonprofit credit counseling agency, a DMP can help you restructure your debt to make it more affordable, without defaulting.

Or, if you have decent credit, a debt consolidation loan may be a good option. This way, you can consolidate your debts into a single loan at a lower interest rate than you’re currently paying. Some lenders offer loans specifically for debt consolidation, where they’ll even send the money directly to your creditors on your behalf. But really, any personal loan can serve the same function.

How much can I save?

Greenwise Financial doesn’t specify exactly how much you can save, but most debt relief companies advertise that you could save as much as 50%, not counting fees. So, realistically, you may only save 25% or 35%. But it’s important to note that your creditors may refuse to settle and you won’t save anything.

How much does it cost?

Again, Greenwise is light on the details, but most debt relief companies charge around 15% to 25% of your enrolled debt. For example, if you enroll $20,000 in debt, your fee would be between $3,000 and $5,000.

Will Greenwise Financial Solutions hurt my credit?

Yes, any debt settlement will negatively impact your credit because part of the program requires you to stop making your debt payments. Then those missed payments get reported to credit bureaus and cause your score to drop.

Having said that, if your credit score was poor already, the damage may not be so drastic. But if you go into the debt relief program with a good score, you’ll see a significant drop.

Greenwise Financial Solutions details

Since Greenwise doesn’t give a lot of specifics, the details provided are typical of most debt relief companies.

Greenwise Financial Solutions contact info

How to qualify for Greenwise Financial Solutions

Typical requirements to qualify for any debt relief program include the following:

• At least $5,000 to $10,000 in eligible debt
• Have unsecured debt
• Live in a state where the company operates

How the debt settlement process works

Here’s what typically happens when you enroll in debt relief.

1. Attend a free initial consultation to assess your financial situation.
2. Review plan options with a debt consultant.
3. Stop paying your creditors and instead fund a dedicated savings account.
4. Wait while the debt relief company attempts to negotiate with creditors to settle for less than you owe.

A legit debt relief provider typically only gets paid its fee after each debt is settled. Read your agreement carefully and watch out for hidden fees such as account setup charges or maintenance fees.

Greenwise Financial Solutions reviews and complaints

Greenwise Financial gets high marks on the Better Business Bureau (BBB) and Trustpilot. Customers praise the knowledgeable and professional customer service and affordable monthly payments.

But some report difficulty contacting customer service or getting a refund after closing their account. Others complain of excessive solicitation, including numerous calls and emails a day from multiple phone numbers and email addresses.

Risks to debt settlement

Consider these key risks before jumping into a debt relief program.

• No guarantees. While debt relief companies may be able to settle your debts for less than you owe, they don’t guarantee it will happen, and you could end up worse off than when you started.
• Additional debt. As soon as you stop making debt payments, you’ll incur late fees and interest will continue to accrue until you settle.
• Potential lawsuits. Some creditors may choose to take you to court rather than agree to a settlement.
• Tax consequences. Money that you “save” by settling may be taxed as income.