Key One Solutions Inc.
Complaint 116971 Details

A representative of Key One Solutions called me yesterday inquiring if I would like to reduce my credit card interest rate - allowing me to pay the debt down 2 - 3 times faster.

I was on the phone with these people - sadly - for over 1 hour. They made it sound very convincing and that they were a legitimate company offering a good service.

I spoke with Jacob Kitchins at 1 888 599 7112 - customer # 5856 who went on to summarize the "deal" as follows:

- $998.95 would be charged to my credit card at the higher APR interest rate. This was called a "Processing fee".
- Key One Solutions would negotiate, on my behalf, a lower interest rate with my Citi Master Card. Jacob Kitchins of Key One Solutions said he could do this because they aggregate other's credit card debt and go to the vendors (i.e. Citi Master Card) and are able to negotiate on a volume basis.
- With this lower APR I would be able to pay my credit card debt faster because the monthly payments would be lowered. They said that, if I agreed to all of this, they would be sending me a "Financial Success Kit". Well, that is when things started to sound a bit fishy to me. Why would I need this kit - if the aim was for them to negotiate a lower APR?
- I would probably get a new APR through Key One of lower than 9.9% - would end up being a $2500 savings for every $6 to $8 K of credit card debt - they would show this savings within a 60 to 90 day time frame. If they could not demonstrate that the new APR would yield me these savings of $2500 over time, the new lower APR would stay in place and I would get the $998.95 processing fee refunded back to me.
- Sounds good right? They say that then they would put me on the phone with their financial department and they would record our conversation in where I agree to these terms - hence, they want to get recorded that I have accepted that they could charge this processing fee to my credit card.
- During these times I was put on hold I began googling Key One Solutions and found many blogs out there regarding their being a scam and that noone could negotiate your credit card's APR but you - the card holder.
- When I said to the Financial person that I do not want to accept this and choose to not go forward with this "deal" they transferred me to their supposed "cancellation" department.
- I was put on the phone with a Lisa. I told her I thought this was a scam and didn't want to continue further discussions. She seemed irritated and told me that this is not a scam and that Walt Disney is not on the BBB (Better Business Bureau) and look at how many law suits they have. I was like - what is this woman even talking about?
- She then went further to tell me that the BBB was founded by Al Capone and therefore was not a legitimate business. At this point, I thought this is totally a scam and googled BBB and Al Capone. I told her that BBB was founded in 1912 and that Al Capone was born in January 17, 1899 - therefore, he was 13 when the BBB was founded. This Lisa appeared embarassed when I said that and put me on hold - apparently to look this up herself.
- This Lisa came back on the phone and said something like "I never thought to look this up and in fact I was right about Al Capone".
- I told her I am not interested in speaking further about anything with her. She said "okay" and hung up in my face.
- Can you believe this?
- I am not a dumb person. I have a Bachelors and Masters degree. I even got my financial advisor on a 3 party telephone conversation with Jacob Kitchins. My Financial Advisor didn't think this would be bad - given that there was a 90 day cancellation policy. So you see, anyone can be duped.
- I am sure this company gets people in this scam everyday. Figure if you get 10 people a day minimum - that is almost $10K for doing nothing except to scam people.
PEOPLE BEWARE - KEY ONE SOLUTIONS IS A DEFINITE SCAM!!!