I have written several articles on the Dangers of calling a debt settlement company to get financial advice. Today I thought it would be an eye opening exercise to show consumers the background and qualifications of a typical debt settlement sales person.
I do want to be clear though, I am not purposefully picking on debt settlement sales people and I am not saying all debt settlement sales people are bad. I actually believe that most of them really believe they are providing a good service and are helping people. Unfortunately, they just don’t have the financial education and background to understand that the front loaded fee structure programs that most of these guys sell is a total fraud and not the least bit beneficial to consumers.
So I am not blaming debt settlement sales people. I lay the blame squarely on the shoulders of the debt settlement companies themselves and of course any sales person, that does happen to know their program is total BS, but will sell it regardless of consequences to the client, just to make a buck.
The purpose of this video is to bring consumer awareness to the typical qualifications of a debt settlement sales person. Debt settlement sales people, for the most part, are not there to help you figure out what to do, they are trained to sell you their debt settlement program. After watching the video, you may think twice about calling a debt settlement company for advice.
Enjoy the video.
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11 Responses to “Don’t Call a Debt Settlement Company for Financial Advice, Craigslist Exposes Why”
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I have heard that there are non-profit agencies which are the better way to go. Is this true?
Tracy´s last blog ..It’s Funky- Freaky Friday- Fashion’s Oddest Finds- Right Here-
Hello Tracy,
Whether or not a company is for profit or not for profit is not really a factor in which their trustworthiness or consumer benefit can be judged. There are rip off programs in both camps. Just because a company jumps through some hoops and moves money around to try and qualify for nonprofit status with the IRS, doesn’t mean they are doing a good job for consumers.
Damon Day´s last blog ..Debt Settlement Consumer Protection Act – So Much Protection it Actually Hurts
Thanks for this, I will have to get a few of my clients to look at it. I work with people going through divorce and they get themselves in all sorts of financial messes then look for quick fixes out of the situation.
Nicola@SimpleDivorce´s last blog ..Twilight – Marriage- Romance and Divorce
You are welcome Nicola,
If you feel that any of your clients are in a situation where they would benefit from an individual consultation with me. Feel free to send them to my site and I can help them sort through their debt issues. When going through a divorce, things can be especially tricky.
Damon Day´s last blog ..Excuse Me – I’m Calling Bullshit
Thanks Damon, I’ll do that. I think the main problem they get them into is they don’t seem to factor in that an average divorce takes about three years and has to be paid for.
Nicola@SimpleDivorce´s last blog ..Divorce Advice – Who Do You Listen To
What an interesting tour through what debt settlement companies are looking for in the sales people: good sales skills and no experience. Your right when you say these are the people consumers are relying upon when making important financial decisions. The lesson seems to be such a reliance is misplaced. I can’t tell you how many clients start with debt settlement and end up in my bankruptcy law office much worse for the financial wear.
Ilyse Klavir´s last blog ..Far From Bankrupt on Ideas- Artist Community in Lancaster- California Wins 2010 AIA-HUD Secretary’s Award
Hello Ilyse,
Yes it is unfortunate, but all to often, consumers are being sold programs that make absolutely no financial sense for them. If the person that consumers are relying on, only makes money by selling a specific program, then the advice given is typically going to be to buy the specific program that is being sold.
My aim with this article was simply to call consumer attention to this fact.
Damon Day´s last blog ..Credit Answers Runs Misleading Ad- TASC Does Nothing – Big Surprise
Thanks for this. I agree that it’s better to seek information from someone who is knowledgeable in debt management – prior to seeking advice from someone trying to sell debt settlement services. Better to converse with a consultant rather than a marketing rep.
Tia@Private Student Loans´s last blog ..Financial Aid 101- How Will You Pay for College
I’ve heard that Debt settlement agencies are not backed by attorney’s. This sounds so unreasonable. How can they continue in business like this? They should be shutdown!
Then what is a good option when bankruptcy is not an option and you are in way over your head financially? I am working 65 hours a week and still have not been able to make a small dent into my debt. What other options are there? I can’t find another way.