Credit Answers canned by TASC-Runs to USOBA-We Need some Stinking Badges!
Hey USOBA Watchya Doing? Credibility – The quality of being believed or trusted. How does a debt settlement company acheive credibility among consumers? It seems to me that there are two ways. Option number 1 is to be honest, provide a great service for a fair fee, put the needs of your client above the needs of your own and over time you will naturally build credibility as the number...
Read MoreTime to Boycott all TASC and USOBA Members – The Emperor Has No Clothes
TASC and USOBA do Great Work don't they? An Emperor who cares for nothing but his wardrobe (Debt Settlement Companies) hires two weavers (TASC and USOBA) who promise him the finest suit of clothes from a fabric invisible to anyone who is unfit for his position or “just hopelessly stupid”. The Emperor cannot see the cloth himself, but pretends that he can for fear of appearing...
Read MoreDebt Settlement Business for Sale – Are you Feeling Lucky?
I just ran across a story about a 13 year old debt settlement business for sale in TX. I wonder if it is possibly connected to the new FTC law going into effect on October 27 of this year that is going to prevent these guys from charging all of their fees upfront? Funny the for sale ad doesn’t mention anything about that. I really hope some uninformed young entrepreneur does his...
Read MoreFree Advice to Usoba and Tasc members, get out or you will be put out on your ass
If I had to guess, I would say that I am probably unanimously disliked by every Debt Settlement company who is a member of TASC and USOBA and pretty much most of those who are not. Spend 5 minutes on my blog and you will know why. I call it like I see it, and what I see is a whole bunch of bullshit programs ripping off consumers. What really gets me going though is when these guys pretend...
Read MoreFreedom debt relief says upfront fees help consumers-I say Bullshit-What say you?
If you have been remotely following the debt settlement industry these past few months, you undoubtedly know that some serious regulation is coming its way. From my point of view it is actually quite entertaining to watch most of these scammer companies scatter like cockroaches as the regulatory light starts to peek into the dark corners of their world. However a few brave (pronounced...
Read MoreCredit Solutions of America Sued in Vermont, Sensing a Pattern?
Attorneys General to Credit Solutions The news just can’t seem to get better for Credit Solutions of America. It seems like every time I turn around they are getting sued by another state. This time it is the Vermont Attorney General, William H. Sorrell, filing suit against Credit Solutions. Perhaps he didn’t get the TASC and USOBA memo that high upfront fee debt settlement companies...
Read MoreWill Credit Solutions send a Cease and Desist letter to the Today Show as well?
A few months ago I received a Cease and Desist letter from Credit Solutions of America for what they claimed were false and misleading statements I had written about them on my website. You can see their letter and my response to it here. Credit Solutions of America sends me a Cease and Desist Letter Today I saw a very damaging piece of investigative reporting done by the Today Show regarding...
Read MoreDon’t Call a Debt Settlement Company for Financial Advice, Craigslist Exposes Why
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...
Read MoreCredit Answers Runs Misleading Ad, TASC Does Nothing – Big Surprise
I was watching TV last Friday and a commercial from Credit Answers comes on and asks me “if I know if I qualify for the credit card bailout program.” Well I am usually pretty much up to speed on the programs available to help consumers in debt, but I certainly haven’t heard of a credit card bailout program. Of course, there is no such thing as a credit card bailout...
Read MoreExcuse Me – I’m Calling Bullshit
After months of debate, mostly with myself, I have decided to start a new series on my blog entitled “Excuse me, I’m calling Bullshit!” Professional? Not really. Effective? I really hope so. Every day I sit at my desk and read mountains of articles, press releases, ads, websites, all designed to target cash strapped, emotionally drained consumers just looking for honest help...
Read MoreTASC Throws USOBA on the Sword, Runs to Next Industry to Plunder
For the past few weeks I have really been scratching my head and trying to figure out just what the heck is going on over at TASC and USOBA. It seems as if they are the only ones that didn’t get the memo that the days of the rip off, “front loaded fee” debt settlement company are over. On one hand you have USOBA running around telling any legislator that will pretend...
Read MoreDebt Settlement Consumer Protection Act – So Much Protection it Actually Hurts
I recently read the Debt Settlement Consumer Protection Act of 2010 and I have some major concerns about how this bill will effect consumers in a negative way. Much of the opposition to this bill is coming out of very low credibility organizations like TASC, USOBA, and rip off settlement companies concerned that they will be shortly run out of town. I certainly see a lot of finger...
Read MoreUSOBA and TASC Set Industry Standard – Don’t Trip Over The Bar
USOBA and TASC Set the Bar Too Low A few days ago a debt settlement salesperson went into a public forum and basically told me I was full of it for saying TASC and USOBA are not really looking out for consumers. As evidence, he claims that he was secretly shopped by TASC and it was found that he didn’t lie to the undercover consumer. Now I have never said TASC and USOBA didn’t do...
Read MoreMass Exodus in Debt Settlement Industry, Take Heed or BE TRAMPLED
Consumers - Be Warned - Most Settlement Companies will go Bankrupt soon If you only have the time to read one of my articles pertaining to debt settlement, then you must read this one if you are considering hiring a debt settlement company. I believe that we are about to witness a mass exodus of debt settlement companies closing their doors and leaving their existing clients in very bad...
Read MoreCredit Solutions of America sends me a Cease and Desist Letter
I recently received an email from Credit Solutions of America which contained a Cease and Desist letter. I was actually surprised because I had never even done an actual review of Credit Solutions of America. However, they obviously felt that I was doing something that they didn’t like and wanted me to stop. The following is a copy of the Cease and Desist letter along with my...
Read MoreTASC Fails to Protect Consumers, Regulators Take Notice
TASC Fails Consumers Today TASC issued a statement claiming that Illinois Attorney General Lisa Madigan’s proposed Bill HB 4781 would hurt consumers. I agree that there might be a little validity to that statement in a sense that regulating specific fees on what companies can charge can be a very slippery slope and many times will not solve the problem it was intended to solve. However, I...
Read MorePresident of New Era Debt Solutions Attacks Me, It’s Just Par for the Course
Dan Smith and New Era Debt Solutions Pals (Photo from Hollywood Weekly) I am now proud to announce that I have just seen the second official “we hate Damon Day review”. Ironically I believe the second review was also written by Dan Smith – President of New Era Debt Solutions. (pictured above on the left, in a photo spread for Hollywood Weekly) Mr. Smith also holds the dubious...
Read MoreMost of My Articles are about Debt Settlement – Why?
A reader that glances at my blog might mistakenly conclude that I recommend consumers pursue a debt settlement strategy far more often than I would any other. If that is not the case, then why does the topic of debt settlement, at least thus far, clearly dominate much of the content on this blog? Simple. The debt settlement Industry, by a large margin, is harming many more consumers than...
Read MoreAttaBoy TASC – Credit When Credit is Due
I was on the TASC website this evening and noticed a news letter issued by TASC Executive Director, David Leuthold. The letter reads as follows: Deceptive Marketing Mar 05, 2010 Letter from TASC Executive Director, David Leuthold March 5, 2010 Dear TASC member, I want to bring to your attention a recent increase in companies practicing deceptive marketing; specifically, they are using...
Read MoreLegacy Debt Solutions vs Credit Solutions – Who Can Bankrupt a Client Faster?
Hiring a debt settlement company using a front loaded fee model endorsed by TASC and USOBA is more likely to lead a consumer to Bankruptcy then to a successfully completed settlement program. There are various reasons why this is unfortunately true, but one of the most obvious to me is that debt settlement salespeople for the most part, always recommend debt settlement, regardless of whether or...
Read MoreDamonDay.com is in Transition
DamonDay.com is currently undergoing some renovations and design changes. We apologize for all of the noise and dust while we are making some necessary modifications and upgrades to our website. We have learned that we are much better at breaking our site then we are at putting it back together. As a result many of our pages have turned into half English and half html, making them difficult...
Read MoreDebt Settlement Company Attacks Me for Exposing Their Deception
I feel so honored that I have my first official “we hate you review” from a debt settlement company. It is no secret that I am disliked by debt settlement programs that are out there ripping off and deceiving consumers for profit. When they resort to attacking me personally I know I am really striking a nerve and they are feeling very threatened. Since they cannot attack my factual...
Read MoreNew Era Debt Solutions Review
New Era Debt Solutions In the last few years I have done several consultations with consumers that were considering enrolling into New Era Debt Solutions for assistance in negotiating their debts with creditors. One thing that I have noticed pretty consistently is that consumers are confused as to the amount of fees that New Era Debt Solutions actually charges their clients. Part of this...
Read MoreTASC – Just Another Marketing Gimmick
“If you tell a lie that’s big enough, and you tell it often enough, people will believe you are telling the truth, even when what you are saying is total crap.” – Richard Belzer This is the 4th in a series of 5 articles aimed at educating consumers on what I believe to be the true motivations behind The Association of Settlement Companies (TASC). If you have read my...
Read MoreDebt Relief USA files Bankruptcy – Clients get Burned
Unfortunately this is going to be an all too common headline in the coming months. With Debt Settlement companies ripping off consumers at an alarming rate, the FTC and state regulatory bodies are taking notice and stepping up enforcement. Debt Relief USA recently filed for bankruptcy citing several investigations by state attorney generals and federal authorities as the reason for closing...
Read MoreDebt Settlement USA – A Not So Glowing Review
I was recently on a consultation with a consumer and she asked me to review a contract that she received from Debt Settlement USA. She had enrolled into their program a few months ago and now she was starting to get the feeling that they were much more interested in collecting their fees from her than they were in helping her settle her debts. After 5 months in their program she had given...
Read MoreTARF – The Association of Red Foxes
As an aside to the 5 part series that I am writing on the Association of Settlement Companies, I wanted to provide a simple way to understand the thinking behind the formation of TASC, as I see it. Sometimes it is very difficult to explain interwoven thought processes in the confines of a 1000 word article. Hopefully this will help consumers understand why (in my opinion) TASC currently has...
Read MoreDebt Settlement – FTC could put 84% of Companies out of Business!
Currently the FTC is considering a proposal to Ban the large upfront fees that most debt settlement companies charge. USOBA – The United States Organization for Bankruptcy Alternatives, recently submitted testimony to the FTC that such a ban could put up to 84% of their member debt settlement companies out of business. USOBA is a trade association for the Debt Negotiation Industry....
Read MoreTASC – Debt Settlement Lobby or Protector of the People?
We have now established that TASC is first and foremost a trade organization for the Debt Settlement industry and its number one goal is the protection of its own member companies. In this article we will examine whether or not TASC can protect consumers at the same time it is busy lobbying to protect its members. I believe the answer to this question is that Yes, they can protect consumers,...
Read MoreThe Association of Settlement Companies – TASC – An Introduction
One might wonder what is motivating me to write a series of posts dedicated to The Association of Settlement Companies (TASC). I must confess that it is in part for the selfish reason of saving myself some time. One of the core principles behind the founding of Damon Day and Associates was to first and foremost educate consumers, by providing honest and straightforward financial advice as it...
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