DamonDay.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 MoreNew Era Debt Solutions Review
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 confusion comes from the...
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...
Read MoreTASC – The Association of Settlement Companies – A Closer Look
I started writing this article a number of months ago and it has sat collecting digital dust until some recent events at the FTC caused me to pick it back up. My intent is to provide a perspective on a Debt Settlement industry organization known as The Association of Settlement Companies (TASC). I will tell you right up front that my perspective will be very different than the one you will get...
Read MoreUnsecured Debt Consolidation Loans – Do they still Exist?
Debt Consolidation is a popular term thrown around quite a bit in the context of getting out of debt. According to google the term debt consolidation loan or some variation of the phrase is searched for over 10 million times a month. The ironic thing is that in this current economic climate, a secured debt consolidation loan is very difficult to get and an unsecured debt consolidation loan is...
Read MoreDebt Settlement – 15 Companies under Investigation in New York
More and more states are cracking down on unscrupulous Debt Settlement firms that charge consumers hefty fees before performing a service. Calling debt settlement “a rogue industry” that gives strapped consumers false hopes while socking them with high fees, New York State’s attorney general, Andrew Cuomo, has announced an investigation involving numerous companies in the field. Cuomo...
Read MoreDebt Snowball – When does it make sense?
The Debt Snowball method to paying down debts has been around for a long time but it has become popularized and almost synonymous with Financial Planner and radio personality Dave Ramsey. Although from a financial standpoint, Dave takes a little different approach in how he recommends the debts be ordered, he praises this approach as a simple and straightforward way for people to dig out of...
Read MoreCredit Solutions of America – Sued by Florida Attorney General
Credit Solutions of America is another of a long line of Debt Settlement companies currently in hot water with State Attorney Generals throughout the Country for unfair and deceptive business practices. As is almost always the case, the unfair and deceptive practice stems form the structure and the amount of fees charged to consumers upfront. In the case of Credit Solutions of America, after 17...
Read MoreDebt Settlement Nightmare for Phoenix Woman
AZfamily.com reported today the story of Rosie Stewart who found herself in $175,000 worth of credit card debt after her business fell victim to the economic downturn. Like many people she turned to a debt settlement company that was big on promises but short on results. Essentially she paid this company Ram Financial Services over $12,000 dollars and received nothing but a lawsuit form one of...
Read MoreGet Out of Debt – What Strategy Makes the Most Sense?
Help!!!! I am on information overload. Can you look at my financial circumstances and tell me exactly what debt reduction strategy will make the most sense for me? Sound familiar? You are not alone. Thousands of people ask this question every day and set out on the Internet looking for the answer. Unfortunately instead of honest and unbiased advice they typically encounter salesmen that...
Read MoreDebt Help – Who can You Trust
You are in Debt, you are struggling, you can’t pay your bills. What do you do? Like most people, you turn to the Internet. After all, the Internet has all of the answers. It is true that you probably can find the answers you are looking for online. However, you are definitely going to also find all of the wrong answers, and no shortage of websites, sales people, and hucksters more than...
Read MoreDebt Settlement Companies – Top 5 ways they can Screw you!
Debt Settlement Companies are the solution to all of your debt problems. No matter how much you are struggling or what the circumstances are, they will step in and resolve all of your problems. Just turn everything over to them and rest easy knowing your financial future is secure. Sounds a little far fetched don’t you think? Well if you have ever seen, heard, or read any of their...
Read MoreDebt Collection Statute of Limitations
In the game of Debt Collection, Knowledge is King. The more educated you are about your legal rights and what your creditors can and can not do if you are unable to pay them, the better off you will be. If you are dealing with older debt, it is very important to know the Debt Collection Statute of Limitations in your state. The Statute of Limitations (SOL) is the amount of time that a...
Read MoreDebt Negotiation – Applying the Insolvency Rule to a 1099-C Tax Liability
If I enroll into a Debt Negotiation program to settle my debts with my creditors, will I have to pay tax to the IRS? This is a daily question I am asked during my consultations with consumers. The answer is that it depends on your situation. Before I review a few situations to illustrate when you may or may not be required to pay a tax on forgiven debt, let me make it very clear that I am NOT...
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