New 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 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 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 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 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...
Read MoreHow to find the Best Debt Settlement Company for you.
A question that I am asked quite often is, “who is the best debt settlement company?” Well, that really depends on what your definition of “the best” is. Personally I have not seen more than a small handful that I would even consider recommending to a consumer. Most of these debt settlement outfits have less than a 25% success rate and will do nothing more but siphon...
Read MoreTop 5 Reasons Most Debt Settlement Companies Fail their Clients.
Debt Settlement Companies are everywhere. You have seen the ads on TV and heard them on the radio. You know, the ones where they promise to cut your debts by up to 70%, stop the creditor phone calls, lower your monthly payments, and make your life so blissfully happy that you will wonder how you could have ever lived without them. In reality, I would rate most Debt Settlement Companies as...
Read MoreTop 5 myths told by Debt Settlement Companies
Over the years I have heard so many half truths and flat out lies told to consumers by Debt Settlement Salesman, I decided to make a list of the top 5 most common. If you find yourself on the phone with a settlement salesman that floats one of these over to you, go ahead and politely terminate the call and save yourself some time. Without Further Ado, here is the top 5 in reverse order 5....
Read MoreNew Debt Settlement Video is Eye Opening for Consumers
These days American consumers are hemorrhaging under mountains of Debt. Where there is blood, there will certainly be sharks. Specifically I am referring to Debt Settlement companies. There is definitely not a shortage of shady characters in other forms of debt help, but due to the largely unregulated nature of Debt Settlement, the sharks can find much easier pickings. After several years of...
Read MoreWhy are There 1000’s of Debt Settlement Companies All of the Sudden?
I couldn’t make this stuff up if I tried. Now more than ever it is crucial that you are very cautious about who you are seeking help and advice from. The financial problem is an epidemic and it is going to get much worse before it gets better. Remember back 5 years ago when it seemed like everyone was in Real Estate in some form or another? Now it seems that yesterdays real estate...
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