Debt Free League – Hide Your Wallet, Marketers say the Darnedest Things
Debt Free League issued a press release today and one line jumped right out and grabbed my attention. The press release was about how the economy in California was in the toilet and Debt Free League was riding to the rescue by telling consumers who the best debt relief providers were. However, there is only one line that you need to read to know exactly what these guys are doing, and why...
Read MoreYou Might Be a Loopholer if…
If anyone ever doubted that desperation breeds creativity, all one has to do is look at the creative, right brained thinking going on in the debt settlement industry. Today is October 27th, 2010 and it marks the beginning of the end for most debt settlement companies as their ponzi scheme business models have now been regulated away. However, not all of them are content to slink away silently...
Read MoreFocker Out! – Is John Ansbach still with USOBA?
Today marks the day that Debt Settlement companies can no longer charge fees upfront before they actually settle a debt for their clients. As I was reflecting back on the last few months leading up to this change, my thoughts turned to John Ansbach who represented The United States Organization for Bankruptcy Alternatives (USOBA) and sort of became the face of the movement against the upfront...
Read MoreFreedom Debt Relief Reviews. Did they Mislead the FTC?
Freedom Debt Relief Reviews On Friday October 22, 2010, Freedom Debt Relief (FDR) issued a press release touting their new “Fresh Start” program that they will be rolling out on October 27, 2010 in conjunction with the new FTC rule barring debt settlement companies from charging the thousands of dollars upfront that Freedom and most other debt settlement companies had been doing up...
Read MoreIf someone doesn’t want you to get a 2nd opinion, You Better Get One
I was listening to the Ric Edelman podcast this evening and a caller came on the line and mentioned he had met with a financial planner and was told that he should use annuities and life insurance products as a vehicle to sort of shelter some money in a way that would be more favorable for his son to qualify for financial aid when he went to college. In a much more artful way than I...
Read MoreI Just Don’t Know if “I Told You So” Properly Expresses How I Feel
For quite a while now, I have been under attack from debt settlement companies and sales people for educating consumers on the facts of life when it comes to debt settlement. Most notably, the undisputed fact that charging a consumer a front loaded fee is against the consumers best interest, and makes them much more likely to get sued by their creditors and drop out of the program. In fact,...
Read MoreCredit Answers canned by TASC-Runs to USOBA-We Need some Stinking Badges!
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 of satisfied clients grow...
Read MoreTime to Boycott all TASC and USOBA Members – The Emperor Has No Clothes
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 unfit for his position or stupid; his ministers...
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?
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 are somehow good for consumers. Or...
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...
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