Why 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 “experts” are todays “Debt Help Pros”.  It seems like everyone is getting in on the action.  Unfortunately much like all of the Real Estate “experts” that never sold a house, there seems to be no shortage of New Debt Settlement Companies that don’t know how to settle debt.

Most of these start up firms, know what they think they know because of some book they read or some course they listened to.  Then they hang a shingle outside their door and they are debt settlement experts.  I am actually serious.  I couldn’t make this stuff up.  Click the link below to watch a video that I found online advertising a course claiming to teach anybody to be a debt settlement company.

There doesn’t seem to be a shortage of people out there claiming to be able to show anyone how to start a home business in debt settlement.  Below is taken directly from the website that his video leads you to.

This Wealth Building study set comes complete with:

4 CDs covering the manual with step by step examples

100+ page, no nonsense, straight to the point manual.

1 CD Forms Disk with all the forms that you will need to be successful.

30 days of email support from the author

The topics covered in this intense, easy to understand learning course are:

  • Deciding on a Good Business Name
  • Setting up the Type of Business
  • Registering for a Business License
  • Getting a mailbox
  • Setting up an Employer Identification Number (EIN)
  • Setting up a business (checking account, phones, faxes, business cards, stationary, etc)
  • To have a website or not
  • Marketing (Direct and Mass)
  • The Fair Debt Collections Practices Act
  • Types of Debt
  • Fee Structure
  • Payment Options for your clients
  • Setting up your business files
  • Negotiation Tactics
  • Special Situations
  • Other Useful Negotiation Tactics
  • Step-by-step to your Success
  • Negotiate with a SUPER Secret Psychological Advantage
  • Payment from your clients

Is it just me?

When does this Super Duper Debt Settlement Business Actually get an education or any experience dealing with creditors? Oh, that’s right, they will get that after they find their new CLIENTS with their super new Business name, Business license and Mailbox to show the poor Clients where to send their fees.

Nothing wrong with getting hands on experience after the clients pay for the enormous fees right?  I mean we did learn a SUPER SECRET Psychological advantage negotiation technique from those CD’s. The Banks won’t know what hit em, and niether will the clients.

Now to wrap up, please watch the video that got me so steamed in the first place.  Just so you know, this super duper package sells for $800 and according to the gentleman in the video you need absolutely no experience and no education. After all, you will get 30 days of email support so you don’t need to know anything going into it.

Note:  I have dubbed out certain parts of the video with what are I think “appropriate” sound bites.  The parts I have dubbed out are the sales information for this super duper debt settlement company in a box that anyone can do.

Enjoy the video…

Caveat Emtor (Let the Buyer Beware)

To be fair: I am not picking on this specific person or his program directly.  I just happened to come across his video and looked at his site and I am simply using him as an example of what you need to watch out for.  There are many people out there that buy this kind of stuff, read a book listen to a CD or 2, dream up a business name and think they are now some sort of expert that has the education and the experience to advise you on financial matters.  I do not know this person in the video, I have never seen or listened to his course.  However, I know enough to know that after 4 CD’s a 100 page manual and 30 days of email support from this guy, you will not be qualified to give any sort of financial advice.  After all, if he is such an expert, why is he peddling this course for 800 bucks when he could be out there sharing his knowledge with millions of consumers?

About Damon Day

As a Debt Coach and a Financial Advocate, I have saved my clients Millions of Dollars by exposing the debt relief scams that other consumers fall victim to. I work directly for my clients to create custom debt relief strategies based on their own unique circumstances. Consumers who speak with me first, come out far ahead of those who don't, every single time. Guaranteed. +Damon Day