Credit Card Debt Advice: Honest Debt Resolution Help: Settlement: Counseling: Bankruptcy
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It has now become almost a daily occurrence for me to help a consumer fix the mess that a debt settlement company has dropped them into. The universal reaction from my clients after I explain how debt settlement really works and why the program they have been sold never even had a shot at working, is “How could I have possibly signed up into such a horrible deal?” If you are a victim of a debt settlement program gone bad, […] Read more »
Consumers in West Virginia are being warned, by their Attorney General Darrell McGraw, about a scam that offers the promise of “fast and easy loans”. These promises are coming from advertisements produced by the “Royalty Resource Network” (RRN), a Canadian based scam operation, that is appearing in local West Virginia publications. Attorney General McGraw stated: “Consumers should use extra caution when responding to any sort of advertisement regarding lending and finance. Thieves will use newspapers, websites, e-mails, telephone calls – […] Read more »
The following is just one of many advertisements that I see every single day. Please read it and understand that when you call an ad or an 800 number looking for help with your debt, you will typically be speaking with a person with the qualifications sought after in this ad. Ask yourself if this is the type of person that is going to give you the sort of advice you need to resolve your situation. Debt Settlement Closer We […] Read more »
You find yourself struggling to pay over $100,000 in credit card debt. Desperate and confused you turn to Express Debt Settlement (EDS) under the promise that they will cut your debt in half and lower your monthly payments. With comforting and reassuring words, they tell you how they will employ the Law Office of Simon & Bocksch to negotiate with your creditors and get them off your back for good. You are only responsible for 1 easy monthly payment every […] Read more »
The ink was not even dry on the new FTC law banning Debt Settlement Companies from charging advance fees before many debt settlement sales people started spinning a new rhyme of risk free debt settlement. Go ahead and sign up. You can trust me you see. We won’t charge you til after. So for you, it’s risk free. (Credit my 4 year old) No Upfront Fee Debt Settlement Since the passage of the new advance fee ban a few months […] Read more »
Lately I have received an increasing number of consumer requests asking me what I think about hiring Legal Helpers Debt Resolution (LHDR) to help them settle their outstanding debts. I attribute this sudden increase to the fact that debt settlement sales organizations have recently flocked to LHDR in hopes that they will be able to continue charging front loaded fees to consumers and pocketing large commissions before the clients are actually able to settle their debts. From the feedback I […] Read more »
Debt Free Associates Sharon scheduled a consultation with me a few days ago to discuss her financial situation. Back in February, she had enrolled into Debt Free Associates (DFA), a front end debt settlement company out of Oklahoma. Seven months after enrolling with Debt Free Associates under the promise that she just needed to pay $300 per month for the next 4 years, and they would resolve all of her debt, she began to receive threats about lawsuits from her […] Read more »
On Friday I got wind of a contest at ShredYourCreditCard.com being offered by Lending Club and PerkStreet Financial. They are asking consumers to shred a credit card in an interesting or creative way and capture a video of the dirty deed. They are offering a $1,000 first prize to the submitted video which captures the most votes from now until Jan 31st, 2011. In addition to the grand prize, they will also be giving away approximately $1,000 in secondary cash […] Read more »
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 consumers would be well advised not to call […] Read more »
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 into the night. This new law has spawned a new breed of […] Read more »
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 fee ban. I certainly don’t envy the job he was required to do. He […] Read more »
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 until the new rule was passed. After a Review, here are the highlights of the Press Release: […] Read more »
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 would have said it, […] Read more »
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, the only benefit to this fee structure is that the […] Read more »
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 and word gets out. Option number 2 is to purchase […] Read more »
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 do the same. When the swindlers report that the suit is finished, they dress […] Read more »
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 homework on this industry before buying a business […] Read more »
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 that […] Read more »
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 “foolish”) companies are actually trying to defend their blatant rip off, front loaded fee debt settlement […] Read more »
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 maybe he did receive it, recognized it for the BS that it was, and […] Read more »