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Debt Settlement ‘Debt Doctor’ Gets His Ass Kicked in Muay Thai Fight

A tipster (send in your tips here) sent this video in. It’s not groundbreaking news but yet kind of interesting.

Apparently Greg Pesetsky from Practical Debt Relief also enjoys a little Muay Thai on the side.

Here are two videos that show the “Debt Doctor” selling debt settlement and then getting his ass kicked in the ring. Looks like the Debt Doctor needed a real doctor after his match.

I wonder if he’s feeling like his getting his ass kicked in debt settlement right now with pending regulations coming.

Sadly his debt settlement sales video contains information that I have found to not be exactly true and seems designed to sell debt settlement as a magical solution.

The worst section of the video for Greg begins at 4:39.

Debt Settlement Debt Doctor Gets His Ass Kicked in Muay Thai Fight
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Steve Rhode

    Greg,

    Do you have a Brian Walter Pesetsky that works with you at Practical Debt?

  • Greg Pesetsky

    Joe,

    Before I forget here are a few more entertaining links of me fighting.

    http://24seven.smugmug.com/gal… Fight # 2

    type gustavovsgregfight4 into youtube to see my 3rd fight.

  • Greg Pesetsky

    Joe,

    Thanks for the comment. The truth is that anybody who gets in the ring deserves credit win or lose. Its not the prospect of getting hurt that’s scary but getting beat in front of friends,family, or Steve Rhode is terrifying! That fight was my first and I kinda froze up and could not think clearly. It just happened so quickly. Not to take any credit away from that guy cause I never been knocked out before. I think he had a roll of quarters in those gloves I tell you. At any rate your support is very much appreciated and hopefully you’ll take a peek at my blog sometime this week and maybe even begin to read it on a regular basis. I wish you the best of luck in everything you do as well.

  • Greg Pesetsky

    Steve,

    First, here is what you will need to type into youtube gustavovsgregfight4 to see my 3rd fight.

    This link should allow you to view my 2nd fight. http://24seven.smugmug.com/gal

    I will admit you make a lot of valid points. I would be more than happy to go into detail and want anybody reading this to understand that debt settlement should only be used as a last resort. Remember some people just do not qualify for bankruptcy.

    You are correct in the fact that fee’s do continue to accrue while somebody is enrolled in debt settlement. My company however, does completely disclose this to every consumer and agree that I should probably make a more detailed video explaining such. At the end of the day we do not take into account the fact that the balance may have increased during the program. We never increase a clients payment or months enrolled into the program and take the loss when this happens. I consider it a part of business.

    The next statement was taken a bit out on context. Knowing that both you and I have experienced bankruptcy you will agree that getting financed on a home loan is impossible until 2 years have passed since your bankruptcy discharge date. The same of course is true for people currently enrolled in debt consolidation or credit counseling. That of course is not the case if you were enrolled or just completed debt settlement. Banks these days just want to see that you do have the ability to repay your loan. FHA is back!!

    For somebody in the armed services you are absolutely correct and that’s why we simply do not accept anybody in the armed forces. Our government have numerous options for our troops in need of debt relief.

    You are correct again about the fact that somebody’s credit score will be severely impacted due to the fact that accounts are reported as settled on their credit profile. The actual payment history only accounts for roughly 35% of ones credit score. Source http://www.myfico.com/credited
    So as time passes people will be more likely to be partial to your financial situation knowing that you at least paid back some of the debt. In my opinion that’s something which should be be viewed as more of an indication of financial responsibility than simply making all the debts go away with bankruptcy or even worse “credit counseling”

    In the beginning creditors will of course continue to contact the borrower and why would’nt they? After all they did borrow the money and knew the repurcusions of their decisions. We never claimed to make the calls go away. Again we disclose everything and only advise our clients that we can make the calls stop once they have reached collections. Even with that it takes a few weeks.

    I appreciate your comments and think that I would actually get along with you quite well had we ever met. I’m very strongly opinionated myself. That’s probably why Im so interested in blogging these days.

    I felt that you trashed my name when you specifically talked about me selling my home. For some reason it got a nerve and made me post a not so nice remark on your youtube video that I quickly removed. I just didnt feel it was appropriate and after all your only speaking the facts. I’m still a fan!

  • Steve Rhode

    Greg,

    In thinking back about your statement that I trashed your name I thought it might be helpful for me to point out why I said I felt some of the information in the video was not accurate.

    While the video talks about paying back less that you owe on the debts it does not make it equally clear that there are some severe consequences and settling is not guaranteed. I felt settlement was being presented as a way to put extra money back in your pocket each month without clearly explaining the risks associated.

    You said in the video that the money being set aside was going to reduce “your actual credit card debt” and not towards the high interest rates credit card companies are charging. I felt it was not accurate to make that statement without also explaining interest will still accrue on the accounts, fees and penalties may be added as well.

    You presented debt settlement as “another great benefit.” You say that with bankruptcy you may be denied employment or a security clearance but in reality a consumer in debt settlement with default and delinquent accounts is a higher security risk that a consumer that has remedied their situation with bankruptcy.

    From the Air Force, “In that sense, not filing for bankruptcy may make you more of a security risk due to the size of your outstanding debts. By the same token, using a government-approved means of dealing with your debts may actually be viewed as an indication of financial responsibility.” – Source

    You say bankruptcy will lead to very unfavorable interest rates, being denied for loans, and being denied a place to rent. However, what you failed to mention was that the debts included in debt settlement will be reported delinquent and paid for less than agreed. That information will significantly impact your credit and will be reported for seven years.

    Debt settlement is promoted in the video as a way to work with professionals to deal with harassing collector calls but you failed to mention with bankruptcy, collectors, even original creditors, must stop calling you and all legal action stops. That’s not true with debt settlement. In debt settlement, original creditors can still call and the consumer can be sued.

    In a nutshell that’s why I made the comment I did not think the video was exactly true and seemed designed to sell debt settlement.

    Was there some other reason you felt I had trashed your name?

    Steve

  • Joe_debt_jr

    Greg, I have a lot of buddies in that fight in the Muay Thai so I congratulate you on that tough fight even tho the fight didn’t go as planned for you. I can tell you have some power swings and kicks however, your speed needs to be improved and I am sure you already know that. That is good you are trying to help the consumers and I am sure if they are ever upset at you, you can just show them this video as a token to put some kind of smile back on their face and over fix their mess. Best of luck to you on your Pro MMA.

  • Steve Rhode

    If you have a link to another video to show you on the other side, let me know and I’ll gladly add it.

    I loved your comment and wish you the best in your fighting efforts. One thing I know for certain, I’d rather not meet you in the ring, you’d kick my ass.

    Congratulations on the BSI accreditation.

    You said I had trashed your name but how? I showed your videos in full, did not take anything out of context and simply made the observation “Sadly his debt settlement sales video contains information that I have found to not be exactly true and seems designed to sell debt settlement as a magical solution.” I watched the debt settlement video again and still find that to be true.

  • Greg Pesetsky

    Steve,

    I appreciate your comments about me and will admit that I did take an ass kicking that day! :) No doctor needed however. Sadly, you only speak of negative things when speaking about me when I’m actually a fan of yours and appreciate the advice you provide as a service to people in need of debt relief. Don’t get the wrong idea and think I’m kissing ass either Steve. Just being honest. I actually have 5 fights now and I’m 3-2. Not the best record I admit but will improve as I have a desire to succeed in everything and a true love for the sport. Soon you will see me going Pro MMA.

    Speaking of kicking ass I know that you have heard about my company becoming BSI accredited. Not an easy task but we are more than willing to put in hard work for our clients. That is why you will not find any dirt or complaints on my company. That’s because we simply do not have any. Also I’m not here to test you or anything but my video was not a sales video and was actually very accurate. I simply wanted clients of ours to see a face as many have requested that I provide some sort of video. As you can tell it was not professionally done.

    On another note your stories about me and the valuable information you provide have encouraged me to become a blogger myself. In fact I have an incredible vast knowledge in debt settlement, debt consolidation, and even the housing market that I will be providing free information on in my blog. The site is BE-DEBTFREE.NET and is not live yet but will be by Tuesday. Please feel free to take a look and maybe even make a joke about me. Everybody has a right to their opinion and I take things with a grain of salt. I wish you continued success and will continue reading your blog even if you continue to trash my name.

  • http://be-debtfree.net/ Greg Pesetsky

    Steve,

    I appreciate your comments about me and will admit that I did take an ass kicking that day! :) No doctor needed however. Sadly, you only speak of negative things when speaking about me when I’m actually a fan of yours and appreciate the advice you provide as a service to people in need of debt relief. Don’t get the wrong idea and think I’m kissing ass either Steve. Just being honest. I actually have 5 fights now and I’m 3-2. Not the best record I admit but will improve as I have a desire to succeed in everything and a true love for the sport. Soon you will see me going Pro MMA.

    Speaking of kicking ass I know that you have heard about my company becoming BSI accredited. Not an easy task but we are more than willing to put in hard work for our clients. That is why you will not find any dirt or complaints on my company. That’s because we simply do not have any. Also I’m not here to test you or anything but my video was not a sales video and was actually very accurate. I simply wanted clients of ours to see a face as many have requested that I provide some sort of video. As you can tell it was not professionally done.

    On another note your stories about me and the valuable information you provide have encouraged me to become a blogger myself. In fact I have an incredible vast knowledge in debt settlement, debt consolidation, and even the housing market that I will be providing free information on in my blog. The site is BE-DEBTFREE.NET and is not live yet but will be by Tuesday. Please feel free to take a look and maybe even make a joke about me. Everybody has a right to their opinion and I take things with a grain of salt. I wish you continued success and will continue reading your blog even if you continue to trash my name.

    • http://GetOutOfDebt.org Steve Rhode

      If you have a link to another video to show you on the other side, let me know and I’ll gladly add it.

      I loved your comment and wish you the best in your fighting efforts. One thing I know for certain, I’d rather not meet you in the ring, you’d kick my ass.

      Congratulations on the BSI accreditation.

      You said I had trashed your name but how? I showed your videos in full, did not take anything out of context and simply made the observation “Sadly his debt settlement sales video contains information that I have found to not be exactly true and seems designed to sell debt settlement as a magical solution.” I watched the debt settlement video again and still find that to be true.

    • Anonymous

      Greg, I have a lot of buddies in that fight in the Muay Thai so I congratulate you on that tough fight even tho the fight didn’t go as planned for you. I can tell you have some power swings and kicks however, your speed needs to be improved and I am sure you already know that. That is good you are trying to help the consumers and I am sure if they are ever upset at you, you can just show them this video as a token to put some kind of smile back on their face and over fix their mess. Best of luck to you on your Pro MMA.

      • http://be-debtfree.net/ Greg Pesetsky

        Joe,

        Thanks for the comment. The truth is that anybody who gets in the ring deserves credit win or lose. Its not the prospect of getting hurt that’s scary but getting beat in front of friends,family, or Steve Rhode is terrifying! That fight was my first and I kinda froze up and could not think clearly. It just happened so quickly. Not to take any credit away from that guy cause I never been knocked out before. I think he had a roll of quarters in those gloves I tell you. At any rate your support is very much appreciated and hopefully you’ll take a peek at my blog sometime this week and maybe even begin to read it on a regular basis. I wish you the best of luck in everything you do as well.

      • http://be-debtfree.net/ Greg Pesetsky

        Joe,

        Before I forget here are a few more entertaining links of me fighting.

        http://24seven.smugmug.com/gallery/7212621_7LJqW#467514692_HJQFD-A-LB Fight # 2

        type gustavovsgregfight4 into youtube to see my 3rd fight.

    • http://GetOutOfDebt.org Steve Rhode

      Greg,

      In thinking back about your statement that I trashed your name I thought it might be helpful for me to point out why I said I felt some of the information in the video was not accurate.

      While the video talks about paying back less that you owe on the debts it does not make it equally clear that there are some severe consequences and settling is not guaranteed. I felt settlement was being presented as a way to put extra money back in your pocket each month without clearly explaining the risks associated.

      You said in the video that the money being set aside was going to reduce “your actual credit card debt” and not towards the high interest rates credit card companies are charging. I felt it was not accurate to make that statement without also explaining interest will still accrue on the accounts, fees and penalties may be added as well.

      You presented debt settlement as “another great benefit.” You say that with bankruptcy you may be denied employment or a security clearance but in reality a consumer in debt settlement with default and delinquent accounts is a higher security risk that a consumer that has remedied their situation with bankruptcy.

      From the Air Force, “In that sense, not filing for bankruptcy may make you more of a security risk due to the size of your outstanding debts. By the same token, using a government-approved means of dealing with your debts may actually be viewed as an indication of financial responsibility.” – Source

      You say bankruptcy will lead to very unfavorable interest rates, being denied for loans, and being denied a place to rent. However, what you failed to mention was that the debts included in debt settlement will be reported delinquent and paid for less than agreed. That information will significantly impact your credit and will be reported for seven years.

      Debt settlement is promoted in the video as a way to work with professionals to deal with harassing collector calls but you failed to mention with bankruptcy, collectors, even original creditors, must stop calling you and all legal action stops. That’s not true with debt settlement. In debt settlement, original creditors can still call and the consumer can be sued.

      In a nutshell that’s why I made the comment I did not think the video was exactly true and seemed designed to sell debt settlement.

      Was there some other reason you felt I had trashed your name?

      Steve

      • http://be-debtfree.net/ Greg Pesetsky

        Steve,

        First, here is what you will need to type into youtube gustavovsgregfight4 to see my 3rd fight.

        This link should allow you to view my 2nd fight. http://24seven.smugmug.com/gallery/7212621_7LJqW#467514692_HJQFD-A-LB

        I will admit you make a lot of valid points. I would be more than happy to go into detail and want anybody reading this to understand that debt settlement should only be used as a last resort. Remember some people just do not qualify for bankruptcy.

        You are correct in the fact that fee’s do continue to accrue while somebody is enrolled in debt settlement. My company however, does completely disclose this to every consumer and agree that I should probably make a more detailed video explaining such. At the end of the day we do not take into account the fact that the balance may have increased during the program. We never increase a clients payment or months enrolled into the program and take the loss when this happens. I consider it a part of business.

        The next statement was taken a bit out on context. Knowing that both you and I have experienced bankruptcy you will agree that getting financed on a home loan is impossible until 2 years have passed since your bankruptcy discharge date. The same of course is true for people currently enrolled in debt consolidation or credit counseling. That of course is not the case if you were enrolled or just completed debt settlement. Banks these days just want to see that you do have the ability to repay your loan. FHA is back!!

        For somebody in the armed services you are absolutely correct and that’s why we simply do not accept anybody in the armed forces. Our government have numerous options for our troops in need of debt relief.

        You are correct again about the fact that somebody’s credit score will be severely impacted due to the fact that accounts are reported as settled on their credit profile. The actual payment history only accounts for roughly 35% of ones credit score. Source http://www.myfico.com/crediteducation/whatsinyourscore.aspx
        So as time passes people will be more likely to be partial to your financial situation knowing that you at least paid back some of the debt. In my opinion that’s something which should be be viewed as more of an indication of financial responsibility than simply making all the debts go away with bankruptcy or even worse “credit counseling”

        In the beginning creditors will of course continue to contact the borrower and why would’nt they? After all they did borrow the money and knew the repurcusions of their decisions. We never claimed to make the calls go away. Again we disclose everything and only advise our clients that we can make the calls stop once they have reached collections. Even with that it takes a few weeks.

        I appreciate your comments and think that I would actually get along with you quite well had we ever met. I’m very strongly opinionated myself. That’s probably why Im so interested in blogging these days.

        I felt that you trashed my name when you specifically talked about me selling my home. For some reason it got a nerve and made me post a not so nice remark on your youtube video that I quickly removed. I just didnt feel it was appropriate and after all your only speaking the facts. I’m still a fan!

    • http://GetOutOfDebt.org Steve Rhode

      Greg,

      Do you have a Brian Walter Pesetsky that works with you at Practical Debt?

      • http://www.practicaldebtrelief.com/ Greg P

        Steve,

        I wonder what any of this has to do with Debt Settlement but I don’t hide anything. That is my older brother yes and he worked for my company back in Sept-Oct of 2008 when we first opened. Yes its obvious that he has had some problems in the past (nobody is perfect) but never anything on the side of fraud. At any rate I learned that he could never work for my company and I wont go into details about that. Family does not work well together, we can just leave it at that. At the end of the day I have a good heart and he was my brother so I wanted to help him and lead him in the right direction. Hopefully I’m not going to get beat up over that now…

      • http://GetOutOfDebt.org Steve Rhode

        Greg,

        I get emails from a lot of people that share stuff with me. I’ll take you at your word that he’s not still there and mark the issue as irrelevant. I wish you luck in helping him find his way.

        Steve

      • http://www.practicaldebtrelief.com/ Greg P

        Steve,

        Thanks I very much appreciate.

      • Matt

        Not only that, your website is full of violations of the new FTC ruling..

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