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Credit Exchange Hit With $16.4 Million Judgment

Things are all of a sudden not looking so good for Debt Settlement marketers that were involved with the failed debt settlement, contract validation, and debt reduction services company known most commonly as Hess-Kennedy.

On July 28, 2010 Steve Vanderhoof and the Credit Exchange were hit with a $16,388,820 judgment for their marketing and services they delivered to Laura Hess & Associates, Hess Kennedy Consumer Law Center, Legal Debt Center, Campos Chartered Law Firm, et al. – Source

According to the court documents:

The Credit Exchange (herinafter “TCE”) recruited and enrolled thousands of consumers as clients of the Hess Kennedy law firms by telephoning consumers who responded to advertisements for debt reduction services. During the calls, the TCE sales representatives signed consumers up for legal services to be provided by the law firms. In exchange for the recruitment of the consumers, TCE was paid by the law firms for the number of clients who signed a retainer for legal services. The total paid by Hess Kennedy law firms is in excess of $16 million dollars. The Receiver contends that the recruitment efforts by TCE were illegal under Section 877.02, Fla Stat, and the contracts signed by the consumers were thus void ab initio. – Source

It will be interesting to see if there are more marketing firms that receive clawbacks for marketing fees paid for debt settlement or law firm referrals.

Credit Exchange Hit With $16.4 Million Judgment
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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.
  • Stevescrewedme

     Vanderhoof is a scammer and once the three letter folks catch up with him (not FTC but IRS) they will make an example out of him.  Think he paid income taxes on his $1 Million wedding?

    Nope.  The game is on!

    • The Kman

      How does a wedding produce income that you would have to pay taxes on?  SMH – FAIL.  

  • Mandy

    Sam – Do not insult Charlie Sheen that way…..he has millions…..Vanderhoof told people he did/preached to employees he did…..everything is leased/rented/and/or repossessed. Bet he’s not in the big building at Hutton Centre anymore. There is NO comparison between Charlie Sheen and Steve Vanderhoof. Sam must be a former employee too.

  • Steve Rhode

    See the comments on this story.

  • Sam

    what’s really funny is how vanderhoof and charlie sheens rants as of late, are just eerily similar. Say no to crack ladies and gentlemen….

  • Former Employee

    I read the story but cannot see Vanderhoof’s connection to LHDR. Is he actually working for them? I am surprised they would be inclined to bring him on-board with all of the law suits and judgments.

  • Steve Rhode

    It is said he is now working as VP of Sales and Marketing for Legal Helpers Debt Resolution and Legal Helpers. This comes from a comment this story.

  • Debbiescalisi

    How is Steve Vanderhoof going to pay this all back? I hear he is bankrupt and has a huge lease payment on the house he is RENTING in Laguna Beach, in addition to the leased Lambo and other exotic cars. And I understand he was also fined about $10K and not allowed to sell securities.

  • Debbiescalisi

    How is Steve Vanderhoof going to pay this all back? I hear he is bankrupt and has a huge lease payment on the house he is RENTING in Laguna Beach, in addition to the leased Lambo and other exotic cars. And I understand he was also fined about $10K and not allowed to sell securities.

    • http://GetOutOfDebt.org Steve Rhode

      It is said he is now working as VP of Sales and Marketing for Legal Helpers Debt Resolution and Legal Helpers. This comes from a comment this story.

      • Former Employee

        I read the story but cannot see Vanderhoof’s connection to LHDR. Is he actually working for them? I am surprised they would be inclined to bring him on-board with all of the law suits and judgments.

      • Sam

        what’s really funny is how vanderhoof and charlie sheens rants as of late, are just eerily similar. Say no to crack ladies and gentlemen….

      • Mandy

        Sam – Do not insult Charlie Sheen that way…..he has millions…..Vanderhoof told people he did/preached to employees he did…..everything is leased/rented/and/or repossessed. Bet he’s not in the big building at Hutton Centre anymore. There is NO comparison between Charlie Sheen and Steve Vanderhoof. Sam must be a former employee too.

      • Michelle1234433

        Vanderhoof is back. Huntington beach my sources tell me. I hear he has a new angle. Something to do with medical billing. 

      • The Kman

        @ Michelle1234433  -  Your sources are idiots and not even close.  Good job!!!

      • http://GetOutOfDebt.org Steve Rhode

        See the comments on this story.

  • Steve Rhode

    There are two source links in the article that relate to the different sections of it. The judgment link is the first one.

  • vasya

    It just talk about the expert opinion instead of the judgement that you had mentioned.

  • Steve Rhode

    The two source links are correct. Which one do you think is incorrect?

  • Vasya

    Steve,

    I think you have the wrong Source link in this artice.

  • Vasya

    Steve,

    I think you have the wrong Source link in this artice.

    • http://GetOutOfDebt.org Steve Rhode

      The two source links are correct. Which one do you think is incorrect?

      • vasya

        It just talk about the expert opinion instead of the judgement that you had mentioned.

      • http://GetOutOfDebt.org Steve Rhode

        There are two source links in the article that relate to the different sections of it. The judgment link is the first one.

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