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The Credit Exchange – Former Employee Speaks Out

By on April 22, 2010
The Credit Exchange – Former Employee Speaks Out

I was sent the following email below to click here from a former employee of The Credit Exchange.

The opinion and statements posted below are those of the former employee and I welcome The Credit Exchange and Steve Vanderhoof to respond to them.

“Hi Steve – I saw your website and decided I wanted to also submit some information to you about The Credit Exchange. I was an employee there from May 2007 to January 2009 and was terminated because I challenged their pay-practices to the employees.

We were constantly having commission changes and they were breaking many, many labor laws. We would go weeks without paychecks (no draw) which is against the law when you are NOT on a 1099. It makes sense Steve Vanderhoof is trying to do a 1099 on his employees now. [See this article for more on this.]

Everything bad I have seen published about The Credit Exchange is true. I cannot believe the Attorney General of California has not shut them down. We were ordered on a mandatory twice-a-month-basis to work half days on Saturdays and that was not compensated, not hourly or overtime. This is just a sample of what was going on.

I honestly look back now and wonder who were the biggest victims: the actual clients they enrolled in the programs or the employees!

I had to withdraw monies out of my Beneficiary IRA over the 20-month period of my employment at The Credit Exchange just to supplement my income when I would go weeks without paychecks. The employees were subjected to a very demanding and intimidating environment and you were reprimanded for even taking a lunch hour, much less taking off uncompensated sick time. I could go on and on.

I was finally terminated when they screened my emails I sent to my girlfriend from work complaining about making less and less money because Steve Vanderhoof basically told us he had mortgage and real estate people begging for jobs there because they were unemployed and if we didn’t adhere to his demands, we were history.

READ  I Just Signed Up With The Credit Exchange and The Johnson Law Group for Debt Settlement Services. - Shawana

Sincerely,

Debbie”


About 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.

14 Comments

  1. Jross7

    June 23, 2012 at 2:37 am

    I hear Steve Vanderhoof is back in town. Word is everything he owns is in other peoples names. Most likely his in Laws. He has a new angle i’m told. More to come later.

    • CuriouslyYours

      June 23, 2012 at 8:43 am

      Yes but what is he doing? Debt? Tax? What?? What have you heard??

      • Worked There Too !

        July 16, 2012 at 5:08 pm

        I am hearing he is living in Huntington Beach (probably an apartment !!!)……he luxurious part of Huntington Beach would not RENT to a drug addict.  The above comment on 2/27/2012 hits everything right on the head.  Steve Vanderhoof is a crook and all of us that worked for him needed jobs.  I can imagine he left that big penthouse at Hutton Centre with lots of back rent !!!  I heard it is over a $100,000 !!!  Ex-employees tried to sue him for their wages (Good Luck) and then off to Chicago he ran.  Now that Legal Helpers Debt Resolution went under, they got rid of Vanderhoof too…..I just cannot imagine that skumbag can open up another office in The OC again.  BUYERS BEWARE !!!!!

  2. steve's tiny penis

    February 27, 2012 at 10:02 pm

    I worked for steve vanderhoof as well from 2007-2010 and everything that has been written is true and thats just the beginning…..less the hookers and crack cocaine. steve vanderhoof would probably be a pretty nice guy if he stopped smoking crack … he used to tell us all we were racing for “pole positions” and to “put your life on hold” and take advantage of this great opportunity to help people and make good money doing it…. all one big fing lie …. Steve Vanderhoof is a sociopath in my opinion … he has no feelings for you me us or anyone but himself. I am quite sure he values all his cars more …. his cars are all leased and while i was at TCE he drove all these cars on different days of course… viper , mercedes SLR , 2 lambo’s a gallardo and murcielago all leased … just like the mansion he rented … this punk owns nothing and still had the nerve to write a book calling himself america’s personal finance coach …what a joke that book looked like it was written by a grade schooler. he swindled all of us … but we should have known better and i fault myself in the end … to all the people i help screw i am sorry ….like most people who worked at TCE i drank the kool aide and looked the other way. I needed the job however horrible at that time …. i am guilty as charged …. as for steve he is up to the same old tricks in Chicago working for what used to be called the legal helpers … he needs to be stopped. 

  3. Deepthroat

    August 21, 2011 at 5:37 am

    I worked at The Credit Exchange for 5 years. V did nothing but promise a future to us working there (I was NOT sales but part of the Admin staff), all the while spending millions on vacations, cars, 16000 a month for his personal rental house while most of his staff had trouble paying their electric bills and feeding there kids. You didnt quit because there was always the promise of how rich we would all be.  Meanwhile, V personally destroyed a hugely successful and honest company by lying to his employees and customers all because he wanted to be famous.  And it looks like he hasn’t stopped. Watch out for his name in the future.

    • Steve Rhode

      August 21, 2011 at 3:26 pm

      Have any scoop about what his next step is after Legal Helpers Debt Resolution?

  4. Nicholas Ruggles

    April 21, 2011 at 5:00 pm

    My friend and I worked for TCE around 2007. We came from the mortgage business and were looking for a job…any job. However it only took about 4 weeks for us to realize that this place was a fraud. I couldn’t stand seeing Vanderhoof pulling up in a brand new Lamborghini when he already had one in the parking lot. Screw this guy, I hope he is indicted and sent to prison!

  5. Nicholas Ruggles

    April 21, 2011 at 9:00 pm

    My friend and I worked for TCE around 2007. We came from the mortgage business and were looking for a job…any job. However it only took about 4 weeks for us to realize that this place was a fraud. I couldn’t stand seeing Vanderhoof pulling up in a brand new Lamborghini when he already had one in the parking lot. Screw this guy, I hope he is indicted and sent to prison!

  6. formeremployee2007-2009

    March 1, 2011 at 5:08 pm

    Laidoffguy – It’s called “Keeping Your Health Insurance” and we were constantly told things “would get better” and remember, this was during the downturn of stocks/unemployment crash of 2007/2008 so jobs were not exactly plentiful. That was one of the things that Vanderhoof held over us: “real estate and mortgage people were pounding on their doors begging for jobs.” Oh, and I did stick around for 20 months because like a lot of the other employees, we were very good at what we did, had a high work ethic and the employment market was SO UNSTABLE. Vanderhoof had people brain-washed and at the time a lot of us did not realize he was not only a scam/crook, but a drug addict. I was used to working in a very professional/corporate environment: it took a lot of time to sink in what was going on and my disbelief that he had not been arrested yet. You bet I used my head for sticking around as long as I did because it allowed me time to look for another job and just get more stuff on Vanderhoof. Convinced?????

  7. Pennie

    February 8, 2011 at 5:18 pm

    Steve Vanderhoof at it again in Chicago, email me for details please!!!!!

    pennie.1013@hotmail.com

  8. Pennie

    February 8, 2011 at 10:18 pm

    Steve Vanderhoof at it again in Chicago, email me for details please!!!!!

    pennie.1013@hotmail.com

  9. Laidoffguy

    September 8, 2010 at 3:32 pm

    Why would you not just quit if this was the case? You stuck around for 2 years at the place… If your commissions were constantly being changed I guess that also means that your income was not stable either… Seems like you didn’t really use your head now did you? I’m surprised the author who posted this didn’t think about this when he did so either. Guess there are just a lot of disgruntled people who get laid off from a job. I would know… I was one one of them… But I don’t need to get disgruntled…

  10. Laidoffguy

    September 8, 2010 at 7:32 pm

    Why would you not just quit if this was the case? You stuck around for 2 years at the place… If your commissions were constantly being changed I guess that also means that your income was not stable either… Seems like you didn’t really use your head now did you? I’m surprised the author who posted this didn’t think about this when he did so either. Guess there are just a lot of disgruntled people who get laid off from a job. I would know… I was one one of them… But I don’t need to get disgruntled…

    • formeremployee2007-2009

      March 1, 2011 at 10:08 pm

      Laidoffguy – It’s called “Keeping Your Health Insurance” and we were constantly told things “would get better” and remember, this was during the downturn of stocks/unemployment crash of 2007/2008 so jobs were not exactly plentiful. That was one of the things that Vanderhoof held over us: “real estate and mortgage people were pounding on their doors begging for jobs.” Oh, and I did stick around for 20 months because like a lot of the other employees, we were very good at what we did, had a high work ethic and the employment market was SO UNSTABLE. Vanderhoof had people brain-washed and at the time a lot of us did not realize he was not only a scam/crook, but a drug addict. I was used to working in a very professional/corporate environment: it took a lot of time to sink in what was going on and my disbelief that he had not been arrested yet. You bet I used my head for sticking around as long as I did because it allowed me time to look for another job and just get more stuff on Vanderhoof. Convinced?????

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