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The Credit Exchange Apparently Charging Sales Staff to Rent Desks

By on April 29, 2010
The Credit Exchange Apparently Charging Sales Staff to Rent Desks

I’m just going to share what I do know and say it is from a tipster (send in your tips here) who contacted me via click here to tell me about working conditions for sales reps at The Credit Exchange, a company that apparently acts as a sales lead agency for debt settlement companies. See other stores on that here.

I emailed The Credit Exchange for a response to the tip but as of this printing they never bothered to respond.

“Each rep pays $300 for desk fee; $500 for leads; $65 for parking and — of course — they are forced to join the Move My [Net Worth] so they also have to pay all of that ($150 start up, $150 for promoter and $50 per month). As if that was not enough, there is also a “training” for the Move [Net Worth] thing and reps are “urged” to attend…and they have to PAY for these. That’s right — each rep has to pay $10 for each training session that they attend.”

If this tip is accurate it creates some disturbing issues.

Sales reps operating in this type of environment are more likely to go for the sale to recoup their desk fee and other costs. That could lead to some overselling issues, if you know what I mean.

Second big problem is that of forcing the employees to become 1099 contractors but still dictating their work product and environment. That can create a HUGE tax problem for The Credit Exchange and the contractors since the company is not paying taxes in that they should if they were classified as employees.

I have heard similar stories from different sources, See The Credit Exchange – Former Employee Speaks Out.

There is even an open lawsuit by former employees of The Credit Exchange over work related issues. – Source. It’s a bit of a shocking read and contains some very serious allegations.

READ  Is The Credit Exchange a Scam on the Ropes?


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.

3 Comments

  1. Karen

    July 12, 2012 at 6:09 pm

    Well, looks like after a trip to Chicago to go down with Legal Helpers Debt Resolution and then their partner company The Mortgage Law Group that they had Steve Vanderhoof work, old Vanderhoof is back in Orange County, California SO BUYERS BEWARE !!! Word on the street has it that old Steve Vandercrack is RENTING (of course) in Huntington Beach, California…..now that is a long ways’ from the RENTED mansion in Laguna Beach and the RENTED home in Chicago with the LEASED exotic cars…..again, BUYERS BEWARE CUZ HE IS BAAAACCCCCKKKKK !!!!

  2. MoveTheCoach

    May 16, 2010 at 10:05 am

    One of last emails I got before I walked out of there:
    All contractors;

    …To recap, the desk fee and parking fee breakdown is as follows:
    · $60 a week for the small desk
    · $80 a week for the large desk
    · $15 a week for the parking fee

    As such, the commission check …reflects all commissions paid less the CRM, desk and parking fee (if applicable) for the week prior.

    YEAH, that was the perverbial straw that broke my back… now I hear they even had the coffee machine reposessed. Yeah, bring your own coffee, not that there are many left there. Most of us have quit and started our own “debt rooms”.

  3. DebtSucks

    April 29, 2010 at 11:45 am

    Let’s not forget the illegal pyramid they have wrapped up in their sales pitch for debt management. GOOGLE movemynetworth for some VERY interesting reading.

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