Goooood Mooooorning….Potential Affiliates. The Attorney Network.

An awesome tipster (send in your tips here) sent this to me recently. What’s your take on this not being fee splitting or landing people into trouble?

I was intrigued by the statement:

3rd Party Debt Buyer takes the chance by re-writing the clients loan without even having to have the credit to qualify (Basically giving the client the chance to consolidate their debts plus the fees which they never would qualify if they were to go to the bank or lender).

Personally I’d love to see proof that debt is being purchased in such a way.

I’m also confused by the conflicting statements:

3rd Party Debt Buyer will “not report” New Debt Restructure Loan to CBR’s unless client “Defaults”. These increasing the clients FICO score even more once each creditor is paid. If they were to report the client would have a New Maxed out Loan bringing their debt to ratio down.

and

As accounts are being purchased by 3rd Party Debt Buyer they will be reporting them as satisfied in full or paid. Allowing the client to increase their FICO score once again within 12 months.

If I’m reading this plan correctly, if the debt restructure program delivers a client that does not get sued through the process or uses any of the “legal” services the agent will probably have to refund all of the advanced commissions they have received on that client since the client would get a full refund. The plan says “If Client never gets sued or uses any of the Legal Package they are refunded 100% back at end of program,” and it says, “The 3rd Party Debt Buyer pays out or fronts 100% of the commissions within 12 months after the legal package has been paid for.” There is also the curious statement, “Affiliate is now advanced their 9-11% commissions per account, as long as, there have been funds saved in their trust account. This is based on how long Affiliate Sales Rep allows or extends the client to pay Legal Package.” – Source

See also  Hey Debt Settlement Affiliate. You Know The Attorney Network Program We Promoted a Month Ago? Well.

The Email

Good Morning Affiliates or Potential Affiliates,

I would like to follow up to see what types of questions you may have. I have attached a thorough detailed description of how our Debt Restructure Program works. Our Program is designed to give the client the service they have been looking without qualify credit wise. In addition keeping us and our Affiliates and Potential Affiliates 100% complaint by restructuring the clients debts and providing Legal Services if need.

I look forward to working with you.

Kindest Regards,

Marc Weiner

Marc Weiner
The Attorney Network
TAN, LLC.
Managing Partner

The Attorney Network Pitch




I’d love your feedback on this offer and if you think this approach is complaint with the rules and regulations of debt relief.

Post your comments below.

Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.

Steve Rhode

16 thoughts on “Goooood Mooooorning….Potential Affiliates. The Attorney Network.”

  1. That’s crazy for any client to use this program. 1st four payments $2436 goes into the companies pocket lol… i guess the upfront fee ban doesn’t exist in their books.

    Reply
  2. That’s crazy for any client to use this program. 1st four payments $2436 goes into the companies pocket lol… i guess the upfront fee ban doesn’t exist in their books.

    Reply
  3. Regarding compliance- No, falls under TSR definition of Debt relief- Then goes to TSR attorney exemption, which is unlikely but would need more info to confirm.

    Reply
  4. Let me see if I read this right….On $30,00 debt they charge a plan fee of $1500, Enrollment fee of $200, debt restructuring fee of $5,400 and a Software Licensing fee of $1,888 for a total fee of $8,988…WOW, that’s 30% of the debt and that’s not calculating the balance increase from penalties, interest etc. Oh and correct me if I’m wrong but isn’t The Attorney Network …..dun, dun, dun… Hess Kennedy?

    Reply
  5. Let me see if I read this right….On $30,00 debt they charge a plan fee of $1500, Enrollment fee of $200, debt restructuring fee of $5,400 and a Software Licensing fee of $1,888 for a total fee of $8,988…WOW, that’s 30% of the debt and that’s not calculating the balance increase from penalties, interest etc. Oh and correct me if I’m wrong but isn’t The Attorney Network …..dun, dun, dun… Hess Kennedy?

    Reply
  6. Hess Kennedy now uses the name Consumer Law Center.They are still in Coral Springs, Fl. They are crooked. They have a company called the Attorney Network in Boca Raton…

    Reply
  7. Jason,

    The OC will report the trade line 30, 60, 90 days late etc…
    Post charge off, if the account is sold and later reported by the buyer as a separate, but additional trade line with a balance owed, the OC must report a zero balance owed on their entry.

    This is supposed to address “double jeopardy” concerns, as the outstanding balance is only being reported in one derogatory. I would argue it does not completely address the concern.

    Also, mistakes in balance owed reporting are rampant. The consumer must be diligent in reviewing their report and dispute any incorrect, out of date or false information.

    The potential life cycle of a derogatory is:
    Late pay
    charge off
    re-listed by debt buyer
    judgment
    account included in BK

    Reply
  8. I think he means once the account is purchased by the debt buyer, the ORIGINAL creditor will report it as paid. The debt buyer will then not report the new loan. The original account would have been in default, so even if it shows paid in full, it will still be a negative, though better than an unpaid collection account.

    On a separate note, once a debt buyer buys an account, they or the collection agency it is assigned to often report it the credit bureau, yet the original creditor is still reporting it. When I read the Fair Credit Reporting Act, my take take is that an account can only be listed once, therefore both the original creditor AND the collection agency reporting the same debt is not legal. Only one or the other can legally be reported it would seem. Anyone know the answer to that?

    Reply
  9. I think he means once the account is purchased by the debt buyer, the ORIGINAL creditor will report it as paid. The debt buyer will then not report the new loan. The original account would have been in default, so even if it shows paid in full, it will still be a negative, though better than an unpaid collection account.

    On a separate note, once a debt buyer buys an account, they or the collection agency it is assigned to often report it the credit bureau, yet the original creditor is still reporting it. When I read the Fair Credit Reporting Act, my take take is that an account can only be listed once, therefore both the original creditor AND the collection agency reporting the same debt is not legal. Only one or the other can legally be reported it would seem. Anyone know the answer to that?

    Reply
    • Jason,

      The OC will report the trade line 30, 60, 90 days late etc…
      Post charge off, if the account is sold and later reported by the buyer as a separate, but additional trade line with a balance owed, the OC must report a zero balance owed on their entry.

      This is supposed to address “double jeopardy” concerns, as the outstanding balance is only being reported in one derogatory. I would argue it does not completely address the concern.

      Also, mistakes in balance owed reporting are rampant. The consumer must be diligent in reviewing their report and dispute any incorrect, out of date or false information.

      The potential life cycle of a derogatory is:
      Late pay
      charge off
      re-listed by debt buyer
      judgment
      account included in BK

      Reply

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