A super tispter sent in the following email being sent out by Debt Restructure Market to find affiliates.
A couple of points really caught my eye.
- I know that NoteWorld is taking great exception to the phrase NoteWorld Approved. NoteWorld does not approve the company model and issues no public statement of approval.
- The pitch is that affiliates will earn their commissions fast using the debt buying approach but I have yet to see evidence of consumer debt purchased as pitched.
- Do affiliates really want their commissions advanced to them and then have to endure a future clawback when the plan melts down?
- Then there is my favorite line, the one call close. So this is about the easy close. Interesting.
Debt Restructure Market says their program is better.
Better than debt settlement
Debt restructure doesn’t wait for you to save your own funds in your trust account to negotiate and settle you debt; it is done through a 3rd party debt buyer who prefers to buy the debt from people (like you) committed to restructuring their debt. You are a better risk than debtors who don’t care or can’t clean up their debt. – Source
They also make the following claim which I know to be not true, “ONLY PROGRAM that can rebuild and improve clients credit while they payback what is owed.” – Source. There are other programs which make the same claim and other solutions that can accomplish the same goal.
They don’t even list their business address on their website. So who are they?
DebtRestructureMarket.com is registered to Hassan Kassir, PO Box 6099, Irvine, California 92616. firstname.lastname@example.org
You will see that American Star Debt Settlement was making the same debt buyer pitch. But did they actually buy any debt?
One commenter on that story had a very different experience.
First and foremost I want to thank you for exposing scam artist in the debt industry. I have worked in the Debt Settlement/Debt Management industry for the last 5 yrs and still do not understand the need to lie, cheat or steal. This industry is great and does provide help to distressed consumers but also puts food on my families table.
The reason for my comment is I was contacted by a Hassan Kassir and a Sam Kassir (SAME PERSON) from American Star Debt Settlement/ American Star Lending Corp around the same time last yr. He presented me with the exact Power Point that you have listed. Obviously, at a glimpse it looks wonderful. Consumer gets out of debt instantly (ON PAPER) due to the hedge fund and they offered an extremely high commission split to their affiliates. So we looked deeper, everything came back clean!
Needless to say we started off small, due to the fact that we had other vendors they (ASDS) were last on the list. The first 5 clients went smooth for the first month so we sent 10 following month. Again, everything went smooth! After the first 3 months I believe had a total of 95 clients with them and thats when everything started hitting the fan.
At this point we found out that the first 15 clients we actually entered under Hassan’s logins so the commissions were paid directly to him instead of Noteworld paying us directly. Well needless to say while I was sending him clients he was paying the commissions to us in CASH! But that was just the beginning!
Customer service was not existent! Hassan stated that ESP was supposed to handle that and that the clients just needed to call them(ESP). Every client that was enrolled called and questioned what was going on? Who do I talk to and so on and so-forth! So with a client on the phone I figured that I would get to the bottom of it! We called ESP together, the customer service rep stated that she had no evidence if the client. We then asked if the hedge fund was in fact going to be purchasing the debt received the question “WHAT HEDGE FUND!” To solve this , Hassan took it upon himself to purchase an 800 number and offered that to my clients.
The 40 hrs of FREE IN COURT SERVICES that would be serviced by FBL was also non-existent. When the first client received a summons they got me on the phone and we called FBL together. Talk about evasive. Needless to say he did not receive his 40 hrs of free service.
As for the hedge fund, out of the 95 clients and an average of three accounts per client NOT ONE ACCOUNT was ever purchased, The response that I received from Hassan was the the hedge fund will only pick up accounts that they can buy for 10% and they aren’t required to purchase any accounts. Which is the exact opposite from his original pitch.
All around Steve it was a horrible experience to be their affiliate and my heart goes out to there clients. As for the 95, I reached out to my most successful attorney in the industry and worked out 2% fees and enrolled most of them into a new program and didn’t collect a dime for doing so! Hassan also immediately stopped sending my commissions as well. – Source
Another commenter said:
You are absolutely right about wanting to know who the hedge fund is.
This is not anywhere in the contract from American Star. I know this because we signed up as an affiliate of them. I was told directly from Hassan Kassir that the hedge fund will buy all the consumers debts. This was what he told me before I paid him $2500 as an affiliate fee! After paying him and getting a chance to read the consumer agreement……. the hedge fund is never mentioned.
I questioned Hassan Kassir about this and he said “we cannot list this because we only use this as a tool to negotiate lower settlements and delay collection efforts by moving the file from the collection department into the settlement department”. I then asked him what percentage of people actually get their debts bought and he said it is about 30 percent. What a crock! I hope someone shuts down these shysters! Moral to the story if it sounds too good to be true it probably is. Source
My radar is up on this pitch. My vote is to stay away.
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