A reader forwarded me a link to a video that promoted a service called “Herschel Bentley’s Debt Elimination Advisory” that promotes debt settlement. I get it, it’s a marketing approach to sell the $497 product. – Source
I am uncertain who the guy in the video is. The video makes some interesting odd claims about debt settlement.
- “Only really one con as far as debt settlement goes or one negative aspect of it. That’s the only negative thing that your credit score is going to drop substantially for a little bit of time.”
- “You have to be sent to collections to qualify as a debt settlement customer.”
- Over the past couple of years there was a taboo or stigma with debt settlement.
- Hundreds of thousands of people are going through debt settlement.
- It puts you in a better financial situation.
- You save a ton of money.
- You avoid bankruptcy.
- “The pros completely outweigh the cons.”
- Will stop the phone calls.
- “It’s by far the best thing I’ve ever seen as far as debt settlement goes.”
The video fails to mention the downsides about risk of being sued, remaining in collections till settled, and how it may impact your credit and will be reported for the next seven years on your credit report.
in my opinion this is an excellent example of not giving consumers a fair and balanced look at all debt relief options in order to make a well informed and educated decision. In fact it completely misses presenting the advantages of other options to give people a fair and balanced look.
I agree, there are times when debt settlement is a solution to consider, but not every situation. It is not “the” solution but one of the solutions that needs to be matched with the situation to find the most logical choice.
The website this video promotes makes a claim who is an appropriate candidate for their service. They say:
If you have more than 5 thousand in credit card debt and are only making minimum payments, you are a candidate for debt settlement. Are you scraping by getting no where on the balance? Having trouble sleeping every night wondering how your going to get out? I know, trust me, I’ve been there. It’s an awful feeling and terrible place to be. Thankfully there is help. – Source
The site even wants to sell you a $7 report about how to settle with Bank of America.
I did notice that the website, debteliminationadvisory.com, this is promoted on sits on a server with the following domains: 800aaacredit.com, askaboutcredit.com, askaboutcreditrepair.com, askherschel.com, askhershel.com, askmarynow.com, bettercreditbyattorney.com, capcreditfoundation.info, capcreditfoundation.org, capcreditrepair.com, cleanstartcredit.com, credit2relief.com, creditfixone.com, creditlawteam.com, creditlawyerexperts.com, creditlawyersusa.com, creditprison.com, creditrepairbyattorneys.com, creditrepairtruths.com, creditscoresjackedup.com, creditscoresover700.com, debteliminationadvisory.com, devinecreditservices.com, divinecreditservices.com, dvinecreditservices.com, fixmycreditattorneys.com, legalcreditaid.com, lvcreditsolutions.com, michelleschoen.biz, mortgagemakershop.com, mycreditrepairspecialist.com, mycreditscorebuilder.com, postcardsoncredit.com, repairmycredit4me.com, repairmycredit4me.info, repairthatcreditnow.com, rescoreonline.com, shedtheexcess.com, timetofixmycredit.com, vantageca.com