A tipster (send in your tips here) forwarded me a link for a debt relief company called Christian Web network located in Nigeria.
If this is being directed towards debt settlement companies or consumers in either the U.S., Canada, or the UK, then WATCH OUT.
The website of the benevolent Christian God pleasing company that offers to buy and sell debt makes absolutely no sense.
The claim is made:
As the debt is recovered and paid to the creditor, you as the applicant debtor or creditor would have to make repayment. For the purpose of repaying the debt that has been paid on your behalf, you invest in the Shares of the Company and repay through capital gain you will be making. When your capital gain equals the amount of the debt, the debt will be liquidated and your invested fund will be released
Time frame for recovery of debt = 3 – 6 months. Time frame for liquidation of debt = 12 – 24 months
According to the page on their site for submitting bad debt there is an apaprent advace fee and upfront cost.
Bad debt for conversion can be submitted by either the debtor or the creditor. For any debt conversion request to be processed, the two parties must agree on the conversion and one of the party, at least, must be a registered member of Christian Web Network Plc having acquired Shares in the Organization.
The debt must be submitted with detailed support documents. If the submission passes first appraisal, the claims in the submission will be investigated and the submitting party will bear the cost of the investigation. After the investigation is completed, a second appraisal will be made. If the submission passes the second appraisal, the submitting party will be contacted on the approval of his submission. 10% of the debt stock will be paid to Christian Web Network Plc as premium. Then a tripartite agreement will be signed between the debtor, the creditor and Christian Web Network Plc. The debt will be acquired and broken down to tradable lots of Debit Instrument and offered on the trading floor. When all the lots are sold, the debt will be repaid to the creditor. – Source
This is not a U.S. based company. They claim to be located in Nigeria.
7, Factory Road,
Aba, Abia State, Nigeria
Tel: 23482879325, 23408060007679
Michael Thompson is identified as the CEO. – Source
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