Meracord to Get Out of Debt Relief Business

A tipster (send in your tips here) forwarded me an email they had received from Meracord that announces as of March 1, 2013 they will no longer accept new accounts from debt relief providers.

Email from Meracord

In early January, we notified you of fee changes that will take effect on February 15, 2013. Please begin using the attached agreement when you set up new accounts beginning Feb. 15 (download here).

In addition, we’d like to inform you effective March 1, 2013, Meracord will no longer accept new accounts from companies providing debt relief services. New customer accounts may be boarded into mypromise.meracord.com until Feb. 28, 2013. However, beginning March 1, your control groups will be locked to prevent new accounts from being added.

Meracord will continue to service your existing customer accounts and will provide the same quality products and services you’ve come to expect. You and your staff will retain MyPromise access rights to allow you to continue to service your existing customers. Please note this change is only restricted to new accounts.

Thank you.
Douglas Byerley
Chief Operations Officer

Just by looking at the new Meracord agreement referenced above, it sure looks like Meracord is being very particular about distancing themselves from debt relief providers.

From the linked agreement:

Meracord LLC dba Meracord® is committed to helping businesses and consumers by providing payment processing services where there is a written promise between two or more parties. This commitment includes serving as a dedicated trust account administrator for consumers enrolled in debt relief programs. Meracord is not owned or controlled by, or in any way affiliated with your debt relief services provider. Moreover, Meracord does not give or accept any money or other compensation in exchange for referrals of business involving debt relief services.

1. Authorization for Services. I hereby authorize Meracord to receive payments from me, hold my money, disburse payments, and provide me with account and transaction information (collectively, “Services”) as these Services relate to my agreement with my debt relief services provider. I understand and specifically acknowledge that Meracord is providing these Services to me as an independent third-party and is not an employee, partner, joint venturer or agent of my debt relief services provider. I fully understand that Meracord is not a debt relief services provider and that I have not engaged Meracord to settle my debts, pay off my debts, make monthly payments to my creditors, negotiate with my creditors, or provide me with any debt settlement, debt adjusting or other debt relief services. – Source

Interestingly though, the new agreement does not say they will not accept new accounts from debt relief service providers as their announcement does. I guess a new, new agreement is coming.

Sincerly,


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Damon Day - Pro Debt Coach

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Steve Rhode
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3 thoughts on “Meracord to Get Out of Debt Relief Business”

  1. Sounds like they are finally tired of all the hassle and liability that comes along with helping debt settlement companies that use sales people pretending to be financial consultants. They enroll people that should never be enrolled, and then Meracord shares the blame because they are the ones drafting the money from the consumers account.

    Reply

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