A reader wanted me to look at the website of a company called Creditors Concourse Trust at cctrusts.net. After looking at the site, I can see why.
The site claims to be able to negotiate better terms with creditors by creating a trust which provides collateral security for the creditors in hopes to “obtain lower interest rates and longer periods of time to re-pay the debt.”
Here is how the company describes the plan works, “An Attorney duly authorized to practice law in the United States creates a “Creditors Concourse Trust” (also called hereafter a CCTrust). The Attorney is appointed as the Trustee. This Trust is specific for ONE debtor/consumer, (or a married couple) who becomes the Settlor or person that funds the Trust with his/her Life Insurance Policy. The Trustee then convenes (invites, calls in) all of the Creditors of this debtor to participate in the Trust. The Creditors are invited to participate so that their credits can be validated and securitized by the Trustee giving the Creditors a written security that their credits will be paid, either by the death of the DEBTOR or by a repayment plan that is agreed to by all.” – Source
According to the website, the president of Creditors Concourse Trust, Inc. is Alfonso E. Oviedo-Reyes.
According to the Florida Bar, Alfonso E. Oviedo Reyes Cogorno is located at the same address listed on the website; 8370 West Flagler Street Suite 110 Miami FL 33144.
However Alfonso Oviedo-Reyes Cogorno is not eligible to practice law in Florida. – Source
The website claims that people will be able to resolve their debts without bankruptcy, consolidation, or debt settlement. And it claims this process will stop creditor phone calls and improve credit.
According to the website the consumer must obtain a life insurance policy and assign or transfer it irrevocably to the trust.
The site offers three videos to try to explain their approach.
I have no knowledge of any creditor agreeing to such an approach. I’ve emailed the company and asked them to provide information of their success rates in assisting consumer with this approach.
Please post your thoughts about this approach in the comments below.

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