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Former Marine Becomes Debt Collector and Says Being Mr. Mean Works Better Than Being Nice

In this video we see a former debt collector talk about how being mean and rude earns him more money than being nice. The piece also contains a number of egregious recordings of debt collectors breaking the law with threats and statements. For those in debt, this may be hard to watch. “To ruin your day to collect the money. ... Read More »

    New York City Residents of Color, Poor and In Debt Likely to be Targeted for Collection Abuse.

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    Debt buying companies – a fast-growing segment of the debt collection industry – engage in systematic debt collection abuses that particularly target low-income New Yorkers and people of color, according to a report issued today by The Legal Aid Society, MFY Legal Services, Inc., NEDAP, and Urban Justice Center. The report finds that debt buyers in New York City routinely ... Read More »

      An Intriguing Approach to Easily Saving With Higher Returns for the Future – Betterment

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      I learned about a brand new company, Betterment. The approach to Betterment is to make it easier to invest in a balance of stocks and less volatile bond funds. What caught my eye was that the service has no minimum balance, it is easy to invest, the balance of your funds can be shifted online at any time, your invested ... Read More »

        When You Can’t Make Your Vehicle Payments

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        If you find yourself unable to make your vehicle payments, you’ll want to act quickly. In most states, if you miss a payment, whether you have bought or leased the vehicle, the lender has the right to repossess it almost immediately. Here are some strategies to consider when your vehicle payments become too much, including what to do if it ... Read More »

          Oregon Creates Web Page to Turn in Illegal Debt Settlement, Debt Management and Credit Repair Companies

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          The State of Oregon now has a dedicated page on their site for consumers to report ads for debt relief companies. Apparently Oregon is also targeting debt relief companies that advertise on the web as well as television. radio and mail. The page says: HELP STOP ILLEGAL DEBT MANAGEMENT COMPANIES IN OREGON Have you heard or seen ads for companies ... Read More »

            Boy in China Kills Self to Avoid Debt Collector and Getting Legs Sawn Off

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            Wow. It looks like being in debt in the U.S. is a lot better than in China. Nobody is getting their legs sawn off here. Here is a story from China. The parents of an 18-year-old boy who committed suicide are suing for 760,000 yuan ($111,340) the man they say drove him to it. Father Liao Liubin and mother Dan ... Read More »

              Debt Collectors Using Facebook to Gather Debtor Addresses

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              Several debt collectors at ANZ Bank in Australia are alleged to have created a fake Facebook accounts to friend people that were in collection in an attempt to gather addresses, phone numbers and emails of people in collections. If it is happening in Australia there is no reason why we should not expect it to be happening in the U.S. ... Read More »

                Loan Mods With Chase Going Nowhere Fast

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                The new data the Treasury Department released show a number of problems with the mortgage modification program. But JPMorgan Chase leads the pack when it comes to those stuck in loan mod limbo. JPMorgan Chase, the data show, has the most homeowners waiting more than six months for a final answer on whether they’ll get a permanent modification. (What we ... Read More »

                  How to Make Money Helping People to Get Out of Debt

                  Lending Club Rate of Return

                  There are all sorts or crooks, scams, get-rich-out opportunities that people fall for to make money and most of those opportunities seemingly hurt others. But what if you could earn a decent return by helping people to get out of debt at a lower interest rate, improve their credit rating and eliminate their debt at the same time? I know, ... Read More »

                    Juugo and Kash Kwik Look Like Pyramid Schemes to Me

                    Kash Kwik Web Site

                    Through comments on the site I learned about a program being offered at KashKwik.com. This alleged money making program appears to be nothing more than a typical pyramid scheme where future investors are sought out to provide funds to pay previous people into the scheme. This means, everyone who joins AFTER you, will help push you to cycle. The Kash ... Read More »

                      Trail Loan Modifications Trash Credit Report and Credit Score

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                      Carolyn Said of the San Francisco Chronicle wrote an excellent article “Loan modifications often damage credit scores” that covers the reality of the damage that occurs to credit from a loan modification. Here are some excerpts. You should read the full article for more information “Struggling homeowners who get a loan modification to reduce their mortgage payments are often unaware ... Read More »

                        2003 Backroads of American Debt – Day 3

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                        Day three brought more weather surprises but also a great pair of back-to-back- interviews from people that were very honest about how they handle money. The first couple was retired and had not planed for retirement until just five years earlier and had never looked at their credit report. They trusted their banker to watch over them. The second interview ... Read More »

                          Collection Lawyers Filing Thousands of Lawsuits for $20 or Lees

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                          Since forming its own collection agency in July, 2009, Florida law firm LaBovick & LaBovick has filed more than 1,200 lawsuits against insurers in the Fort Lauderdale-based court. Some of the lawsuits seek as little as $3.89 in damages. A $16.99 lawsuit isn’t uncommon. Many are in the $38 range. Few crack $50. “It’s outrageous,” said attorney Douglas Brehm, who ... Read More »

                            Worst Banks for Loan Modifications

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                            Here is a list of the banks with the worst record for canceling loan modification requests. PNC Mortgage – 47.2% Aurora Loan Service – 46.8% CitiMortgage – 42.1% Saxon Mortgage Services – 40.8% Select Portfolio Servicing – 38.6% Wells Fargo Bank – 35.1% Worst banks for expired trial loan modifications without an answer. JPMorgan Chase – 45.3% Bank of America ... Read More »

                              California Loan Modification and Foreclosure Scam Results in Four Arrested and Five Wanted

                              California Foreclosure Relief

                              California Attorney General Edmund G. Brown Jr. today announced that nine men engaged in a Southern California boiler room, tricked out in high-roller style with a roulette wheel and other casino equipment, have been charged with 97 criminal counts for stealing at least $2.3 million from more than 1,500 desperate homeowners who were promised loan modifications but received no relief. ... Read More »

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