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Debt Relief Industry

Americorp Employee Blows the Whistle on Capital Debt Relief, Vortex Debt Relief, Elimidebt, The Achievable, Hess-Kennedy, Allegro Law, and IntelliDebt

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I just received the following scripts and information that an Americorp employee sent to me to expose the operation of a number of Americorp related or serviced debt settlement or debt relief companies. If you have inside information you want to share send it to [email protected] The scripts and statements below are those of the AmeriCorp employee that sent them ... Read More »

    Transcript of Undercover Calls to Debt Settlement Companies by Government Investigators

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    Here is a copy of the undercover calls government investigators made in their examination of fraudulent and deceptive practices by debt settlement companies. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? TRANSCRIPT OF UNDERCOVER GAO CALLS TO DEBT SETTLEMENT COMPANIES Telling consumers to stop paying their creditors. (Industry trade groups say their members do not do ... Read More »

      The Credit Exchange – Former Employee Speaks Out

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      I was sent the following email below to [email protected] from a former employee of The Credit Exchange. The opinion and statements posted below are those of the former employee and I welcome The Credit Exchange and Steve Vanderhoof to respond to them. “Hi Steve – I saw your website and decided I wanted to also submit some information to you ... Read More »

        TASC, Are You Kidding Me With FreeDebtReductionHelp.com?

        The Association of Settlement Companies (TASC) just sent out a press release (source) that contains the following statement: Going to a website like http://www.freedebtreductionhelp.com will ensure that consumers are paired up with a legitimate and TASC certified debt settlement company. Consumers that have at least $10k in unsecured debt and that can prove a financial hardship will qualify for a ... Read More »

          Do Debt Settlement Company Relationships With Hedge Funds Create a Fiduciary Problem for the Consumer?

          A new variation of the debt settlement process is appearing, the debt settlement hedge fund. Apparently the way this works is the debt settlement company has a relationship with a related hedge fund or pool of money that they can access to payoff an enrolled clients debt. The issue is if the debt settlement company reaches an agreement with the ... Read More »

            DebtXS Review

            Address: Not provided on their Web site. – Source 7668 Warren Pkwy Ste 325 Frisco, TX 75034-4161 – Source Website: DebtXS.com Domain was registered April 25, 2002 and is owned by DebtXS LP, 7668 Warren Parkway, Suite 325, Frisco, TX 75034. The admin contact is Ken Talbert. The site is hosted along with two other sites on the same server, ... Read More »

              Hey USOBA, Accountability, Credibility, Transparency. LOL.

              USOBA Credibility & Transparency

              I will admit, this is a real pet peeve of mine these days but why would the trade association United States Organizations for Bankruptcy Alternatives (USOBA) not want to make their membership list public? I have sent several-many emails requesting a copy of their membership list. I’ve made the request several times directly to the executive director of USOBA, but ... Read More »

                USOBA, Inactive Corp, Integrity Debt Services Guarantees 55% Debt Reduction

                I’d like for you to watch the two videos and tell me what you think of the statements and promises made by Alan Palange of Integrity Debt Services. Unrealistic? [flashvideo file=/wp-content/uploads/ids1.flv /] [flashvideo file=/wp-content/uploads/ids2.flv /] What I find interesting is that Integrity Debt Services is really a fictitious name for Loan Assistance of America, LLC which is controlled by Ocean ... Read More »

                  One Debt Settlement Contract That Includes – Phillips Financial, Expert Settlement Professional, NoteWorld, Global Logistics Enterprise, FBL Associates, Prepaid Legal and National Asset Exchange

                  CallDevice

                  Here is an excellent example of how confusing and convoluted the debt settlement industry has become. Phillips Financial is a debt settlement company that has people sign a contract for their services that includes services provided by seven different or interrelated companies. Imagine having to contract with seven different companies to get the services promised to you by just one ... Read More »

                    Lawyer Based Debt Settlement Networks Should Prepare for Lawyers to Be Sanctioned or Disbarred

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                    The Chicago Tribune wrote today about a case I’ve talked about before, the State of West Virginia suit against Credit Card Defense Network (CCDN) and attorney Robert Lock. What makes this case so interesting is that State is going after the attorney due to the relationship the attorney had with marketing firms that attracted clients for the legal firm debt ... Read More »

                      TASC & USOBA Here It Comes. You’ve Got Nobody But Yourselves to Blame.

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                      Lot’s of items are all coming to a head this week regarding the debt settlement industry. The debt settlement trade associations have been called, on short notice, to a hearing to be held by the U.S. Senate on April 22, 2010 where my bet is they will not be met with party favors and a cake. I bet the Senate ... Read More »

                        Capital Protection Group Makes Crazy Settlement Promise

                        I can not believe the following statement from the debt settlement company Capital Protection Group. While other debt settlement companies try to get 50% off your debt, if their lucky, the Capital Protection Group will have you pay back less than 10%. – Source In my opinion that is a totally unfounded claim and one that, if regulators saw it, ... Read More »

                          Settlement Rating System of America (SRSOA). I’m Going With Laughable.

                          In doing research for an article I’m working on and I kept getting emails from a debt settlement company sales person saying I needed to check them out with the Settlement Rating System of America web site. The sales guy kept saying “You will see we have a AAA rating.” So I went over to look at Settlement Rating System ... Read More »

                            65 Percent of People That Enroll in Debt Settlement Programs Bail Before Creditors Contacted

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                            An interesting article out of illinois, Our Opinion: Put curbs on debt settlement companies, contains a very interesting quote from the Attorney General of Illinois, Lisa Madigan. “What we have learned is that 65 percent of people who initially enroll with debt settlement companies drop out before any communication (with creditors) has been made. Before any of their debt has ... Read More »

                              Hey Mr. Check in Detroit, Michigan, What the Hell?

                              I saw this advertisement for a company called Mr. Check. Mr. check has 20 years of credit consolidation service under its belt. We can help you clean your credit and bring your score up, as well as help you get the loans that you need. Mr. Check will stop those debt collectors from calling and harassing you and we will ... Read More »

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