THANK YOU PHIL.
NOW THAT I HAVE THE APRIL EMAILS FROM THAT AGENT IN FRONT OF ME, I COULDNT FIND ANY COSTS STIPULATED FOR THOSE PROGRAMS... AND I WAS WRONG ABOUT MY COMMISSION: IT WAS AN AVERAGE OF $120 INSTEAD OF 50 DOLLARS OR SO... IN FACT MY COMISSION WAS ABOUT A MERE 20 DOLLARS FOR DEBTS ALREADY IN THE HANDS OF A DEBT COLLECTOR ONLY.
HAVE A GREAT DAY!
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Re: debt elimination rip-offs?
Dear Sharon:
I am one of those who contacted you regardinhg debt elimination. The OCC
notice was placed on a discussion board, www.1oan.com, that follows the
subject of debt elimination and seemed to be met with suspicion by many
readers who felt that this agency was merely expressing their opinion
as to the legitimacy of these instruments.
You referred me to R. XXX (NAME OF THE AGENT) and he has been as helpful as he can be in
the few times I have contacted him. I know a lot more about this debt
elimination stuf now than when I did when I first contacted you.
I have not gone forward with your agent yet simply because I do not know
enough to feel comfortable to go forward. Yes, this is scary,
especially when you realize that making a mistake could cost you even
more down the line because you believed an organization you have only
met through the internet.
As I researched, I realized that there are conflicting opinions as to
whether this is really possible and why. Companies that assist people
imply that their method is superior to other companies and that making a
mistake is tantamount to getting sued, dragged to court or ruining your
credit. The agents that refer these companies clients often denounce
each other on the message boards and it is apparent to me now that these
companies actively promote referers who all have a vested interest in
getting desparate clients to sign up with them.
(YES, THATS TRUE. AS I WAS HESITATING TO WORK WITH TWO DIFFERENT COMPANIES, ONE STARTED TRASHING THE OTHER, CLAIMING THAT I WOULD END UP IN JAIL!!!)
It is a money making
endeavor now that seems to be more concerned with recruiting clients and
referers than it does with truly trying to help debt-ridden people or
shedding light on the abuses of the current banking system.
Given the legalese involved as well as the knowledge needed in law,
finance and the procedures employed, I can see why many are hesitant to
proceed. Throw in the open trashing of each other's programs, the overly
confident websites of some of these companies and the fast-talking
taped messages from the company owners and you are left feeling very
skeptical and wary.
It seems Tom Shauf advocates a political solution to all this and to
place the burden on the "debtor" to educate himself and do the
elimination on their own. Yet he warns the potential customer of
elimination companies that fraud in this new industry abounds and that
much of the information was unjustly taken from him and is now obsolete
due to the banks having changed tactics. Therefore the implication is
that debt elimination companies are using worthless information and
taking their clients for a ride.
I think one reason you are not hearing more from the people you refered
is becasue it seems that the procedure(s) employed take so many months
to accomplish and there is no feed back from these companies while their
attempt is in process. I think many, including myself, are just sitting
back to see if these people really get their mortgages and CCs
discharged. It appears many are currently involved with attempting this
and they are being forced to be uncomfortably patient while this all
goes through (or not through).
Your agent himself is in the midst of several cards being dealt with but
by his own admission, one problem with this process is that there does
not appear to be any firm closure to the process. Months go by and you
may or may not hear from the collection agencies again. So when are you
free and clear?
I'm trying to learn more but one quickly realizes that this information
is held tightly and the compnies are very competitive. There appears to
be no way an "average joe" can educate themself and take on the banks in
the manner that SecuredParty advocates. It is simply too complex for a
working person to tackle and NOT make mistakes when the going gets rough.
The aggressive promotions by these companies and their well- meaning but
often misinformed referers is going to spell trouble for the
credibility of these debt elimination procedures. Too many will just cry,
"It's just a trap or scam!" and move on. Meanwhile there may be, as you
say, an exact procedure that can be used to defeat the banks and free
people from crippling debt.
By the way, the costs for employing the companies I've seen so far are
not $500 -$900. Try $2000-$3500 on up. One charged $625 per card but
that company supposedly only takes you if your are behind on your
payments.
(THAT'S VERY EXPENSIVE INDEED AND SOMEHOW WORRYING... NO WONDER THE PEOPLE WHO CONTACTED ME NEVER STARTED THE PROCEDURE!)
I want to believe in SecuredParty's Matrix articles. Unfortunately, they
stopped short of directing the reader on how to properly proceed
further on doing this themself and whether his article might now also be
obsolete due to changes the banks have made to counter an awakening
public.
(HEY BUT THE GOAL OF THE MATRIX IS ALSO TO GET IN TOUCH WITH HIM)
I will continue to research and keep you informed if you wish. Thank you
again for all your help.
Phil
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