The suspects are from New York City, but a significant portion of the alleged crimes were committed here in western New York and involve massive cash advance withdrawals at Seneca Casinos. Authorities say this case could involve hundreds of out-of-state victims and big money losses.

Tracy Gast, Special Agent in Charge of the Buffalo Secret Service Office, said, “I think the overall scope of the case has not been determined yet. Right now, we’re at about $250,000 in loss.”

Eight people from New York City and Florida are charged in a suspected counterfeit credit card ring. They’re accused of draining accounts, possibly by skimming information from credit cards. Gast says skimming generally involves electronically scanning information from the card’s magnetic strip.

What’s more, the government alleges that the suspects withdrew hundreds of thousands of dollars in cash advances from ATMs at Seneca Casinos in Niagara Falls and Salamanca. The complaint states that between October and December 2009, over 110 cash withdrawals were made in $2,000 amounts, totaling about $200,000.

“The victims we have right now had not been patrons of the casino. So what we’re looking at is where they might have obtained that information,” said Gast.

Source

@GetOutOfDebtGuy

Source: Casino Part of Identity Theft Case Involving Cash Advances

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• Debt Collector Credigy Receivables Has to Pay Woman $26,000. (0)
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Theodore Zennie was arrested on Thursday, for allegedly dealing heroin.

Clatsop County Interagency Narcotics undercover agents acting on a tip said they bought drugs from the 55-year old. Later, police served a search warrant at the home on South Columbia Street where they said they found two ounces of heroin, scales, packaging material, and cash.

After Zennie was arrested, police said he confessed to using the $99 Essay Beach House contest to raise money to buy drugs.

For $99, entrants were asked to write an essay of six lines or less explaining why you wanted or needed the cottage. The winning essay would win the house which was advertised as “free and clear” property. In the end, no one won the house.

The home was a quiet Seaside bungalow on South Columbia Street. The contest was a carefully crafted on-line creation. Legitimized through local television coverage, the story spread to newspapers and television stations nationwide.

“So $99 dollars and a pen could get you a house in Oregon,” reported one television anchor in Cincinnati, Ohio.

Everyone wanted a piece of the Oregon coast for just $99. Henry Barber was one them.
“Every news channel and newspaper throughout the country was running this thing, so hey it’s gotta be real,” said Barber.

Barber wanted to win the home to use as a retreat for cancer patients like himself. He paid his $99 and waited for the contest’s 2009 deadline.

“November 14th came along and I was wondering and I started to get suspicious,” explained Barber.

Barber contacted the television station that first reported the contest to discuss his concerns.
He was told, “Sorry if you didn’t end up being the winning entry.”

Little did Barber or the television station know, just five days after that first report the Oregon Attorney General began investigating. In a letter dated July 21, 2009, the Attorney General’s Office wrote

“What you are doing is an illegal lottery. The law requires that if you advertise a contest, you must give away the prize.”

No one followed up with the contest’s results until last week when the organizer, Theodore Zennie was arrested and charged with heroin and cocaine possession.

“He was selling it and distributing it allegedly as we have to say,” explained Clatsop County Sheriff Tom Bergin.

Zennie was directed by the Attorney General to refund the entry money, but Henry Barber hasn’t seen a cent. He wonders how many people like himself believed the hype, saw the reports, and chased a $99 mirage.

As for Zennie, he was booked into the Clatsop County Jail on $115,000 bail.

Source

@GetOutOfDebtGuy

Source: Beach House Auction Actually Scam for Drug Money

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Frederic DeChausse, a cable specialist for Warren TV, pleaded no contest on Monday to a misdemeanor count of copying audiovisual recording for gain and embezzlement.

Under a plea agreement, prosecutors dismissed a charge of copying audiovisual recordings for gain.

DeChausse, 71, was arrested last month after an undercover officer purchased 11 polka DVDs from DeChausse for $150.

Source

@GetOutOfDebtGuy

Source: City Employee Gets 18 Months Probation for Bootlegging Polka Party DVDs on City Equipment

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“Dear Steve,

My credit was ruined in early 2004 when I was in a coma and my husband had decided to leave me, take the money and not pay the bills. I lose everything, home, car, credit and any insurance money he spent. So I had started over from nothing. I have now found out that my recently deceased mom, had opened credit card accounts in my name with Lowes, Dillards, and possibly one other creditor ( I am still trying to find out whom). She had done this in 2005 without my permission.

My boyfriend and I are wanting to marry. I dont want to ruin his credit because of a few people in my life whom took me for a ride. I have done all that I can to rebuild, but it’s been a huge battle and he knows that. The things from the marriage would probably be gone in the next two years, so I do not contact them because I do not make enough to even negotiate with the old debt. I have proven to my boyfriend that I am credit worthy, because he has done little things to help me, loan wise, and I am very reliable about paying those debts. My problem is, I dont want to bring my bad credit score into a marriage to a great guy with a good score. Can you give me some guidance in this department? Also, what the heck can I do about the debt that my own mother incurred in my name? I am more than happy to fight in whatever way I can about those because, they are not mine and I did not authorize those.

Any guidance you can give me would be so helpful.”

Wow! I’m so sorry to hear about this. But identity theft typically happens by someone you know.

The first thing to do on those accounts your mother scammed you on is to promptly file a police report about them. Then contact the credit card companies and advise them. They will ask you for a copy of the police report or a contact at the police to confirm you did report it.

If you have not looked at a consolidated copy of your credit report recently I suggest you do so before you contact the police. A consolidated credit report contains all three credit bureaus and it’s important to look at the consolidated report since they don’t report all the same information. You need to look for any other accounts you may be a victim on here. The link for the consolidated credit report is the same one I use.

Your great guy can’t marry into your credit score. Your history will have no impact on his score. No worries there. The only way it could be a factor is if you apply for new credit jointly and because your credit currently sucks you would not help to qualify for whatever it is.

Another consideration is to think about bankruptcy now to clear all the past debt and close the door on it. Just because a debt has passed a statute of limitations does not mean a future collection company can’t come back to pressure and intimidate you into paying for it. Is that something you really want to deal with in your new relationship?

Bankruptcy isn’t such a crazy idea here since it would allow you to block any future attempt to collect any of this past debt and let you walk into your new relationship without having to look back over your shoulder for someone that might surface to collect on a past you’d rather put behind you.

If it is an idea worth considering then click here to find a local bankruptcy attorney you like.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: My Mother Opened Credit in My Name While I Was in a Coma

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• Casino Part of Identity Theft Case Involving Cash Advances (0)
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• Debt Collector Credigy Receivables Has to Pay Woman $26,000. (0)
• American Idol Contestent Busted for Felony Identity Theft (0)

“Before and during the recent crisis, many of our collective business judgments missed the mark,” Moynihan writes in the letter. “We believe the changes we’re making now will put us in a much better position to see and respond to macroeconomic risks in the future.”

Moynihan said that early in the banking crisis it became clear that customers “across all our markets were frustrated with their banking experience.” The Charlotte bank has responded with statements that better explain credit cards and mortgage loans, simpler products and reduced fees, he said.

Read the full article Bank of America CEO: We ‘missed the mark’ – CharlotteObserver.com.

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Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.

“Dear Steve,

Hi, I am a middle school teacher. I have 80K in student loans and 10K in credit card loans. I am trying my darndest to pay down the credit cards as fast as I can. I think (HOPE!) they will be paid off by the end of the next school year–May 2010. Then I can start attacking the student loans for the next ten years.

My colleague says that I should be saving more for retirement than just the public employees retirement fund. Should I delay paying down my credit cards to save for retirement, or should I just pay them off and start saving next year? He says that if I waste any time I am costing myself lots of money in the long run. I contend that I should get rid of the high interest rate “dumb” debts first.

Chris”

Dear Chris,

Well it is true that if you delay retirement savings that it will be much more costly in the long run and it is true that if you delay paying off credit cards it can be more costly that way. I bet you never expected one of those tricky word problems to come back and bite you on the bum in adulthood, did you?

I think both goals are admirable and there is no reason why you can’t achieve both goals at the same time. You don’t need to take an all-or-nothing approach. In fact, if you don’t have a savings account that is increasing in balance I would suggest that you consider my law of thirds as yet another approach.

Using your leftover cash, after paying credit card minimum payments, send 1/3 to pay off additional credit card debt, use 1/3 to save for retirement and put 1/3 in a savings account. Rinse, lather and repeat, month after month.

It will take you a bit longer to eliminate your credit card debt and save for retirement this way but you don’t have to sacrifice one goal for another, plus you’ll have cash in the bank you can easily get to in case of emergency.

By the way, teachers are heros to me.

Big hug.

@GetOutOfDebtGuy

Source: I’m A Middle School Teacher And Not Saving Money. – Chris

Originally posted 2009-04-07 10:05:32.

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“Dear Steve,

I went to college and received my PhD. I have been unemployed for 1 1/2 years. I have a credit card debt of $22,000 and student loans at $80,000. I have read that there is a way to reduce the credit card debt but I am concerned it would destroy my credit rating (802). I have worked hard all of my life and always paid my bills. With the current situation I am getting nervous. I have cashed in my retirement at a steep penalty to support us this past year.

Is there a way to reduce credit card death without lowering your credit rating?

Lisa”

Dear Lisa,

People make irrational choices all the time in fear of lowering their credit rating. Your credit score is out of your control anyway. It can be lowered simply by a change in the formula used to calculate it.

I’m afraid that cashing out your retirement and losing a big chunk to penalties is exactly what I’m talking about. If you had been willing to deal with the situation before you cashed out the retirement you’d still have that and be out of debt by now. I’m certainly not saying that to make you feel bad but I do need to point out to anyone else considering such a move, to think twice about it.

With such a large pile of student loans to pay off they are a priority debt. You must pay those first and if you have money leftover to save and some to to use for debt repayment on the credit cards great, but if not we need to look at bankruptcy to tidy that debt up.

Without some change like eliminating the debt or increasing income the only result from cashing out and losing retirement funds will be the funds will be gone, some time will have passed, and the underlying problem will still exist.

You are not your credit score. Your credit score is not a number that is calculated to show you have value or worth other than to allow creditors to easily identify who will be less risky to target to lend money to. It doesn’t sound like you need more credit at the moment.

So what’s the next step?

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: Is There a Way to Get Out of Debt Without Lowering Your Credit Score? – Lisa

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So far this year, I’ve been contacted by three attorneys who are considering filing bankruptcy. I’ve been a bankruptcy lawyer for fifteen years now and it seems that every year at least one or two attorneys contact me for advice regarding serious debt problems.

Attorneys aren’t that different from other consumers – some have serious debt problems. Many attorneys are self-employed entrepreneurs whose cash-flow can fluctuate greatly from month-to-month just like the incomes of other small business owners.

While considering bankruptcy is a stressful thought for almost all business people, attorneys who are thinking about bankruptcy have some unique concerns. The attorneys that I have counseled have all been worried that filing bankruptcy might mean that they wouldn’t be able to continue to practice law.

Here are some typical questions that I get from attorneys:

• Are attorneys allowed to file for bankruptcy?
• Is filing bankruptcy a violation of the rules of professional conduct?
• Can an attorney continue to practice law after filing bankruptcy?

Here’s what I tell attorneys who contact me for bankruptcy advice:

1. An Attorney Has a Constitutional Right to File Bankruptcy. Article I, Section 8 of the United States Constitution provides that Congress shall have the power to establish uniform laws on the subject of bankruptcies throughout the United States. The Bankruptcy Code clearly provides that any person may voluntarily file a petition in bankruptcy. This means that anyone, even an attorney, can file for bankruptcy relief.

2. It’s Not Unethical for an Attorney to File Bankruptcy. There are many published Oklahoma cases in which a party to a case is an attorney who has filed personal bankruptcy. Not one time has an Oklahoma court concluded that it is unethical for an attorney to file for bankruptcy and no Oklahoma attorneys have been disbarred from the practice of law due to filing bankruptcy. The active roll of Oklahoma attorneys contains the names of many attorneys who have filed personal bankruptcy.

3. A Bankruptcy Trustee Will Scrutinize An Attorney’s Assets. In Chapter 7 cases, trustees are motivated to look for non-exempt assets that can be liquidated and distributed to creditors. One of the primary motivations is that Chapter 7 trustees get a cut of the proceeds realized from the liquidation of non-exempt assets. Chapter 13 trustees look for the same assets, but to determine the percentage a debtor must repay his unsecured creditors.

A trustee will therefore inquire about uncollected accounts receivable owed by clients, uncollected referral fees owed by other attorneys, and pending personal injury cases with potentially large recoveries. If the attorney-debtor is employed by a firm, the trustee might inquire about the likelihood of receiving bonuses. If the attorney is a partner, the trustee will look at the value of the partnership interest. If an attorney-debtor has his own practice, the trustee may inquire about the value of office equipment and any assets owned by the practice. Depending on the situation, the trustee might want to also examine the attorney-debtor’s financial books and records, which is something a trustee might do with any consumer filer who has his own business.

4. Attorneys Who File for Bankruptcy Will Be Able to Continue Their Law Practices. Although a law practice is technically a non-exempt asset, it is a personal services business bound by ethics laws that a trustee could not realistically sell. Thus, sole practitioners filing for bankruptcy relief are usually able to continue their practices without any problem.

5. Unique Issues Attorney-Debtors May Encounter. Since attorneys have the potential for earning substantial income, both the case trustee and the Office of the United States Trustee, which is the governmental agency that oversees bankruptcies, will want to make sure that an attorney who files for Chapter 7 relief is doing so in good faith. In other words, they want to make sure the attorney-debtor will not be in a position to earn a hefty salary after filing that could have enabled him to make some payments to creditors. If that was the case, the attorney-debtor can still file for bankruptcy, but he would have to consider a case under Chapter 13 instead, which would involve a payment plan.

6. Attorneys Who File for Bankruptcy Won’t Be Treated Any Differently By Judges Or Trustees. In my experience, bankruptcy trustees and judges treat attorney-debtors the same way as any other debtor. Attorney-debtors do not receive any special treatment, nor are they disparaged or made to feel embarrassed in any way.

7. Attorney-Debtors Should Not Represent Themselves. Like any other pro-se debtor, an attorney-debtor can obviously represent himself. However, it would be much wiser for attorney-debtors who do not regularly practice bankruptcy law to hire a bankruptcy attorney to represent them. A knowledgeable, experienced bankruptcy attorney will know the Bankruptcy Code, Bankruptcy Rules, the local rules and practices, and will be best equipped to guide the case to a beneficial conclusion.

So in conclusion, attorneys who have serious debt problems should consider bankruptcy as an option.

For more information on Dan Nunley or to contact him, visit his site.

@GetOutOfDebtGuy

Source: Attorneys Have Debt Problems And File Bankruptcy Too

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• No Related Post

The problem is that the CARD Act does not apply for business or corporate credit cards or cards used as “an extension of credit primarily for a business, commercial or agricultural purpose.” So if a credit card determines that the purchases on your personal credit card are primarily for business use, like frequent flights, hotels, big meals out, office supplies, etc. then it is a loophole the credit card company could exploit to JACK UP your rates to whatever they want with little notice.

If you have a small business and need to know more about business credit, consider subscribing to the feed over at my new site How To Get Business Credit where I write about the pitfalls and opportunities in using credit in small business.

@GetOutOfDebtGuy

Source: Be Careful if You Use Your Personal Credit Card for Business Purchases

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Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.

“Dear Steve,

We moved out of Michigan in January 2009 due to a new job. We were able to qualify to purchase a home in Indiana even though we had not yet sold our house in Michigan. So, now we own two houses. Due to the lousy housing market in Michigan, our house there is worth between $10,000 to $30,000 less than what we owe, maybe more. We will never recover what we put into it and pay the real estate professionals. We have been trying to sell it since Oct. 2008. Lots of lookers, but no offers. We have also been looking for a renter but the rental market is so flooded that any renters will only pay about $500 less per month than our current mortgage payments. I just feel like we are throwing thousands of dollars our the window every month when we make our payments on this empty house.

Should we:

1. try to negotiate a short sale (which I doubt the bank will do since we have the income to cover both mortgages)
2. go into forclosure and accept the hit on our credit since we already have another house
3. rent the house for less than our current mortgage payments and try to get some tax write offs while we wait for the market to pick back up again, which could take years!!!

Nancy”

Dear Nancy,

The best answer is going to come from a different expert, your tax advisor.

Since you have the income to cover both mortgages, while unfortunate that the market in Michigan has deteriorated, the obligation to deal with the old mortgage remains yours. Allowing the home to foreclose and dealing with the big bill and tax consequences that could create for you is not a reasonable option.

That leaves us with two realistic options, to rent at a loss or to buy your way out of the house with a loss.

I think you should go and meet with your tax advisor or find a local tax advisor that can help you determine which option would provide you with the greatest tax benefit at the lowest cost.

If you sell the house for less than you owe you will be able to unload this concrete block from around your neck. You will have to come up with the cash to pay off the difference between the sales price and the amount due.

If you rent the house at a loss of about $6,000 a year plus maintenance costs, you risk greater exposure by being a long distance landlord in a market where renters may have even less concern for the care of your distant property. And trust me, being a long distance landlord is expensive and not fun.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big hug.

@GetOutOfDebtGuy

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

Source: We Moved Out of Michigan to Find a New Job and Left a Home Behind. – Nancy

Originally posted 2009-09-14 06:43:39.

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The following press release put out by Freedom Debt Relief crossed my desk this afternoon.

FOR IMMEDIATE RELEASE / PRURGENT

SAN MATEO, CALIF., March 15, 2010 — Freedom Debt Relief (FDR) has received the Goldline certification for excellence among debt settlement companies.

The Goldline certification indicates that the company is a leader among peers in its industry, explains Andrew Housser, CEO of FDR. “Goldline’s stamp of approval is a meaningful indication that an independent third party has confirmed FDR’s position as a forerunner in the debt settlement industry.”

In its certification process, Goldline researches and evaluates professional service providers through a multi-step method designed to identify those businesses that stand out among their peers. The firm conducts extensive primary and secondary research, including executive, employee and customer interviews, and evaluates company results with industry-specific benchmark data.

Through its findings, Goldline is able to identify companies that meet four criteria: exceed their industry’s standards for professionalism; maintain an excellent record of ethical business dealings; stand among the best service providers in their industries; and boast a time-tested record of success. Goldline published its evaluation of debt settlement companies in the March issue of Forbes.

“The Goldline certification is especially important in the debt settlement industry,” says Housser, “as it is a business that can be confusing, and which some have considered suspect when it comes to working with consumer finances.” The third-party evaluation and certification, he explains, confirms FDR’s approach to, and success in, helping consumers struggling with unmanageable debt effectively, efficiently and fairly.

A debt settlement firm, such as FDR, negotiates directly with creditors on consumers’ behalf to resolve debt balances, lowering principal balances due. Offering an alternative to credit counseling, debt consolidation and bankruptcy, FDR’s debt settlement programs help qualified clients fully resolve their debts, typically in two to four years.

Something resonated in the back of my hollow but melodic skull about Goldline so I had to go look them up once again at GoldlineResearch.com. As I remembered, Goldline is not an independent certification company like a Consumers Reports, they screen companies in various categories and to sell placement of the company name in an advertisement, like the sample below, that appears in Forbes.

Sample Service Provider Ad from Goldline

Goldline says they go through a 7 step process in checking out companies that appear in their advertisement in Forbes. Goldline also says they “look for service providers that are among the best in their industries, exceed their industry’s standards for professionalism, have no lawsuits or grievances from clients against them and have a time-tested track record of success.” – Source

But here is what struck me, I remembered that Freedom Debt Relief had at least one open lawsuit against them and when I went to check I found they actually have at least two. I didn’t bother to check on a state level. Source, Source. And last I heard Freedom Debt Relief was still involved in the State of New York investigation of the debt settlement industry by the Attorney General. – Source. And according to the BBB they have an F rating and 227 complaints filed against them. – Source. So on that basis alone, how did Freedom Debt Relief make the Goldline list?

It’s also important for readers of the advertisement in Forbes and consumers to understand that the list is not a top of the field list. As Goldline itself says:

Goldline does not produce “Top 10″ lists. Goldline offers those companies that receive the Goldline certification the opportunity to participate in cooperative marketing in national publications such as Forbes and Fortune.

So will Freedom Debt Relief will use their appearance in the paid advertisement in Forbes as some seal or mark to entice consumers to use their services as if they were certified by an independent entity? Why it appears they are. It’s already on the home page of their site.

In order to appear in the Goldline Forbes advertisement Freedom Debt Relief appears to have purchased the ‘Publication in Forbes in “Leading Providers” Listing’ package for $4,500. That package includes:

• One-time publication in national edition of Forbes magazine.
• One (1) copy of the issue of the magazine in which the listing appears.
• “As Seen In” placard.
• “As Seen In” PDF and listing artwork PDF.
• Listing on ForbesCustom.com.
• Use of aforementioned artwork for twelve (12) months from date of publication.
• Limited to no more than ten (10) participants.

Goldline sells this listing service as a sales tool. “Selection onto a Goldline Research research guide provides a unique opportunity to attract new clients.

Source

So when Freedom Debt Relief says:

“The Goldline certification is especially important in the debt settlement industry,” says Housser, “as it is a business that can be confusing, and which some have considered suspect when it comes to working with consumer finances.” The third-party evaluation and certification, he explains, confirms FDR’s approach to, and success in, helping consumers struggling with unmanageable debt effectively, efficiently and fairly. – Source

Really? It appears to mean, in my opinion, that a debt settlement company that has at least two active open lawsuits (did not check on the state level), 227 BBB complaints (79 in the last year) and is under investigation by the State of New York Attorney General is apparently a leader in the debt settlement field. No wonder some have considered the debt settlement field suspect, as the press release so accurately points out.

At the time of publication I asked Goldline Research for clarification on their screening process. I am still waiting for them to get back to me.

@GetOutOfDebtGuy

Source: Freedom Debt Relief Bragging About Being in Forbes. Not So Fast Fellas. Back the Bus Up.

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Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.

“Dear Steve,

I am trying to improve my credit so i will be able to purchase a house before i am 30 years old. i have a good job and make between 40 and 50 k pre taxes. my credit is not so good due to previous first time experiences. i am currently 26 years of age and am in need of help to repair my credit.

What do i need to do to purchase a home without paying a ridiculous down payment or outrageous interest rates

Josh”

Dear Josh,

I can help you deal with getting a lower interest rate by improving your credit but the large down payment issue is a different problem.

You know it used to be that almost all loans required a 20% down payment and then lenders went crazy with no down payment deals. I expect that it will settle out somewhere in the middle there.

Putting down money on a new home reduces the lenders risk, which can lower your interest rate, and lowers your monthly payment.

Getting your credit in better shape is easy to do. You should click here and order a copy of this consolidated credit report. It is the credit report that I use as well. And when you get your consolidated credit report be sure to order it with the credit scoring option. That is important.

The consolidated credit report with the credit score option will show you all the public information about you. You need to go through it carefully and make sure that no incorrect information is being reported about you. If it is, follow the directions with the credit report and dispute that information with the appropriate credit bureau to have it remove.

Next, follow the advice given in the credit score section of the report. It will provide specific suggestions about what you need to do to bring up your credit score.

Steve

Source: I Am Trying to Improve My Credit. – Josh

Originally posted 2009-03-03 14:26:45.

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• Credit crunch pressures consumers to get out of debt – Dallas Morning News (0)

Amid high unemployment and sliding home prices, a growing number of struggling consumers are doing what was once considered unthinkable: paying their credit card bills instead of their mortgages. A recent study developed by TransUnion found the percentage of Americans who were current on their credit cards but behind on their mortgage increased to 6.6 percent in the third quarter of 2009, up from 4.3 percent in the first quarter of 2008. Meanwhile, the share of consumers making mortgage payments on time but behind on their credit cards moved in the opposite direction, sliding from 4.1 percent to 3.6 percent over the same time period.

The data reflects a “fundamental paradigm shift” in the way consumers prioritize payment of debt obligations, says Ezra Becker, of TransUnion. “This is dramatically different,” he says. “It is a clear manifestation of the dynamics that lead up to the recession and the recession itself.” – Source

@GetOutOfDebtGuy

Source: Consumers More Likely to Pay Credit Cards Than Mortgage

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• We Got 100% Financing On Our Home But Once the Loan Adjusts We Won’t Be Able to Afford it. – KC (0)

Here is the editorial:

Pay off your debts for just pennies on the dollar! One phone call can save you from years of financial misery!

Sales pitches like these might sound like they’re coming from a carnival barker. To Gov. Jennifer Granholm and some state officials, they’re just as believable.

That’s why Granholm last week publicly pushed for legislation to regulate companies that promise to settle debts. With many households swimming in red ink and with no regulations now in place, this is a sensible approach that lawmakers should consider.

ISSUE

Governor proposes regulations for debt settlement companies.

OUR SAY

Reasonable rules ought to be in place to protect consumers.

First, a distinction. There are two types of companies that help people with their debts. Some offer counseling to help people manage their budgets or work with creditors. They are state-regulated and licensed.

The other — the ones with no regulation — promise to settle debts. They advertise they can arrange payment plans that get people out of financial trouble.

Some of these companies provide a legitimate service. Others do not. The point is, there’s no way of telling.

Granholm last week suggested three ideas:

1. Have debt settlement companies be licensed.

2. Bar them from telling customers to stop paying bills.

3. Allow customers to cancel their debt settlement deals and get their money back.

Those proposals should put most unsavory debt settlement companies out of business. Presumably, they would not affect businesses that actually can help customers get out of debt.

More important, these rules would serve the public. Many families already owe tens of thousands of dollars on their credit cards. The last thing they need is to make more bad decisions.

Source

@GetOutOfDebtGuy

Source: Rules for Debt Settlement Companies Would Help Protect Consumers

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• Should I Go Bankrupt or Do Debt Settlement? – Endeudado (3)
• Should We Stay in Our Home or Walk Away Like Others? – Kim (0)
• How Do or Can I Settle My Debts on My Own? – Shawna (5)

Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.

“Dear Steve,

I was a former client of hess kennedy law firm(otherwise known as consumer law offices). I recently heard your interview with Daniel Stermer. I was one of the few that my personal files regarding credit card accounts with hsbc , chase,formerly washington mutual credit card ) capitol one , was not sent for settlement and nothing was done . Where as many others were able to have thier accounts with these creditors eliminated and credit report /trade line deletions were done. Now due to time constraints the receivership is unable to address this for me. What can I do now?

HJ”

Dear HJ,

The interview you mention can be found online here, An Interview With Dan Stermer, the Court Appointed Receiver for the Hess Kennedy Debt Settlement Law Firm in Florida – Get Out of Debt Podcast.

My advice would be for you to call Mr. Stermer at Lewis B. Freeman & Partners at 954-321-3388. You may have to hire him to represent you personally to clear up this matter since it is my understanding that his court appointed receivership on the debt settlement account is up. He mentioned in the interview I did of him that he was under some time pressure to wrap matters up quickly at the end.

I put a call in to Mr. Stermer but at the time of this posting I had not heard back from him.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big hug.

@GetOutOfDebtGuy

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

Source: I Was a Former Client of Hess Kennedy Debt Settlement That Did Not Get My Credit Report Updated. – HJ

Originally posted 2009-09-11 05:51:02.

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• Will My Credit Report Ever Get Updated From the Hess Kennedy Debt Settlement Mess? – Josh (6)
• Lawyer Tumbles Down a Rat Hole After He Stole $1.5 Million From Hess Kennedy Receivership (0)
• The Curse of the Hess Kennedy Debt Settlement Firm Lives On (1)
• An Interview With Dan Stermer, the Court Appointed Receiver for the Hess Kennedy Debt Settlement Law Firm in Florida – Get Out of Debt Podcast (1)
• I Was Referred by The Achievable to Allegro Law for Debt Settlement Services. – Ashish (5)

"My wife and I have been struggling, morally, with what to do. We have two interest-only, adjustable-rate mortgages with two different lenders coming due in May of 2011. I currently can handle paying all my bills–but just barely, with nothing left over for replenishing of the emergency fund, or even my kids' college savings.

In one year, when those adjustable rate mortgages adjust, it's a different story. The home is now worth about 70% of the loan values. We do not want to stay in the home and have been trying to be proactive about doing something before the rates adjust. My lenders both said that if I do a short sale they would definitely make me sign a promissory note (for the deficiency). That defeats our purpose, so it is not an option for us. Bankruptcy attorneys have told me I make too much money to file for Chapter 7. I am currently employed. Last June I lost my previous job, and squandered our savings to stay above water with bills and the mortgages. Hindsight is 20/20 and at the time I should have filed for Chapter 7.

So, I am considering just letting the home go to foreclosure, saving my money, paying off other smaller debts (such as credit cards, and car loan), but am hesitant. I want/need to do the right thing fiscally for my family, but am wavering on the fence as to just take the plunge or not in a strategic foreclosure.

What should we do?"

These people are far from alone. Millions of middle-class Americans today are in a similar situation. They are struggling with their mortgage payments, and cannot sell because they are a long way underwater, owing more on their home than it is worth. They have wiped out their savings trying to keep up. One worker in six is either unemployed or underemployed, and there is a tsunami of rate resets coming in the next two years.

No one forced them to borrow –but no one forced the banks to lend either. More important right now is how they get out of it. I took this conundrum to two experienced bankruptcy attorneys–Richard Nemeth in Cleveland and Jeffrey Tromberg in Ft. Lauderdale, Fla.–for their advice. Here are some thoughts they offered.

Read the rest of this article for the eight steps to consider.

Other Related Articles to Read

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• Consumers More Likely to Pay Credit Cards Than Mortgage (0)
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• Our Mortgage is in Default But Bank Did Not Foreclose. – Kal (0)
• Deed in Lieu of Foreclosure. What is it? – Bob (0)

@GetOutOfDebtGuy

Source: I Saw This the Other Day and it Made Me LMAO

“Dear Steve,

I tried using one of these debut relief companies you spoke of called Impact Debut in San Diego (it appers they also go by Impact Debt Relief and a couple other names) but I was referred to this Impact Debut company by trying to do a loan modification and was outright lied to about the fees. I was told there would be a $75 fee and $25 a month to maintain and that it would be settled a.s.a.p. None of wich has happen or is going to happen. First they said they had to collect my 10% which ended up being 15% (I think can’t find all the statements) I was told on the phone when I made arrangements myself to settle the debut that they wouldn’t help and wanted us to stop speaking to our creditors they could do a better for us than we could do for our selves that was almost a year ago now and I have paid all the debut mysself with no help the wholetime they kept drawing on the account and I do have a balance in an account with them . What do you
think is the best way of getting it back? The debt I have contracted with them is payed off! I canceled there auto draw and just want back what i can get :(

Kristie”

Dear Kristie,

Generally debt settlement companies collect the total fee due on all your debt from the initial payments. When you ask for a refund you should expect they will reject your offer. But all is not lost.

What I would suggest is the following process.

1. Write a letter to Impact Debt Relief and make your case and ask for what you think is a fair refund. Send the letter by certified mail, return receipt requested. The card you get back will be proof of your mailing.
2. If they do not refund your fees then send a second letter certified mail, return receipt requested and state that you would like to receive a refund or you will file a complaint with the BBB and the Attorney General in your state and the California Attorney General.
3. If they still request your offer then file the complaints and notify them you have filed them.
4. If the still are unwilling to refund some or all of your fees then consider filing a complaint and sue them in small claims court for the money.

They may not refund all of the fees you’ve paid if they can justify some work performed on your behalf.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: How Can I Get My Money Back From Impact Debt Relief Debt Settlement Company. – Kristie

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“Dear Steve,

I am about to get married for the first time in about 6 months. I am scared of my debt and how it will effect my future husband (who happens to have a great credit score.) I have several debts to technical companies, one payday loan, and my very high and in collections student loans. I am at the brink of a breakdown. I don’t know where to turn or how to get out of the situation I am in and am considering calling off the wedding in fear that it will be detremental to my future busband and his financial stability. Please help! Where do I turn and will it effect my future husband and his ability to get a home/car loan or credit cards?”

There is no need to put off getting married. Love can conquer all but it must be built on a foundation of honesty.

I would suggest you get a copy of your consolidated credit report and sit him down in a nice way and tell him you want to share the reality of your financial woes.

Your debt will not become his debt upon marrying but your current issues may prevent you from applying for joint credit to buy some future items like a home or car.

If you love the guy, which I assume you do, then he deserves to know the truth. If he was a jerk and pitched a fit or left then he is honestly the guy you want to marry.

I often hear the comment that people feel scared and alone and don’t want to tell their future spouse about their debt issues but honestly, if you are intimate enough to have sex and want to enter into the legally binding relationship of marriage, you certainly need to be able to talk to each other about money, credit and debt.

Trust me, this will work out fine, just be open and honest about it right now.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I’m Thinking of Calling of the Wedding Because I Don’t Want to Tell Him About My Debt.

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“Dear Steve,

I am in a domestic partnership. My partner and I are not married and do not have any form of civil partnership. We bought a house and we are both on the mortgage and deed. We also bought a car, and I’m a cosigner but I’m not on the title.

My partner is emotionally abusive and I want to leave, but if I moved into an apartment of my own I wouldn’t be able to afford the mortgage and car payments if she failed to pay. And if I lost my job (which I’m afraid I’d be at risk of if she started harassing me in person or by phone at my workplace), I would be in huge trouble. I know that she’s using the mortgage and car loan to keep me trapped, because she is psychologically unstable and doesn’t want to be alone.

She controls my finances. I agreed to this early on. If I needed to pay a lawyer to help me with this, I would have to ask her for money, and she could easily say no. And she would definitely get suspicious. I do have a bank account that she does not have access to and I have thought about switching the direct deposit from my job to that. The paycheck amount is enough to pay for an apartment. I haven’t found a way to secretly save money toward leaving, because I just haven’t been able to figure out any other source of income besides my job.

I’m very introverted so I don’t have friends who I could stay with, and I’m scared of trying to live with roommates because I have been in situations like that before and it didn’t work out well because of my shyness.

I’m on the mortgage and car loan with my emotionally abusive domestic partner who controls my finances, and I really want to get out this abusive relationship and have hope for a happy life by myself, but how can I do that without putting myself at risk of ruined credit or legal problems?

Ann”

Dear Ann,

Well we have two distinct issues, the violence and the debt. The first is with the domestic violence from your partner. Domestic violence can be emotional or physical. It doesn’t really matter, you are afraid for your wellbeing.

While I’d love for this to end well and without any complications on your part I don’t think it will.

It clearly seems that for your own sanity and safety that you need to make a clean break here. If you have little equity in the property it seems like the best plan of action would be multi-step SWAT style approach.

What if you considered the following approach.

1. Contact the National Domestic Violence Hotline at 1-800-799-7233, or on the web, here. They can help you with information on getting protection from your partner.
2. Change your direct deposit to the other bank account only you have control of.
3. Find a new place to live.
4. Click here to talk to a local bankruptcy attorney about making a totally clean break from your joint debts and obligations.

Then what you could do is find a new apartment, change the direct deposit, implement your domestic violence protection plan, get some friends or professional movers to help you get out quickly when she is not home, go to the bank and take out your part of the money in that joint account and remove your name from it, and tidy this up with a quick bankruptcy to fully and cleanly terminate your legal relationship with her over these debts. Without the bankruptcy the debt will still tie you together and what you really need is a total and complete break.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I’m in a Lesbian Relationship and I Want Out. – Ann

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“Dear Steve,

I would like to get a loan to pay off some credit card debt and a loan i took out several yrs ago to help pay off debt… the loan i have has a huge intrest rate and a huge monthly payment and i need a way to pay it off and the rest of my credit card debt i was just wondering if there was a way to do this and not be soo broke???

Brandon”

Dear Brandon,

You know, a debt consolidation loan might not be the best solution to yet another debt consolidation loan. If you want to look at loan possibilities before we dig deeper here then I would suggest you go visit LendingClub.com and check out the options there for a unsecured fixed rate loan.

After you check that out, post an update in the comments section so I know what happened.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I Need a Debt Consolidation Loan to Pay Off My Debt Consolidation Loan. – Brandon

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Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.

“Dear Steve,

I am an unemployed mother to be. I had taken out a bank loan when i had a job, and i lost my job a few months ago. I am now behind on the loan payments and i don’t know what to do. I also have the monthly utility bills due. and rent. Is there anyway to get like… a loan for unemployed people. Or any way i can just make cash fast. I’m desperate. I’m out of options. I know getting a job is an option, but it seems like no one is hiring. I just can’t find a job.

Please help me.

Thank you,

Amber”

Dear Amber,

There are two courses of action for you to take here. The first is to discharge your old debt with bankruptcy since there is no expectation you will be able to recover from this and the second is to get on every benefit program you can, including for coupons, Medicaid, and unemployment income. See this post for helpful links to benefits.

There is no loan available for unemployed people.

You can also turn to friends, family or your religious organization for assistance.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big hug.

@GetOutOfDebtGuy

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

Source: Unemployed Mother-to-Be Behind on Bills. That’s Me. – Amber

Originally posted 2009-09-21 12:55:19.

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@GetOutOfDebtGuy

Source: Something Not to Do When Feeling Bummed About Your Debt

“Dear Steve,

I have a Sam’s card and was paying on it until i lost my job and can’t pay on it.. plus had to go to the doctor for depression and medication.

The credit card company calls and I explain it but they are nasty and I’m scared to what happens next.

What can I do until i find other employment. I own nothing right now and live at my parent’s house… which causes them problems answering the phone in my behalf until I tried to talk to them.

I don’t want to not pay the bill, but I’m struggling to find a job.

Cheylynne”

Dear Cheylynne,

Sam’s Club issues credit cards underwritten by either GE Money or Discover. I’m not sure which card you have. Regardless the same issues apply. The reality is that due to your employment situation you can’t make a payment promise right now. The best thing to do at the moment would be nothing.

I know doing nothing sounds like crazy advice but until something changes here to alter the equation there is little need to do anything other than to be pleasant and nice when the creditors call. As long as you are cordial and nice your account will flow through the normal collection process and that will buy you some additional time.

So here is what will happen next. Once your account reaches 180 days past due it will be charged off and sold to a new owner. Until then your account will flow through the normal collection process and collection efforts will fluctuate as it moves from one collection queue to the next.

Eventually you may be sued to collect the debt.

I’m really glad to see you getting help for your depression. Debt problems only make depression problems worse so treatment for depression is critical at a time like this.

You probably want to do something to make this situation go away. The best thing you can do is concentrate of getting a job. By the way, how much debt do you owe?

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: I Want Pay My Sam’s Club Credit Card But Can’t. – Cheylynne

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LendingClub.com is a people-to-people lending network that typically charges lower interest rates than banks and makes the borrowing process automated, online and less scary.

Individuals like me lend money though LendingClub to help other people that have a need. A majority of these loans are used to consolidate high interest rate debt to a lower fixed rate loan that is paid off in three years or less.

And not only is LendingClub and attractive place for people to secure debt consolidation loans but as evidenced by their surplus of cash to lend it is also an attractive place for people to lend money for a much higher rate of return than they can get elsewhere.

As an investor myself and as someone that has recommended LendingClub.com to readers and friends I am very happy in their performance. Please visit LendingClub for more information.

@GetOutOfDebtGuy

Source: Debt Consolidation Lender Has Too Much Money to Lend. Needs Customers.

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“I have $25,000.00 in debit, what is the best way to consolidate. I was refused a bank loan due to income to debit ratio. My credit score is 800.”

With a credit score of 800 and not needing more than $25,000 you should be able to easily get a fixed rate, unsecured, three year debt consolidation loan through LendingClub.com. LendigClub.com is a peer-to-peer lending network where people like you and me lend money to other people like you and me.

Right now LendingClub.com has a shortage of applicants and too much money waiting to lend. Now is the time to visit lendingClub.com and check it out.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: My Credit Score is 800. Where Can I Get a Debt Consolidation Loan?

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The Apple iPad is great device for people to access their “stuff” in new ways without having to lug around a cumbersome laptop or tiny screen netbook. The functionality of the iPad simply adds to the features it brings to ambulation computational demands. But is it worth the price?

Not to tip my hat, I’d have to say “Hell yes”, for me that is. But I must add the disclaimer that my excitement over the iPad is that I already have a place for it in my life. Its functionality already provides me with a benefit and makes my life richer.

For me, the less attached I am to any one place the better my life is. As essentially a net author, access to the web from portable devices allows me to work from any location worldwide. Not needing to be tied to one physical location is an exceptional benefit to me and improves the quality of my life.

Sitting at my desk or swinging in the hammock by the creek, exceptional devices like the iPad allow me to accomplish my tasks at hand effortlessly. The first generations of smartphones, including the iPhone are too small for me to do more than quick and casual tasks. Laptops are too big to easily lug around. But the iPad format is just right for my needs.

To access the web from the iPad, AT&T came out with a prepaid data plan for 3G users to access the the outside world. Rather than lock the user into a contract for a period of time and charge the user an expensive cancellation fee, the AT&T plan allows users to pay for data access on a month-by-month basis. If you decide latter you don’t want to pay for data access, don’t.

Users that latter elect not to continue their data plan contract will still be able to use their iPad wirelessly from any wireless internet access point using the built-in WiFi capabilities.

Ultimately the true value of the iPad comes from how much benefit the user gets out of it. For people that find a laptop or netbook either too large or too small, the screen on the iPad along with its easy mobility and functionality make it a well supported device for accessing email, music, documents, the web, photos, books and magazines.

@GetOutOfDebtGuy

Source: Is the iPad a Debt Worth Having?

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But here is a cute ad from PayPal pushing the new iPhone PayPal Bump app that made me laugh.

@GetOutOfDebtGuy

Source: PayPal iPhone App Users “Poised to Become the Dominant Species”

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Source

@GetOutOfDebtGuy

Source: Irony: Man Scams Prison Inmate And Gets Jail Time

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“Dear Steve,

What if you took out a sallie mae loan and the money really did not go to higher education… only for odds and ends and surgery. Is it still considered a student loan in that situation. And if not, would it be best to file bankruptcy including this loan.

Margaret”

Dear Margaret,

Unfortunately this isn’t the first time I’ve heard this same situation. The problem is that you can use your Sallie Mae loan for anything that is school related and some people don’t. That doesn’t mean you then get to treat the loan in a way other than what was agreed to. The ultimate issue here is going to be the master loan documents you signed and the fact that student loans are not dischargeable in bankruptcy.

It’s still a student loan, even though you decided to use it for other things. I’m sorry I don’t have better news for you.

Big hug.

@GetOutOfDebtGuy

P.S. Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Source: So What Happens if I Did Not Use My Sallie Mae Loan to Pay for School But Used it for Other Things? – Margaret

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