Sunday, August 23, 2009

Debt Settlement Companies Using Deceptive Tactics to Entice Consumers?

Do Debt Settlement Companies use deceptive tactics to entice you into signing up for their services? We don’t know if they do or not, you can be the judge as to the legitimacy of this blog post! The following post was made on our blog today:

Jennifer said...

Hi,I used ”Credit Solution” to settle my debt and avoid bankruptcy. They managed to reduce my debt up to 58% and improve my credit score. It's legitimate . I came across this company on NBC News Special Edition. Check it out here:

So to find out if Jennifer’s claims are true, we have drafted an open letter to Jennifer on our Blog to find out more. Our open letter to Jennifer is below:

Dear Jennifer,

This was a very informative post on our blog, today. I was wondering if you could elaborate more for the readers of this blog how the company Credit Solution helped you. Could you also provide copies of settlement letters you received from your creditors? I am sure the people who read this blog would love to have some proof of how much money you saved. If you could provide proof of your claims, I am positive you would also be happy to sign a release under privacy laws to verify your claims with your creditors.

If you do provide verified proof via email, or a hyperlink on the internet, we will be happy to verify these claims with your creditors and bolster your contentions on the following webpage

Visit our website for more information about our services!

Thank you in advance

Ian Stanton
Director of Marketing

Monday, August 3, 2009

Self Help Debt Settlement – Creditors No Longer Working With Debt Settlement Companies?

Several major creditors have implemented programs aimed at debt settlement companies in an attempt to reduce losses. The current trend is expected to grow over the next several months as creditors stop negotiating with debt settlement companies.

Over the last year, debt settlement companies have increased their aggressive marketing of consumers to enroll for their services. Their marketing tactics seem to prey on the fears of consumers, or make misleading statements to entice consumers to enroll for their services. This is a trend that several State Attorney Generals have not been able to ignore, to the dismay of the entire debt settlement industry.

If you are a consumer who is experiencing financial hardship and have heard the advertisements that make claims like:

“We use insider secrets your creditors don’t want you to know about!”

“Banks have already received their bailouts, now it’s your turn”

These and other like minded statements used in debt settlement companies’ advertisements are at best to be regarded with a high level of suspicion.

Consumers who have already hired a debt settlement company could be causing themselves additional expenses due to this trend. Since January 2009, two (2) of the top five (5) credit card issuers (Chase, Bank of America, Citi Bank, American Express and Capitol One) have already stopped dealing with debt settlement companies in general. Our sources indicate this trend does not mean that creditors are not willing to negotiate with consumers directly. The trend seems targeted specifically at debt settlement companies, due to that methods and tactics they utilize. believes this is good news for consumers who are savvy in basic negotiation strategy. By negotiating directly with creditors you will save money if you understand how the debt negotiation process works. Utilizing a “Work with you creditors approach”, self help debt settlement is not a difficult process. provides their users with secure internet access to “user specific databases” and preformatted letters that assist individuals in negotiating directly with their creditors. The website also provides the users to choose either debt reduction or debt settlement programs. Both programs are fully explained and facilitated by their Patent Pending method of debt negotiation.

Once a consumer signs up for their self help debt negotiation web based program they have secure individual access to the databases, video tutorials, explanations of both the debt settlement and debt reduction methods. We also provide the users a complimentary copy of a Do It Yourself Debt Settlement eBook written by Madeline Lee. This eBook was written by a woman who researched the internet then settled her debts without the use a debt settlement company. This saved her thousands of dollars because she was able to control the negotiations with her creditors.

Madeline Lees website states: “This is an ingenious new completely out of the box method of stepping you through the actual process. This method will help you through the confusion of which letter to send and when, Starting with the initial hardship letters and then provide an ongoing space for you to enter all your creditors information for each outstanding debt, and then be able to monitor them. By going through this secure confidential process, you have a direct communication path open to the creditors/collectors, thereby eliminating the anger and frustrations both parties go through. It truly is ingenious and along with my book, and utilizing you have everything you need to tackle your unsecured debt head on”.

DIY Debt settlement is not that difficult if you have the knowledge and the tools you need. We provide our subscribers with both the knowledge and tools to successfully negotiate directly with their creditors. To see a video demonstration of the process utilized visit for more information on our Patent Pending Method of debt reduction visit our website.

Ian Stanton
Director of Marketing B-EZ Enterprises
(480) 278-3717

Saturday, July 25, 2009

Self Help Debt Settlement is a viable alternative to hiring a debt settlement company

Do It Yourself Debt Settlement also known as Self Help Debt Settlement is a viable alternative to resolving your debt. The dirty little secret Debt Settlement Companies do not want you to know is: They charge you thousands of dollars for a service that you can accomplish yourself. Hiring a debt settlement company is like hiring someone to tie your shoes.

If you are like millions of Americans, you are searching for solutions to your financial problem. With an unemployment rate of 9.7 percent as of June 2009, many economists are concerned that the current trend could have catastrophic implications on the economy as a whole.
The State by State unemployment rates are even more disturbing.

As of May 2009 twelve States have unemployment rates that exceed 10 percent. Of the twelve States four have unemployment that exceeds 12 percent. These States South Carolina and Rhode Island with 12.1 percent, Oregon with 12.4 percent and of course Michigan with an astounding 14.1 percent unemployment is clearly suffering the most.

The above statistics are not good news for the average consumer who is already experiencing financial difficulties. The outlook through the remainder of 2009 and early 2010 does not look encouraging either. In stating this, if you are already considering debt settlement, the question arises; how do I start negotiating with my creditors directly?

The first step to Self Help Debt Settlement is to research the entire process. There are a myriad of websites devoted to the process of debt negotiation. Most of these websites (In the interest of full disclosure, our website as well) are attempting to sell you something. The majority of these websites provide you with information that was gathered from the internet. Individuals can find all of this information on the internet with just a little research.

The next step is to gather all of your monthly bills together and establish a monthly budget. Make a list of your necessary monthly expenses to include your mortgage or rent, car payments, utilities, Insurance, gasoline, food and other household bills. Take this amount and multiply that sum by 1.2; this will give you an additional 20 percent cushion for unexpected expenses or emergencies. The difference between your total household income and the previously calculated amount is your monthly settlement budget.Start setting this amount aside as your settlement fund, as this fund accumulates use this as your benchmark for amounts you offer your creditors.

At this point you need to make an unyielding commitment to the process. It is essential that you understand that your creditors, in almost every case, will not even discuss settlements if you are currently paying them. Once you stop paying your creditors, the debt settlement process begins. The creditor is going to start escalating their collection processes in an attempt to mitigate their financial losses. Your creditors will start calling you to bring your account current. Do not avoid these phone calls; these calls are your opportunities to advise your creditors of your intentions and initiate the negotiation process.

When you are negotiating settlements with your creditors it is always in your best interest to offer settlements in one lump sum payments. If you have access to immediate cash, this is the best time to use it. Creditors are also experiencing financial difficulties in these trying economic times. If you decide to utilize investments (401k, Stocks, Bonds, IRA's and like investments) to settle your debt, seek the guidance of an experienced accountant first. The question you should ask any accountant is: Will I save money in the long term by utilizing these funds. Remember, your investments at best are generating 10 -12 percent interest. Your creditors are most likely charging you 2 - 2.5 times this amount in interest on your outstanding balance.

Now that we have described the basics, is it any wonder why Debt Settlement Companies are flooding the airwaves (both television and radio) with their commercials. These Settlement companies are preying on your fears and lack of knowledge with commercials that make it sound like they are doing something special. The fact is (as several State Attorney Generals have recently stated) several settlement companies are making promises they cannot, or never intended to keep just to separate you from your money.

The Debt Settlement Industry utilizes the basic method described earlier in this article to settle the majority of debts. The majority of these settlement companies make consumers believe that they utilize "secret programs your creditors don't want you to know about". This and other like minded statements could not be further from the truth.

Debt Settlement Companies make claims that if you make them monthly payments your debt will be resolved with in 24, 36 or 48 months. The payment amount seems to be reasonable to most people. A basic rule of thumb should apply to the above: If it seems too good to be true, it probably is! What the debt settlement companies forget to advise their clients (or hide it in the fine print of the contract), is that they take the first several payments to cover their sign up fees.

Most people who enroll with Debt Settlement Companies are under the assumption that the creditors have working relationships with the Debt Settlement Company. This is a false assumption; in point of fact, they have an adversarial relationship at best. This adversarial relationship impedes as well as prolongs the debt negotiation process.

If you have read this article up to this point, you are clearly interested in settling or negotiating your debt. By now you have already started researching how the process of debt settlement works. We would like invite you to visit our website for more information on our services. We have developed a self help debt settlement module that is Patent Pending as to the method utilized. We provide secure internet access to "user specific databases" and preformatted letters that assist individuals in negotiating directly with their creditors. The website also provides the users to choose either debt reduction or debt settlement programs.

Ian Stanton
Director of Marketing
B-EZ Enterprises
(480) 278-3717