Debt Elimination Scams -- A Growing Problem for Consumers

Discusses the debt elimination scam that has spread on the Internet via network (multi-level) marketing schemes. Advises consumers how to easily spot this scam, which is often confused with legitimate debt reduction solutions.
Comments on article "Debt Elimination Scams -- A Growing Problem for Consumers"
Name Views and CommentsDate
Richard Russ Paul Cohen is a fired marketer never been a customer. He tries to bash me by name because I stuck up for the CCDN which he was bashing. Search in yahoo for Paul Cohen Credit Defense League 9/26/2009
Paul Cohen There are plenty of scammers still marketing debt elimination scams
The CCDN , a group of scammers have used marketing companies on the net to sell their program
Richard Russ and Gregg Britt of Ocala , Fla sell the program under
Legallyerasedebt. and attorneydebthelp.
thecreditcardsolution and many other groups		 2/15/2009
dustinb Thanks for teh heads up, as i was thinking about calling one of these companies. How can these ppl advertise on the radio and TV? this has got to stop... 12/26/2008
C.A. Archibald Mr. Phelan: I was "surfing" to assist a young man whose father worked for years for our family firm. I had heard some isolated bits of information in the area which you cover so thoroughly and clearly here. My compliments and you deserve the thanks of many individuals whom I hope will do some research and find this posting. 5/10/2007
Mike Here is an excerpt I found in a pdf document online detailing the program:

"After the evaluation, a Total Debt Elimination Plan is created and presented to you showing you what
program (or programs) you qualify for, how fast the FFG team can get you totally out of debt, and how much
monies the program will save you. For example, on the Wealth Master program (which about 70% of our
clients qualify for), we usually get them completely out of debt in 8-12 years, saving them an average of
$150,000 in interest. What is even better, it costs them nothing out of pocket to do it! If specifically needed,
a plan can be created that actually produces a monthly cashflow back to the you the client. Other times,
clients put in extra monies to accelerate their debt elimination program."
 2/22/2007
Mike What do you know about Freedom Financial Group (FFG) and their program. While their claims are not as absurd as the Liberty Resources, they still claim to reduce payments (and the overall number of payments) through "creation of margin." Apparently the system involves creating some kind of intermediary account and what they call a "third party administrator" that supposedly takes advantage of various tricks to lower the overall interest and make more of the payments apply to the principle.
2/22/2007
Jerry I am a HUGE fan of Charles Phelan. I have spoken to him personally, and used his program. I saved tens of thousands of dollars, and eliminated a lot of debt with his methods. This guy speaks the truth! If you are seriously behind on bills, and thinking that you may have to consider bankruptcy, go to his website and buy his program. Nice to see Mr. Phelan spreading the word on all the scams out there. Keep up the good work. 1/23/2007
Use the feedback form below to submit your comments.
Your Comments:
Your Name:
Use the form below to email this article to your friends.
Recipient Email Address:
 Separate multiple email addresses by ;
Your Name:
Your Email Address: