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 Posted: Thu May 22, 2008 10:48 am Post subject: |
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To simplify matters, let's look at debt companies in terms of three rough categories:
1. debt management plans require 100% repayment of the debt through a structured payment plan. This is what non-profit credit counseling agencies do, as well as for-profit debt consolidators.
2. debt settlement or debt negotiation plans require payment of part of what you owe, usually around 50% or less, with the remainder forgiven by the creditor. Virtually all of these companies operate on a for-profit basis.
3. Debt termination companies claim to wipe away 100% of your debt through special legal procedures, so your total payout consists only of their fees.
Right off the bat, let's cross #3 off the list. Sorry, but this one is a scam. You can recognize this type of company very easily. They make the claim that because of how our monetary system works, you never really borrowed any money in the first place! Their system is based on the false belief that credit card banks are operating illegally by extending credit to you. Absolutely do not give your money to one of these outfits! The fees start at $2,500 and go up from there. I spoke with one fellow who lost $15,000 in this scam.
Folks, there is no free lunch. The only thing such "debt termination services" will do for you is take your money.Their legal theories are total nonsense, and the courts do not recognize their arguments. These are the same people who also claim you don't need to pay your income taxes either. As tempting as it might be to try one of these services, you'll only get yourself in deeper trouble with your creditors.
Willyammer I want to also point out it is more than 5 complaints with the BBB that are major. There 15 unanswered complaints.That basically means that they ignored 15 complaints that the BBB even brought to them.
I also find it a mighty big coincidence that you just happened to live near FDRS and happened to be defending them despite all the negative info we can dish out about this company as well as their so called legit Debt Termination industry. I admitted I work in the credit counseling and settlement industry. Why can`t you just admit that you are an employee or are vested with FDRS. I think that everyone here thinks this is obvious. At least if you admitted it you could try and persuade me on your point of view since you work in that industry. Perhaps you can educate me as to why that program is so superior compared to my industry (which by the way is actually recognized as a legit way to get out of debt according the the FTC ). But since you supposedly " don`t " you have really no leg to stand on but to try and discredit every complaint that is out there.
This company needs to be shut down. If you have been wronged by this company file complaints with the CA Attorney General the Federal Trade Commission. Several other company's in the so called "Debt Termination Industry " have been shut down already. Its only a matter of time before they get shut down as well.
_________________
Scammed ? File complaints at these links
FBI
FTC
State Attorney Generals
www.bbb.org
Losing doesn't make me want to quit. It makes me want to fight that much harder. - Paul "Bear" Bryant |
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mobile0311
Joined: 05 May 2008
Posts: 1350
Debtcc Points: 7169
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| Posted: Thu May 22, 2008 2:52 pm Post subject: |
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Mobile0311, FDRS is located in Hollywood, which is part of Los Angeles, which is the 2nd largest city in the USA. I’m sorry if it bothers you that I live here. Coincidentally, about 12 million or so other people live here as well.
As far as “all the negative info we can dish out about this company”, well, it seems like anyone can say anything on this forum, as facts don’t seem to matter. Lots of opinions and “dishing” but very little in the way of factual statements.
And just because other Debt Termination companies have proven to be bad seeds doesn’t mean that FDRS is one.
You would know better than me so please correct/comment on the following statistics I have heard:
1) 90% of people drop out of settlement and consolidation programs
2) Those who do make it through settlement programs usually settle for 40% less than their amount owed. You say 50% but what percentage settles for 50% as compared to less?
3) Ruins a person’s credit for 7 years
4) Does NOT keep creditors from suing.
5) IRS may tax clients on the settlement amount.
I rely on your experience for (true, factual) answers to the above.
Have you checked the BBB ratings of some of the credit card companies and banks? I know (or hope!)you don’t stand up for the CC companies and banks, so don’t you find it very surprising that, with all their underhanded tactics, fine print and thousands of complaints that they have such good ratings from the BBB? Makes one question the impartiality of the BBB. |
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Willyammer
Joined: 16 May 2008
Posts: 36
Debtcc Points: 573
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| Posted: Thu May 22, 2008 3:12 pm Post subject: reply |
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willy,i am convinced you are an employee or a money man for this scam outfit.two facts
1)i have looked at the BBB and it isn't good for your buds at FDRS.
2)at least mobile is on other topics and forums giving advice,and not just on dmp'S,DSP'S,OR DCL'S. i only seem to see you here and only here.why the interest if you have no connection?why aren't you giving advice and your wisdom elsewhere on this site.
i'll tell ya why.CAUSE YOU ARE A SHILL FOR THIS IDIOTIC OUTFIT.convince me otherwise. |
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paulmergel
Moderator
Joined: 24 Jun 2007
Posts: 3488
Debtcc Points: 13304
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cajunbulldog
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Joined: 20 Dec 2006
Posts: 4875
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| Posted: Thu May 22, 2008 4:33 pm Post subject: |
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I still find it quite a coincidence that there are over 19,355 cities in the USA and yet you just happened to live in the one that FDRS is in. Gosh , what a coincidence .
Lets get the facts strait
1) 90% of people drop out of settlement and consolidation programs Wrong , Perhaps with company's that are rip offs like FDRS but actual good legit company's usually have a retention of around 60-80%.
2) Those who do make it through settlement programs usually settle for 40% less than their amount owed. You say 50% but what percentage settles for 50% as compared to less? A good settlement company's average settlements are going to be in the neighborhood of around 43% but some do can settle a little higher.Where as FDRS magically gets the debt to go away.
3) Ruins a person’s credit for 7 years
If they are a good candidate for settlement the client's credit is already negatively affected anyways because their bills are already late or about to be. It takes about 1 year of perfect payment history after completing the program to really help reestablish their credit, assuming they make good decisions and don`t get more credit card debt. They can also ,"if they want" hire credit repair places like Lexington Law to help fix it faster. FDRS only gets you sued like all other Debt Termination companys which really screws your credit up.
4) Does NOT keep creditors from suing.
Creditors can sue for non-payment however that is few and far between. That usually doesn`t happen because legit settlement company's usually contact the creditors from the beginning showing the creditors a budget and hardship and that they to want to take care of their financial obligations.Most of the time it is not cost effective to sue compared to settling. Where as Debt Termination you claim you don`t owe the debt and the creditors get ticked off and make an example of you . They WILL sue you " the client " for attempting to defraud them by garnishing wages and getting liens on property.
5) IRS may tax clients on the settlement amount. If a federal government agency, financial institution, or credit union cancels or forgives a debt you owe of $ 600 or more, you may receive a Form 1099-C, Cancellation of Debt. However if you “settle” this debt as “paid in full”with the creditor the negotiator can ask that they agree to the settled in full arrangement and not send the remainder as a loss to the IRS. If the creditor willingly accepts “less than” as “full payment” then make sure they agree not to report remainder. The creditor can refuse but usually does not.
ALL DEBT TERMINATION COMPANYS ARE SCAMS BECAUSE IT DOESN'T WORK. YOU WILL BE SUED FOR FRAUD BY THE CREDITORS.
_________________
Scammed ? File complaints at these links
FBI
FTC
State Attorney Generals
www.bbb.org
Losing doesn't make me want to quit. It makes me want to fight that much harder. - Paul "Bear" Bryant |
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mobile0311
Joined: 05 May 2008
Posts: 1350
Debtcc Points: 7169
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| Posted: Thu May 22, 2008 4:44 pm Post subject: |
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| littlefish wrote: | | Unclewulf, Thank you, too. Clearly you are an intelligent man with a quick wit. Your posts have made me smile in the midst of my despair |
Please don't tell that to Willy. The poor sod still thinks he's right. Wouldn't want to hurt his last feeling, would you? 
_________________
Wulfisms: my blog
The four 'no's of dealing with collectors:
No validation? No payment. No way! No kidding!!
Tellin' you all the zomby troof
Here I'm is, the zomby woof
[Frank Zappa, 1988 - R.I.P.] |
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unclewulf
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| Posted: Thu May 22, 2008 4:52 pm Post subject: |
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Here's a trivia question for the community: Has anyone seen a post from Willyammer [to date] that wasn't defending FDRS?
Didn't think so. 
_________________
Wulfisms: my blog
The four 'no's of dealing with collectors:
No validation? No payment. No way! No kidding!!
Tellin' you all the zomby troof
Here I'm is, the zomby woof
[Frank Zappa, 1988 - R.I.P.] |
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unclewulf
Moderator
Joined: 27 Nov 2007
Posts: 2432
Debtcc Points: 19471
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| Posted: Thu May 22, 2008 5:01 pm Post subject: |
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Willyammer..I'm going to insert myself into this conversation. I just read this thread from start to finish...I think you and I have met here before! Am I right?  I think you had a different name before..
_________________
"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner |
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finsfan13
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| Posted: Thu May 22, 2008 5:05 pm Post subject: |
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And the thick plottens...... 
_________________
Wulfisms: my blog
The four 'no's of dealing with collectors:
No validation? No payment. No way! No kidding!!
Tellin' you all the zomby troof
Here I'm is, the zomby woof
[Frank Zappa, 1988 - R.I.P.] |
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unclewulf
Moderator
Joined: 27 Nov 2007
Posts: 2432
Debtcc Points: 19471
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| Posted: Thu May 22, 2008 5:06 pm Post subject: |
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Lovin' it!!! 
_________________
"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner |
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finsfan13
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Joined: 17 Feb 2006
Posts: 7018
Debtcc Points: 59833
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| Posted: Thu May 22, 2008 10:57 pm Post subject: |
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Far be it from me to hurt anyone's tiny feeling.. especially concerning a topic they are so very passionate about.
Isn't "who knows" about to finish "the program" soon. We haven't heard from her lately??? Hope she is not in jail!
I'm going to be in the hospital for a few days so you won't be hearing from me but I will check back first chance 'cause ya know I don't have better things to do like vehemently defending a company that I have no connection to.
So Will baby, tell me, what industry did you work in prior to reading the job ad for FDRS and enrolling in classes to learn how to help people. It would seem that your position/job was rather quickly dispensed with?
Oh...I would come out of the closet but I can't find the friggin door for all the bills.
Au revoir  |
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littlefish
Guest
Debtcc Points: 100
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| Posted: Fri May 23, 2008 1:11 am Post subject: |
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Interesting Posts Mobile, but the only problem I have with them is in my research Income tax is Illegal, though I pay anyway do to it being enforced. And second the Banks are issuing Money they don’t have, its not a secret except to the average consumer like myself until I found out. Non of your senators pay income tax, and the Bill in 1913 was voted in during holiday break and only 3 were present with the plan of passing it through, hence why it wasn’t ratified.
So those 2 articles you posted give me more hope that this program will work, mainly because the Guy who wrote them original is part of the system, and like you said they DONT want to lose control of the scam they setup. Its only naive to think that the BIG international Banks operate legit, and that this current system which will collapse the US dollar for the AMERO isn’t crooked as a dogs hind leg.
To anyone reading this he isn’t sure on the FDRS company, I say fine, I wont know until I am through, but I feel its worth a shot. My main hope to anyone who is wondering is to LOOK on the internet and see some of the videos made that SHOW the history of the IRS, Income tax, and Big Central Banks and they way they loan money.
I was under the impression that banks by federal law can only loan out 10 times the money they have in the bank, and yet we know they lend out MORE which would be violating Federal law? Also Where did Capital One get their deposits, I see know Capital One banks anywhere?
THINGS like this made accept the possibility that this may work.
BTW the statement of CRUSHING the Income tax Protest doesn’t mean they were Wrong, it just shows there is allot to hide, there are MANY people that WON those cases and there are COURT records for that. But when you get a Judge saying he "DOESNT WANT THE LAW QUOTED IN HIS COURT" how can you win? So there are bought a paid for judges no doubt, the Mafia did it ALL the time. Loll
Anyway Mobile thanks for the posts its info, and I love info, but I think you should tone down a little, you turn people off. So if you really are trying to help and not get business for your company. Soften your approach and use more facts that anger. |
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firefly
Guest
Debtcc Points: 100
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| Posted: Fri May 23, 2008 6:14 am Post subject: FDRS |
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| I would like to speak to the person that said they are involved with FDRS and offered their email address. The post was dated 2/26/08 at 1:30. How can I contact you? |
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Judith DeAngelis
Guest
Debtcc Points: 100
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| Posted: Fri May 23, 2008 1:19 pm Post subject: |
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Paulmergel, you have fallen into the same opinion based, name-calling, fact-free responses as others here, letting your emotion get in the way of your brain.
Your statement “i have looked at the BBB and it isn't good for your buds at FDRS” would rate a DOH!!! on the Homer Simpson scale. The BBB rating has been rehashed ad nauseam on this forum topic.
But let me take you by the hand and lay it out for you, as I doubt you did more than go to the first page of the ranking. They got an “F” ranking. There have been 34 complaints. Only 5 complaints merited “Significant Complaints” status. If you read these 5 “Significant Complaints” you will see that they have been responded to by FDRS.
And since you put weight behind the BBB, have you checked on the rankings of your CC companies? I’m assuming you are on this forum because of CC debt. Even if you’re not, I’ll guess that you might not like the practices of CC companies. You might even suspect that one or two people have made a complaint to the BBB regarding the CC companies.
Check their ratings. Check their complaints. Let us know what you find.
I’m also going to assume that you have never started your own company or been part of a small and growing company, especially in a volatile, passionate business like debt. People will get frustrated and complain about their dry cleaner so imagine their feelings/complaints about their debt!
The reason I have only posted on this topic is I was looking for information on the company and this forum came up on Google. As I read through the postings, I became frustrated by the lack of well thought out responses. The more I read the more frustrated I got.
To be honest, I was quite surprised that the moderators let opinion rule over facts. Made me question their impartiality. Maybe that is the way all of the forum boards are. I don’t know, as I have not looked at the other boards.
In reading this forum, I noticed that there were responses that seemed to come from company personnel. But there were far more flaming, shoot first-look-up-the-facts-never responses.
Regarding “why aren't you giving advice and your wisdom elsewhere on this site.” Don’t give me credit for wisdom, for I have little, if any. All I have done is pointed out what I have found by doing a little research while pointing out that many responses, yours included, are shrill, fact-free, mean-spirited opinions that do not help a person who comes to this forum looking for objective advice.
And it seems that the people who do offer “advice” only do so in order to guide people to their segment of the debt relief industry (nothing personal, mobile0311, we all have to make a living).
And since some people here “need to know”, I work in the IT business. The company I work for is in West LA. Sorry to pop any bubbles in your conspiracy theories. |
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Willyammer
Joined: 16 May 2008
Posts: 36
Debtcc Points: 573
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| Posted: Fri May 23, 2008 1:26 pm Post subject: |
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Finsfan13, I might have been on this board, if it existed, back in 2000 or so, when I was in serious debt. Otherwise, no. Unless you're the guy with a Dolphins hat I spoke to at the Happy Ending sports bar on Sunset?
J-E-T-S Jets-Jets-JETS!!!
Finsfan13 wrote "Willyammer..I'm going to insert myself into this conversation. I just read this thread from start to finish...I think you and I have met here before! Am I right? Laughing I think you had a different name before.." |
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Willyammer
Joined: 16 May 2008
Posts: 36
Debtcc Points: 573
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| Posted: Fri May 23, 2008 1:34 pm Post subject: reply |
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| ah lillyhammer,you're back.i knew you wouldn't disappoint me.my statement still stands,you sound like an employee.you haven't once said anything to convince me otherwise.show me where you have posted anywhere but here.i await your next round of FDRS speak,later. |
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paulmergel
Moderator
Joined: 24 Jun 2007
Posts: 3488
Debtcc Points: 13304
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