Friday, August 15, 2008

New Parasites have invaded - Debt Profiteers

Like hungry pirates looking for the next booty to plunder, a new form of bottom feeders have emerged in the vast fear-based marketplace: Debt Profiteers.

Debt Pirates! Ahoy!

They market to the frightened, promising to help "keep your house". In fact, they merely take money to postpone the inevitable. Today I saw a contract for one here in South Florida that charged $1,200 to merely say "find a lawyer to enter an appearance" and then they merely called the bank to get the balance and amount needed to bring the loan current.

The joke is that by law the bank must provide that information FOR FREE WHEN ASKED!

This is going to get worse.

More people are jumping on the bandwagon. The radio is full of Debt Pirates with promises of finacial salvation. Any decent attorney knows that this seldom works...debts don't just go away.

More to come.


Cate said...

These 'debt pirates...' Do they sing the Accountant's Sea Shanty? Are their ships the office buildings in which they work?

Scott Forgey said...

Yes...Crimson Permanent Assurance corp to begin raiding at the height of the fall

HappyPiranha said...

There have always been plenty of bottom-feeders to prey on the unfortunate when it comes to debt. I've seen many people fall for the for-profit credit counselors who take their money and pay themselves (the credit counselors) before putting anything toward the actual creditors. When it fails (and it usually does), you get debtors who still owe tons of money to creditors, but they're even deeper in the hole since the credit counselors delayed the inevitable.

Brian McMahon said...

People in such a situation should also be wary of attorneys who charge money to ward off foreclosure for 4 months. The courts in south Florida are so backed up,it is taking at least 4 months to foreclose. These attorneys are charging fees for nothing. Find a reputable attorney.

Brian K. McMahon

Scott Forgey said...

The debt profiteers are all over the airwaves with empty promises for the most desperate and disadvantaged.

No doubt one of the criminal elements is the Banks that offer cheap credit cards. The game is low initial rates that then go to 33% plus costs and fees.

The plastic prison is hard to get out of.

Predators abound in this economy - and we will some day regard the "innocent" banks as we now regard the "innocent" tobacco companies.

Come the revolution - the banks are first against the wall!

Kim said...

Well, I guess we can now see that some of the banks WERE the first ones up against the wall!