29 Apr Debt Cures: Does Kevin Trudeau Make Money or Sense? Part 15: Stop Debt Collectors Cold!
Part 15 of my review of Kevin Trudeau’s book, Debt Cures They Don’t Want You to Know examines Chapter 20: Stop Debt Collectors Cold. The purpose of the review is to examine whether Trudeau, who has had extensive involvement with credit card fraud and the Federal Trade Commission for some of his previous books, makes any sense in this latest self-help promotion or is he making money selling empty promises?
Trudeau begins by explaining that consumers should learn their rights regarding debt collectors. Debt Collectors come in two vareties: debt collection (operating on a commission basis collecting a debt for the original creditor) and debt buyers (owning the debt purchased from the original creditor). Debt collectors do not play “fair” for the most part.Debt collectors want to collect the money owed on the debt and may use tactics that are illegal. Trudeau points folks to the Fair Debt Collection Practices Act which provides a set of rights to consumers.
The first half of this chapter is very good in that it clearly outlines what to do if contacted by an abusive debt collector. But then, Trudeau encourages the reader to produce the financial statements created in an earlier chapter and to let the debt collector have those statements to prove that the debtor cannot pay. The reader (and follower of this advice) has just provided valuable information to someone who wants to take his money and will use any means necessary to get that money. If the reader has assets beyond the limits allowed inhis/her state, those assets are subject to being taken by the debt collector with a judgment against the debtor.It is vital that an attorney’s advice be obtained prior to providing any information to a debt collector.
Lastly, Trudeau advises that the reader sue an abusive debt collector and implies that this is a process that can be done without an attorney. Initiating a lawsuit is a risky business and if the plaintiff loses and the judge finds that the case is without merit, attorney fees may be awarded against the plaintiff. Suing a debt collector over a small debt or abusive behavior could result in a large award against the naive consumer.
- Part 1 of my review examines the first three chapters of Kevin Trudeau’s book, Debt Cures They Don’t Want You to Know. (gets an “okay” rating)
- Part 2 of my review dissects Chapter 4 of the book (gets a warning of “Get legal advice from a lawyer in your own state”).
- Part 3 of my review deals with Chapter 5 of the book (gets a warning of “Get legal advice before following Trudeau’s advice”)
- Part 4 of my review examines Chapter6, as Trudeau discusses how to cut your credit card rate. (gets a “doesn’t hurt to try it; don’t expect it”).
- Part 5 of my review examines Chapter 7: Fighting Back. (gets an okay rating).
- Part 6 of my review examines Chapters8-11: Credit Score (gets “good information”)
- Part 7 of my review discusses Chapter 12: Credit Reporting Errors (gets mixed review as he repeats bad information (discussed earlier in Part 3) but generally good information).
- Part 8 of my review examines Chapter 13: Student Loans (gets generally good review)
- Part 9 of my review discusses Chapter 14: Home is Where The Start Is (gets nearly failing grade)
- Part 10 of my review examines Chapter 15: No Bankruptcy (gets failing grade/adds shame)
- Part 11 of my review examines Chapter 16: Big Business (credit card industry)(gets A grade for giving information)
- Part 12 of my review discusses the information presented in Chapter 17: Stealing Candy from Babies (gets okay rating for giving information)
- Part 13 of my review examines Chapter 18: Three Ring Circus (gets failing grade for repeating information already provided)
- Part 14 of my review examines Chapter 19: Slaying the Dragon (gets A grade for giving the math on how long it takes to pay off a 20% credit card with a balance of $8000 with just minimum payments….FIFTEEN YEARS!!!
- Part15 of my review examines chapter 20: Stopping Debt Collectors Cold (gets a failing grade for some good information and then followed by really bad advice: scary!)
- Part 15B of my review goes into more detail about what was scary about Chapter 20.
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