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Monday, July 13, 2009

Economic tragedy brings out the rats of capitalism

Is it just human nature that some people will take advantage of people in times of economic crisis and steal from them? A recent report from The Wichita Eagle said a Kansas family who sought debt relief is suing three companies, claiming they have operated in Kansas illegally. They are charging huge fees to people who are already in debt. There is little doubt they are already victims of predatory lending practices, where people are lured into easy credit and then stuck with a lot of unexpected new rules to burry them in debt, interest rates and penalties until they feel financially trapped.
Then along comes more conmen and conwomen who promise relief if the victim will just pay some simple fees. The fees ad up and the victims are taken twice.
According to The Wichita Eagle:

“Beginning in June 2008, Galen and Suzanne Yunker of Caldwell and their son Gregory tried to use Arizona-based Rise Above Debt Relief LLC to settle some of their debt. In the process, they paid nearly $7,600 to the program, including about $4,400 in fees, according to their complaint filed in U.S. District Court.
A Kansas-registered credit service organization could not have charged more than $290 under state law over the same period, according to the complaint.
The lawsuit is against three companies: Rise Above Debt Relief, Oklahoma-based Global Client Solutions LLC, and Colorado-based Rocky Mountain Bank and Trust.”

Suing these creepy bastards is about all a person can do. This is capitalism at its worst.


Michael Caddell said...

Up here on some of the new digital television channels, usually the secondary ones, hour after hour of "send in your gold" commercials. No kidding, there must be over a dozen companies that have sprung up in the last few months, sucking what few gold trinkets the poor have left. It almost begs, "steal your relatives gold" we'll melt it down and pay you, too! Then there's the payday loan sharks running, a recent visitor to the farm up here in NE Kansas said that parts of the city have two and three loan shark shops in certain intersections of KCMO.

The fangs are out!

Anonymous said...

I know the family in this lawsuit. They told me the companies had settled 3 of their accounts already. Their lawyer advised them to file suit because the company didn't have the proper licensing, but it doesn't sound like they were scammed.

According to the article they paid a little over $4000, but their asking for $33,000,000??? Sounds like the Yunkers are trying to cash in on the American dream of easy money, let's just sue!! But who really gets the money, well, we all know it's the lawyers.

I see they are now in BK, I'm sure they are going to blame everyone else for their financial issues than themselves, or maybe they'll win the lawsuit and become millionaires if there is anything left after lawyer fees. That'll fix everything!! Live the American dream, let's sue everybody, it's like winning the lottery!!!

Anonymous said...

thanks . for this great information


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