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  #1  
Old 05-23-2009, 08:16 PM
cherib_squashes_quakery cherib_squashes_quakery is offline
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Posts: 67
Beware of Genesis Financial Solutions, Inc. SCAM

Another scam is emerging to take advantage of the credit challenged and the combined Clinton/Bush recessions. It's called reaging credit that has been charged off or in many cases, legally disputed and closed. In fact, there are many cases when people are harrassed about owing debts which they are not responsible for.

Here is how it works.

You will recieve a letter usually followed by a phone call (several) encouraging you to take advanatge of their fantastic offer to pay off an old charged off debt for 57% off the original debt.

They will offer you a special Pearl Gold MasterCard at 0% interest and ultra low payments that anybody, even the biggest deadbeat can afford. Sounds great huh? Well you know what they say about things that are too good to be true.

What they are really doing is called reaging. These shysters know the account is charged off and uncollectible and hoping to hook you back into a legal agreement. If you accept it, the account goes from charged off to current.

A big problem is that they never tell you the other charges that you will have to pay on the original account even at 0 interest. Believe me, they are not doing you a favor.

What is worse is that if you accept and keep the card, it works like a secured card. If you pay $100, your credit line goes up to $100 BUT you are charged a 14.9% variable rate. 14.9%!!! WHAT A RIPOFF!

And in case you miss the small print, on your original balance, supposedly at 0% interest it reads:

"The total balance due on your debt as noted under this offer is ____ because of the interest that may be assessed on your debt, the balance after the date of this letter may be greater than reflected in this offer." This is of course the difference between the offer in the letter and the real offer that you recieve after you have signed up for this junk.

So in other words, it is a sucker play.

Also, even though it is called a "GOLD CARD", there are no Gold Card privledges. Just a regular card only with super inflated interest and gimmicks.

Some friends of mine got into trouble with a MLM scam deal with a clown named Phil Zulli. They investeda lot of money into inventory, supplies, promotional material etc., deciated a lot of free time to building the MLM pyramid deal and got into trouble when the company fell apart and went into recievership leaving their reps high and dry and commissionless. Then they recieved a offer similiar to what I just revealed here to improve their credit and payoff someo f the debts they incurred during this Pyramid lesson. They wanted to do it, I advised them against it. It sounded so good (just like the MLM deal that got them into trouble)

I did some digging and found several complaints against Genesis. Here is one of many....

'Genesis Financial Solutions, Inc. ('GFS') wants to offer to you a flexible, affordable way to a new line of credit.

HERE'S HOW IT WORKS:
Once you accept this unique credit card offer and make an initial payment to your new Pearl Card Gold Mastercard account, your charged-off DISCOVER account (acct. XXXX-XXXX-XXXX-XXXX, with a total balance of $3,629.76) will be considered settled for only 80% of the total, or $2,903.

You can pay down the initial $2,903 balance on your Pearl Card Gold Mastercard at 0% interest with minimum monthly payments of only $35. On top of that, you can earn a credit line for new purchases and cash advances of up to $1400.'

The Facts:

1.) I have more than one credit report showing this same account as ZERO balance in March of 2000.

2.) This account is not even on my current credit report.

3.) This account has not been used since June of 1999.

On top of this, Midland Credit Management bought this account from Discover as Junk Debt around 2002 and assigned it a different account number and reported the balance of $6,753 even though the report list the high credit as $3,629. I had two separate negative items listed on my credit report for one account for several years. One from the real account number thru Discover, and another Fictional account number made up by Midland for the same debt. Now I have a third parasite trying to collect on this account that is out of the statute of limitations thru the use of trickery and chicanery.

I have read enough on rip-off not to TALK TO THEM on the phone. Just my calling them would surely be a verbal contract in their eyes. Certified letter demanding proof of the account is my next step, but I am not sure if I should just leave it alone.

BE AWARE OF THIS COMPANY TRYING TO RE-AGE YOUR DEBT THRU CREDIT CARD OFFERS!!!!!!


U.S.A.


My friends told me that shortly afetr recieving this offer from Genesis, they also recieved a rather nasty letter offering a settlement for the same amount on the same account only from a different company with no payment plan, only a lump sum settlment. Now how can Genesis promise to clear the debt if the account is also being handled by another creditor? ANSWER: They can't and there goes your 57% discount. You will be stuck with a ripoff credit card and still have to pay an amount which can be equal to or even greater than the offer from Genesis (remember the small print??)

Question: How many times will the same account be sold? And how much is it really going to cost you? In other words, you may have a $5700 debt that Genesis "generously" offers to lower by $3249 to $1754 and remove all previous finance charges if you accept the secured Gold Card" offer. Then you will be paying 14.9% interest, plus monthly fees, finance charges, double billing and other gimmicks that they do. You figure that's okay because you are paying your debt down at a discount, then you get another letter from another creditor on the same account saying that you still owe $5700 but they will let you pay it off in full with a lump sum payment $1754, they are removing the previous finance charges, late fees and whatever gimmicky fees that they add on (how nice of them-lol) and of course it is only for a limited time. This is of course followed by phone calls and more calls that get progressively more aggressive.

Result: There is no discount. You are paying the former balance off in full including all prior fees and extra charges. If you are stupid enough to use the Gold Card, you will be paying 14.9% interest and guaranteed to get deeper into debt. And worst of all, a charged off, settled debt is now reopened which is exactly what these scammers want.

My friends tell me that they are also being deluged with nasty phone calls from Genesis and the other company several times a day.

The point of all this is if you recieve any communication from Genesis or any other company making these ridiculous offers, contact an attorney and report these shysters to your attorney general. They cannot make you pay twice on the same account! By all means, DO NOT AGREE TO ANYTHING IN WRITING. If you do, you have just reaged the account, an account that is DEAD and was charged off. Once again, this is exactly what these shysters want you to do. If they push you on the phone, use these magic words:

"I need to advise you that I am recording this call." Watch how fast they hang up.



Beware of Genesis and other credit and MLM scams

Cheri



Last edited by cherib_squashes_quakery : 05-24-2009 at 12:29 PM. Reason: typo
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  #2  
Old 05-25-2009, 09:47 AM
cherib_squashes_quakery cherib_squashes_quakery is offline
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Re: Beware of Genesis Financial Solutions, Inc. SC

As a p.s., I always advocate communicating with your creditors and working with them. With todays economy, many even six figure income earners have gotten into financial trouble. The key is to talk to your creditors and stay away from scams like Gnesis Financial Solutions. Also don't let the credit doctors operate on your wallet. More and more of these "legally erase bad credit" scams are showing up again praying on the naive. You can do this yourself.

Beware of Genesis

Cheri



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  #3  
Old 05-26-2009, 06:07 PM
cherib_squashes_quakery cherib_squashes_quakery is offline
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Posts: 67
Re: Beware of Genesis Financial Solutions, Inc. SC

Another person get's scamed by Genesis:


Very long story here. About three years ago, I had credit cards troubles, contacted CareOne Credit Counseling. Had awful problems getting all accounts set up and paid on time, if at all. One account was not paid for three months, they were taking the money, just weren't sending it to Citibank. I never did find out where that money had gone. They have ignored numerous requests for records on the account.

At some time (I was never notified) the acccount was changed (sold?) to Genesis Financial Solutions, account screw-ups again, accounts just stopped being paid and different amounts were being taken from my account without explaination. Again no respsonse to requests for records. I spent many hours with the credit card companies getting this straightened out. I thought this was what Genesis was supposed to do.

About 2 years ago, I came into some money and paid off all credit card accounts but one. I called Genesis to do this and thought all was paid. I did get statements from several cards with money owing. I paid them and was glad that just one card was still with Genesis. I only stayed to keep the interest rate down. Their service had never been anything but horrible.

At the time I paid off the cards a proposal was to be sent to Citibank on the remaining account for the amount of $125.00 monthly. Or so I thought. Genesis began to take this amount from my account every month. This amount showed on my Citbank statement and I assusmed that everything was going well.

About four months ago, I received a letter from Citibank stating that I had not been making the minimum required payment per my credit counseling agreement of $172.00. This was the first I had heard of this. I contacted Genesis, they said that they would send a new proposal and continued to take the $125.00 from my checking account.

The next month I received the same letter from Citibank saying I was in breach of my agreement. I again contacted Genesis, I was told the same thing as before, another proposal would be sent. They again took $125.00 from my checking account.

I did try to contact Citibank at this point, they would only refer me back to Genesis.

Last month I received a letter from Citibank that my agreement with Genesis hAD been terminated and would lose all benefits of mt credit counseling agreement.

I called Gensis again. They said they had been trying to contact me by phone for a month, I can't swear this is a lie, I'm not always home. I asked why they did not try to contact me by mail. They said they had sent a letter, I had at this time not received any letter. I did finally receive the letter, postmarked after I had been terminated by Citibank.

Anyway they said I'd have to pay the $172.00, if I could afford it or not. When I asked about other solutions, they became threatening. It was put to me as being that or nothing. I was told that I could not switch credit counseling agencies, or just make the payments on my own (which would have been less by Citibank's statements).

I called Citibank on a number from the back of a credit card. I was told that I could continue to make these payments on my own. They also said that my interest rate should not raise if I continue to make paymets in a timely maner. Genesis said differently.

I wonder if the proposal for $125.00 was ever made two years ago. I wonder if any proposals have been made in the last four months. I wonder why they did not contact me in a timely manner. I wonder why I was threatened. I wonder if there is anyway to get my records from this company.


Beware of Genesis and other similiar scams. They take your money, make big promises and deliver absolutely nothing.

Beware of Genesis

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  #4  
Old 06-20-2009, 12:12 PM
cherib_squashes_quakery cherib_squashes_quakery is offline
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Posts: 67
Re: Beware of Genesis Financial Solutions, Inc. SC

--------------------------------------------------------------------------------

I've been gettting lot's of emails from people who are getting these kinds of "offers" from other companies besides :Genesis" and "NCO" one person almost fell for it untill they say my piece her.

I also understand that some of these scumbags are putting on the pressure, trying to force people to pay. Keep in mind dear folks that these scumbags are nothing more than glorified telemarketers and in most cases are in credit trouble themselves which explains their anger.

When they turn up the pressure on you, give it right back. Use these magic words:

"LET ME SPEAK TO YOUR SUPERVISOR"

OR

"I HAVE TO INFORM YOU THAT THE EST OF T HISE CONVERSATION IS BEING TAPE RECORDED. NOW WHAT IS YOUR NAME AND WHAT COMPANY ARE YOU REPRESENTING?
WHAT IS YOUR DIRECT PHONE NUMBER? AND DID I UNDERSTAND YOU CORRECTLY THAT YOU ARE NOT ACCEPTING THE SETTLEMENT THAT I PROSPOSED?"


As always, the best way to handle a debt is to communicate directly with the creditor and never let these glorified telemarketers who have never been in a position of authority before get their dirty hands on your account.

And don't be afraid to report violators. If enough people act, perhaps we can get these scumbags shut down and protect those who need help.

Clamp down on these scumbags.

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  #5  
Old 07-12-2009, 12:01 PM
cherib_squashes_quakery cherib_squashes_quakery is offline
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Join Date: May 2006
Posts: 67
Re: Beware of Genesis Financial Solutions, Inc. SC

If you are motivated to take advantage of these special 1/2 payoff offers and haven't headed my prior messages, read this. It's not new but the same game being played by companies like Genesis, NCO etc.

Caveat Emptor

Have A Nice Day!

Cheri

NCO lies
I've been paying off the debts the wife and I incurred while in college. One of my wife's was handled by NCO. While they did make one of those offers to forgive the debt for half the cost, they did try to screw me in the end. About 6 months after clearing the debt, a couple of individuals with accents from the middle east and India started calling not only me, but my mother-in-law as well. They were telling me that we had an outstanding ballance. When I explained the debt-forgiveness offer, they said they'd check into it. The next call started from square one. This time, I had dug up all the cancelled checks and other paperwork. They were forced to confirm the payment I made. Having said that, they then tried to tell me that the fact that the debt was only forgive and not fully returned would affect her credit score. I told him that what he said was nothing like his original claim that we owed them money. He said, 'yes, this is true, but...' I cut him off and told him that he was a lier. They've tried this twice since then (4 months).

Steve,
Florida


More complaints to come. Stay tuned


Cheri

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  #6  
Old 07-13-2009, 02:04 PM
dataminer dataminer is offline
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Join Date: Mar 2009
Posts: 36
Re: Beware of Genesis Financial Solutions, Inc. SC

The company's corporate registration in South Carolina was dissolved as of July 1. Its actual state of domicile is Delaware, which doesn't give out any useful information about companies incorporated there. However, the S.C. Secretary of State's Office lists Genesis' registered agent as having an address in Beaverton, Ore.

The Better Business Bureau lists that as Genesis' main address, and gives the company an "F" rating. The BBB says it has received 38 complaints about Genesis in the past three years; the company failed to respond to three of them and one was unresolved. Also, the company has declined to provide the BBB with basic information.

There's a website, checkbeforeyousign.com, that has links to all 50 states' corporate registrars, if you want to check the details yourself.

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  #7  
Old 11-22-2009, 05:05 AM
gina t gina t is offline
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Posts: 1
Re: Beware of Genesis Financial Solutions, Inc. SC

Quote:
Originally Posted by cherib_squashes_quakery View Post
Another scam is emerging to take advantage of the credit challenged and the combined Clinton/Bush recessions. It's called reaging credit that has been charged off or in many cases, legally disputed and closed. In fact, there are many cases when people are harrassed about owing debts which they are not responsible for.

Here is how it works.

You will recieve a letter usually followed by a phone call (several) encouraging you to take advanatge of their fantastic offer to pay off an old charged off debt for 57% off the original debt.

They will offer you a special Pearl Gold MasterCard at 0% interest and ultra low payments that anybody, even the biggest deadbeat can afford. Sounds great huh? Well you know what they say about things that are too good to be true.

What they are really doing is called reaging. These shysters know the account is charged off and uncollectible and hoping to hook you back into a legal agreement. If you accept it, the account goes from charged off to current.

A big problem is that they never tell you the other charges that you will have to pay on the original account even at 0 interest. Believe me, they are not doing you a favor.

What is worse is that if you accept and keep the card, it works like a secured card. If you pay $100, your credit line goes up to $100 BUT you are charged a 14.9% variable rate. 14.9%!!! WHAT A RIPOFF!

And in case you miss the small print, on your original balance, supposedly at 0% interest it reads:

"The total balance due on your debt as noted under this offer is ____ because of the interest that may be assessed on your debt, the balance after the date of this letter may be greater than reflected in this offer." This is of course the difference between the offer in the letter and the real offer that you recieve after you have signed up for this junk.

So in other words, it is a sucker play.

Also, even though it is called a "GOLD CARD", there are no Gold Card privledges. Just a regular card only with super inflated interest and gimmicks.

Some friends of mine got into trouble with a MLM scam deal with a clown named Phil Zulli. They investeda lot of money into inventory, supplies, promotional material etc., deciated a lot of free time to building the MLM pyramid deal and got into trouble when the company fell apart and went into recievership leaving their reps high and dry and commissionless. Then they recieved a offer similiar to what I just revealed here to improve their credit and payoff someo f the debts they incurred during this Pyramid lesson. They wanted to do it, I advised them against it. It sounded so good (just like the MLM deal that got them into trouble)

I did some digging and found several complaints against Genesis. Here is one of many....

'Genesis Financial Solutions, Inc. ('GFS') wants to offer to you a flexible, affordable way to a new line of credit.

HERE'S HOW IT WORKS:
Once you accept this unique credit card offer and make an initial payment to your new Pearl Card Gold Mastercard account, your charged-off DISCOVER account (acct. XXXX-XXXX-XXXX-XXXX, with a total balance of $3,629.76) will be considered settled for only 80% of the total, or $2,903.

You can pay down the initial $2,903 balance on your Pearl Card Gold Mastercard at 0% interest with minimum monthly payments of only $35. On top of that, you can earn a credit line for new purchases and cash advances of up to $1400.'

The Facts:

1.) I have more than one credit report showing this same account as ZERO balance in March of 2000.

2.) This account is not even on my current credit report.

3.) This account has not been used since June of 1999.

On top of this, Midland Credit Management bought this account from Discover as Junk Debt around 2002 and assigned it a different account number and reported the balance of $6,753 even though the report list the high credit as $3,629. I had two separate negative items listed on my credit report for one account for several years. One from the real account number thru Discover, and another Fictional account number made up by Midland for the same debt. Now I have a third parasite trying to collect on this account that is out of the statute of limitations thru the use of trickery and chicanery.

I have read enough on rip-off not to TALK TO THEM on the phone. Just my calling them would surely be a verbal contract in their eyes. Certified letter demanding proof of the account is my next step, but I am not sure if I should just leave it alone.

BE AWARE OF THIS COMPANY TRYING TO RE-AGE YOUR DEBT THRU CREDIT CARD OFFERS!!!!!!


U.S.A.


My friends told me that shortly afetr recieving this offer from Genesis, they also recieved a rather nasty letter offering a settlement for the same amount on the same account only from a different company with no payment plan, only a lump sum settlment. Now how can Genesis promise to clear the debt if the account is also being handled by another creditor? ANSWER: They can't and there goes your 57% discount. You will be stuck with a ripoff credit card and still have to pay an amount which can be equal to or even greater than the offer from Genesis (remember the small print??)

Question: How many times will the same account be sold? And how much is it really going to cost you? In other words, you may have a $5700 debt that Genesis "generously" offers to lower by $3249 to $1754 and remove all previous finance charges if you accept the secured Gold Card" offer. Then you will be paying 14.9% interest, plus monthly fees, finance charges, double billing and other gimmicks that they do. You figure that's okay because you are paying your debt down at a discount, then you get another letter from another creditor on the same account saying that you still owe $5700 but they will let you pay it off in full with a lump sum payment $1754, they are removing the previous finance charges, late fees and whatever gimmicky fees that they add on (how nice of them-lol) and of course it is only for a limited time. This is of course followed by phone calls and more calls that get progressively more aggressive.

Result: There is no discount. You are paying the former balance off in full including all prior fees and extra charges. If you are stupid enough to use the Gold Card, you will be paying 14.9% interest and guaranteed to get deeper into debt. And worst of all, a charged off, settled debt is now reopened which is exactly what these scammers want.

My friends tell me that they are also being deluged with nasty phone calls from Genesis and the other company several times a day.

The point of all this is if you recieve any communication from Genesis or any other company making these ridiculous offers, contact an attorney and report these shysters to your attorney general. They cannot make you pay twice on the same account! By all means, DO NOT AGREE TO ANYTHING IN WRITING. If you do, you have just reaged the account, an account that is DEAD and was charged off. Once again, this is exactly what these shysters want you to do. If they push you on the phone, use these magic words:

"I need to advise you that I am recording this call." Watch how fast they hang up.



Beware of Genesis and other credit and MLM scams

Cheri
Thank you for all the info they just contacted my husband and I recently now we know for sure this is a scam


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