AmeriDebt files for Chapter 11

[Rationality]

http://www.washingtonpost.com/wp-dyn/articles/A18924-2004Jun5.html

By Foster Klug
Associated Press
Sunday, June 6, 2004; Page A18


AmeriDebt Inc., the Germantown-based credit counseling company accused by federal and state regulators of using deceptive marketing to rip off customers, filed for Chapter 11 bankruptcy protection yesterday.

--snip--

[D-Notice]

1. Oh the irony!

A company that is concerned with other people's debt, goes bankrupt!

Guess they should've listened to their own advice...

Or maybe they did!

[Rationality]

2. It's pretty funny, ain't it? ((n/t))

[rocktivity]

5. Oy yoy yoy, the irony!

AmeriDebt has been accused...of charging excessive fees. The FTC also alleged that AmeriDebt falsely operated as a nonprofit while being run to make money for its founders, Andris and Pamela Pukke, and their for-profit company, DebtWorks.
Their names are Pukke, and they run a for-profit non-profit company? The Onion couldn't have done it better. And Al Franken and Jon Stewart must be drooling like Niagra Falls!

AmeriDebt has disputed the characterization, saying it provides educational services to customers. It says the payments cited by the FTC are "voluntary contributions."
But was it their policy to let their customers know that? Debt worked just fine for DebtWorks, apparently!

:headbang:
rocknation

[demnan]

3. Oh that's hysterical!

I guess now when these annoying callers ask me if I want to consolidate my debt I should tell them my credit is better than theirs is!

[rocktivity]

4. But they had such a great business model!

Take people with no money and squeeze them for even more! Should have worked like a charm!

:headbang:
rocknation

[MindPilot]

6. almost as good as that RR retrospective called

Remembering Reagan.

Or when I showed up spreadsheet in hand at the Department of Revenue Recovery to dupute a supposed late support payment. I was actually paid ahead, and the clerk took a long look at my printout and exclaimed "Wow. Your records are way better than ours."

Heavy sigh....

[thebaghwan]

7. Is this one of those debt relief companies that is really in the back

pocket of the credit card industry?

[No Passaran]

8. that's some ironic s***

[boobooday]

9. It's probably because they chose the Worst. Name. Ever.

Ameridebt?????

:puke:

http://www.wgoeshome.com

[TroglodyteScholar]

10. L O L (n/t)

[jus_the_facts]

11. Chapter 11...something they were chargin' people $$ NOT TO DO?

......sellin' people the LIES about how bankruptcy is A BAD THING AND SHOULD NEVER EVEN BE CONSIDERED AS AN OPTION!!!!!! :grr: :puke: