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Ponzi Scheme

Complaint Rating:  88 % with 16 votes
88% 16
Contact information:
United States
This company offers debt settlement type of services but it's a big ponzi scheme. The popular saying, "if it's too good to be true then it isn't" applies to DebtPro123. They offer settlements much much lower than any other debt settlement company in the nation. It's because it's a ponzi scheme/scam. DebtPro123 is a front for another company called U.C.G. and both companies do not exist under the Department of Corporations. I found DebtPro123 through a broker once I signed on with them. I found out I will be doing the business with UCG. So basically, I'm paying for the broker fees, DebtPro123 fees, and UCG fees on top of the settlement with creditors. It turns out they did nothing and creditors kept on calling. Do your homework before you consider using them. DebtPro123 is owned by Bryan Taylor (http://www.ftc.gov/opa/2006/06/cfa.shtm), this guy already has been fined by the FTC.
Complaint comments Comments Complaint country United States Complaint category Scam & Fake Checks
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 1st of Jun, 2009 by    +1 Votes
I am concerned about a complaint that was brought to our attention today. http://www.complaintsboard.com/complaints/debtpro123-c208132.html

I believe this comment to be a false accusation, either by a competitor in the industry or a disgruntled “supposed” client (I say “supposed” client because he/she does not identify him/herself) who did not do his “homework” in regards to our program, and as such is displacing his own insecurities to the world so that he doesn’t feel so bad about the financial situation he has caused due to his own accord. I challenge all of his/her claims, and encourage anyone who finds this to not be fooled by this rash and uninformed individual.

About his claim to us not being listed under the Department of Corporations, please note that we are an LLC, and as such do not have a listing under the "Department of Corporations." Please feel free to go to http://kepler.sos.ca.gov/ and note that there are two different fields to search, 1.) Corporations 2. LP/LLC. Please do type in “DebtPro 123” in each and see which one it pops up in.

Also the use of the word "Ponzi" this individual uses in the title of the complaint, we feel has no grounds, and as such the individual is simply “name calling” and this type of unfounded claim should be considered slander.

About UCG. Our client contract clearly outlines our relationship with UCG, and apparently the person did not read the contract, which is no reason to make it seem like he has been “deceived.” Again, without identifying him/herself there is no way to tell if this person was actually enrolled in the program, and if they were, they would have had to sign not only the client contract, but also the banking information sheet which also clearly outlines the relationship with UCG. On top of this, if they were a client, they would have gone through a Compliance Call that goes over all of the program details. No validity should be put to such a blanket and uneducated complaint from a person who does not read the contracts they sign, or listen to the information given about a program that they are enrolling in.

The fees he/she is complaining about "…the broker fees, DebtPro123 fees, and UCG fees…" is fully disclosed and is only 10% of the total debt enrolled, which is well below industry standard. How this fee is split up has no bearing or is any ground for alarm. What matters is the total fees charged, and this again is disclosed clearly, is explained in the conference call, and is clearly outlined in the payment calculator that is provided. Using basic math, anyone should clearly understand that 10% is the same as 10% split 3 ways. Also, we are proud that we only charge 10% when other companies charge 15-18%. How is that a bad thing?

This person claims that nothing was done to stop creditor calls, and again, it is clearly disclosed in the client contract and Compliance Call. No communication is made with the creditors until phase two. If this person was really a client, they would have received this information numerous times, and would have gotten a welcome packet that explains this again along with information about federal rights when it comes to collection calls.

Again, this "supposed" client says that people need to do their homework. I agree, and I would also argue that he needs to do his homework before making such claims on a public forum, about issues that are not issues, but fully disclosed elements, processes, and procedures of our program.

This kind of slander could be disastrous to our business and is unfounded, and therefore should be removed immediately. There is danger in allowing anonymous complaints to be posted on the web without checking validity of the company that they make claims against. We have worked hard to establish our brand, reputation, and stand behind our product. We are gaining traction, and other traditional debt settlement companies may be intimidated and as such I would go so far as to suggest that this complaint could have been a competitor who is trying to maliciously create a bad rap for what we do.

The personal attack on the owner is a slanderous attack as well and is from dealings over 6 years ago. The specifics of this claim were built around a message sent by a marketing company, redress was paid, and the case settled.

I challenge this person to identify themselves. Notice that there is no information on his profile? I wonder why that is?

We would like to formally ask for this comment to be removed, and if it is not, for people to take a good look at this reply. The complaint is ungrounded, and not based on the facts. Other than the fact that this person is uninformed about the program details, and trying to use this as a base to bad mouth us by point his finger at us rather than taking responsibility for himself and the debt that he created.

If anyone has specific questions, comments or concerns, feel free to contact us directly at 877-388-0231, and we will address things as they should be addressed, through conversation and sharing of factual information. Our goal is to make sure that our affiliates and brokers represent our product correctly in efforts to inform clients about program details, so that we can continue to help people through our debt resolution program.

Thanks for your time, and for your rational thought.
 6th of Jun, 2009 by    -1 Votes
What did the they expect. This company is rated F with the BBB.
 8th of Jun, 2009 by    0 Votes
We are well aware of the rating with the BBB, and if you take a minute to read what the rating says, it clearly states that we were classified into a category of “Debt Settlement" and as such we are automatically given this rating. If you also notice, there are no consumer complaints, and this is what is important when reading the fine print. According to the BBB, (anyone is welcome to verify this by calling them at 909-825-7280), they have an algorithm that calculates different factors. Due to the historical data that they have experienced with Debt Negotiating companies, they automatically rank such companies with low ratings. With their classification of us in this arena, as a result we have an “F” rating, which we do not feel is a valid reflection of our ability to deliver great customer service and perform on what we claim. We are working with them to provide them with any and all information to try to improve this ranking. Those familiar with Settlement models, or if you want to do research, you will clearly see that our 18 month program is not a Settlement Strategy. We assume the liability of the client’s debt by using a “notice of assignment, ” along with a limited power of attorney, to enable us to challenge consumer laws resulting in the ability to offset the debt. (Does not apply to Accts. in collections). We enforce the principles of contract law. We get the credit card companies to accept a change in the terms and conditions so they are more favorable to the client, rather than being good for the credit card companies. What we do is simple, yet very effective. The employment of this strategy has been successful for 8 years with an up front payment structure, and as of recent we have launched our 18 month payment program to make the service more accessible to individuals who can't afford to come up with the entire resolution amount up front.
 10th of Jun, 2009 by    0 Votes
Thanks, oracle777. I totally agree with you. There are debt settlement companies with higher ratings. DebtPro123 is full of it. I found DebtPro123's advertisement on Craigslist, and called their number just to get their voice mail. Are you serious? A company's main line going to voice mail in the middle of the day, ridiculous. Anywho, I did a search on the internet and found this posting and couple others about them. All negative! It seems like they are one of those fly by night debt settlement/consolidation companies. DebtPro123's comments it has been in business for 8 years, yet their BBB profile says it was started less than a year ago. Wow, in their math 8=1. Is that how they lower your payments, LOL. And isn't it weird, DebtPro123 has time to write this long retort, yet forgets to mention about its owner mentioned by the original complaint. Companies like DebtPro123 are just awful. Profiting on people that are in financial distress.
 15th of Jun, 2009 by    0 Votes

DEBTPRO123 - False Claims
United States

DebtPro123 claims they have attorneys working for them which allows them to negotiate a better debt settlement than other companies. When I asked them if I can get the name or license number of the attorney so that I can do some background check on them. They refused. The attorneys names or license numbers aren't listed on their website or brochure. Then I they told me that Universal Consumer Group (UCG) was their parent company and they outsourced the work to them. For some reason, they DO NOT MENTION THIS ON THEIR WEBSITE OR BROCHURE. It's not mentioned anywhere! They have no attorneys and is a front for some company named UCG. I feel this company is a SCAM and people thinking about using their services should report them to the authorities. This company should be shut down and the people running it should go to jail.
 11th of Jul, 2009 by    -1 Votes
I was recently browsing and saw this and was very surprised. I have been a client for almost 12 months and this process is really working. I am surprised to see comments and complaints of people that don't really seam to have gone through the processs. This has really helped me... Nikkibazar? who the hell are you?

Sounds like you have your own agenda...
 24th of Jul, 2009 by    +1 Votes
Debtpro123 is a big scam. Debtpro123 claims UCG (http://www.4ucg.com/ ) is their parent company-look at what you signing up for. They are a bunch of liars. And if you think they have lawyers just ask them for a license number and see if they give you one. Or even a name of a lawyer. REPORT THEM TO YOUR ATTORNEY GENERAL IF YOU WANT THESE KINDS OF COMPANIES TO GO AWAY AND STOP PREYING ON DESPERATE PEOPLE.
 2nd of Oct, 2009 by    -1 Votes
I've read this complaint and his responses as well as debtpro's response and still have not seen the complaining party step up to the the challenges presented. He just sounds like an uninformed bitter person, we all know there are people like that, they just complain. I've recently sat in on a presentation yesterday as a matter of fact and they clearly mentioned the 10% fee's plus the upfront fee what they do with it is their business. When you get paid what do you do with your money? Not my business right? I'm glad to have read the rest of the responses had I only looked at your initial complaint I would have been scared off and chose not to do business with them but they responded with facts and more information that has helped me to decide to do business with them. Thank you.
 21st of Jan, 2010 by    0 Votes

United States

I found them through a Loan Modification company who suggested I use them to relieve some of my outstanding debts. They took my money and nothing happened. I called them repeatedly and I spoke with Ryan Foland and he said everything will be fine they are on top of it. NOTHING HAPPENED. They stopped taking my calls and I lost my home and I still owe all my debts + the late fees and interest. I filed a complaint with the FTC. PLEASE STAY AWAY FROM THEM IF DON'T WANT TO GET SCAMMED. I hoping the FTC closes them down soon.
 1st of Feb, 2010 by    -1 Votes
I have not gone through the program yet but still reading their debt resolution pocket. I found the information/terms very informative and upfront. If I ever do make a decision to sign up for a debt consolidation, it would be with this company...I feel very informed and I'm confident that information will be available in the future if new concerns arise.
 17th of Feb, 2010 by    0 Votes
I'm in the process of completing the four inital payment, and hope to begin paying off my creditors in the months to come. So far all is well, they are a little slow in contacting you back, but other wise I cant say much, however I will keep you posted.
 24th of Feb, 2010 by    0 Votes
please be advised that your expectations of any debt program should not be a magic pill. many consumers feel a sense of entitlement. you got yourself into the debt problem, you broke your contract with the lender of which you used their money and now not willing to pay it back based on the terms and conditions you legally signed up for. shame on you! and then you enter into a debt program and expect all of the problems to go away within a few simple payments??? many of these debt settlement companies go through a steep uphill battle, fighting daily with creditor calls, high powered lawyers that work for the banks at $500, $600 to $1000 per hour!!! how much were you paying debtpro to work for you. I highly doubt a fraction of that fee! so you get what you pay for and if the program is designed around what payment you can afford and a set term (timeline) how can you even remotely expect results outside of the final date of your program length! once again you signed another contract and once again you cant keep your commitment to the set guidelines and terms. I think you need to look in the mirror and really ask who is the problem??
 24th of Feb, 2010 by    -1 Votes
i too had some concerns with the above statement but after speaking with my rep Liz she went through all my questions and i was told that they no longer use UCG as a fullfillment center/customer service. I really wish people would just grow up and take reponsiblity for their actions. The bible says "lead yourself"..
the way i look at this mess i am in is that if this does not work what other choices do i have? work with the bank?? i tried that and got no where and they were not willing to help. Debtpro123 clearly explained the pros and cons and Liz was very clear on expectations. we all know there are no guarantee's.. so what is all the fuss about. People have so little faith and i am a firm believer that if you project and worry about "getting scammed" then you probably will. i believe that God will not let me fail in my quest to get out of debt.. and i have faith the Debtpro123 will see my process all the way through no matter how long it takes!!!
 6th of Oct, 2010 by    0 Votes
This is Ryan Foland, and this is the first that I have seen this complaint. I do not believe that you paint a clear picture here Mr. or Mrs. "RippedOffbyDebtpro." First of all how do I know that you are not a competitor of Debtpro123, trying to use slander as an attempt to effect our business? You do not disclose any information about yourself, and only have one complaint. I heard a wise man once say that "A dog does not bark at a parked car" and this may be the case here. We are helping a lot of people out of debt, and our car is moving, and so naturally, our competition will try to lash out. Now then, lets assume that I am incorrect, and that you are a client and feel that you have been mistreated. If this is the case, that I am sorry that you feel this way, but running to an online forum to complain is not the best course of action. You mention that "They took my money and nothing happened." This is a strong accusation. Debt Negotiation does not happen over night, and if you do not have correct expectations about the program, then you may feel that this is the case, when in actuality it is part of the process. Often times clients do not truly read their contracts, and they hear what they want when trying to understand the process. You mention that you "called repeatedly and spoke with Ryan Foland and he said everything will be fine they are on top of it." If this is what I said, than I will stand by my word and I am sure that we were on top of it. I take your unwarranted public comments about me as nothing but slander. You say that "NOTHING HAPPENED." I ask at what month you made this determination? Often times, clients will enroll into a 36 month program, and make claims similar to what you are making early in the program. If you are claiming that nothing happened, a few months into the program then this is a very one sided view. There is lots of work that we do in preparing your file for negotiations, sifting through the monthly statement that our client send us, sending out validation letters when accounts are turned over to collection agencies, sending out cease and desist letters to help thwart creditor calls, etc. You say "They stopped taking my calls and I lost my home..." what does loosing your home have to do with our company??? We do not work on secured debt, or home mortgages, or modifications. It sounds like you signed up with a Loan Mod company who did not do their job, and you decide to point the finger at us for their lack of performance. You say "I still owe all my debts + the late fees and interest, " and I would say you would be correct if you canceled out of our program before finishing. It is the same as leaving a movie before it is over, and then complaining to the director that you were not happy because you did not know how the movie ended. A debt relief program is a process that must be finished for it to work. I see too many people who believe that it is something that happens over night, and is not dependent on following the steps and finishing the payments associated with the program. I am sad to hear that you filed a complaint with the FTC. I truly believe that complaints such as this should be considered fraudulent, as you are making false claims about a program that you did not finish, which does not give us the ability to achieve results we know we can achieve. I hope anyone reading this, understands my points. I come to work every day, very proud of what we do, and people like this who make unfounded claims against it, only gives me the drive to continue to work with our existing clients and help them achieve their goal of getting out of debt. Thanks for listening to this side of the story.
 20th of Jul, 2011 by    -1 Votes
Debtpro123 is a scam. Ryan Foland and Bryan Taylor are con artists. Do research on these two individuals and you'll definitely find criminal records. Stay away and report them to the FTC or your local Attorney General.
 20th of Jul, 2011 by    -1 Votes
Debtpro123 is a scam. Ryan Foland and Bryan Taylor are con artists. Do research on these two individuals and you'll definitely find criminal records. Stay away and report them to the FTC or your local Attorney General.
 20th of Jul, 2011 by    0 Votes
Debtpro123 is a scam. Ryan Foland and Bryan Taylor are con artists. Do research on these two individuals and you'll definitely find criminal records. Stay away and report them to the FTC or your local Attorney General.
 30th of Oct, 2012 by    0 Votes
I was promised to have my debt cleared ... went through the process. Now, 4 years later, still being sued by credit card companies. For others out there who need credit card relief... simply stop paying your cards... wait a couple of years. If you get a lawsuit, don't fret, just contact the firm and negotiate... start at 5% of total value then meet them at around 20c on the dollar. This can be done on your own. Be sure to contact them as soon as you receive a summons. Also, it helps if you have some proof of financial hardship (medical emergency, loss of income, etc). They will give you a hardship exemption and come down to the 20% level. Good luck and stay clear of debtpro123 and Universal Consumer Group. They will not solve any problem.

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