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Welcome to "Egad! It's Monday!" Weekly Commentary
For September 20th, 1999


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Debt Management Club


The Debt Management Club promises to pay bills, in return for your becoming a member. It looks wonderful; in return for signing up, all your bills will be paid - property tax liens, child support, car payments, utilities, you name it. "And you never have to pay us back, ever!" Sound cool?

It isn't, really. In fact, this may be an illegal pyramid.

First, getting information from the DMC is complicated. Not only must you SIGN their form, you have to enclose a copy of a bill or your driver's license AND make a phone call to North Hollywood, California (after waiting a day or a week, depending on whether you mail or fax the form). They say because the information is of a "proprietary nature," one cannot simply call and ask questions - they need all of YOUR information before answering anything. Now, why would a company give away its proprietary information - in other words, trade secrets? And why all this trouble just to get some information?

Second, the president and primary contact of the DMC, Boris Isaacson, is well known in his neck of the California woods. After getting evicted from a rented house in 1990 (for turning it into a 14-bedroom flophouse and violating numerous building codes), the businessman (now sharing a home with his aging father) turned to politics, screaming for an end to all taxes. He was also pressing for the profits of all commercial businesses to be returned to voters. Isaacson's also a NORFED distributor - that acronym stands for "National Organization for the Repeal of the Federal Reserve Act and Internal Revenue Code." This may or may not have anything to do with the DMC...but NORFED is under investigation for possibly fraudulent activities. Isaacson is also president of two tax-reform organizations: The Fair Tax and The One Percent Tax. (That second group is actually a California real-estate loan company.) The DMC is apparently run out of these groups' office - in fact, the Club's phone number is the phone number for BOTH The Fair Tax/The One Percent Tax. This makes me wonder where that DMC membership fee REALLY goes....

In addition, the Better Business Bureau serving North Hollywood has done its own report on the DMC. I quote from part of their report, "The company's business is soliciting members for the organization... According to the materials, individuals must pay a membership fee and sign up three other people...before they are eligible for debt payments....We rate this company as having an unsatisfactory business performance record. Complaints alleged...people responding to the ad...received fliers to distribute...None of the complaintants had their debts paid. None received services from this company."

Stay away from the Debt Management Club, folks! You'll lose more money....and may be participating in an illegal activity, to boot.

K. Cline








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