The Piedmont Chronicles
~ est. 2010 ~
[State of GA]
[Newton Co.]
[Newton Co.]
- Consumer Advocate fighting for The People -
Seterus,
Inc. - a corporation out of Connecticut - is a real problem, Good
People. This is the new normal in Bankster World. They finally found the
ultimate loophole. It's de facto usury, and it is, at the moment,
totally legal.
Here's the rundown:
This outfit buys up "troubled notes." But the kicker is this: they buy them as an outstanding debt as a debt collector; they're not, technically, a lending institution. So therefore, they aren't charging interest, per se, they are simply charging penalties. A way around usury laws. The banks and lenders all know this. In fact, they came up with the idea as I understand it.
I've seen them first-hand in action in a real estate deal. Folks, they are the worst of the worst. Charging over $20 per day or more for "penalties," mind you, not interest, every day, and then charging other penalties. With the particular deal I was privy to, they refused the payoff that met the terms they had sent the previous day. They proceeded to send out the note for foreclosure on the same day, after they were informed that we were going to close. So tack on another $1300 for additional penalties and lawyer fees. Based on their payoff policy, they can refuse any payoff even if its based on the most current quote. They can just keep going and going, getting that proverbial ounce of flesh, and then some. And as they're charging $600 or more per month, not for the interest, which is also accruing, but only for "penalties." Also, check this out - they say that it takes either 3-5 days to generate a payoff, or, according to two different reps, maybe 7-10 days based on how high volume is. So, add 2 to 5 or 7 to 10 days of that daily penalty. But remember, even after all of that, they can always refuse the payoff because they can claim that there are other penalties. Google them. It's quite enlightening.
They are basically agents of of the dark lord, Satan, himself.
Well...tell ya' what. I think a lot of you know I'm a cause guy, but I also have a Crusader side as well. And let it be known right here, and right now: with precision, efficiency, rank, station, and aim for a goal, I aim to totally and absolutely destroy this entity. It will all be legal; I'd never put myself in an actionable position. Think of it like this: it will be the total opposite of the line from "The Godfather": It won't be business - it'll be totally personal. These SOBs need to pay, and they're going to deserve everything they've got coming to 'em.
I have it all documented, and I have all of the names of the persons I directly dealt with. They need to pay as well. The "following orders" excuse never works out. You've got mouths to feed? We all do. But not all of us will sell out our souls for a paycheck. They signed up for it. They should get their just rewards as well. As we pass this threshold and break free of the chains of the old model, all persons should be aware that actions have consequences. You play with fire? You can get burned.
Again, people, the company is Seterus, Inc. www.seterus.com/
As I understand it, more and more soul-suckers and agents of dark and evil are starting to get into this racket. It's a problem. They've started throwing them in jail in Iceland and some other countries; I think we could probably do better in America. Right? USA! USA! USA!
Yeah...that's right.
*This information has been made aware to Dave Belton, state Representative for the 112th of Georgia, and also U.S. Congressman Jody Hice of the 10th Congressional District of Georgia.
P.S. Some of y'all know that I'm fairly libertarian leaning, but in this case, "there should be a law." These people are destroying lives, all in the name of the almighty dollar. This needs to get fixed, and right soon.
Here's the rundown:
This outfit buys up "troubled notes." But the kicker is this: they buy them as an outstanding debt as a debt collector; they're not, technically, a lending institution. So therefore, they aren't charging interest, per se, they are simply charging penalties. A way around usury laws. The banks and lenders all know this. In fact, they came up with the idea as I understand it.
I've seen them first-hand in action in a real estate deal. Folks, they are the worst of the worst. Charging over $20 per day or more for "penalties," mind you, not interest, every day, and then charging other penalties. With the particular deal I was privy to, they refused the payoff that met the terms they had sent the previous day. They proceeded to send out the note for foreclosure on the same day, after they were informed that we were going to close. So tack on another $1300 for additional penalties and lawyer fees. Based on their payoff policy, they can refuse any payoff even if its based on the most current quote. They can just keep going and going, getting that proverbial ounce of flesh, and then some. And as they're charging $600 or more per month, not for the interest, which is also accruing, but only for "penalties." Also, check this out - they say that it takes either 3-5 days to generate a payoff, or, according to two different reps, maybe 7-10 days based on how high volume is. So, add 2 to 5 or 7 to 10 days of that daily penalty. But remember, even after all of that, they can always refuse the payoff because they can claim that there are other penalties. Google them. It's quite enlightening.
They are basically agents of of the dark lord, Satan, himself.
Well...tell ya' what. I think a lot of you know I'm a cause guy, but I also have a Crusader side as well. And let it be known right here, and right now: with precision, efficiency, rank, station, and aim for a goal, I aim to totally and absolutely destroy this entity. It will all be legal; I'd never put myself in an actionable position. Think of it like this: it will be the total opposite of the line from "The Godfather": It won't be business - it'll be totally personal. These SOBs need to pay, and they're going to deserve everything they've got coming to 'em.
I have it all documented, and I have all of the names of the persons I directly dealt with. They need to pay as well. The "following orders" excuse never works out. You've got mouths to feed? We all do. But not all of us will sell out our souls for a paycheck. They signed up for it. They should get their just rewards as well. As we pass this threshold and break free of the chains of the old model, all persons should be aware that actions have consequences. You play with fire? You can get burned.
Again, people, the company is Seterus, Inc. www.seterus.com/
As I understand it, more and more soul-suckers and agents of dark and evil are starting to get into this racket. It's a problem. They've started throwing them in jail in Iceland and some other countries; I think we could probably do better in America. Right? USA! USA! USA!
Yeah...that's right.
*This information has been made aware to Dave Belton, state Representative for the 112th of Georgia, and also U.S. Congressman Jody Hice of the 10th Congressional District of Georgia.
P.S. Some of y'all know that I'm fairly libertarian leaning, but in this case, "there should be a law." These people are destroying lives, all in the name of the almighty dollar. This needs to get fixed, and right soon.
