Geeesammy Posted January 30, 2018 Report Share Posted January 30, 2018 Amazed I didn't see much about this on here. I had read about him online awhile back and heard he was in some hot water, but I didn't think much about it until I watched "Dirty Money" on Netflix and saw the real deal about what he was doing. Most recent Jalopnik article. https://jalopnik.com/convicted-payday-loan-mogul-scott-tucker-has-absolutely-1822496589 Quote Link to comment Share on other sites More sharing options...
Robochan Posted January 30, 2018 Report Share Posted January 30, 2018 http://www.dinnerwithracers.com/ep-73-scott-tucker-the-business-story/ http://www.dinnerwithracers.com/episode-8-the-level-5-special/ These are very good listens. Havent seen dirty money but i probably will this week. Quote Link to comment Share on other sites More sharing options...
aussiek2000 Posted January 30, 2018 Report Share Posted January 30, 2018 First couple episodes of that docu-series was pretty good. Quote Link to comment Share on other sites More sharing options...
Smokey Posted January 30, 2018 Report Share Posted January 30, 2018 Haven’t watched the show yet, but did follow the news and listen to the dinner with racers podcasts. His comparison to bank overdraft rates in his business explanation is a valid one, but he also completely glosses over the way his loans paid/accrued interest was predatory and never once mentions the Native American tribe issue. He even mentions in the podcast that Netflix was doing a documentary on him and seemed fine with it, so I’m wondering if Netflix was a bit shady in telling him what they were actually using the footage of him for? Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted January 30, 2018 Report Share Posted January 30, 2018 Just watched this episode last night and it was really good. Talk about a fall from the top. I didn't really know him as a race car driver but it appeared as though he was pretty successful. It made a cool episode nonetheless. Quote Link to comment Share on other sites More sharing options...
Jewtoys Posted January 30, 2018 Report Share Posted January 30, 2018 Fuck that guy. Enjoy prison Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted January 30, 2018 Report Share Posted January 30, 2018 Fuck that guy. Enjoy prison This. Remember, before the Payday scam, he was in jail in the 1990's for mail fraud and another lending scheme that charged businesses fees for loans that they never delivered. So he was always a guy looking for a good scam. Putting the ethics of payday lending aside for a moment, what makes this esp despicable is that he went out of his way to rip people off on the back of a (albeit shitty) legitimate business model. He could have just followed the disclosure laws and interest rate caps and been completely in the clear, but instead he ran to hide in first nation country so as to keep ripping people off. He knew what he was doing was illegal and even now has showed no remorse for it. Heck when the FTC first filed charges against him in 2014, his brother and business partner committed suicide, presumably from the guilt or to avoid prison. So fuck this guy with both ends of a double ended dildo. sideways. Quote Link to comment Share on other sites More sharing options...
coltboostin Posted January 30, 2018 Report Share Posted January 30, 2018 If you guys get a chance to go to one race at that level, even SCCA runoffs, and get to spend days in the pits, after hours dinners, ECT with the guys racing at this level, you will see its 100% a money game. Its never who is the best driver, best team, its who has the deepest pockets. After spending times with these guys learning "what" they did to get to their financial position, you are often left scratching your head as to whether they are making it up, or if they are actually involved in a legal enterprise at all. Lots of gray areas in all of finance. There are even people on CR that have become very wealthy "in the gray" Quote Link to comment Share on other sites More sharing options...
craig71188 Posted January 30, 2018 Report Share Posted January 30, 2018 Long ongoing thread on ApexSpeed: http://www.apexspeed.com/forums/showthread.php?72920-The-Scott-Tucker-saga-continues&highlight=scott+tucker And another about his "Level 5 Motorsports": http://www.apexspeed.com/forums/showthread.php?71154-Level-5-DSR-story/page2&highlight=scott+tucker Here is video of the D Sports Racer at Road America (2nd half of video) comparing a real lap to their SIM laps (1st half of video): Word is this "amateur" class car had ex-F1 engineers designing/building Like many before him, dirty money does help power pro racing (insert discussion of the Whittington brothers purchasing cars with brown paper bags full of cash) Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted January 30, 2018 Report Share Posted January 30, 2018 If you guys get a chance to go to one race at that level, even SCCA runoffs, and get to spend days in the pits, after hours dinners, ECT with the guys racing at this level, you will see its 100% a money game. Its never who is the best driver, best team, its who has the deepest pockets. After spending times with these guys learning "what" they did to get to their financial position, you are often left scratching your head as to whether they are making it up, or if they are actually involved in a legal enterprise at all. Lots of gray areas in all of finance. There are even people on CR that have become very wealthy "in the gray" Bitcoin. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted February 15, 2018 Report Share Posted February 15, 2018 https://jalopnik.com/scott-tucker-potentially-on-the-hook-for-3-5-billion-i-1823030337 Honestly, he'll probably never pay it, which really sucks. If it weren't cruel and unusual - I kinda wish they would do this to him, except with every one of his race cars, the trucks, the tools, heck everything but the people: Quote Link to comment Share on other sites More sharing options...
Smokey Posted February 15, 2018 Report Share Posted February 15, 2018 Finally got to watch the Netflix episode. Listening to the phone calls and the “bag of money” explanation was pretty damning. I will say though I felt for him on what he went through with his brother. That was rough. I also noticed in one of the cut scenes of one of the other Dirty Money episodes that while shooting the series was referred to as “unnamed money series” which is what I thought. Doubtful Tucker would have given them full access if he had known the true name/intent of the series. Quote Link to comment Share on other sites More sharing options...
DKilbourne Posted February 15, 2018 Report Share Posted February 15, 2018 Bitcoin. Don't think he was referring to that. Quote Link to comment Share on other sites More sharing options...
coltboostin Posted February 15, 2018 Report Share Posted February 15, 2018 Bitcoin. Negative But here's your clue https://debthelpcc.com/ $1 for who it is $1 for why its pseudo legal lol Quote Link to comment Share on other sites More sharing options...
Geeesammy Posted February 15, 2018 Author Report Share Posted February 15, 2018 (edited) Lmao Got outed ".....They enabled me to eliminate almost $9,000 in debt in just 3 1/2 years" Oooof. $250/month to the principal, $410/month to the interest :gabe: Edited February 15, 2018 by Geeesammy Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted February 16, 2018 Report Share Posted February 16, 2018 Don't think he was referring to that. JP has been a big hater of BTC so I was just giving him shit. Negative But here's your clue https://debthelpcc.com/ $1 for who it is $1 for why its pseudo legal lol See above- just fucking with you homie Quote Link to comment Share on other sites More sharing options...
Versluis Posted February 16, 2018 Report Share Posted February 16, 2018 Watched the episode on Netflix and it was pretty interesting. Unreal. Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted February 16, 2018 Report Share Posted February 16, 2018 Negative But here's your clue https://debthelpcc.com/ $1 for who it is $1 for why its pseudo legal lol MC, give me my $1 lol Quote Link to comment Share on other sites More sharing options...
evan9381 Posted February 17, 2018 Report Share Posted February 17, 2018 Negative But here's your clue https://debthelpcc.com/ $1 for who it is $1 for why its pseudo legal lol ding ding ding. TL:DR - avoid debt settlement companies. I used to do first party collections and the number of people who tried to avoid us by using these companies wouldn't listen when we tried to tell them how they were getting screwed. tried to explain the settlement companies business model and how we don't work with them, but no one wanted to listen. Example - you have $3,000 balance with us. I dealt with charged off debt, so there were no more late fees/interest from us. Maybe you don't have 60% to settle it right now ($1800). We would set you up with smaller payments to hold it in house. (We would only hold accounts for 3-6 months and if nothing was paid, we'd send it to a collection agency. It wasn't worth our time to continue to try to collect a charged off debt if we're not getting anywhere. Well, the agency will then tack on another 30% for their fee. Your $3000 debt is now $3900). Make those smaller payments with us, say $50-100/mo, and then in 6 or 12 months, you've paid down a chunk and you can see what the settlement is at that time. Pay $50/mo x 6 months = $300. Debt is now $2700, 60% settlement is $1620. So overall, you pay $1920, which isn't as good as the original offer of $1800, but you got an extra 6 months to collect that money. The shitty part about settlement companies is that they tell you to stop paying on your credit cards, but since the credit card companies usually don't work with the settlement companies, they keep charging you interest and late fees and if it goes long enough, they'll write your debt off and you'll have a chargeoff (R9) on your credit report, which is the worst thing second to bankruptcy that you can have. I had customers tell me that the settlement companies charged them an enrollment fee (0 of this went to debt), and then a monthly payment. So lets take that same $3000. They charge you $400 enrollment fee. Then lets's say your monthly payment is $200. Well, maybe $75 of that goes to the company's pocket, and $125 goes into an account that accumulates to settle your debt. They can't settle your debt until there are enough funds. The lowest we ever settled for was 50% ($1500 in this case), but that was extreme cases, VERY old debt, extreme hardship, someone who is planning to file bankruptcy and we'd rather have 50% than 0%...usually it was 60-70%...but let's use 50%. So setting back $125/mo, it'll take 12 months to accumulate $1500 or 50%. Well by 12 months in, your account would have already gone to one agency, MAYBE even a second agency if agency #1 couldn't collect in 6 months. So now you're looking at a $3900 balance (original debt + agency fee)...can't settle with your $1500 now, right? because that's less than 40%. But here is the kicker. You've now paid a $400 enrollment fee and $75x12 months = $900, so $1300 in fees, just to the settlement company in fees, and $1500 that's sitting in an account accumulated for your debt, and not a penny of that $2800 has gone to your credit cards. Now take those same payments ($400 enrollment, $200/mo) and lets see how you can resolve it with the CC co directly. Pay $50 month 1. save your $350 towards your settlement. $50 month 2-12, and save the extra $150/mo). In 12 months, assuming you haven't settled it yet, you've now paid $600, and you have $2,000 in your "settlement account" set off to the side. So you've got a $2400 balance and $2k to negotiate a settlment. If you called me up with a $2400 balance and said "hey can I pay $1400?" I'd do whatever I could to get it approved. You've paid each month like you said, you've already paid us $600, $1400 is a good settlement. That's just an example on one card with a relatively low balance. Say you turn in a handful of cards to them, and maybe one has a $700 balance. Maybe they can get one of them settled for you because it has a relatively low balance. well your other cards just get stuck on the back burner, not getting paid. let one of those big balance cards get too far behind and find yourself getting served a lawsuit for the balance. I did it all the time. It's been years since I worked there (2010), but I believe our requirements to forward accounts to our attorneys for suit was a balance of maybe $2500 and we just needed to verify that you were employed or owned a home. both were super duper easy. A call to your HR department or even calling you at work and you answering was enough. property we could do by finding a mortgage on your credit report or looking at the county assessor/auditor website. Settlement companies can't do anything to stop these. They'll be happy to take your money though. If you actually need help, look into CCCS programs. they're non profit and credit card companies will actually work with them. we had a separate team that only handled CCCS accounts. or, just call your creditors and work with them directly. they usually have options available. whatever you do, avoid debt settlement like the plague if you get behind. there was a period that I was out of work for like 4 months and saw a posting here for jobs at a certain debt settlement company and even hurting for work for that long, I couldn't convince myself to even entertain the thought of working there because I knew how much they fucked people. Quote Link to comment Share on other sites More sharing options...
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