Good morning...and thanks for signing up for your weekly Dose of Dover!

I'm pleased to be sending you our first regular, weekly shot of

un-common sense advice, ideas and observations. 

This stuff comes together as a direct result of your e-mails,

letters and telephone calls from the radio show, 

TV segments and newspaper column. 

Do me a favor and put me out of a job!!!

 

Forward this e-mail to everyone in your Address Book,

others that will benefit from the information I've assembled below.

Dose of Dover #3

Tuesday, August 20, 2002:

 

Does the name Briggs & Baker ring any bells?  It will for any of you that may have signed up with this company and trusted that they could deliver on their promise of settling your unsecured debts for a fraction of what you owe. Unfortunately, according to your e-mails and phone calls, this company appears to be falling short of these promised goals.  For those of you not familiar with Briggs & Baker, especially if you're outside of Southern California, here's a lesson to be learned for anyone around the nation even remotely contemplating signing up with any company that touts its ability to re-negotiate your un-secure credit card debts into deeply-discounted settlements.  Here are some facts directly relating to the Briggs & Baker case:

    According to a report from the Better Business Bureau dated 08/06/02: "We rate this company as having an unsatisfactory business performance record.  This company has a pattern of complaints alleging the company failed to negotiate debts, failed to pay creditors, credit standings deteriorated after enrollment, and that the company failed to provide adequate service..."  Wanna read more from the BBB?
 

    During the show you heard a couple of guests with unique, first-hand perspectives and insights into dealing with Briggs & Baker:

    Our first guest [Mr. C.] wrote checks totaling more than $17,000 after he enrolled in one of their "programs," wasting over $12,000 that went directly into the company's pocket...the difference representing a pool of cash [representing 11% of the total amount owed to the credit card companies] for settling the outstanding credit card debts.  He ended up settling the debts on his own...Briggs & Baker refused to refund any of their fee.  And our guest got a very expensive lesson about hiring companies to settle debts.

    Our second guest was known on the air as "The Rocket," a nickname actually given to him by company co-founder Todd Baker: He'd worked at Briggs & Baker for over 2 years and was quite familiar with all of their tactics...as well as their lack of success.  He was fired for complaining about the company's lack of success in getting the settlements they promise in their big pitch to consumers responding to their advertising.  The Rocket should know, since he worked in and at one point, was in charge of their "settlements" department, he's keenly familiar with this important part of the company.  Yes, he was the guy attempting to make deals with the credit card companies.  And when he complained to senior management about their lack of success and handling of the accounts, he was eventually transferred to "the phones"...he was one of the voices that greeted consumers that responded to Briggs & Baker's advertising.  And at this point, our friend--The Rocket--said he now [finally] had the entire picture and saw what the company was actually doing.  According to The Rocket, because of his insight and conscience and complaining to senior management, he was fired.

    A third guest that unfortunately never made it on the air, we'll refer to him as Mr. T, was a truly sad story: He took over $30,000 out his retirement [401K] to pay Briggs & Baker.  Of course they failed to deliver on their promised settlements, and Mr. T. ended up taking bankruptcy.  But the saddest part of this story?  He got hit with an IRS penalty for dipping into his 401K, monies which would have been completely sheltered and untouchable in his [eventual] bankruptcy.

    Unfortunately, company co-founder Todd Baker refused the opportunity to appear on the show: All of this started because I was approached by a Briggs & Baker representative about booking Mr. Baker as a guest on the show, but when I declined their request to allow them to review my questions or points to be covered in advance of the show, they started back-peddling and declined because they thought I'd be biased and not present a fair view of the situation.  Uh-huh...

    Also worth noting?  According to the Attorney General's office, Briggs & Baker have been operating without a State of California-required, $100,000 bond since it expired on 12/31/01: So how can these people continue to operate in plain view?  How can they continue to wreak havoc with gullible consumers finances and credit reports with seeming impunity?  Simple: Not enough of you have complained to the right authorities.  Well, this is about to change.

    If you have a complaint about the business practices or your personal dealings with Briggs & Baker, please e-mail me at once, but make sure you include in your "Subject line" the words Briggs & Baker.  [If you don't put the words "Briggs & Baker" in the subject line, I won't respond.]  If this company can continue to operate within the boundaries of the law, then so be it.  I hope you've been adequately forewarned about their track record with others dealing with the onerous weight of credit card debt.  But if Briggs & Baker have broken, or continue to break, laws on the books that are supposed to protect you, then the only way to handle this is by giving information about your dealings to the proper authorities.  And I'm willing to forward your Briggs & Baker-related complaints to the proper authorities.

Other debt re-negotiation-related topics that need to be addressed as a result of this topic on Sunday's show:

    If you're contemplating signing up with a company that promises to negotiate deeply-discounted settlements with your creditors, you'd better not throw good-money-after-bad and sign up with anyone unless and until you've done your homework about the company:  A good starting point would be the Better Business Bureau of the Southland's website; another one would be the California Attorney General's office.

    Several of you asked about other companies that promote this line of service: Before you write anyone a check, no matter what the business--but especially in the area of debt re-negotiation--do your homework first!  [You've been warned!]

    What about organizations like Consumer Credit Counseling Service?  They're legit, aren't they?  CCCS has done a great job spinning their image as they like with the help of the gullible mainstream media.  Not all CCCS offices are created equally!  They're independently-owned franchises...and the level of service is inconsistent, at best.  One thing that is consistent in the CCCS-world: Their fee is paid by the very companies you owe money to...your creditors.  That means that the people you owe money to is being paid for this repayment service by folks that may have their best interest at heart, not yours.  Caveat Emptor!  Ask questions!!!  And if you wanna read more, check out a column I wrote about the subject several years ago that's as accurate today as it was the day it was published.

What about bankruptcy?  Aren't the laws changing?  Won't I screw myself up for the rest of my life if I take a bankruptcy?  Bankruptcy is a concept that [literally] has Biblical origins.  It's a chance to wipe the slate clean and start over and you're right: The laws look like they're changing, but as of the date this was written and posted to the website, they haven't changed yet!  You need to do your homework and do what's in your best interest, not your creditors.  If you've got friends or family that are telling you not to investigate or eventually file for bankruptcy, I have a suggestion: Tell them they need to write you a check to pay off your debts and help you get out of the trap.  Otherwise, shut-up and mind your own business.  Unless they're willing to put their money where their mouths are, then there's nothing to discuss, is there?  Do your homework, find out the latest in the banks-and-credit-card-companies-quest to change the federal bankruptcy laws by reading more about your legal options.

You're probably starting to think that it's not safe to go out of the house anymore! And now we can add singer Aretha Franklin to the stolen identity victims' list...you've gotta be careful, no matter where you go!  Ben's Bottom Line?
    Always make sure you keep your receipts anytime you use a credit card. This may help you figure out where your information was lifted if you should become a victim!

    You've gotta check your Identity Health at least once every 6 months  It's not convenient, but neither is having your identity cloned and credit reports destroyed by the bad guys.

    Buy a paper shedder! Don't skimp...get one of the newer models that cross-cut shreds [not the "long strip" shredder that are easier to re-construct!]  I just bought a new shredder a week ago and it's got a feature on it that is verrrrry cool: It has a little slot to stick credit cards in, then cross-cuts those into little pieces of plastic!  With rebates now, expect to spend $40 - $80, depending on features and "number of sheets" it'll shred at one time. [And spend a few bucks extra to buy some shredder oil while you're at it!]

It's legalized blackmail, and it could happen to you if you're not careful and hire the wrong moving company the next time you're packing up and changing your home address!  You know how stressful it can be to move to a new place, whether it's down the street or ten states away. But if you make the mistake of entrusting the wrong moving company with transporting your property, you could be financially and emotionally damaged big time. Terrific story by Myron Levin in the Sunday, August 18, 2002 business section of the LA Times; this is a topic I've covered many times over the years, and I've gotta great section on my website that'll help you make the best choices when it comes time to hiring a mover. Avoid the brain-damage of moving by knowing what to look for and what to avoid in the first place:
    Beware of testimonials: Just because a big shot from Hollywood is quoted/gives a positive review of a certain company, this doesn't mean the company's telling the truth! Discount testimonials...even faster if they misspell the person's name!!! 

    Just because they give you a great-and lowball-bid in writing doesn't mean that they'll deliver, it doesn't mean they'll do what they say for what they quoted. They lie!
    Always make sure you insure your move by a reputable insurance company, and make sure you buy REPLACEMENT COST value insurance; even if you're moving within the same zip code, consider covering your assets through proper insurance.
Check references? Maybe...or checkout these two websites to make sure you don't hire the wrong guys: www.ripoffreport.com and www.movingadvocateteam.com  Want more information?

Don't believe everything you read, especially at the grocery store or at those "wholesale" buying clubs, because sometimes Corporate America misrepresents the truth! [Now there's a revelation...]  With the birth of the wholesale buying clubs like Sam's, or places like Costco or Pace...these stores were perceived as delivering greater value by allowing us to buy in bulk. But there's some interesting evidence that proves what I've been saying for years: It's a packaging and marketing game that plays off of past perceptions.

    Just because a product's marked "Buy 2 and Save!" doesn't mean it's true...example?  Two different types of Colgate Toothpaste...one Tartar Control and the other Cavity Protection actually cost more per ounce in packages clearly marked "Buy 2 And Save!" or "Value 2-Pack!" than in single tube packaging.  The twin-packs, which offered two, 6.4 ounce tubes [totaling 13 ounces] cost 3.4% more per ounce than the on-the-same-shelf, single, 8.2 ounce tube.  Okay...so it's not alotta money...but it is a clear example of where your money's being sucked away through slick packaging and consumer mis-perception!
    Beware of bar codes!!! It's getting tougher to figure out the price of stuff because they rely on bar codes...so get scanned or get scammed! Places like Target have bar code readers on the floor...use 'em! When in doubt, ask for help or get the cashier to scan a produce first!

It's gonna be a lot tougher to take Man's Best Friend on a trip, at least if you're a loyal American Airlines flier, anyway: Didja hear the story about the whacked out Pit Bull on an American Airlines flight from San Diego to New York?  Read more...and be aware that American's gonna make it tougher for you to take Cujo on your next trip.  Continental Airlines already bans pit bulls and any animal that displays an aggressive demeanor [wish they'd do that with certain passengers] and Southwest Airlines won't transport animals, period!

Gotta question for Ben?  Call in and get it answered live on the air during his Sunday morning radio show (8-10 am Pacific/9-10 am Mountain/10 am-12 noon Central/11 am-1 pm Eastern, 4-6 pm GMT) on KFI-AM/640, Los Angeles: (800) 520-1-KFI     [And you can listen live via the Internet, no matter where you are!]