BBB National Programs Archive

No More Mortgage Participates In ERSP Forum

New York, NY – May  1, 2008 – The Electronic Retailing  Self-Regulation  Program (ERSP) has recommended that certain  advertising  claims  for the No More  Mortgage  Debt Elimination Program  be  modified or discontinued. ERSP  did  find the  company  could support a general performance claim for the No More Mortgage program.

ERSP, the electronic direct-response industry’s  self-regulatory  forum, is  administered by   the  Council  of   Better  Business  Bureaus  (CBBB)  with  policy  oversight  by   the National Advertising Review Council (NARC). The marketer’s advertising came to the attention of ERSP  through ERSP’s ongoing monitoring program.

ERSP  reviewed claims in online advertising for No  More Mortgage (which contained a streaming  video  broadcast  advertisement).  Claims  at  issue  in  the  ERSP   inquiry included:

  • “Unlike these debt reduction programs that can only help you with your credit card debt we actually eliminate all of your debt. Your car loans, these student loans if you have them. We can literally have everything paid off including your mortgage in as little as 9 years with out any increase in your payments.”
  • “With No More Mortgage there is no risk to your credit whatsoever.”
  • “Don’t spend a penny more. 75% actually able to lower monthly payments.”
  • “Our typical client saves anywhere from 15 to 20 or more years of having to make payments.”
  • “And they typically save from $20,000 to over $100,000 of interest in the process.”
  • “We don’t consolidate your debt, we eliminate it.”
  • “I can confidently state that no other program even comes close to our current client success rate.”

ERSP   recommended that  the  marketer  clearly   disclose  factors  that  may  affect potential   user’s  individual  result,  including  pre-payment  penalties  from  lenders. Further,  ERSP  recommended the marketer refrain  from expressing  specific savings amounts and the specific time period in which loans have been paid off.

ERSP  determined  that the claim  “With  No  More  Mortgage  there is  no risk  to your credit whatsoever” should be discontinued in its advertised context.

ERSP  determined the claim “we don’t consolidate your debt,  we eliminate it” to be reasonably supported. The company,  in its marketer’s statement, said “… we appreciate the time that the Council took to gain an understanding of our programs and our claims. We accept their recommendations to modify our advertising and hereby agree to make such modifications.”