Stories of the Indebted

Stories of the Indebted is an enigmatic book. Its author, Jorge P. Newbery, is the CEO and founder of American Homeowner Preservation, LLC, which acquires mortgages from lenders and, in turn, works out repayment plans with at-risk mortgagees on terms that help them stay in their homes. He also founded DebtClense, a website that provides information on reducing or eliminating unaffordable debt. Newbery’s altruism was gained through personal experience when he, as an investor in rental real estate, found himself mired in unaffordable debt that occurred when an ice storm damaged a major portion of his holdings.

The seven chapters of Stories of the Indebted exemplify Newbery’s advice on handling unaffordable credit card debt as well as student, mortgage, and business loans. He cautions debtors to get out and stay out of the credit card trap. His advice for handling current debt that they are struggling to repay is less traditional. He advises fighting creditors by using unconventional remedies of disputing the debt, requiring accountability by the creditor as to the actual amount of the debt, application of payments, and calculations made by the creditor. In other words, it puts the ball back in the creditor’s court and requires a lot of documentation and explanation by them, which in turn may delay litigation.

Newbery provides detailed strategies. If a debtor has the intestinal fortitude to endure through the process, there is potential for paying reduced settlements or, in some cases, paying nothing at all. The outcome depends upon the creditor’s determination versus the debtor’s determination, whereas a simple bankruptcy can wipe the slate clean much faster. The final analysis of this book is up to the reader to determine. Either way, the credit score will drop to a lower number, but Newbery’s methods will appeal to debtors who have the will and energy to take matters into their own hands and fight. There is no doubt that there are creditors out there who deserve a good kidney punch from a hard-working middle-class person who has always played by the rules and still wound up under the bus.