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Debt Relief Master Class – “How to Survive, Thrive & Arrive in the New Debt Relief World”

Following up on the enormous success of the Rally in Raleigh I held for members of the debt relief industry, this time I’m rolling out an even more extensive class for debt relief companies to help them find a way forward in a compliant way with help and advice from inside the industry and from regulators.

Phil Lehman, Esq. from the NC Attorney General Office, one of the instructors, is looking forward to meeting and talking with legitimate debt relief companies since there is skepticism in the AG community that many exist. Phil plays an important role in the AG community on these issues. This is your chance to come and introduce yourself to Mr. Lehman.

There is NO CHARGE to attend this class. Attendees are asked to instead make a donation and proceeds will go to the Raleigh Food Bank. Instructors are donating their time in an effort to help all.

Michael Kerr is going to be teaching a class on the UDMSA, one week after the Uniform Law Commission meets. Attendees will get the freshest information on the new UDMSA regulations.

This class will focus on compliance and moving forward in an uncertain debt relief landscape. It is for all niche providers and should be another tremendous event to bring people together.

http://www.youtube.com/watch?v=JoVlxffeI-o

You can read the feedback from the previous attendees here.

Debt Relief Master Class   How to Survive, Thrive & Arrive in the New Debt Relief World
Get Out of Debt Guy – Twitter, G+, Facebook

Debt Relief Master Class – “How to Survive, Thrive & Arrive in the New Debt Relief World”

When: July 16-17, 2011. (Optional free third day for those that want to hang around for private consultations.)

Where: Enjoyable Raleigh, NC

Instructors

  • Debt settlement company CEOs (Michael Bovee – Consumer Recovery Network & Scott Johnson – USDR)
  • FTC Attorney – Evan Zullow
  • NC State Attorney General Regulators
  • Debt Relief Company Industry Attorney – Michael Thurman from Loeb & Loeb
  • Debt Relief Company Litigator – Michael Dye
  • Debt Relief Policy Advocate – Center for Responsible Lending
  • Howard Dvorkin – Consolidated Credit Counseling
  • Steve Rhode – Hey, it’s my site, of course I’ll be there.
  • Michael Kerr, Legislative Director, Uniform Law Commission

Who Should Attend

Any person directly involved in any manner of debt relief services such as debt settlement services, debt management plan providers, debt buyers, attorneys in general practice, bankruptcy attorneys, consumer attorneys and others who have an interest in how to launch and run a successful and compliant debt relief organization.

In an effort to work closely with regulators, non-profit policy groups, and creditors, attendance for members of those groups and legal aid attorneys will be free.

Why Attend

The comprehensive and intensive weekend workshop is designed to give individuals in and considering entering the debt relief field a thorough understanding of the underlying issues that any debt relief provider must face in order to stay out of trouble, provide the most suitable service possible, and have successful clients.

This master class is designed to help all in the debt relief world to be able to expand their services quickly and in compliance.

Topics will be covered in depth with open attendee participation for each session. There will be an optional 3rd day with a couple of additional hours dedicated to sitting down to answer specific questions to help you return home ready start implementing what you learned.

The debt relief industry is undergoing significant change. Debt settlement providers are looking to offer credit counseling and credit counseling groups are adding debt settlement services. Groups are looking for new opportunities and wandering into unfamiliar territory. We will talk about good ways to explore these new territories.

Topics to be Covered

  • You will learn why your strongest client market is right around you and why focusing on your local market is the new black.
  • Suitability tests to help guide consumers to the debt relief solution that is best for them with a clear focus on the individual’s financial abilities and their individual goals.
  • How to qualify the right customers that focus on quicker program completion and optimal savings. This will give you the best of both worlds; faster income and happy clients.
  • How to market successfully while using more narrow enrollment standards to avoid regulator issues.
  • Setting the correct expectations with the consumer so they become your biggest fans.
  • How to embrace openness and transparency in your efforts to maximize returns. Why sharing your client contracts and performance numbers is the smart thing to do for you and your bottom line.
  • You’ll learn how to use unique technology to limit overhead costs and increase profitability.
  • You will get the information necessary to prepare your consumers for the 3 stages of collection.
  • We’ll touch on client and file work flow from the first day of plan implementation to completion so you can focus on delivering the best debt relief service possible for the least amount of cost and the highest efficiency.
  • There will be a frank discussion of trust accounts, escrow accounts and/or help consumers create self-saver accounts and the benefits and draw backs of both.
  • You will get a chance to meet some industry regulators and talk with the face-to-face about pitfalls and problems that get their attention.
  • We’ll chat about how to implement client strategy sessions and prioritizing accounts for best results once client enrolled.
  • You’ll learn why you need to not be afraid to adjust consumer plans on the fly using creative methods and adjustments to plan implementation.
  • We’ll fill you in on the latest creditor trends, both pre and post charge off.
  • You’ll learn the tricks to use with the post charge off collection pipeline and the strategies to use with assignees.
  • We’ll steer you away from the trouble with power of attorney use and other forms of authorization and the timing of their use. But you’ll learn when to best utilize the power of attorney.
  • You’ll learn why you rarely need to tell the consumer to send a cease communication letter and why that’s not in the best interest of the consumer.
  • We’ll cover how to work with creditors and more importantly the tools and strategies used to work with creditors when they won’t work with you – This is the secret sauce!
  • You’ll learn how you can use DIY debt settlement education so both you and your customers can win.
  • Information on debt validation will be shared to help you better understand if an old debt is collectable at all.
  • We will be flooding you with detailed information on compliance with state and federal laws and how to set up your business in full observance of both.
  • You’ll walk away with knowledge on how to best identify those states you should work in and why.
  • We’ll give you a state matrix that guides you through the myriad of state regulations.
  • By the end of the two day event we’ll also discuss business planning for regulatory change, ISO certification, and more.

Attending

The following people have stated they are attending the class as student or instructors.

  1. Michael Kerr, Legislative Director, Uniform Law Commission
  2. Scott Johnson – USDR
  3. Michael Bovee – Consumer Recovery Network
  4. Evan Zullow – FTC (Skype)
  5. Michael Thurman – Loeb & Loeb
  6. Michael Dye, Esq
  7. Caryn Becker – Center for Responsible Lending
  8. Andrew Housser – Freedom Debt Relief
  9. Alex Viecco – New Era Debt Solutions
  10. Dan Smith – New Era Debt Solutions
  11. Mike Croxson – Care One
  12. Howard Dvorkin – Consolidated Credit Counseling
  13. Diane Chen – CESI Debt Solutions
  14. Steve Rhode – GetOutOfDebt.org
  15. Sean Ryan – Veritas Assurance Group (Legal Plan)
  16. Phil Lehman, Esq., NC Attorney General Office
  17. Michael Lupolover, Esq. – Consumer Law Attorney/Debt Settlement Company Owner
  18. Greg Fitzgerald, Esq. – Debt Settlement Attorney
  19. Damon DayDebt Coach
  20. Neil Ellington – CESI Debt Solutions
  21. Michelle Rash – RLF Communications
  22. Monty Hagler – RLF Communications
  23. Chris Stone – The Stone Agency
  24. Jenny Martin – The Stone Agency
  25. Sierra Izzard – Pacific Debt
  26. Michele Staley – Resurgent (Debt Buyer)
  27. JR Duck – Resurgent (Debt Buyer)
  28. Class Full Once We Reach This Point.

Anticipated First Day Agenda

Friday, 15 July 2011
Executive Officer Roundtable – casual optional dinner at local restaurant 6-9 pm
Guest Speaker – University Business Management Professor

Day 1 – Saturday, 16 July 2011

9:00 – 9:30 Welcome & Introductions – Steve Rhode

9: 30 – 10:15 UDMSA 2011 – Michael Kerr, Legislative Director, Uniform Law Commission

  • History
  • Debt Adjusters
  • Credit Counseling
  • DMP
  • Debt Settlement
  • Life Span of the ACT
    • Attention Items
    • What Models are Covered
    • Insurance & Bonding
    • Data Collection
    • Fee Restrictions
    • Company Certification
    • Disclosures

10:15 – 11:00 am Regulator Oversight – Phil Lehman, Esq., NC Attorney General Office

  • Enforcement
  • Attempted Subterfuges
  • State-Federal Cooperation
  • Legislative Approaches
  • Note: Phil is looking forward to meeting legitimate debt relief companies since there is skepticism in the AG community that many exist.

11:00 – 11:15 Break

11:15 – 12:15 Federal Compliance – FTC – Evan Zulow

  • TSR
    • Compliance Beyond Advanced Fees
  • Advertising & Marketing
    • Testimonials
    • Policy Statement Regarding Advertising Substantiation
    • Endorsements
    • Guarantees

12:15 – 12: 30 Break

12:30 – 1:45 Working Lunch Pending Statutory & Regulatory – Center for Responsible Lending

  • Active States
  • Bill Tracking
  • Industry Actions
  • Uniform Law Commission Update
  • Consumer Protection Groups
  • CFPB

1:45 – 2:00 Break

2:00 – 3:00 Current State Requirements – Loeb & Loeb – Mike Thurman

  • UDMSA
  • Debt Settlement Acts
  • Debt Adjustment Acts
  • Credit Services
  • Violations
  • Garnishment/ Time Barred Debt
  • Privacy
  • Collection laws

3:00 – 4:00 Debt Management & CCC’s – Consolidated Credit Counseling – Howard Dvorkin

  • The Future of Credit Counseling

4:00 – 5:00 The Cost of Non Compliance – Litigator -Michael Dye

  • Pit Falls
  • Defensible Positions
  • Trigger Events
  • Avoidance strategies
  • Forward Looking Plans

Anticipated Second Day Agenda

9:00 – 9:15 Warm up

9:15 – 10:30 Start to Finish – Mike Bovee CRN

  • Target Marketing
  • Suitability Testing
  • File work flow,
  • Creditor interaction
  • Account completion
  • Credit Reporting
  • Self Savers Documentation
  • Trust Accounts
  • POA ins & outs

10:30 – 11:30 Role Play – What if Scenarios

11:30 – 12:30 Lunch

12:30 – 1:45 Technology Overview – Scott Johnson USDRinc

  • Improving Efficiencies
  • Reducing Operational Cost
  • Integration of Systems
  • Data Collection & Decision Making
  • Measurement & Monitoring

1:45 – 2:00 Break

2:00 – 2:45 Break Out Session

2:45 – 3:15 Compliance, Companies, Creditors & Clients – Scott Johnson USDRinc & Mike Bovee CRN

  • Time Barred Debt
  • Garnishment
  • Collection Laws
  • State Debt Relief

3:15 – 4:00 Round Table

4:00 – 4:15 Wrap up

What Past Attendees Have Said

The meeting was worthwhile and some very important topics were discussed. Alison Brown from the FTC brought a powerful message that really needs to reach more people. Every decision debt settlement companies are making right now are more important that any they have made previously. Everyone is watching and everyone is on notice. – Jenna Keehan, USOBA

The biggest benefit for me was realizing regulators are not to be feared if you’re a good company. They’re actually our biggest allies and they want us to communicate with them because they’re understaffed and need help identifying bad players. I plan on starting some dialogue with the Allison Brown and Lynne Weaver moving forward. Knowing this has not only opened up the possibility of enrolling clients in North Carolina for my company, but I have more peace of mind knowing that as long as I’m being honest and doing my best for our clients, I don’t need to have the constant fear of being targeted by a regulator just for being a debt settlement company. – Robert Zangrill, Franklin Debt Relief

The Rally in Raleigh in my opinion was a great success. Wow, there are actually players in the industry who care! Most interesting, aside from the individual perspectives, was the deep discussions with the NC Attorney General and the FTC. As I have posted on your site recently, ” this industry is in for some big changes”. Great meeting, I look forward to future gatherings. – Michael Reilly, Emerge America

Well, we certainly thought the whole thing was terrifically valuable. We owe you a debt of gratitude Steve for facilitating the event.

The AG from NC and participation of the FTC, Noteworld & even Jenna at USOBA were outstanding. We simply can not thank you enough for bringing all of that together.

I need to tell you I kept saying to Angelo that it felt surreal to be in a meeting like that, in our industry & surrounded by so many like minded people. I don’t consider (most) of the participants our competition, rather, I came away with a feeling of cohesiveness and unity. It’s nice to know I can call Damon, Andy, Alex or Scott and get some help with questions we sometimes struggle to find out ourselves. – Sean Ryan, Active Debt Solutions

It was absolutely worthwhile. Two big reasons why. It was great to openly discuss the debt settlement industry with a small group of like minded people. I don’t know of any other place that happens.

Secondly, listening to the AG’s office and FTC was a privilege. Getting access like that was amazing. I learned a lot and now have a very healthy and respectful impression of our government officials. – Chris Schornak, DSN

Class Size

The class size will be limited so register early. The purpose of keep the class small is so we all have an opportunity to interact closely and share as much information as possible.

Information About Raleigh

Debt Relief Master Class   How to Survive, Thrive & Arrive in the New Debt Relief World

For information about why Raleigh is such a fun town, click here and here.

Meeting Location

Debt Relief Master Class   How to Survive, Thrive & Arrive in the New Debt Relief World

For those that attended the last meeting you will be familiar with how great the hotel was.

The will be held at the Raleigh Marriott City Center hotel. 500 Fayetteville Street, Raleigh, North Carolina 27601.

Transportation

I will be sending out additional information to registrants but Raleigh’s airport, RDU, is a Southwest Airlines hub, along with some other carriers. Amtrak stops right downtown, RGH, and I-40, I-85 and I-95 are great ways to get in the area.

Lodging/Rooms

The meeting will be held at the Raleigh Marriott City Center so book your room here.

Registration

Debt Relief Master Class - "How to Survive, Thrive & Arrive in the New Debt Relief World" by

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • SeanDSLegalPlan

    I was going to say…. Man, you look YEARS younger!! lol

  • Scott Johnson

    From time to time we have recognized entities utilizing our
    image, terminology, quotes and concepts with out authorization. With over 4.3
    million hits on google using “US Debt Resolve”, years of testimony at the state
    and federal level and interviews with major publications there is bound to be cyber
    pirates. What are you going to do “arggggh”
     

  • cornholio

    here’s a video of Scott Johnson advertising another company?  What’s going on here?
    go to the :43 second mark.
    http://www.youtube.com/watch?v

  • cornholio

    here’s a video of Scott Johnson advertising another company?  What’s going on here?
    go to the :43 second mark.
    http://www.youtube.com/watch?v=jJd0_P8CN5c&feature=player_embedded 

    • Scott Johnson

      From time to time we have recognized entities utilizing our
      image, terminology, quotes and concepts with out authorization. With over 4.3
      million hits on google using “US Debt Resolve”, years of testimony at the state
      and federal level and interviews with major publications there is bound to be cyber
      pirates. What are you going to do “arggggh”
       

      • Anonymous

        I was going to say…. Man, you look YEARS younger!! lol

    • Question

      Isn’t pretending to be a “news report” against the FTC markting rules?

  • Steve Rhode

    LOL

  • Bob

    Damon Day and Andrew Housser in the same room? Is their a metal detector at the entrance?

  • Jennym

    Steve,
    When you come to Raleigh, I would like to invite you and Mike (if he comes) to play golf. On me. I didn’t grow up at Bethpage, but for a girl, I can hold my own.

  • Steve Rhode

    Oh, oh, oh, ask me, ask me……NO!

  • Steve Rhode

    For the record, I did personally invite Andrew Housser to the class and I’m hoping he can attend as he said he hoped he could.

    Andrew, I’d like to publicly thank you for the vote of support for the class.

  • Mike Reilly

    I’m kidding, just making fun.

  • Damon Day

    When have you ever known me to be speechless?

  • Andrew

    Thanks for organizing.  This will be an incredibly valuable forum for anyone committed to a long term, consumer-centric vision for our industry.  Scheduling may be tough for me, but I hope I can make it.

  • Andrew

    Thanks for organizing.  This will be an incredibly valuable forum for anyone committed to a long term, consumer-centric vision for our industry.  Scheduling may be tough for me, but I hope I can make it. 

    • http://GetOutOfDebt.org Steve Rhode

      For the record, I did personally invite Andrew Housser to the class and I’m hoping he can attend as he said he hoped he could.

      Andrew, I’d like to publicly thank you for the vote of support for the class.

      • Jennym

        Steve,
        When you come to Raleigh, I would like to invite you and Mike (if he comes) to play golf. On me. I didn’t grow up at Bethpage, but for a girl, I can hold my own.

      • Bob

        Damon Day and Andrew Housser in the same room? Is their a metal detector at the entrance?

      • http://GetOutOfDebt.org Steve Rhode

        LOL

  • Mike Reilly

    Bravo gentlemen, bravo!

  • Mike Reilly

    I’m speechless… I, I, feel like.. Damon Day!

  • Andy Faria

    So does this mean we’re not golfing?

  • Steve Rhode

    @10989f7460f2358f04630b2442c0892c:disqus Scott Johnson, Michael Bovee and I, listened to your comment and we have come to an agreement to donate our time and the proceeds from the event, like I did last time, to the Raleigh Food Bank. 
    This time we have made the amount for registration open so people can pay what they can afford to pay. Our primary goal is to first aid the debt relief industry before putting money in our pocket and we thought we couldn’t demonstrate that any better than by giving the money to charity.

  • Steve Rhode

    Just updated page with first day agenda.

  • http://GetOutOfDebt.org Steve Rhode

     Just updated page with first day agenda.

  • Scott Johnson

    The Master Class will discuss and share information on Pending State bills

    Texas is moving forward

    House resurrects, passes debt settlement bill
     
    http://www.legis.state.tx.us/B

  • Scott Johnson

    The Master Class will discuss and share information on Pending State bills

    Texas is moving forward

    House resurrects, passes debt settlement bill
     
    http://www.legis.state.tx.us/BillLookup/History.aspx?LegSess=82R&Bill=HB1222

  • Alex Viecco

    Steve
     Needless to say these meeting are absolutely valuable for ANY person or company that wants to continue in the debt sevicing space.  I can tell you that I can honestly say that it actually gave me hope that there were legitimate players and all was not lost.
    I highly encourage everyone to participate in this event for not only the tremendous information that you will rwceive but also the friendships you will build with like-minded business professionals.
    The time is now to make some business adjustments considering the pending legislation in several states.
    I look forward yo seeing old friends and making new key relationships.
    See YOU there!!!!
    Alex Viecco
    New Era Debt Solutions

  • Alex Viecco

    Steve
     Needless to say these meeting are absolutely valuable for ANY person or company that wants to continue in the debt sevicing space.  I can tell you that I can honestly say that it actually gave me hope that there were legitimate players and all was not lost.
    I highly encourage everyone to participate in this event for not only the tremendous information that you will rwceive but also the friendships you will build with like-minded business professionals.
    The time is now to make some business adjustments considering the pending legislation in several states.
    I look forward yo seeing old friends and making new key relationships.
    See YOU there!!!!
    Alex Viecco
    New Era Debt Solutions
     

  • Mariemegge

    Seriously considering…

  • http://www.donaldsonwilliams.com Mariemegge

    Seriously considering…

  • Mike Reilly

    That no longer suprises me…ahhahahahah

  • AlCapone

    I agree Mike- We have asked several agencies, in writing, whether or or not their laws apply to our business model- in “painstaking detail” of our model. Pretty funny really, CT pointed us to their old law governing Debt Management and actually said that IT applied to us- We wrote back pointing to their new law, written specifically for debt settlement (as their CCC law obviously did not cover us), and they said, “the law applies. Matter over. Of course, other states, like Colorado!! said “No, go ahead!”

    The states have all gone crazy! It is overkill- and that’s not my opinion… if the states can’t even understand or know their own laws, it’s fact. Simple- don’t rip people off & you won’t have a problem. Rip people off & the states will find a way to come after you. Period.

  • Steve Rhode

    I completely agree. It makes better business sense to go for the license. We know what their intentions are and it is much better to plan for it now.

  • Mike Reilly

    That really is funny, some negotiation skills! I will give this serious consideration.

    By the way, I did speak with the NYS Banking Department today to confirm my position and in a nut shell here’s the scoop.

    If you control the consumers money get a license, period! They would love to knock down the door of every debt settlement company that goes after NYS residents for non compliance, not to mention the opportunity to reach in their pockets.

    I was told they believe Bill#A00944 will be enacted at which time a 180 day “come into compliance” clock begins to tick.

    You can send in a request for a legal opinion so long as you provide pain staking detail on your business process and include your customer agreement.

    You can send in a request for a legal opinion so long as you provide pain staking detail on your business process and include your customer agreement.

    Licensed Financial Services Division: Charged with supervisory responsibility for licensing and regulating six distinct financial service industries including: Licensed Lenders, Licensed Cashers of Checks, Sales Finance Companies, Insurance Premium Finance Agencies, Budget Planners and Transmitters of Money. Deputy Superintendent Angelo Sigismondo(212) 709-5500

  • Steve Rhode

    That is funny.

    It’s interesting, this class is best suited for people that are willing to admit they don’t know what they don’t know. It’s a hard target to hit. I hope you win and send Mike to Raleigh. We’d love to have him here.

  • Andy Faria

    Great, tell you what… you win and the whole day’s on me, including steaks and beers at Cedar’s.

    If I win, you’re going to Raleigh.

    You win no matter how you look at it.

  • Steve Rhode

    UDMSA Sucks? LOL

    It might but it’s coming. I think the days of dealing with compliance issues on the backend are over. Survival will be based on proactive compliance, especially since that approach allows companies to limit liability with some confidence instead of waiting for a shoe to drop.

    It is true that the surest way to hit the radar of a law enforcement agency like an AG or FTC, and soon to be CFPB, is going to be with complaints but thats not the only issue to worry about to stay out of trouble.

  • AlCapone

    There was a certain A G that I heard say “If you are in the DS world but are not ripping people off and have no complaints, no one will bother coming after you. If you have 7 or 8 complaints or more, however, we will come after you.

    UDSMA sucks. Regulation sucks. Dont rip people off & you have nothing to worry about.

  • Really?

    Hi Jenna !

  • Mike Reilly

    Well that should get everyone to pony up $1000 bucks, very inspiring! Forget about Billys offer I’ll double it and you can sell to consumers.

    I have had on occasion reason to call George W Bush regarding issues outside the DSindustry, but within the finance industry, but he didn’t take my call.

    Lighten up Frances

  • Steve Rhode

    Mike,

    The content was crafted to help people interested in navigating a troubled debt relief future and to find a way forward. By your own admission you don’t feel you need this information and you pay people to deal with this stuff for you so I get the fact you don’t think this class is for you.

    You are right, the first class I held I did donate the $25 admission price to the local food bank so all of the costs of the class were paid out of my pocket. I can’t afford to do that again.

    For this event it was felt that the information and documentation that was going to be given was invaluable for attendees. A priceless start for people that don’t have all the resources you say you have. This class is intended to focus on specific state issues at an operational level and not just talk in general.

    I never anticipated the event would draw a large crowd but felt the price would create a smaller class of people serious in learning all they could to avoid issues moving forward. A smaller class also creates intimacy for attendees so they can sit down with the regulators and attorneys to develop ties and relationships that would be helpful.

  • Billybingbongbill

    I dont know what industry you are in but would love to offer you a job as a compliance officer for my company, starting salary $35k with benny’s and bonus. I know you only check back every few months so I hope you check back soon!

  • Billybingbongbill

    UDMSA

  • Phdoc0

    First let me state I am not involved in speaking or in any
    other way with the up coming conference.
    Let me further disclose I do not work in the DS industry, although I
    have accepted calls and spoken in person with executives in the DS with regards
    to such things as data collection, auditing, compliance (state/federal) and
    some general business questions.

    Let’s address NY from a couple aspects. First and foremost there is case law that has
    found DS companies in NY must comply with licensing. I’m sure you know that, and if you don’t you
    should.

    Secondly one of the problems with DS with regards to
    definitions in state laws is they like to play with semantics. If the noun in the law uses “debt adjusting”
    they say we’re not debt adjusters, we’re DS, if the noun DS is used, they say
    we’re debt negotiators etc. In other
    words DS agues that the definition does not define the noun, the noun defines
    the definition. Example, we’re not budget planners, we’re debt settlement.

    Now let’s look at NY budge planner, here again is where DS
    companies tend to shoot themselves in the foot.
    DS companies argue that they should be able to collect certain fees
    based on such things as financial analysis work to qualify the consumer along
    with education they provide once in the program. The four basic financial statements to work
    an analysis around are income statement, retained earnings, balance sheet, and
    statement of cash flows. This equates to
    budget planning with the consumer. Every DS Company does a budget to qualify
    them for the program. Sales has to first
    show the consumer they can not afford to pay back the debtor under their
    current cash flow, then show them that they can reduce their debt by a percentage,
    and finally base on their budget they can afford the DS program. Now if a DS company claims they aren’t doing
    a budget then how can they possibly qualify a consumer? Under NY law the definition continues on to
    include fund distribution:

    “distributes, or supervises, coordinates or controls the distribution
    of, or has a contractual relationship with another person or entity that
    distributes, or supervises, coordinator or controls such distribution of, the
    same among certain specified creditors in accordance with a plan agreed upon.”

    This also spells out Global and Note World in the fix.

    But again we have you saying that’s not for DS it’s for DM
    and CCCS. Once again the definition
    defines the noun, not the other way around.
    It’s also not saying that if you plan to run a not-for-profit the NYSBD
    (banking Department) requires licensing as a Budget Planner. It’s saying that if you plan on being
    involved in this type of business you have to be a not-for-profit. Again the
    definition defines the noun.

    To address your statement with regards to me seeing your
    telemarketing license, I did not see it, it’s just common place for DS
    companies to convince themselves that’s all they need.

    Now to address your link to the NCSL, so what? First you should know every state law that
    pertains to DS, and secondly the only thing that link does is tell you the
    statutory citation and information about bonding. I can’t imagine being a Bank or a Registered
    Investment Advisory firm and having my compliance officer sending me a link to
    the SEC, FINRA or the FDIC. Let me also disclose that I have had on
    occasion reason to call Heather Morton regarding issues outside the DS
    industry, but within the finance industry.

    The final thing I would address is your statement regarding not
    conducting business in the UDSMA states.
    I always find it strange when I listen to DS executive talk about how
    compliant they are and how much they embrace regulation. Yet they generally do two things. First they continue to fight the UDSMA, and
    secondly when a bill that is specifically designed for their industry (cause
    they continue to claim laws don’t pertain to them), passes, they immediately
    stop doing business in that state (or won’t do business there). If there’s a law that pertains to your
    industry, to protect both the company and the consumer, why on earth would you
    not want to do business there? There is
    no real answer to that question, b/c any answer would just be an excuse to
    avoid the real answer of we don’t want to operate under any type of regulation.

    There’s no need to respond to this post, I’m not in the
    industry and every so many months I stop into Steve’s site just for gossip and
    entertainment purposes. I’m not here to
    debate or continue with post after post. So if you do respond, I will not. The reason I on occasion post is to give the
    DS industry a little dose or financial industry reality so they know they’re
    only fooling themselves and certainly not fooling regulators.

  • Mike Reilly

    Who is this masked man? I will assume you’re one of the speakers at the class, otherwise why comment just register.

    I guess I can rule out Lloyd Blankfein, Allen Greenspan and John Mack too!

    Regarding your thoughts and concerns for me and my people, we feel real comfortable with our compliance of state and federal regulations at present. Clearly, there is always something to be done, change is upon us and my motto has always been “comply or die”.

    Regarding a few specifics, we do not conduct business in the UDSMA states. In fact I would venture to say that 95%-98% of all our business comes from our home state NY which today does not require licensing. I do realize the politicians are pushing hard to adopt the UDSMA but they have not done so just yet. If you plan to run a not-for-profit the NYSBD (banking Department) requires licensing as a Budget Planner but again, that’s for DM and/or CCCS.

    If the NYS Banking Department has its way, Bill#A00944 will fall into place requiring licensing for all practicing DS in NY along with a 250k surety bond, independently audited financials etc… You can read that by going to the state assembly website and searching the bill number. It is my belief that based on a soon to be huge decrease in consumer complaints, coupled with the formation of the CFPB underway, regulatory oversight at the state level will relax; they have too many fish to fry as it is.

    I guess you spotted our NY telemarketing license. If you’re using the phones, in or out bound, gotta have one of those and exercise extreme compliance with the DNC.

    Not sure if you have been here http://www.ncsl.org/?tabid=212… but you can begin to drill down on all state requirements and find each law that applies.

    Good luck at the show, I’m sure I’ll hear/read plenty about the outcome.

  • Mike Reilly

    Now that’s worth a $1000 bucks.

  • Phdoc0

    Well maybe your people should attend b/c I can’t find a
    state that you hold a license with regards to any type of debt
    settlement/adjuster/negotiator etc., of course I didn’t check them all, just a
    random sample CA, NY and some of the UDSMA states. If I missed the states you
    are licensed in I apologize and you can post the link such as this:

    http://www.corp.ca.gov/FSD/lic

    I would hope those people you are paying aren’t telling you
    that one is not needed. And I would
    think as someone in your position you know you are required to hold whatever
    type of debt license is required in any state you operate in. Saying you don’t need to be licensed would be
    like someone telling FINRA because I don’t actually place the order for a
    security I don’t need to be licensed to advise someone on investing.

    But as I always say this is the problem in the DS industry,
    the people that run DS companies just don’t acknowledge any type of legislation
    or regulation. And I suppose it’s as
    much the regulators fault too, they really don’t do anything. But unlike other financial industries the
    licensed companies don’t report the unlicensed companies. Like the other week I called Steven Thompson Special Administrator Financial Services CA and I
    wanted to know how a company like New Era can be in CA and not hold a proraters
    license, show up at a legislators meeting,
    and advertise #11 here:

    http://newaacc.org/member/new-

    and nothing be done?
    And one really funny thing I’ve seen is some companies that can’t comply
    with the state licensing claim they have telemarking licenses….so what if they
    do. That doesn’t exclude them from whatever the debt license in that state is. That would be like me holding a FINRA series
    14 compliance license and claiming I’m licensed to practice law.

    There’s absolutely no excuse for any DS company not to
    comply with any state license requirements.
    I also think it’s foolish the way you so called executives of financial
    companies use this site. Any of you
    think people like Lloyd Blankfein, Allen Greenspan, or John Mack and others
    would have a site like that where they would post like this?

  • Robert Stevenson

    I’ll pay to watch that…

  • Robert Stevenson

    can I get a “follow” link for a post with numbers? ;)

  • Andy Faria

    36+ holes a day from age 10-18, let’s do it. Neutral turf, CT, maybe Foxwoods. Bring your A game.

  • Scott Johnson

    Considering the best time for a conference the team assessed the following to determine the most suitable date

    Top 10 factors for a July conference

    1. Most State Legislature Sessions end in June
    2. Preparation for the CFPB getting Regulatory Authority
    3. Uniform Law Commission Conference for UDMSA 2011
    4. ACC pros conference
    5. Collection and Recovery Solutions 2011 Conference
    6. NARCA 2011 Spring Collection Conference
    7. CBA LIVE 2011
    8. ACA International’s 72nd Annual Convention & Expo
    9. Financial Services Collections & Credit Risk Conference
    10. AICCCA Conference

  • Mike Reilly

    sorry for the double post, someone (me) almost knocked over my beer

  • Mike Reilly

    wooooooooo, don’t talk to me about golf, grew up in Bethpage/on Bethpage, my father was a teaching pro, owned a driving range, playing since 5 with my dad and three brothers, that’s my game, let’s do this!

    As far as the class, I agree, I’m sure it will be a quality production but not something for me. I pay people already to handle these issues and more. As far as 2 days at the hotel, tops 5k and that’s with coffee and chocolate chips.

  • Andy Faria

    Mike,

    I disagree with you that this class will cover nothing. Just look at the bullet points of topics to be covered. Those topics are exactly what debt relief providers need to learn based on my observations of the industry. I think your stance is that you would like to see the industry clean itself up, right? What would you like to see covered instead?

    We stopped taking on new DS clients in Jan of this year.We did this for a few reasons.

    1. Compliance. The cost of licensing, bonding, insurance, etc for us to have expanded into states outside of just MA would have been astronomical. Sure, I could have done like so many other’s did and just operated off of the green/red state matrix drawn up by TASC, but then all I would have been building is a house of cards. I’ve learned (thanks in large part to this site) that compliance cannot be ignored and it’s very expensive. Strike One.

    2. The industry is full of losers. I have had the opportunity to meet and converse with many participants in the industry (again, thanks in large part to this site) There are a bunch of people that I am proud to have met and I have the utmost respect for them as people and also their business model. Unfortunately though the majority of industry participants I have met are not the type of people that I would want to be associated with and their business models repulse me. (just for the record Mike, I consider you to be in the “respect” category, even though we butt heads) I guess I just got tired of hearing from people, “oh your in DS, i heard that was a total scam?” or “ohhh, my mother lost $6k to one of those companies, that’s not what you do?” Strike Two.

    3. LHDR. Ok so it’s not LHDR alone, but it’s the whole concept that half (probably more) of the industry is playing by a completely different set of rules. The playing field is not level and the companies that are doing things the right way are at a distinct disadvantage. We’re all kidding ourselves if we think that the upfront players will be flushed out any time soon. They know the law is coming so they have dug in their heels and have armed themselves for a fight. They’re going to drag things out for as long as they can and wring this out. In my opinion They will be able to outlast the majority of the good guys.Strike Three, I’m out.

    In short, I feel that operating a DSC in the current climate is an awful investment. It will cost a fortune to get into and maintain compliance in additional states, then compete with and pay artificially inflated acquisition costs, and all the while trying to dispel the idea that I’m not just another one of those debt settlement assholes. I can think of a million better places to invest my cash and time.

    This is not to say that I don’t feel there is a need for it or that nobody will survive. I’m sure some will make it, but I’m guessing not many and I do feel that the idea of straight ds is becoming a dinosaur. We will see a hybrid program before long and it will replace both ds and cc. The ones that make it will adapt to this new operational reality or die trying.

    Getting back to the meeting in Raleigh though. Is it the thousand bucks? Why wouldn’t you want to hear Bovee talk about DIY? or Scott talk about state compliance? or the NC ag’s office? It can’t be that you’re worried about presenters making some money, because how much can they really make? I’m sure there’s a decent cost associated with putting something like this on. Come on man, cough up the grand, book a flight and go to the show, at the very least you’ll have some fun (and the italian place across the street has killer pizza)

    I do agree that a weekend in July is tough. A Thurs/Friday would be perfect. And the round of golf idea is ok by me too (I’d wipe the floor with you) Either way, I won’t be there but I have a good reason, you on the other hand, should go.

  • Mike Reilly

    You’re right we’re not but, not because we dont hold value in the speakers, including you Steve, we just don’t want to pad others pockets for either information we already know or perspective on the future. If it was like the first one and the funds where going to a charity or food bank…different story. Unless you can tell me otherwise, to my knowledge, that’s not what’s happening here.

    I do wish you the greatest success!

  • Steve Rhode

    Bottom line. The meeting could not be well attended, totally suck, and get hit by a tornado. However the tornado is probably unlikely sine Raleigh just got hit by a tornado.

    We are holding a class that we felt was timely and helpful.

    I sense you’re not coming.

  • Mike Reilly

    Michael, I get it and at the moment so does everyone else, I think if this was held in the middle of winter, potentially a sold out show, July, I have to question the timing.

    Do I think learning something is valuable, sure I do and I’m quite confident I would, if not from others, certainly you, but that’s not why I make the statements I made.

    The future of debt relief services today, is mostly guess work right now. Is someone going to show up with a crystal ball? If so, please have them call me with the win, place and show for the Kentucky Derby. Events that take shape/place now based on what the regulators and states adopt can easily change, so can the economy looking out 36 months. Do I think I need to spend a $1000 plus to hear that from those willing to guess and get paid to do it….no? That’s my personal perspective. I attended the first one and to be honest with you, I learned more about my competition than anything else and that was done after hours.

    Can you tell me that creditors a month from now won’t adopt a, we don’t settle policy, my point….anything can happen. Trying to monetizing the current debt relief climate with both industry participants and consumers, I get that too. I wish you all great success.

    Let’s say that 30 player’s register, who gets the 30k? I won’t expand on this because I know you know what I’m talking about and so does everyone else reading this, is now the time to suck in the weak for a quick buck? That’s the way this is coming off to me.

    Michael, tell me the fee includes a round of golf on a quality course, breakfast and lunch during the breaks and… I don’t know… a couple of tee shirts, the perspective of industry participants and maybe….. maybe I would sign up.

    I hope the registration fills up for you guys 50 -100+ … nice score, but understand, that’s how I see it…A nice score!

    By the way I did first time home buyers seminars for several years, completely funded by sponsors, great gig so I really, really get it. The difference…completely funded by sponsors :)

    Not looking for a pissing match here so enjoy the weekend and happy Mothers Day.

  • Michael

    Mike,

    The operational realities and climate in the debt relief space have changed significantly. In my view there is more significant change to come.

    For my part, the event in July is not just geared to existing industry participants. It is equally (if not more applicable), to bankruptcy and general practice attorneys and CCA’s.

    Expanding on the bullet items outlined above that will be covered:

    When and why settlement works best. Not just for the consumer, but for issuers and investors.

    What to do and how in a myriad of circumstances, all with a consumer-centric focus that has been lacking in this vertical, at least in large part, for some time.

    Using hybrid strategies that maximize results and limit risks.

    Robust consumer education and how your customer is your partner in your efforts.

    Regulatory changes have and continue to occur. Many of these issues are focused directly at service providers. There are intelligent changes and designs that can be implemented in order to adapt both now and in preparation for the future.

    There are additional regulatory areas that are ancillary to service providers e.g. collection laws passed and pending in several states that provide clear advantages and disadvantages to debt relief both immediately and with a longer view.

    The event expands the ability to come together and continue efforts to bridge gaps and understanding, to share tools and strategies that help consumers. Discussion of current communication channels with issuers and systems that will enhance these and create new ones. Sharing resources that have proven value and effectiveness.

    Your comment appears to take a dim view with a backward looking bias.

    The event is forward looking. I recommend you attend.

  • Steve Rhode

    I’ve asked a number of company presidents to send in a guest post on what they see looking forward for the next 36 months and what their vision of how to be successful is. I’d love for you to submit a guest post as well. I’d like for people to be able to learn from your experience.

  • Mike Reilly

    It will probably bore everyone here but, tell me what you want Steve. If you’re looking for performance (settlement percentages) that easy, since inception 41% (that number is rounded up to the nearest whole number) I monitor this figure daily and it’s based on the debt amount at the time debts are settled. My client drop-out rate basically does not exist; you can count them on your fingers and toes. The reason is, among other things, a detailed financial analysis of each potential client before enrollment, debt settlement is not a one size fits all. I can easily back these claims and will do so for any regulator that inquires.

    My fee is 12.5% of the debt amount enrolled at the time of enrollment, perhaps one of the least expensive in the industry based on the way we charge consumers as compared to others. It’s all performanced based and has always been so our portfolio is strong. If I had to provide a taste of things we do that I believe others don’t, here’s one; in addition to a standard call or two every month to touch base or for other reasons, each client receives the latest issue of Kiplinger’s Personal Finance magazine complimentary from Emerge. Oh yea, we have zero and I mean zero complaints.

    Other than that, I don’t think there is any reason to disclose any further details about my business that’s not warranted by a press release, many of those coming soon!

    I hope this quenched your thirst for now.

  • Steve Rhode

    Just opening it up to folks at a lower price.

    Don’t know anything about MA.

    Apparently you don’t think it’s needed.

    Say, did you decide to contribute that guest post on your performance numbers? Not sure I heard back.

  • Mike Reilly

    were

  • Mike Reilly

    So does Steve and the others, midsummer weekend $1500 now $999 just 3 days after the announcement, and it covers nothing? I could be wrong but it doesn’t look good. I know others where trying to get something going in Mass at about the same price, what happen with that?

    I don’t see any authority in the group on running a business or surviving in a changing industry. Who holds those credentials and what makes anyone think that it’s needed? Those who have decided to stay, are in because they can, I think those on the fence have already decided, they just don’t know it yet.

    Andy, when did you decide to drop out and why?

  • Andy Faria

    That’s a hell of a group so far, I almost wish I was still involved in the industry just to attend.

  • http://northeast-properties.com Andy Faria

    That’s a hell of a group so far, I almost wish I was still involved in the industry just to attend.

    • Mike Reilly

      So does Steve and the others, midsummer weekend $1500 now $999 just 3 days after the announcement, and it covers nothing? I could be wrong but it doesn’t look good. I know others where trying to get something going in Mass at about the same price, what happen with that?

      I don’t see any authority in the group on running a business or surviving in a changing industry. Who holds those credentials and what makes anyone think that it’s needed? Those who have decided to stay, are in because they can, I think those on the fence have already decided, they just don’t know it yet.

      Andy, when did you decide to drop out and why?

      • Mike Reilly

        were

      • http://GetOutOfDebt.org Steve Rhode

        Just opening it up to folks at a lower price.

        Don’t know anything about MA.

        Apparently you don’t think it’s needed.

        Say, did you decide to contribute that guest post on your performance numbers? Not sure I heard back.

      • Mike Reilly

        It will probably bore everyone here but, tell me what you want Steve. If you’re looking for performance (settlement percentages) that easy, since inception 41% (that number is rounded up to the nearest whole number) I monitor this figure daily and it’s based on the debt amount at the time debts are settled. My client drop-out rate basically does not exist; you can count them on your fingers and toes. The reason is, among other things, a detailed financial analysis of each potential client before enrollment, debt settlement is not a one size fits all. I can easily back these claims and will do so for any regulator that inquires.

        My fee is 12.5% of the debt amount enrolled at the time of enrollment, perhaps one of the least expensive in the industry based on the way we charge consumers as compared to others. It’s all performanced based and has always been so our portfolio is strong. If I had to provide a taste of things we do that I believe others don’t, here’s one; in addition to a standard call or two every month to touch base or for other reasons, each client receives the latest issue of Kiplinger’s Personal Finance magazine complimentary from Emerge. Oh yea, we have zero and I mean zero complaints.

        Other than that, I don’t think there is any reason to disclose any further details about my business that’s not warranted by a press release, many of those coming soon!

        I hope this quenched your thirst for now.

      • http://GetOutOfDebt.org Steve Rhode

        I’ve asked a number of company presidents to send in a guest post on what they see looking forward for the next 36 months and what their vision of how to be successful is. I’d love for you to submit a guest post as well. I’d like for people to be able to learn from your experience.

      • Robert Stevenson

        can I get a “follow” link for a post with numbers? ;)

      • Michael

        Mike,

        The operational realities and climate in the debt relief space have changed significantly. In my view there is more significant change to come.

        For my part, the event in July is not just geared to existing industry participants. It is equally (if not more applicable), to bankruptcy and general practice attorneys and CCA’s.

        Expanding on the bullet items outlined above that will be covered:

        When and why settlement works best. Not just for the consumer, but for issuers and investors.

        What to do and how in a myriad of circumstances, all with a consumer-centric focus that has been lacking in this vertical, at least in large part, for some time.

        Using hybrid strategies that maximize results and limit risks.

        Robust consumer education and how your customer is your partner in your efforts.

        Regulatory changes have and continue to occur. Many of these issues are focused directly at service providers. There are intelligent changes and designs that can be implemented in order to adapt both now and in preparation for the future.

        There are additional regulatory areas that are ancillary to service providers e.g. collection laws passed and pending in several states that provide clear advantages and disadvantages to debt relief both immediately and with a longer view.

        The event expands the ability to come together and continue efforts to bridge gaps and understanding, to share tools and strategies that help consumers. Discussion of current communication channels with issuers and systems that will enhance these and create new ones. Sharing resources that have proven value and effectiveness.

        Your comment appears to take a dim view with a backward looking bias.

        The event is forward looking. I recommend you attend.

      • Mike Reilly

        Michael, I get it and at the moment so does everyone else, I think if this was held in the middle of winter, potentially a sold out show, July, I have to question the timing.

        Do I think learning something is valuable, sure I do and I’m quite confident I would, if not from others, certainly you, but that’s not why I make the statements I made.

        The future of debt relief services today, is mostly guess work right now. Is someone going to show up with a crystal ball? If so, please have them call me with the win, place and show for the Kentucky Derby. Events that take shape/place now based on what the regulators and states adopt can easily change, so can the economy looking out 36 months. Do I think I need to spend a $1000 plus to hear that from those willing to guess and get paid to do it….no? That’s my personal perspective. I attended the first one and to be honest with you, I learned more about my competition than anything else and that was done after hours.

        Can you tell me that creditors a month from now won’t adopt a, we don’t settle policy, my point….anything can happen. Trying to monetizing the current debt relief climate with both industry participants and consumers, I get that too. I wish you all great success.

        Let’s say that 30 player’s register, who gets the 30k? I won’t expand on this because I know you know what I’m talking about and so does everyone else reading this, is now the time to suck in the weak for a quick buck? That’s the way this is coming off to me.

        Michael, tell me the fee includes a round of golf on a quality course, breakfast and lunch during the breaks and… I don’t know… a couple of tee shirts, the perspective of industry participants and maybe….. maybe I would sign up.

        I hope the registration fills up for you guys 50 -100+ … nice score, but understand, that’s how I see it…A nice score!

        By the way I did first time home buyers seminars for several years, completely funded by sponsors, great gig so I really, really get it. The difference…completely funded by sponsors :)

        Not looking for a pissing match here so enjoy the weekend and happy Mothers Day.

      • http://GetOutOfDebt.org Steve Rhode

        Bottom line. The meeting could not be well attended, totally suck, and get hit by a tornado. However the tornado is probably unlikely sine Raleigh just got hit by a tornado.

        We are holding a class that we felt was timely and helpful.

        I sense you’re not coming.

      • Mike Reilly

        You’re right we’re not but, not because we dont hold value in the speakers, including you Steve, we just don’t want to pad others pockets for either information we already know or perspective on the future. If it was like the first one and the funds where going to a charity or food bank…different story. Unless you can tell me otherwise, to my knowledge, that’s not what’s happening here.

        I do wish you the greatest success!

      • http://GetOutOfDebt.org Steve Rhode

        Mike,

        The content was crafted to help people interested in navigating a troubled debt relief future and to find a way forward. By your own admission you don’t feel you need this information and you pay people to deal with this stuff for you so I get the fact you don’t think this class is for you.

        You are right, the first class I held I did donate the $25 admission price to the local food bank so all of the costs of the class were paid out of my pocket. I can’t afford to do that again.

        For this event it was felt that the information and documentation that was going to be given was invaluable for attendees. A priceless start for people that don’t have all the resources you say you have. This class is intended to focus on specific state issues at an operational level and not just talk in general.

        I never anticipated the event would draw a large crowd but felt the price would create a smaller class of people serious in learning all they could to avoid issues moving forward. A smaller class also creates intimacy for attendees so they can sit down with the regulators and attorneys to develop ties and relationships that would be helpful.

      • http://GetOutOfDebt.org Steve Rhode

        @10989f7460f2358f04630b2442c0892c:disqus Scott Johnson, Michael Bovee and I, listened to your comment and we have come to an agreement to donate our time and the proceeds from the event, like I did last time, to the Raleigh Food Bank. 
        This time we have made the amount for registration open so people can pay what they can afford to pay. Our primary goal is to first aid the debt relief industry before putting money in our pocket and we thought we couldn’t demonstrate that any better than by giving the money to charity.

      • http://northeast-properties.com Andy Faria

        So does this mean we’re not golfing? 

      • Mike Reilly

         I’m speechless… I, I, feel like.. Damon Day!

      • http://DamonDay.com Damon Day

        When have you ever known me to be speechless? 

      • Mike Reilly

         I’m kidding, just making fun.

      • http://GetOutOfDebt.org Steve Rhode

        Oh, oh, oh, ask me, ask me……NO!

      • Mike Reilly

         Bravo gentlemen, bravo!

      • http://northeast-properties.com Andy Faria

        Mike,

        I disagree with you that this class will cover nothing. Just look at the bullet points of topics to be covered. Those topics are exactly what debt relief providers need to learn based on my observations of the industry. I think your stance is that you would like to see the industry clean itself up, right? What would you like to see covered instead?

        We stopped taking on new DS clients in Jan of this year.We did this for a few reasons.

        1. Compliance. The cost of licensing, bonding, insurance, etc for us to have expanded into states outside of just MA would have been astronomical. Sure, I could have done like so many other’s did and just operated off of the green/red state matrix drawn up by TASC, but then all I would have been building is a house of cards. I’ve learned (thanks in large part to this site) that compliance cannot be ignored and it’s very expensive. Strike One.

        2. The industry is full of losers. I have had the opportunity to meet and converse with many participants in the industry (again, thanks in large part to this site) There are a bunch of people that I am proud to have met and I have the utmost respect for them as people and also their business model. Unfortunately though the majority of industry participants I have met are not the type of people that I would want to be associated with and their business models repulse me. (just for the record Mike, I consider you to be in the “respect” category, even though we butt heads) I guess I just got tired of hearing from people, “oh your in DS, i heard that was a total scam?” or “ohhh, my mother lost $6k to one of those companies, that’s not what you do?” Strike Two.

        3. LHDR. Ok so it’s not LHDR alone, but it’s the whole concept that half (probably more) of the industry is playing by a completely different set of rules. The playing field is not level and the companies that are doing things the right way are at a distinct disadvantage. We’re all kidding ourselves if we think that the upfront players will be flushed out any time soon. They know the law is coming so they have dug in their heels and have armed themselves for a fight. They’re going to drag things out for as long as they can and wring this out. In my opinion They will be able to outlast the majority of the good guys.Strike Three, I’m out.

        In short, I feel that operating a DSC in the current climate is an awful investment. It will cost a fortune to get into and maintain compliance in additional states, then compete with and pay artificially inflated acquisition costs, and all the while trying to dispel the idea that I’m not just another one of those debt settlement assholes. I can think of a million better places to invest my cash and time.

        This is not to say that I don’t feel there is a need for it or that nobody will survive. I’m sure some will make it, but I’m guessing not many and I do feel that the idea of straight ds is becoming a dinosaur. We will see a hybrid program before long and it will replace both ds and cc. The ones that make it will adapt to this new operational reality or die trying.

        Getting back to the meeting in Raleigh though. Is it the thousand bucks? Why wouldn’t you want to hear Bovee talk about DIY? or Scott talk about state compliance? or the NC ag’s office? It can’t be that you’re worried about presenters making some money, because how much can they really make? I’m sure there’s a decent cost associated with putting something like this on. Come on man, cough up the grand, book a flight and go to the show, at the very least you’ll have some fun (and the italian place across the street has killer pizza)

        I do agree that a weekend in July is tough. A Thurs/Friday would be perfect. And the round of golf idea is ok by me too (I’d wipe the floor with you) Either way, I won’t be there but I have a good reason, you on the other hand, should go.

      • Mike Reilly

        wooooooooo, don’t talk to me about golf, grew up in Bethpage/on Bethpage, my father was a teaching pro, owned a driving range, playing since 5 with my dad and three brothers, that’s my game, let’s do this!

        As far as the class, I agree, I’m sure it will be a quality production but not something for me. I pay people already to handle these issues and more. As far as 2 days at the hotel, tops 5k and that’s with coffee and chocolate chips.

      • Mike Reilly

        sorry for the double post, someone (me) almost knocked over my beer

      • http://northeast-properties.com Andy Faria

        36+ holes a day from age 10-18, let’s do it. Neutral turf, CT, maybe Foxwoods. Bring your A game.

      • Robert Stevenson

        I’ll pay to watch that…

      • Mike Reilly

        Now that’s worth a $1000 bucks.

      • http://northeast-properties.com Andy Faria

        Great, tell you what… you win and the whole day’s on me, including steaks and beers at Cedar’s.

        If I win, you’re going to Raleigh.

        You win no matter how you look at it.

      • http://GetOutOfDebt.org Steve Rhode

        That is funny.

        It’s interesting, this class is best suited for people that are willing to admit they don’t know what they don’t know. It’s a hard target to hit. I hope you win and send Mike to Raleigh. We’d love to have him here.

      • Mike Reilly

        That really is funny, some negotiation skills! I will give this serious consideration.

        By the way, I did speak with the NYS Banking Department today to confirm my position and in a nut shell here’s the scoop.

        If you control the consumers money get a license, period! They would love to knock down the door of every debt settlement company that goes after NYS residents for non compliance, not to mention the opportunity to reach in their pockets.

        I was told they believe Bill#A00944 will be enacted at which time a 180 day “come into compliance” clock begins to tick.

        You can send in a request for a legal opinion so long as you provide pain staking detail on your business process and include your customer agreement.

        You can send in a request for a legal opinion so long as you provide pain staking detail on your business process and include your customer agreement.

        Licensed Financial Services Division: Charged with supervisory responsibility for licensing and regulating six distinct financial service industries including: Licensed Lenders, Licensed Cashers of Checks, Sales Finance Companies, Insurance Premium Finance Agencies, Budget Planners and Transmitters of Money. Deputy Superintendent Angelo Sigismondo(212) 709-5500

      • http://GetOutOfDebt.org Steve Rhode

        I completely agree. It makes better business sense to go for the license. We know what their intentions are and it is much better to plan for it now.

      • AlCapone

        I agree Mike- We have asked several agencies, in writing, whether or or not their laws apply to our business model- in “painstaking detail” of our model. Pretty funny really, CT pointed us to their old law governing Debt Management and actually said that IT applied to us- We wrote back pointing to their new law, written specifically for debt settlement (as their CCC law obviously did not cover us), and they said, “the law applies. Matter over. Of course, other states, like Colorado!! said “No, go ahead!”

        The states have all gone crazy! It is overkill- and that’s not my opinion… if the states can’t even understand or know their own laws, it’s fact. Simple- don’t rip people off & you won’t have a problem. Rip people off & the states will find a way to come after you. Period.

      • Phdoc0

        Well maybe your people should attend b/c I can’t find a
        state that you hold a license with regards to any type of debt
        settlement/adjuster/negotiator etc., of course I didn’t check them all, just a
        random sample CA, NY and some of the UDSMA states. If I missed the states you
        are licensed in I apologize and you can post the link such as this:

        http://www.corp.ca.gov/FSD/licensees/default.asp

        I would hope those people you are paying aren’t telling you
        that one is not needed. And I would
        think as someone in your position you know you are required to hold whatever
        type of debt license is required in any state you operate in. Saying you don’t need to be licensed would be
        like someone telling FINRA because I don’t actually place the order for a
        security I don’t need to be licensed to advise someone on investing.

        But as I always say this is the problem in the DS industry,
        the people that run DS companies just don’t acknowledge any type of legislation
        or regulation. And I suppose it’s as
        much the regulators fault too, they really don’t do anything. But unlike other financial industries the
        licensed companies don’t report the unlicensed companies. Like the other week I called Steven Thompson Special Administrator Financial Services CA and I
        wanted to know how a company like New Era can be in CA and not hold a proraters
        license, show up at a legislators meeting,
        and advertise #11 here:

        http://newaacc.org/member/new-era-debt-solutions

        and nothing be done?
        And one really funny thing I’ve seen is some companies that can’t comply
        with the state licensing claim they have telemarking licenses….so what if they
        do. That doesn’t exclude them from whatever the debt license in that state is. That would be like me holding a FINRA series
        14 compliance license and claiming I’m licensed to practice law.

        There’s absolutely no excuse for any DS company not to
        comply with any state license requirements.
        I also think it’s foolish the way you so called executives of financial
        companies use this site. Any of you
        think people like Lloyd Blankfein, Allen Greenspan, or John Mack and others
        would have a site like that where they would post like this?

      • Mike Reilly

        Who is this masked man? I will assume you’re one of the speakers at the class, otherwise why comment just register.

        I guess I can rule out Lloyd Blankfein, Allen Greenspan and John Mack too!

        Regarding your thoughts and concerns for me and my people, we feel real comfortable with our compliance of state and federal regulations at present. Clearly, there is always something to be done, change is upon us and my motto has always been “comply or die”.

        Regarding a few specifics, we do not conduct business in the UDSMA states. In fact I would venture to say that 95%-98% of all our business comes from our home state NY which today does not require licensing. I do realize the politicians are pushing hard to adopt the UDSMA but they have not done so just yet. If you plan to run a not-for-profit the NYSBD (banking Department) requires licensing as a Budget Planner but again, that’s for DM and/or CCCS.

        If the NYS Banking Department has its way, Bill#A00944 will fall into place requiring licensing for all practicing DS in NY along with a 250k surety bond, independently audited financials etc… You can read that by going to the state assembly website and searching the bill number. It is my belief that based on a soon to be huge decrease in consumer complaints, coupled with the formation of the CFPB underway, regulatory oversight at the state level will relax; they have too many fish to fry as it is.

        I guess you spotted our NY telemarketing license. If you’re using the phones, in or out bound, gotta have one of those and exercise extreme compliance with the DNC.

        Not sure if you have been here http://www.ncsl.org/?tabid=21256 but you can begin to drill down on all state requirements and find each law that applies.

        Good luck at the show, I’m sure I’ll hear/read plenty about the outcome.

      • Phdoc0

        First let me state I am not involved in speaking or in any
        other way with the up coming conference.
        Let me further disclose I do not work in the DS industry, although I
        have accepted calls and spoken in person with executives in the DS with regards
        to such things as data collection, auditing, compliance (state/federal) and
        some general business questions.

        Let’s address NY from a couple aspects. First and foremost there is case law that has
        found DS companies in NY must comply with licensing. I’m sure you know that, and if you don’t you
        should.

        Secondly one of the problems with DS with regards to
        definitions in state laws is they like to play with semantics. If the noun in the law uses “debt adjusting”
        they say we’re not debt adjusters, we’re DS, if the noun DS is used, they say
        we’re debt negotiators etc. In other
        words DS agues that the definition does not define the noun, the noun defines
        the definition. Example, we’re not budget planners, we’re debt settlement.

        Now let’s look at NY budge planner, here again is where DS
        companies tend to shoot themselves in the foot.
        DS companies argue that they should be able to collect certain fees
        based on such things as financial analysis work to qualify the consumer along
        with education they provide once in the program. The four basic financial statements to work
        an analysis around are income statement, retained earnings, balance sheet, and
        statement of cash flows. This equates to
        budget planning with the consumer. Every DS Company does a budget to qualify
        them for the program. Sales has to first
        show the consumer they can not afford to pay back the debtor under their
        current cash flow, then show them that they can reduce their debt by a percentage,
        and finally base on their budget they can afford the DS program. Now if a DS company claims they aren’t doing
        a budget then how can they possibly qualify a consumer? Under NY law the definition continues on to
        include fund distribution:

        “distributes, or supervises, coordinates or controls the distribution
        of, or has a contractual relationship with another person or entity that
        distributes, or supervises, coordinator or controls such distribution of, the
        same among certain specified creditors in accordance with a plan agreed upon.”

        This also spells out Global and Note World in the fix.

        But again we have you saying that’s not for DS it’s for DM
        and CCCS. Once again the definition
        defines the noun, not the other way around.
        It’s also not saying that if you plan to run a not-for-profit the NYSBD
        (banking Department) requires licensing as a Budget Planner. It’s saying that if you plan on being
        involved in this type of business you have to be a not-for-profit. Again the
        definition defines the noun.

        To address your statement with regards to me seeing your
        telemarketing license, I did not see it, it’s just common place for DS
        companies to convince themselves that’s all they need.

        Now to address your link to the NCSL, so what? First you should know every state law that
        pertains to DS, and secondly the only thing that link does is tell you the
        statutory citation and information about bonding. I can’t imagine being a Bank or a Registered
        Investment Advisory firm and having my compliance officer sending me a link to
        the SEC, FINRA or the FDIC. Let me also disclose that I have had on
        occasion reason to call Heather Morton regarding issues outside the DS
        industry, but within the finance industry.

        The final thing I would address is your statement regarding not
        conducting business in the UDSMA states.
        I always find it strange when I listen to DS executive talk about how
        compliant they are and how much they embrace regulation. Yet they generally do two things. First they continue to fight the UDSMA, and
        secondly when a bill that is specifically designed for their industry (cause
        they continue to claim laws don’t pertain to them), passes, they immediately
        stop doing business in that state (or won’t do business there). If there’s a law that pertains to your
        industry, to protect both the company and the consumer, why on earth would you
        not want to do business there? There is
        no real answer to that question, b/c any answer would just be an excuse to
        avoid the real answer of we don’t want to operate under any type of regulation.

        There’s no need to respond to this post, I’m not in the
        industry and every so many months I stop into Steve’s site just for gossip and
        entertainment purposes. I’m not here to
        debate or continue with post after post. So if you do respond, I will not. The reason I on occasion post is to give the
        DS industry a little dose or financial industry reality so they know they’re
        only fooling themselves and certainly not fooling regulators.

      • Billybingbongbill

        I dont know what industry you are in but would love to offer you a job as a compliance officer for my company, starting salary $35k with benny’s and bonus. I know you only check back every few months so I hope you check back soon!

      • Mike Reilly

        Well that should get everyone to pony up $1000 bucks, very inspiring! Forget about Billys offer I’ll double it and you can sell to consumers.

        I have had on occasion reason to call George W Bush regarding issues outside the DSindustry, but within the finance industry, but he didn’t take my call.

        Lighten up Frances

      • Really?

        Hi Jenna !

      • Mike Reilly

        That no longer suprises me…ahhahahahah

      • Billybingbongbill

        UDMSA

      • AlCapone

        There was a certain A G that I heard say “If you are in the DS world but are not ripping people off and have no complaints, no one will bother coming after you. If you have 7 or 8 complaints or more, however, we will come after you.

        UDSMA sucks. Regulation sucks. Dont rip people off & you have nothing to worry about.

      • http://GetOutOfDebt.org Steve Rhode

        UDMSA Sucks? LOL

        It might but it’s coming. I think the days of dealing with compliance issues on the backend are over. Survival will be based on proactive compliance, especially since that approach allows companies to limit liability with some confidence instead of waiting for a shoe to drop.

        It is true that the surest way to hit the radar of a law enforcement agency like an AG or FTC, and soon to be CFPB, is going to be with complaints but thats not the only issue to worry about to stay out of trouble.

    • Scott Johnson

      Considering the best time for a conference the team assessed the following to determine the most suitable date

      Top 10 factors for a July conference

      1. Most State Legislature Sessions end in June
      2. Preparation for the CFPB getting Regulatory Authority
      3. Uniform Law Commission Conference for UDMSA 2011
      4. ACC pros conference
      5. Collection and Recovery Solutions 2011 Conference
      6. NARCA 2011 Spring Collection Conference
      7. CBA LIVE 2011
      8. ACA International’s 72nd Annual Convention & Expo
      9. Financial Services Collections & Credit Risk Conference
      10. AICCCA Conference

    • http://DamonDay.com Damon Day

      Hey Andy,
      You missed out on a great time.  Lots of good information presented.

      • http://northeast-properties.com Andy Faria

        I’m kind of kicking myself I didn’t come down. I’m sure I would have learned alot, even with the new direction I’ve taken.

        Next shindig Steve throws I’m in. Fall 2011 is good for me.  

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