Category Archives: Debt Articles
- Billion Dollar Foreclosure Settlement Money Goes Elsewhere
by Paul Kiel and Cora Currier ProPublica States have diverted $974 million from this year’s landmark mortgage settlement to pay down budget deficits or fund programs unrelated to the foreclosure crisis, according to a ProPublica analysis. That’s nearly forty percent of the $2.5 billion in penalties paid to the states under the agreement. The settlement, [...]
- Connecticut Fox TV Station is Looking for Persels & Associates Consumer to Interview
My name is Beau Berman – I’m an investigative reporter at WTIC TV, the FOX affiliate in Hartford, Connecticut. We are working on a story about Persels & Associates, which is trying to get the state to let them operate here without a debt negotiation license. I’m trying to find someone in Connecticut who has [...]
- AVOID – Proposed Litigation Notification – Investigation Advertisement Mailer
A hero reader has sent in a new mailer that is promoting legal action against New Century Mortgage. It appears to be a mailer that could be used generically against other lenders as well. The reader said, “On Saturday I received via postal mail what appears to be (attached) the latest iteration of a mass [...]
- Offer In Compromise Rules Relaxed by IRS. Big News!
I do not normally get motivated by IRS changes in collection rules, but yesterday’s change to the Offer in Compromise (OIC) program was fairly significant. As you know, this program allows taxpayers, who qualify, to settle their tax liability in full for an amount less the full liability owed. There are many deceptive companies who [...]
- Life After Bankruptcy – The Truth
Here is what you need to know right off the bat, there is absolutely life after bankruptcy. Ironically for many their financial lives turn out to be better and stronger than before. Almost all the negative preconceived notions you may have about bankruptcy are generally incorrect. That surprises most people. Let’s look at some of [...]
- The Seven Stages of Debt. Which Stage Are You In?
Many years ago I wrote my original Seven Stages of Debt, as modified from the Five Stages of Death and Dying by Dr. Elisabeth Kubler-Ross. Both experiencing the emotional loss of a loved one and the emotional loss of your financial life are similar in some distinct ways. However, the emotional stages of debt also [...]
- Should I File for Bankruptcy?
Many people are all mixed up when it comes to figuring out the tough question, “Should I File for Bankruptcy?” Right off the bat I can give you a definitive answer, “Maybe.” Bankruptcy is a legal process that is available to consumers that are suffering under the weight of problem debt. The law affords consumers [...]
- Mortgage Modification Company Former Owner Facing 80 years in Jail
Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business, was found guilty yesterday in Manhattan federal court of conspiracy, mail fraud, and wire fraud in connection with a scheme to defraud distressed homeowners and lenders. Khafizov was convicted after a ten-day jury trial presided over by U.S. District Judge [...]
- Getting a Job or Finding a Job After Bankruptcy
A common conern I hear from time-to-time is if someone goes bankrupt will they be able to find a job or get a job. The answer will surprise you. According to Christine Saah Nazer, of the U.S. Equal Employment Opportunity Commission, “The use of credit histories in employment can have a disparate impact on a [...]
- Credit Reports, Credit History, and Credit Scores in Hiring and Job Performance. Is It Even Fair?
You hear all the time how credit history can impact your ability to get a job. In the debt relief world debt settlement and credit counseling companies claim bankruptcy prevents people from getting jobs and that’s why people need to use their services instead. But what is reality and what is the negative impact of [...]
- How Does Bankruptcy Work?
Bankruptcy is one of those things people are afraid of, but they really don’t know why. Once you learn the facts about bankruptcy and how it works, you’ll want to know more. Bankruptcy is a legal process that is administered through the court. While people can technically file bankruptcy themselves, it’s not a smart idea. [...]
- Nonprofit Student Loan Debt Collector Makes About Half a Million
Bloomberg Businessweek is reporting that Educational Credit Management Corporation, an IRS educational charitable nonprofit group, paid Joshua Mandelman, a student loan debt collector for ECMC, nearly $500,000 in a single year. ECMC’s debt collectors earn bonuses as a reward for extracting money from defaulted borrowers. In 2010, the bonuses for top performers amounted to as [...]
- Bogus U.S. Embassy Email Asks for Money – Scam Alert
A reader sent in the email below that claims to be from a U.S. Ambassador. I wanted to use it to point out a number of warning signs. Starting from the top: The email address this is sent from is not a government address. The reply to address is not a government address. The flag [...]
- Debt Settlement Companies Suffer from Premature Representation
First, I’d like to say thank you to Steve Rhode for the invitation to make a guest post. Steve, I greatly appreciate you opening up your venue. Rather than focusing on what Debt Relief A La Carte offers, I’d like to take this opportunity to discuss why. It will be much more meaningful for all. [...]
- If You Rent It Could Help Build Good Credit
Experian today announced a new product to help renters convert their on-time rental payments into good credit. Up until now Experian had only really been adding rental history through its RentBureau product that is used by big apartment complexes. Now they’ve launched a new product for use by all landlords, big or small. ClearNow allows [...]