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Debt Settlement Related

Missouri Attorney General Testifies Before U.S. Senate About Debt Settlement and Mortgage Rescue Scams

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Attorney General Chris Koster will testify before the U.S. Senate Commerce Committee today on the increase in mortgage-rescue and debt-settlement fraud Missouri is experiencing during the downward economic times. I just watched the live feed of his testimony and hopefully his testimony will be made public. If you are running a debt settlement company in Missouri, it wasn’t pretty testimony. ... Read More »

California Debt Settlement Legislation AB350 Much Closer to Passing

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California is very close to passing new regulations regarding debt settlement services. Below you will find the meat of the regulations. You can read the latest version of AB350 Debt Management and Settlement act here. An interesting new twist in this regulation from California is the sentence “The provider’s total fees must be spread over at least half the length ... Read More »

Debt Settlement Attorney Lawyer Keith Nelms Loses Law License for Three Years

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Just yesterday I wrote about the recent troubles with Keith Anderson “Andy” Nelms, a lawyer in Alabama that is running a debt settlement company called Allegro Law that actually farms out cases to Americorp. I came across this little nugget that should make any lawyer engaged in debt settlement services, take notice. In a matter unrelated to the civil complaint, ... Read More »

Debt Settlement Attorney Keith Nelms with Allegro Law Gets Sued in Alabama

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Action by the Alabama Attorney General this week further highlights the tough stance that law enforcement is taking against debt settlement companies. In this case it is against a lawyer and his related professional companies. This suit might lead other debt settlement attorneys to exit the debt settlement business to prevent the loss of their professional license. The suits and ... Read More »

Debt Settlement Companies and Associations Hiring Washington Lobbyists to Persuade Congress

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An article in The Hill talks about how the Debt Settlement industry is now hiring lobbyists to meet with members of Congress in order to make their case to continue to exist. Many states and the Federal Trade Commission have reloaded their regulatory shotguns and taken aim at rogue debt settlement companies in the past few years in hopes of ... Read More »

Debt Settlement Company Success Rate Made Public – Sucks

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Nationwide Asset Services, a company under investigation by the New York Attorney General, has disclosed that while Nationwide Asset Services promised consumers debt reductions of between 25 to 45 percent, in fact only 64 customers out of 1,981 actually completed the debt settlement plan. This means that 97% of people that enrolled in the debt settlement program not only did ... Read More »

Credit Counseling, Credit Repair, Debt Settlement and Other Scams Are Target of FTC Sweep

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The Federal Trade Commission recently annound operation Short Change, an effort to help curb abuses of consumers by groups claiming to offer help. Here is a summary of the companies targeted under Operation Short Change. California Mezey & Associates, Inc., Campos Chartered Law Firm, The Consumer Protection Law Center dba Consumer Law Center, LLC Desist and Refrain Order issued for ... Read More »

Debt Settlement Company Debt Relief USA Files Bankruptcy

Debt settlement company Debt Relief USA has filed bankruptcy in Texas following recent investigations and suits by the attorney general of several states. The bankruptcy petition can be viewed here and shows the ownership of Debt Relief USA to be Kelly E. Reilly, Alvin B. Bell, and James F. Wojcik. What will be significantly up in the air is going ... Read More »

Professional Journalist Really Blows This Debt Settlement Story

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CNBC produced a story by Trish Regan that was full of misleading statements and came across that debt settlement was not a problem, without ever mentioning the tax consequences or that debt settlement companies are under investigation. The story claims that an NFCC agency, ClearPoint Financial Solutions was able to get Providian to settle the debt for less. There is ... Read More »

New York Times: Debt Settlement Industry is Nervous

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If you are interested in the comings and goings of the debt settlement industry I think you’ll find the artcile in the New York Times titled “The Debt Settlement Industry Is Busy, but It’s a Bit Nervous, Too“, interesting. Noting “the legal firestorm that has subsumed the debt settlement industry” in recent years, Jeffrey Tenenbaum, a lawyer representing dozens of ... Read More »

Dallas Based Debt Settlement Company Issues Press Release With Jaw Dropping Statements

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I was just reading a press release issued by a Dallas, TX based debt settlement company. I’m not going to publish the whole thing here but this section actually made my jaw drop when I read it. “I have worked for a bankruptcy attorney for 13 years consulting consumers about chapter 7 and chapter 13 bankruptcies. It is plain and ... Read More »

Debt Settlement Companies May Not Be Paid For Services Not Yet Delivered Says MO AG

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Missouri Attorney General Chris Koster has filed suit against a company that advertised to consumers it could get people out of credit-card debt and lower their monthly payments, but did not deliver the services it promised. Koster said the company, Credit Solutions of America in Richardson, Texas, marketed to Missourians that it could reduce their payments by fifty percent, lower ... Read More »

Texas Attorney General Files Charges Against Four Debt Settlement Groups

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Texas Attorney General Greg Abbott today charged four debt settlement companies with orchestrating fraudulent debt settlement schemes. The defendants’ Web sites promised that they could eliminate their customers’ unsecured debts – such as credit card accounts – in as little as three years. According to the state’s enforcement action, the defendants unlawfully misrepresented and overstated the nature of their services. ... Read More »

New York Attorney General Sues Two Debt Settlement Firms for Deceiving and Harming Consumers

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Attorney General Andrew M. Cuomo today announced a new development in his nationwide investigation into the debt settlement industry, filing suit against two debt settlement companies for fraudulent business practices and false advertising. Cuomo filed suit against CSA-Credit Solutions of America, Inc. (“CSA”), based in Richardson, Texas, which is one of the largest debt settlement companies in the country. He ... Read More »

Expert Testimony Worth Reading on H.R. 2309 the Consumer Credit Protection Act (Debt Settlement Industry Regulation)

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The Consumer Credit and Protection Act was recently introduced in the House of Representatives to specifically address issues in some industries, including debt settlement. As boring as it sounds, I was actually reading the testimony of the expert witnesses at the recent committee meeting on the bill and found the segment below to be of specific interest. It appears that ... Read More »

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