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FTC Sues Companies and Alleges Violation of Business Opportunity Rule

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Documents recently unsealed by the court show that on November 6, 2012 the Federal Trade Commission filed suit and asked the court for a Temporary Restraining Order to seize assets of American Business Builders, ENF, Network Market Solutions, UMS Group, United Merchant Services, Universal Marketing and Training, Unlimited Training Services, Shane Michael Hanna, Shane Michael Romeo, and Stephen Spratt. This ... Read More »

    Ed Cherry Offers Two Comments to Defend Himself

    This site has received two comments and documents from someone who allegedly identifies themself as Ed Cherry. Past posts that included Ed Cherry can be found here. Tip 1 You are monitoring the content from a commercial forum wherein some anonymous poster posted a statement that “Ed Cherry embezzled 600k from iBill”. In reality it was $3.4 million that was ... Read More »

      MoneyGram Admits It Aided in Money Laundering

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      WASHINGTON – MoneyGram International Inc. – a global money services business headquartered in Dallas – has agreed to forfeit $100 million and enter into a deferred prosecution agreement (DPA) with the Justice Department in which it admits to criminally aiding and abetting wire fraud and failing to maintain an effective anti-money laundering program, as charged in an information filed today ... Read More »

        Chase Bank Alleged Fraud Executive Responsible for Foreclosure Victim Compensation

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        by Paul Kiel ProPublica An executive who the Justice Department says facilitated a scheme to defraud Fannie Mae and Freddie Mac is now spearheading JPMorgan Chase’s role in the government’s program to compensate victims of the big banks’ abusive foreclosure practices. The executive, Rebecca Mairone, worked at Countrywide and Bank of America from 2006 until earlier this year, when she ... Read More »

          HSBC Decides to Participate With Standard Chartered Bank in UAE Debt Settlement Fund

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          HSBC bank in the United Arab Emirates has elected to participate in a plan to settle or write off debts owed by UAE citizens. Until now the ability for people to deal with their debts in the UAE without going to jail, has been limited. And while this approach to assisting people with problem debt in the UAE is a ... Read More »

            Welfare and Benefit Fraud Statistics Show a Disturbing Pattern

            Food stamp or SNAP fraud seems to at relatively low measured levels.

            For some reason I’ve been getting a lot of questions and statements from people that feel that there is a tremendous amount of benefit or welfare fraud taking place. Is there fraud in benefit systems? Without a doubt I’m positive there is. But the level of welfare or public benefit fraud is a much disputed figure. So to find out ... Read More »

              Bankruptcy Filings Down in 2012. Continued Bad News for Debt Relief Industry.

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              The latest statistics out from the United States Courts show that bankruptcy filings are dropping. That’s good news for consumers and bad news for companies that sell debt relief services. According to filing data, the number of non-business bankruptcy filings for the same year-on-year period ending September 30 has significantly dropped. Chapter 7 bankruptcy filling dropped from 1,036,950 to 874,337. ... Read More »

                Morgan Drexen Threatens This Site to Remove Links

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                I can only assume that Jennifer Hamlin from Morgan Drexen did not intend to threaten this news site, but that’s exactly what happened with this email we just received. “Please remove any and all links to morgandrexen.com or www.morgandrexen.com from www.getoutofdebt.org and any other websites you are in control of that link to our website. The following URL is containing ... Read More »

                  Debt Survival Bible – Three Months After a Natural Disaster

                  Sometimes the financial recovery from a natural disaster can seem impossible.

                  Hopefully your life and financial life have recovered by now from the natural disaster you lived through. If not, then we’ve got some work to do and if your income has not returned to pre-disaster levels we need to start thinking about dealing with your current debt levels. As I’ve said before, the ability to restore your income is of ... Read More »

                    Debt Survival Bible – One Month After a Natural Disaster

                    Things don't get fixed overnight after a disaster. These things take time.

                    If you are reading this then it might have been a month since you experienced a major life disaster. Maybe it was a natural disaster like a flood, earthquake, or big storm. A lot has surely happened in the last month. Maybe you are back in your home, it’s badly damaged, or it was destroyed. I’m assuming though that if ... Read More »

                      Watch Out Mexico, Here It Comes

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                      Consumer debt is expected to robustly rise in Mexico through 2013, according to Citigroup’s Mexican Banamex. Banamex is Mexico’s second largest banking company and is expecting heavy growth in consumer demand for mortgages, credit cards, and payroll loans. Banamex, which supplies around 12% of Citigroup’s annual net profit and is Mexico’s second-biggest bank, grew its credit portfolio by 14% on ... Read More »

                        Office of the Comptroller of the Currency Money Waiting – Scam Alert

                        Example of scam document being sent to consumers.

                        The government agency, Office of the Comptroller of the Currency (OCC) is warning consumers to be on the lookout for fraudulent messages that are intended to scam money out of consumers. The OCC says fictitious correspondence, allegedly issued by the Office of the Comptroller of the Currency (OCC) regarding funds purportedly under the control of the OCC and other government ... Read More »

                          AKPK in Malaysia Using Powerful Debt Management Programme to Save Debtors

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                          AKPK, Agensi Kaunseling dan Pengurusan Kredit, in Malaysia is part of the central bank of Malaysia, Bank Negara Malaysia and offers help and assistance to people facing financial trouble. Along with financial counseling the organization also offers a debt management programme (DMP). Unlike a U.S. DMP, the AKPK DMP is developed based on available cash flow and not creditor demands. ... Read More »

                            What Happened to Debt Settlement USA?

                            A tipster (send in your tips here) sent me in a question: When you click on www.debtsettlementusa.com, Freedom debt relief comes up. Did Debtsettlements usa open under another name. I was ripped off by these peoples for a lot of money. One day they were there and the next they were gone. It appears the company failed. According to Arizona ... Read More »

                              Debt Survival Bible – Immediately After a Natural Disaster

                              Sometimes it can feel as if surviving the disaster is worse than the disaster itself.

                              Okay, the worst has happened and you are now displaced and out of your home. Hopefully it will only be for a short period of time but in some cases it might take weeks and years to get your financial life back to some version of what it was before the disaster. The first thing I need to get through ... Read More »

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