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In The News

Prestige Financial Solutions Declares the Debt Settlement Industry is Dead

An interesting press release out today from Prestige Financial Solutions declares the debt settlement industry to be dead. Prestige Financial Solutions is a debt settlement company. – Source Get Out of Debt Guy – Twitter, G+, Facebook The Press Release The Debt Settlement Industry Is Dead! TASC (The Association of Settlement Companies) has seen over a 60% reduction in its ... Read More »

NFCC Hooks Up With United Way for Free Marketing

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The following press release was sent out announcing the new partnership between the National Foundation for Credit Counseling and United Way. What I can’t figure out is what United Way gets out of this relationship. Get Out of Debt Guy – Twitter, G+, Facebook National Foundation for Credit Counseling and United Way Worldwide Join Together to Help Financially Distressed Consumers ... Read More »

Debtmerica Takes Stance Against Attorney Model Debt Settlement Companies

In a press release sent out today by Debtmerica they made some interesting statements regarding attorney model debt settlement companies. “At Debtmerica, our staff all participated in making sacrifices so we could continue to pursue our mission of helping Americans become debt free and remain so. To see that consumers are readily engaging in our new debt resolution programs and ... Read More »

Legal Helper Debt Resolution Lawsuits Picking Up Steam

LHDR Cases

A tipster (send in your tips here) sent me something about a Legal helpers Debt Resolution case I’ve already covered but it made me wonder if there were more cases that had been recently filed in U.S. district courts against Legal Helpers Debt Resolution. So I went and looked. Maybe I had not seen the timeline before or put together ... Read More »

GHS Solutions Reported to Lay Off 112 Workers

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The Sun Sentinel is reporting “GHS Solutions, a debt management company in Delray Beach, gave notice to Florida that it plans to lay off 112 employees by May 17. GHS, which also goes under the name of Full Circle Debt Relief, could not be reached Friday about the layoffs.” – Source Get Out of Debt Guy – Twitter, G+, Facebook ... Read More »

BBB Canada Issues Warning About U.S. Debt Settlement Companies, Vortex Debt Group and Cambridge Life Solutions

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Looks like debt settlement troubles have headed up to Canada and a couple of U.S. based companies have made a noticeable splash. A Canadian newspaper is warning consumers to be wary of two specific U.S. based debt settlement companies. The Now is reporting: In the last two months, numerous companies identifying themselves as debt settlement experts or credit counsellors have ... Read More »

First Stone Credit Counseling Target of Tax-Exempt Status Revocation

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A tipster (send in your tips here) has sent me a petition to the Internal Revenue Service which asks for for an investigation and revocation of the tax-exempt nonprofit status for the credit counseling group. I took a look at the claims made and they do appear to be supported by the website of First Stone Credit Counseling so I ... Read More »

Tipster Wants to Know What’s Going on With Debt Solutions Network

A tipster (send in your tips here) sent in some concerns about Debt Solutions Network. Here is what they said: “In fact, Debt Solutions Network is still charging an upfront fee across all 50 states. See attached client agreement. I accessed DSN through this site: originally calling into Debt Free America. I’m wondering if they are licensed to do business ... Read More »

Able Debt Settlement Files Bankruptcy in Texas

A tipster (send in your tips here) wrote in to let me know Able Debt Settlement in Texas has filed bankruptcy. On 2-1-2011 they filed a Chapter 11 reorganization plan and listed 1,000-5,000 creditors. This leads me to believe they are listing their clients as creditors. – Source The list of creditors holding the 20 largest unsecured claims is comprised ... Read More »

Active Debt Solutions Addresses Tipster Issue

Active Debt Solutions, a member of the AACC, was the focus of an email sent in which said “I decided to dig up some dirt on the companies that Steve Rhode and his associates formed called the AACC. This is what I have found: – Active Debt is not licensed or bonded” So I asked Active Debt for a response ... Read More »

U.S. Debt Settlement Companies, Vortex Debt Group and Cambridge Life Solutions, Targeting Canadians

Cambridge Life Canada

News out of Canada says that troubled Vortex Debt Group from Florida, and Cambridge Life Solutions out of California are now targeting Canadians with advanced fee debt settlement that is now illegal in their home country. From what I see in the Cambridge Life Solutions pitch they simply took the U.S. pitch and stuck a red maple leaf on it ... Read More »

Credit Answers Still Pushing Debt Mediation Initiative. USOBA Kicks Them Out.

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A tipster (send in your tips here) sent in the following mailer that went out recently to consumers. It is another version of the Credit Answers mailer I covered in Credit Answers Hides Behind DMI Mailer to Consumers. The mailer included a link that led to a web page that used the USOBA logo as you can see in the ... Read More »

Why is TASC Saying Consumers Pay Really High Interest Rates in Credit Counseling?

A tipster (send in your tips here) just brought this video to my attention. It features Dave Leuthold the executive director of TASC, until recently. I’m not sure what happened over at TASC but it looks like they cleaned house. In fact as of today they are down to 58 members and I can’t find a mention of Leuthold there ... Read More »

Legal Services Speaks Out About Non-Profit Credit Counseling

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There has been a lot of attention focused on rogue debt settlement companies over the past year. And now that battle is mostly over with the introduction of the FTC telemarketing sales rules, as I have predicted, more attention will now turn towards non-profit debt relief services. The non-profit market will become polluted with companies that will attempt to evade ... Read More »

Problems Just Keep Piling on for GHS Solutions CEO Anthony Shea

You can never underestimate the skills of a tipster (send in your tips here). In this case, this morning arrives more bad news for Anthony Shea of GHS Solutions. GHS Solutions was in the news yesterday when I wrote about the court in Kentucky tossing out their arbitration agreement. Well it looks like January of 2011 just isn’t the month ... Read More »

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