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Debt Relief Industry

Sanctuary Belize, Andris Pukke, Todd Cook, Peter Baker & Ameridebt

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Please see updates on July 15, 2013 and July 23, 2013 to this article at bottom. Recently tips and information has been trickling in regarding an old debt relief industry name I had not heard for awhile, Andris Pukke. Pukke was nailed by the FTC for his operation of Ameridebt and even did some jail time for it. You can ... Read More »

FTC-CFPB Debt Collection Roundtable Suggestions Could Kick Credit Counseling and Debt Settlement in the Nuts

boxer

This past week the FTC and CFPB held a joint roundtable meeting where they brought together debt collection industry participants to talk about reforms in the debt collection space. A most interesting fact came out of the meeting, that the non-appearence rate among consumers being sued for debt is about 90%. That doesn’t surprise me. What does surprise me is ... Read More »

New Life Consultants / New Life Financial Solutions Gets a CT Time Out

Cure the disease

The Connecticut Department of Banking has issued a cease and desist and civil penalty against New Life Consultants / New Life Financial Solutions for running afoul of the Debt Adjusters and Debt Negotiation statutes. After giving the New Life folks a chance to respond, the State gave up and has now issued a $100,000 fine against the troubled company. – ... Read More »

June, 2013 G19 Release Shows Little Movement for Debt Relief Industry

DDPChart

The latest G19 report is out from the Federal Reserve. Typically the debt relief industry is most interested or able to deal with revolving debt such as credit cards. The April, 2013 data just released shows revolving consumer debt rose at an annual rate of 1 percent while nonrevolving consumer debt rose at 6.4 percent. Nonrevolving debt includes automobile loans ... Read More »

Innovative Wealth Builders in FTC News Again With Independent Resources Network

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It seems like forever Ive been writing about Innovative Wealth Builders and all the unhappy consumers that feel for their debt relief pitch. But it looks like the FTC has taken a step against their payment processor that could have ramifications in other parts of the debt world with payment processors and escrow companies. According to the Federal Trade Commission ... Read More »

CFPB Suit Against Debt Relief Company Should Make Industry Very Afraid

Boom goes the dynamite.

Yesterday the Consumer Financial Protection Bureau filed suit against American Debt Settlement Solutions, Inc. and Michael DiPanni. If you are in the debt relief industry you need to become painfully familiar with this suit because it will make you soil your pants. For the first time the CFPB has laid out its hand on what they feel is an abusive ... Read More »

Universal Debt Services Gets Order to Make Restitution

The folks over at the Connecticut Department of Banking, otherwise known as the people you don’t want to F with, have reached out and touched Universal Debt Services, Inc. in New York. The State assets the following: 1. Respondent is a New York corporation with offices at 100 Veterans Boulevard, Massapequa, New York, and One Cross Island Plaza, Suite 100, ... Read More »

World Law Debt, Global Client Solutions and Others Sued in NC. TRO.

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Yesterday the State of North Carolina and the North Carolina State Bar filed suit against Swift Rock Financial, World Law Debt, World Law Group, Orion Processing, World Law Processing, Derin Scott, and Global Client Solutions. This suit is different than many others I’ve seen in that it is a joint effort by both the State Bar and the Attorney General. ... Read More »

NoteWorld / Meracord Loses Arbitration Agreement With Court

Shocked Face

An interesting development in the NoteWorld / Meracord world and a court case involving an arbitration agreement. The Ninth Circuit Court of Appeals heard the case between Amrish Rajagopalan and NoteWorld. Apparently NoteWorld tried to rely on the arbitration agreement the debt settlement company had in their agreement to compel this situation out of court and into arbitration. According to ... Read More »

Consumers Defaulting Less on Debt Says New Data

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New data out from S*P and Experian says consumers are doing a better job paying their bills. The national composite of consumer defaults hit its post-recession low of 1.42% in April, down from 1.50% in March. The first mortgage default rate moved down to 1.31% in April from 1.41% in March. The auto loan default rate posted a 1.07% rate ... Read More »

Mass Joinder Leader Mitchell Stein Found Guilty and Behind Bars for Years

mans hands behind bars in jail or prison

A tipster just let me know that Mitchell Stein, the California attorney who was leading the charge selling consumers access to lawsuits to sue their lenders in a mass joinder action, was taken into custody today in court when he was found guilty on 14 counts in Florida today. Here is what the tipster said, “Mitchell J. Stein (Spire Law ... Read More »

FTC Catches Bogus Tech Support Scam and Then Finds a Debt Relief Company

fist

The Federal Trade Commission announced a settlement over a bogus tech support service and accidentally found a debt relief company that was violating the Telemarketing Sales Rules in the process. Mikael Marczak, doing business as Virtual PC Solutions, and Sanjay Agarwalla were among the subjects of a series of six complaints filed by the FTC last September as part of ... Read More »

Sameer Qadri, Connecticut is Calling and Looking for $100K

top secret

The Connecticut Department of Banking has issued a cease and desist notice and civil penalty to Sameer Qadri and Accredited Law Group. Qadri has also been associated with Estate Law Group. After a lack of response to many certified letter the State sent Qadri, the State has issued a final cease and desist letter for violation of Connecticut General Statutes ... Read More »

Debt Relief Company Options Debt Consolidation Canada Hits Rough Patch

oops

The Vancover Sun is reporting a situation which sounds familiar in the U.S. as well regarding Options Debt Consolidation Canada and Options Credit Canada. Apparently Options Credit was selling agents or franchise owners a magnificent debt relief business opportunity where they would receive “with real-time leads and the ongoing support and management necessary to qualify prospective clients and to generate ... Read More »

EFA Processing and Consumer Law Associates Named in CT Cease & Desist

kicked_in_the_nuts

EFA Processing, a Texas company, and Consumer Law Associates, a Maryland company, were named in a public notice by the State of Connecticut. The State Said: 1. EFA is a Texas limited partnership with its principal place of business at 7668 Warren Parkway, Suite 325, Frisco, Texas. 2. CLA is a Maryland limited liability company having its principal place of ... Read More »

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