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Debt Relief Industry

Performance Fee Debt Settlement Company, New Era, Comes Out Shining in Test

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New Era Debt Solutions scored some MAJOR points with nationally syndicated columnist Terry Savage in an article published today. Terry says she put New Era, a debt settlement company that collects most fees when the debt actually settles, to the test. By strange coincidence that very same week, I received an e-mail from a man called Peter, who explained that ... Read More »

NoteWorld, NoteWorld Servicing Center, Nationwide Support Services and Freedom Debt Center Slapped With Class Action Suit

There was a very recent class action suit against NoteWorld, NoteWorld Servicing Center, Nationwide Support Services, and Freedom Debt Center. Both Nationwide Support Services and Freedom Debt Center are TASC members. – Source. Joanne Garneau, the CEO of Nationwide Support Services, serves on the Executive Board of TASC. – Source I would not be surprised to see more similar suits ... Read More »

Northeast Settlement Group – Small But Transparent

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Recently I was contacted by Andy Faria of Northeast Settlement Group. He wanted to share with me the approach of his debt settlement company and their approach of basing their fees on the actual performance of his settling debts instead of collecting large fees up front. While his company is small he is able to provide help and assistance to ... Read More »

The Truth About TASC

The Truth About TASC

Now here is an interesting web site. Who knew TASC had made so many friends that someone even put this web site out there. Thanks for the anonymous tip from one of the site readers. You can visit the site here. Archive Get Out of Debt Guy – Twitter, G+, Facebook I can always use your help. If you have ... Read More »

California AB 350 Still Alive to Regulate Debt Management and Debt Settlement

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I was just checking on the status of California Assembly Bill 350 and found that it is still in process and was amended in the Senate on June 14, 2010. You will find the latest draft below. Get Out of Debt Guy – Twitter, G+, Facebook I can always use your help. If you have a tip or information you ... Read More »

New Indiana Law Goes Into Effect July 1, 2010 and Impacts Debt Settlement

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It’s really not all that tough to comply but debt settlement and other credit repair and debt relief companies will need to register and obtain the bond before doing business in Indiana. Here is a link to the latest version of the law so helpfully provided by Pamela Fratini, Esq. in her letter to me. Below you will find the ... Read More »

Texas Attorney General Office Speaks Up to FTC to Please Ban Advance Fees

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In a recent article I covered how debt settlement trade associations had returned to the FTC to make their pitch that banning advance fees for debt settlement services was a rotten idea. You can read that article here. A couple of weeks after the trade associations had slogged up to the FTC offices, and after the consumer groups had made ... Read More »

Financial Hope for America Rumored to Change Name to US Financial Advisors to Get Away From Bad Press

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I previously wrote an article about Financial Hope for America. A tipster (send in your tips here) just told me they are going to be changing their name to US Financial Advisors because of the avalanche of bad press Financial Hope for America has received. You really should read my article on them. I’m told that US Financial Advisors will ... Read More »

Stimulus Act of 2009 – StimulusActOf2009.org Site and What It is About.

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I was recently asked if I knew anything about StimulusAct0f2009.org. A quick look at the site tells me it’s a lead generating site. In fact it looks like the leads go to Leads360.com. Leads360 describes themselves as: Leads360 is the largest and most successful sales lead management company with over 2,500 clients and more than five years of experience helping ... Read More »

Debtfree Lifestyle Today Sounds Like a Scam. I Called. Debt Settlement Lead Generator Gets Punked by Them as Well.

Apparently people are getting calls from a company calling itself Debtfree Lifestyle Today. Whoever is behind this has even hijacked the name and reputation of another site and is making allegedly illegal outbound calls promising debt relief. So I Called Them and What I Heard Was Shocking and Laughable. Listen. In researching this story I called the number listed for ... Read More »

American Coalition of Companies Organized to Reduce Debt – ACCORD

ACCORD is another debt settlement trade association that states they are “a not-for-profit organization that was established to promote advocacy of consumer oriented debt settlement programs to professionals, legislators, regulatory agencies and consumers.” – Source As of today, they list their members as: – Source DebtSmith Hastings, MN Financial Consulting Services Phoenix, AZ Advantage Debt Services (PlanStar) Mendota Heights, MN ... Read More »

National Association of Debt Relief Companies – NADRC

And here is yet another debt settlement trade association. The National Association of Debt Relief Companies (NADRC) was created so that you, the consumer, can make an educated decision when choosing a debt settlement company. – Source One big downer is they don’t list contact information for the trade association and only leave you to use an online form to ... Read More »

Creditor Trade Association Speaks Out Against So-Called Debt Settlement Companies

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A tipster (send in your tips here) sent me a copy of a recent letter sent out by the American Financial Services Association (AFSA) to the National Association of Attorneys’ General. AFSA is a national trade group that represents credit card issuers, consumer sales and finance companies, mortgage lenders, car financing lenders, etc. The letter is interesting since it reinforces ... Read More »

Rocky Mountain Bank & Trust / Global Client Solutions – FDIC SHOCKER!

Here is an event I totally missed but thanks to a recent suit against debt settlement company GHS Solutions the FDIC action against Rocky Mountain Bank & Trust which operates in conjunction with Global Client Solutions can be reveled. Apparently the Federal Deposit Insurance Corporation (FDIC) felt the relationship between Rocky Mountain National Bank & Trust and their debt settlement ... Read More »

Debt Settlement Companies Put Consumers in a Deep Debt Hole. “They Are a Ponzi Scheme.”

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Peter Goodman from the New York Times had a piece published recently, excerpts below. It slayed the debt settlement industry as opportunists and harmful for consumers at large. Those that feel they offer a legitimate and fair debt settlement service are not going to like the long article much. But then again, the good guys are not the problem with ... Read More »

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