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Debt Relief Industry

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.

StimulusActOf2009.org

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 »

The Latest Delivery of TASC and USOBA Debt Settlement Horseshit to the FTC.

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There were some recent interesting meetings over at the Federal Trade Commission. These involved the proposed telemarketing sales rules the Federal Trade Commission is going to put forward. The first meeting was with representatives of The Association of Settlement Companies (TASC) and the United States Bankruptcy Alternatives (USOBA) in attendance. At the June 3, 2010 meetings from TASC were: Andrew ... Read More »

Debt Settlement USA Using Quote from FTC Chairman to Endorse Debt Settlement

I previously wrote about a press release from a different debt settlement company that used a quote from the Federal Trade Commission Chairman to support debt settlement. I debunked the comment by putting it into context. You can read “Good Example of Twisting Information in Favor of Debt Settlement“. Well I just found out that John Craven, president of Debt ... Read More »

FTC Hits Mortgage Relief and Foreclosure Rescue Scams Hard

As part of the agency’s continuing crackdown on scams that prey on financially distressed homeowners, the Federal Trade Commission announced legal actions against more than a dozen marketers accused of pitching bogus mortgage modification or foreclosure relief services. FTC settlement orders ban 16 marketers from the mortgage modification or foreclosure relief business. The promoter of a similar scam has been ... Read More »

California Warns Consumers About Short Sale Fraud

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California Attorney General Edmund G. Brown Jr. today joined the California Department of Real Estate and the State Bar of California to warn homeowners about an alarming rise in short sale fraud across California in a field “rife with scam artists“. A short sale is an arrangement in which a homeowner sells his or her home for less than the ... Read More »

Report on Different Types of Foreclosure Rescue and Loan Modification Scams

Mortgage Loan Fraud

Here is the latest report out from the Financial Crimes Enforcement Network regarding loan modification and foreclosure rescue scams. – Source Early reports of loan modification/foreclosure rescue scams identified subjects purporting to be loan modification or foreclosure rescue specialists. These subjects targeted financially troubled homeowners with promises of assistance. These scams involved the homeowners signing quit claim deeds, and resulted ... Read More »

Consumer Groups Speak Out for Debt Settlement Regulations

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Here is a press release that was sent out yesterday by the National Consumer Law Center, Maryland Consumer Rights Coalition, National Consumer League, Consumer Action, Consumers Union and the Consumer Federation of America. It appears to ask Congress to get moving on passing the Debt Settlement Consumer Protection Act of 2010. Get Out of Debt Guy – Twitter, G+, Facebook ... Read More »

Arizona Attorney General to Payday Lenders, “Don’t Let the Door Hit You on the Ass On Your Way Out of the State.”

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Here is a reprint of a statement by Terry Goddard, the Arizona Attorney General. Get Out of Debt Guy – Twitter, G+, Facebook Arizona’s law authorizing high-interest payday loans is scheduled to expire on June 30, 2010. In anticipation of this long-awaited date, I have set up “Operation Sunset” – an enforcement initiative that will aggressively pursue and prosecute payday ... Read More »

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