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Debt Relief Industry

Oh Crap Mark Atalla. That’s Going to Leave a Mark.

Under the heading of what not to do, this one is right in that playbook. American Mortgage Consultants and Home Guardian Solutions were charged by the FTC for not allegedly not doing nice things to consumers. One of the defendants, Mark Nagy Atalla allegedly violated “nearly every provision of the Mortgage Assistance Relief Services Rule” and wound up in this ... Read More »

What to Do When Your Debt Relief Company Gets a CFPB Civil Investigative Demand Letter

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The Consumer Financial Protection Bureau (“CFPB”) has investigations underway that span the full breadth of the Bureau’s enforcement authority over providers of financial products and services and their vendors. If your company is the recipient of a civil investigative demand (“CID”) from the CFPB the process is not an easy one. You have to issue a record retention notice, negotiate ... Read More »

Debt180.ca – DitchMyDebt.ca – Really? Can You Honest Back Up Those Claims?

DitchMyDebt.ca | Get Out Of Debt Today! (20121018)

In light of a recent hammer blow by the FTC against a debt relief lead generator, a reader sent in their concerns about a site, Debt180.ca that they called a troubling lead generation site for Canadian debt relief companies. It only takes a glance to spot the similarities between what the U.S. Federal Trade Commission identified in their lawsuit and ... Read More »

Debt Relief Lead Generator Ryan Golembiewski Settles With FTC for Big Bucks

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The Federal Trade Commission has taken action against a debt relief lead generator, who we’ve written about before, that appears to have made false statements about the effectiveness and efficacy of debt settlement, bankruptcy and credit counseling. As you will read, the statements made to induce consumers into debt settlement and credit counseling (debt management plans) is not accurate or ... Read More »

Consumer Debt Default Rates Continue Downward Decline

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Data through September 2012, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed that most loan types saw a decrease in default rates, including the national composite’s ninth consecutive monthly decline. Four of the five loan types posted their lowest rate since the ... Read More »

Kansas Chapter 13 Trustee Clawing Back Money From LHDR, Armored Debt Center and Meracord

On October 3, 2012 Laurie B. Williams, a Kansas Chapter 13 bankruptcy trustee, filed suit against Legal Helpers Debt Resolution, Macey Aleman Hyslip & Searns, Armored Debt Center, Global Client Solutions, Meracord, and NoteWorld Servicing Center to recover money paid by the consumer to the companies prior to them filing bankruptcy. The complaint makes the following statements and allegations: Defendants ... Read More »

US National Legal Solutions Snagged by Connecticut

The State of Connecticut, Department of Banking, has just announced issuing a cease and desist notice to US National Legal Solutions, / USNLS, Inc. According to the State: Respondent is a purported California corporation with an office at 92 Corporate Park, Suite C254, Irvine, California. On September 28, 2010, a Connecticut resident, while physically present in this state, entered into ... Read More »

Ohio Appeal Drags Out of State Debt Relief Companies Back to Ohio

The Knox County, Ohio Court of Appeals issued an interesting opinion that might be of interest to anyone selling attorney based debt settlement services in Ohio. In this case the consumer, Martha Bumpus, was sold debt settlement services by Texas based companies and now the companies will have to pay to fight their case in Ohio. The case brings up ... Read More »

Do Debt Relief Companies Face Liability When Buying Credit Bureau Leads?

Thanks to a reader a recent action by the Federal Trade Commission against Equifax bring up issues surrounding the purchase of leads or information from credit bureaus. In the complaint filed by the FTC, debt relief services are specifically addressed. In this case, Equifax Information Services LLC, has agreed to settle Federal Trade Commission charges that it improperly sold lists ... Read More »

Today’s Group of Debt Relief Companies Slapped by Connecticut

Readers of the site will know by now that the State of Connecticut does not take much guff from debt relief companies. Here is the latest round of debt relief companies named by the State for performing unwelcome services. The Mortgage Law Group, The Law Office of Macey Aleman & Searns, Attorney Process Solutions WHEREAS, on April 24, 2012, the ... Read More »

NFCC Celebrates Utter Stupidity and Puts Older Dementia Patient in Debt Management Plan

A press release out today by the National Foundation for Credit Counseling is downright ignorant, stupid, harmful and cruel. It’s hard to believe they feel this is something to be proud of. For the record, I’m not calling the consumer stupid. In this release the NFCC brags about Francine and Jim Bostick who at ages 57 and 68 had more ... Read More »

1st Choice Document Preparation LLC. Reader Wants to Know Who is Behind It.

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A reader and tipster (send in your tips here) sent in an inquiry about 1st Choice Document Preparation, LLC. They expressed a concern that the company was tied to others in the California loan modification marketplace so I wanted to take a look and see what I could find. It appears 1st Choice Document Preparation, LLC was registered in the ... Read More »

Did You Know Debt Relief Recurring Revenue is Amazing?

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Look at this recent ad run in Maryland. The people that ran this must certainly have no idea what they are looking at in the debt relief space. The bragging point is “No License” which would give people a wrong impression that there isn’t significant regulation involved in selling debt relief services. I wonder if prospective applicants get a copy ... Read More »

I’d Like to Open a Credit Repair Business in California. What Should I Do? – Edward

Dear Steve, I like to open my credit repair company in California and I can afford the down payment for the bound it is going to be $10,000 to $20,000 m I like to do this business because I know I can help a lot of people that need an honest solution to their problem, and not make them pay ... Read More »

July, 2012 Debt Levels Ugly for Debt Relief Industry. Tea Leaves Telling Story.

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The Board of Governors of the Federal Reserve System announced that in July, 2012 the amount of revolving consumer debt contracted by 6.75 percent. This marks another decline in the levels of consumer debt and less demand for debt relief services. Let’s not forget that as long as consumer debt drops, the level of debt person drops exponentially as the ... Read More »

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